Bitcoin

[vershy versh]

 

[Leo]

real-time reporting from version.

 

[wg-]

Musk coin soon come

Wouldn't be surprised if they switched to eth

 

[vershy versh]

Maybe he'll just buy a load more Bitcoin now it's dipped.

 

[Turns out HMG was right!]

Exactly. Or start offering low carbon mining infrastructure. Bitcoin is 75% powered by renewables anyway.

Good time to buy.

 

[Leo]

Bitcoin is 75% powered by renewables anyway.

lots of uncertainty on that, some experts say it's more like 40%. and is it "75% powered by renewables", or that 75% use some (but not all) renewables in their mix of energy? but even that lower figure is probably better than it sounds

CoinDesk Research today published an expansive report on the wide-ranging environmental impacts of bitcoin mining titled “Does Bitcoin Have an Energy Problem?” in which its author, research associate George Kaloudis, addresses a wide array of energy concerns.

Kaloudis said bitcoin uses a relatively clean energy mix and there is meaningful investment into renewable-powered bitcoin mining. Kaloudis points out around 40% of mining energy is renewable and just over three-quarters of miners use renewables in their energy mix. By comparison, he said, the world uses around 20% renewable energy.

“Bitcoin provides a means to monetize wasted energy, improving the financial standing of energy companies, allowing for investment into clean energy production and transportation,” he said. “Bitcoin uses a lot of energy, but it is not an environmental disaster. Since the cheapest energy sources are typically stranded renewables, bitcoin’s growth trajectory is predicated on the expansion of renewable energy production.”

Investment in bitcoin mining has trended, in fact, toward using more renewables. A study from digital asset management firm CoinShares examined the bitcoin mining network and claimed that the Bitcoin network gets 74.1% of its electricity from renewable sources such as wind, solar and hydropower.

https://www.coindesk.com/everything-costs-energy-bitcoin-mining

 

[Turns out HMG was right!]

Rory cellan Jones, BBC tech reporter is such a doltish no-coiner. Was on the radio bleating about how much electricity bitcoin uses to mine, then says it's "backed by nothing". Hooeee.

Now do quantitative easing, Rory. Brrrr

 

[vershy versh]

In a world first, El Salvador makes bitcoin legal tender

El Salvador became the first country in the world to adopt bitcoin as legal tender after Congress on Wednesday approved President Nayib Bukele's proposal to embrace the cryptocurrency, a move that delighted the currency's supporters.

www.reuters.com

 

[wg-]

Oh look yet another "dip"

Quite funny all this stuff now. Is it still the future

 

[Dusty]

I pity anyone buying bitcoin now, when in 6 months you will be able to buy it for half the price.

Just sayin'

 

[wg-]

Like John Virgo said, It's a funny old game

 

[Murphy]

John Virgo the crypto king, Steve Davis on the 1’s and 2’s

 

[yyaldrin]

my brother wrote me the other day that he became a virtual millionaire. me and the rest of the family are trying to persuade him to cash out but he's not having any of it. says it will only get more. gonna end up in a major disappointment and drama of course.

i'm spending some days with him now, first time in years and he's literally started to look like this:

 

[IdleRich]

Probably old news to everyone else but it took South Park taking the piss out of it for me to realise that Matt Damon had done an advert for crypto or bitcoin with the tagine Fortune Favors The Brave.
What is it that makes people so evangelical about crypto (well obviously with Damon he was paid)? Like this guy I met on Christmas Eve and I've noticed that he finishes his FB and twitter posts with "Buy bitcoin!" or "Invest in crypto!" or some other variant on that. As if I told everyone "Eat peanut butter!" or something else I liked at the end of every tweet.

 

[Leo]

there's a "sticking it to the man" element, getting rich (in theory) outside of society's traditional finance system controlled by the elites and big banks.

 

[Mr. Tea]

Probably old news to everyone else but it took South Park taking the piss out of it for me to realise that Matt Damon had done an advert for crypto or bitcoin with the tagine Fortune Favors The Brave.
What is it that makes people so evangelical about crypto (well obviously with Damon he was paid)? Like this guy I met on Christmas Eve and I've noticed that he finishes his FB and twitter posts with "Buy bitcoin!" or "Invest in crypto!" or some other variant on that. As if I told everyone "Eat peanut butter!" or something else I liked at the end of every tweet.

I guess if more people buy BTC, the value will go up so their investments will be more valuable?

 

[IdleRich]

That's obviously part of it but I don't think it's the whole story.

 

[IdleRich]

This looks interesting... got your citizenship yet Stan?

https://www.theguardian.com/technol...briton-creates-crypto-utopia-in-south-pacific

 

[Clinamenic]

This looks interesting... got your citizenship yet Stan?

https://www.theguardian.com/technol...briton-creates-crypto-utopia-in-south-pacific

Ha, Satoshi Island!

However, Welch will first have to unwind his previous marketing of the island as a “wildlife nature reserve” home to rare giant crabs.

There have been a couple locations now who have aimed for similar ends. There was a Bitcoin Beach somewhere in Chile I believe.

 

[Clinamenic]

I guess if more people buy BTC, the value will go up so their investments will be more valuable?

Fortunately this isn't true, otherwise there would be little to no counterarguments against the scam allegations.

Your buying bitcoin only benefits previous buyers if you are buying at the top, i.e. if you are providing demand that drives the appreciation of previous buyers' portfolios. Not unlike traditional stock markets, in that sense.