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Bit Coin Troubles

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  • #16
    Originally posted by Faber View Post
    And I remember when two bits were worth only 25 cents.
    And would pay for a shave and a haircut.

    These days it takes eight whole bits even to make a byte!

    Word!!!
    "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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    • #17
      According to Business Insider's "Markets Watch" : A single digital wallet currently owns 36.7 billion dogecoin, or 28% of the cryptocurrency's entire supply (although the headline says $22 billion).

      I wonder if they even realize it.

      I'm always still in trouble again

      "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
      "Of course, human life begins at fertilization that’s not the argument." --Tassman

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      • #18
        Originally posted by rogue06 View Post
        According to Business Insider's "Markets Watch" : A single digital wallet currently owns 36.7 billion dogecoin, or 28% of the cryptocurrency's entire supply (although the headline says $22 billion).

        I wonder if they even realize it.
        Or if they still have that phone...
        "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

        "Forgiveness is the way of love." Gary Chapman

        My Personal Blog

        My Novella blog (Current Novella Begins on 7/25/14)

        Quill Sword

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        • #19
          Originally posted by Teallaura View Post

          Or if they still have that phone...
          One of the talk shows I was listening to on cybercurrency was dealing with that very issue --- how much cybercurrency is there out there locked up forever in lost appliances or lost passwords or simply mined and forgotten.
          "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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          • #20
            Yeah, I don't pretend to understand this but counting effectively destroyed currency seems like a bad idea.
            "He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

            "Forgiveness is the way of love." Gary Chapman

            My Personal Blog

            My Novella blog (Current Novella Begins on 7/25/14)

            Quill Sword

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            • #21
              Originally posted by rogue06 View Post
              According to Business Insider's "Markets Watch" : A single digital wallet currently owns 36.7 billion dogecoin, or 28% of the cryptocurrency's entire supply (although the headline says $22 billion).

              I wonder if they even realize it.
              I suspect it is Musk's son. He said his son is invested in Doge

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              • #22
                Man, SNL sure is bad. It is PAINFULLY unfunny.

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                • #23
                  In retrospect it would have been nice to invest in it several years ago. The main reason I didn't was thinking US regulators might pull the rug out at any time, and of course that didn't happen.
                  "I am not angered that the Moral Majority boys campaign against abortion. I am angry when the same men who say, "Save OUR children" bellow "Build more and bigger bombers." That's right! Blast the children in other nations into eternity, or limbless misery as they lay crippled from "OUR" bombers! This does not jell." - Leonard Ravenhill

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                  • #24
                    Originally posted by Ronson View Post
                    Man, SNL sure is bad. It is PAINFULLY unfunny.
                    Has been for awhile.

                    I'm always still in trouble again

                    "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                    "Of course, human life begins at fertilization that’s not the argument." --Tassman

                    Comment


                    • #25
                      seems like Elon Musk is taking advantage of the lack of SEC regulation on crypto to manipulate the market.

                      In February, he bought 1.5 billion dollars of bitcoin and announced that Tesla would take bitcoin as payment. Prices jumped.
                      Then yesterday, he announces that Tesla WON'T take bitcoin as payment because it uses too much fossil fuel to mine. Prices have dropped. He said he was holding on to the bitcoin he has though which has kept the price from crashing. probably going to keep doing his manipulation though. He has done this with the stock market before and the SEC slapped his wrist, but they don't regulate crypto.

                      He has also done it with dogecoin. dogecoin started out as a joke crypto made from a meme. Elon bought some and has been pumping it and claiming to be the dogeking and said he was going to take some to the moon. again, price jumped.

                      Another reason why crypto is so volatile and risky: no regulation from fraud or manipulation. So be careful. Still could be a good investment but don't invest anything you aren't able to lose. I am using some extra money I saved over the last year sitting at home not buying anything or going anywhere (thanks pandemic)

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                      • #26
                        Originally posted by rogue06 View Post
                        Has been for awhile.
                        It was propaganda dressed up to be humor. Watching it felt like visiting a creepy cult meeting, with everyone brainwashed and laughing at nothing.

