How does BTC/ETH/Crypto work? Is it a scam/doomed to fail?
Discuss the legitimacy here.
The problem with Bitcoin is it's the miners who are making all of the money verifying transactions. Bitcoin should move to proof of stake where the holders of Bitcoin get paid, but the miners will never move away from proof of work, because they are only interested in mining it and selling it into the market.
The bitcoin holders are the dumb money about to get rug pulled.
huh 0o?
its actually the opposite...
The problem with Bitcoin is it's the miners who are making all of the money verifying transactions. Bitcoin should move to proof of stake where the holders of Bitcoin get paid, but the miners will never move away from proof of work, because they are only interested in mining it and selling it into the market.
The bitcoin holders are the dumb money about to get rug pulled.
Proof of stake is vulnerable to people with large sums of money. Bitcoin is vulnerable to someone controlling 50%+ of the mines in existence. I would say the later one is more secure. Neither system is without risk, but at the end of it all it doesn't even matter. All that matters is that enough people believe either one to be secure.
The market cap of Bitcoin is 1.2 trillion dollars. Nobody on planet earth has 600 billion dollars to gain control of 50% of the network.
The people mining it don't want to own Bitcoin. They just want to mine it and sell it.
It's perceived lack of scarcity is also untrue. There are only only so many litecoins or potcoins or nano coins or any of the other 2.4 million cryptos out there.
Also Bitcoin is terrible for the environment. It's only use is paying for child porn.
Bitcoin hodlers will get the investment result they deserve.
The problem with Bitcoin is it's the miners who are making all of the money verifying transactions. Bitcoin should move to proof of stake where the holders of Bitcoin get paid, but the miners will never move away from proof of work, because they are only interested in mining it and selling it into the market.
The bitcoin holders are the dumb money about to get rug pulled.
Proof of stake, lol so already rich bitcoin dorks can get richer?
Bitcoin mining is transforming energy.
How about a volcano too dangerous for people to live near, too expensive to run power lines out from, but produces heat 24/7. Drop some turbines and bitcoin miners on that free energy source. What about a raging river nobody lives near?
I've consumed a few good podcasts with mining company CEO's the past 3-4 months. It's no longer about competing on hash rate, it's about cheap power - https://twitter.com/ded_asf/status/17813...
Race to the bottom for the cheapest power. Transforming power grids along the way.
Imagine telling all of Africa that they have to get rich first (to stake) instead of using all their stranded renewable energy to mine.
The market cap of Bitcoin is 1.2 trillion dollars. Nobody on planet earth has 600 billion dollars to gain control of 50% of the network.
The people mining it don't want to own Bitcoin. They just want to mine it and sell it.
It's perceived lack of scarcity is also untrue. There are only only so many litecoins or potcoins or nano coins or any of the other 2.4 million cryptos out there.
Also Bitcoin is terrible for the environment. It's only use is paying for child porn.
I think this was actually true until big finance got involved. Now I think power and greed will keep this thing pingponging about for a long time. When the rich want something, they find a way.
But what bitcoin will never be, is something anyone buys something with reliably. It's just purely for making (or losing) money.
If poor people were able to make money in Africa mining Bitcoin they would already be doing it.
It's a couple of massive players with huge investments in compute hardware that are making all of the money mining and selling the Bitcoin.
There's no point in owning Bitcoin when it is proof of work because it will never pay you anything.
If it was proof of stake at least it wouldn't be as bad for the environment and the holders of Bitcoin would get paid for verifying the transactions.
So in other words Bitcoin has already been corrupted.
Eventually another coin will come along that people like more.
It's like at the beginning people pumped Gamestop, then AMC, then Bed Bath and Beyond, but the recreational was always one step behind, because they weren't putting their money into anything that had any value.
Bitcoin is horrible for the environment.
The only reason that it hasn't been banned, is because the participants running the show, are giving millions of dollars to Congress.
Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months alone.
Bitcoin is horrible for the environment.
The only reason that it hasn't been banned, is because the participants running the show, are giving millions of dollars to Congress.
Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months alone.
SBF was bad for BTC. He's one of the reasons why regulators are going after BTC. BTC was just fine before SBF came in to the picture.
Regulator's aren't going after Bitcoin. When was the last time you heard Congress saying Bitcoin is bad for the environment, privacy coins such as Dash and Monero are used to pay for child porn and are not traceable, a lot of people are being scammed through ICO's where people just run away with the investing public's money, maybe we should at least take a look at this.
Instead Congress waste everybody's time trying to get TikTok banned, which is no threat at all, because they own shares in Big Tech companies and they don't want them disrupted by an outside competitor ByteDance, which they hold no stake in what so ever.
If PEOPLE were able to make money in Africa mining Bitcoin they would already be doing it.
And they are...
It's a couple of massive players with huge investments in compute hardware that are making all of the money mining and selling the Bitcoin.
Captain obvious... it's a race to solve and equation, best man wins.
There's no point in owning Bitcoin when it is proof of work because it will never pay you anything.
you've completely MISSED the entire point of being insulated against fractionalization and confiscation of wealth...
If it was proof of stake at least it wouldn't be as bad for the environment and the holders of Bitcoin would get paid for verifying the transactions.
and therefore would be centralized and controllable, at which point the statement 'bitcoin is a ponzi scheme' becomes a truism... because the MAIN component to a 'Ponzi Scheme' is centralized control.
what?
prove that... hypotheticals are a poor place to find facts and truths.
It's like at the beginning people pumped Gamestop, then AMC, then Bed Bath and Beyond, but the recreational was always one step behind, because they weren't putting their money into anything that had any value.
That is called, 'The Network Effect' and is NOT unique to BTC or in fact ALL other assets...
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it is very disappointing when people try and straw man their way to a point of truth...
Bitcoin uses the same amount of electricity as Norway. 61 percent of the electricity used to mine Bitcoins is created from fossil fuels.
And you're not insulated from confiscation if you own Bitcoin.
If a government bans Bitcoin unless you want to get thrown in jail you have no option, but to give it up. Try telling the government you're not paying your taxes or commit a murder while you're at it. See how that works out.
And if you want to spend your Bitcoin you have to withdraw it to you're bank account, so the government knows you have it either way.
Regulator's aren't going after Bitcoin. When was the last time you heard Congress saying Bitcoin is bad for the environment, privacy coins such as Dash and Monero are used to pay for child porn and are not traceable, a lot of people are being scammed through ICO's where people just run away with the investing public's money, maybe we should at least take a look at this.
Instead Congress waste everybody's time trying to get TikTok banned, which is no threat at all, because they own shares in Big
I should have said regulators in the US are going after crypto. They want everything except BTC to be declared a security and they are going after DEXs.
Really can't disagree that almost all of these cryptos are securities but now in essence they are coming after code with DEX and mixers as being money transmitters. What's next, Github because of their open source code? obvious exaggeration there.
Good podcast from Apr 19 about Bitcoin mining from capital allocators.
Let's listen to a couple of other experts in the mining field.
So true Greg
I'd post this in the bitcoin thread but this forum is a rigged lie.
Here are the teasers:
Spoiler
WSJ Exclusive: Federal Investigators Probe Cryptocurrency Firm Tether
The federal government is investigating cryptocurrency company Tether for possible violations of sanctions and anti-money-laundering rules, according to people familiar with the matter.
The criminal investigation, run by prosecutors at the Manhattan U.S. attorney’s office, is looking at whether the cryptocurrency has been used by third parties to fund illegal activities such as the drug trade, terrorism and hacking—or launder the proceeds generated by them.
The Treasury Department, meanwhile, has been considering sanctioning Tether because of its cryptocurrency’s widespread use by individuals and groups sanctioned by the U.S., including the terrorist group Hamas and Russian arms dealers. Sanctions against Tether would generally prohibit Americans from doing business with the company.
Source: https://www.wsj.com/finance/currencies/f...
Crypto bro's better hope the Feds don't also look into the reserves. They might find them lying about them again.