                        cult.jpg

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                        • #27
                          Originally posted by Sparko View Post
                          seems like Elon Musk is taking advantage of the lack of SEC regulation on crypto to manipulate the market.

                          In February, he bought 1.5 billion dollars of bitcoin and announced that Tesla would take bitcoin as payment. Prices jumped.
                          Then yesterday, he announces that Tesla WON'T take bitcoin as payment because it uses too much fossil fuel to mine. Prices have dropped. He said he was holding on to the bitcoin he has though which has kept the price from crashing. probably going to keep doing his manipulation though. He has done this with the stock market before and the SEC slapped his wrist, but they don't regulate crypto.

                          He has also done it with dogecoin. dogecoin started out as a joke crypto made from a meme. Elon bought some and has been pumping it and claiming to be the dogeking and said he was going to take some to the moon. again, price jumped.

                          Another reason why crypto is so volatile and risky: no regulation from fraud or manipulation. So be careful. Still could be a good investment but don't invest anything you aren't able to lose. I am using some extra money I saved over the last year sitting at home not buying anything or going anywhere (thanks pandemic)
                          A) So good time to buy?
                          2) "it takes too much fossil fuel to mine"?
                          "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

                          Comment


                          • #28
                            Originally posted by Sparko View Post
                            seems like Elon Musk is taking advantage of the lack of SEC regulation on crypto to manipulate the market.

                            In February, he bought 1.5 billion dollars of bitcoin and announced that Tesla would take bitcoin as payment. Prices jumped.
                            Then yesterday, he announces that Tesla WON'T take bitcoin as payment because it uses too much fossil fuel to mine. Prices have dropped. He said he was holding on to the bitcoin he has though which has kept the price from crashing. probably going to keep doing his manipulation though. He has done this with the stock market before and the SEC slapped his wrist, but they don't regulate crypto.

                            He has also done it with dogecoin. dogecoin started out as a joke crypto made from a meme. Elon bought some and has been pumping it and claiming to be the dogeking and said he was going to take some to the moon. again, price jumped.

                            Another reason why crypto is so volatile and risky: no regulation from fraud or manipulation. So be careful. Still could be a good investment but don't invest anything you aren't able to lose. I am using some extra money I saved over the last year sitting at home not buying anything or going anywhere (thanks pandemic)
                            Agreed. He is singularly manipulating the value of cryptocurrenices. He tweeted the other day asking 'should Tesla accept Dogecoin for purchase?' and it jumped in value. It was an obvious ploy to prop it up, and it worked temporarily.

                            I suspect his badmouthing Bitcoin is ultimately another plan to prop up Dogecoin.

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                            • #29
                              Originally posted by Cow Poke View Post

                              A) So good time to buy?
                              2) "it takes too much fossil fuel to mine"?
                              see your PM. the price is still dropping but I think it will eventually go back up. Musk didn't sell his bitcoin which is telling. Some people think he is using this to set the stage to sell a green energy bitcoin mining rig he comes up with to "solve the problem"

                              Blockchain is from what I understand a distributed encrypted ledger/database containing all of the crypto. Every time you buy or sell it has to be processed and re-encrypted and added back to the blockchain. That takes calculation power which in turn uses electricity which uses fossil fuels mostly. You can earn bitcoin transaction fees by processing these transaction. You can also "mine" new crypto by solving some algorithms adding more available bitcoin to the blockchain. Bitcoin encryption is very complex and takes a lot of power. The mining boxes for crypto are usually dedicated servers filled with GPU cards or special processor cards built just for mining/processing. for most people, it would take more electricity costs to mine the crypto than you would earn.

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                              • #30
                                Originally posted by Sparko View Post

                                see your PM. the price is still dropping but I think it will eventually go back up. Musk didn't sell his bitcoin which is telling. Some people think he is using this to set the stage to sell a green energy bitcoin mining rig he comes up with to "solve the problem"

                                Blockchain is from what I understand a distributed encrypted ledger/database containing all of the crypto. Every time you buy or sell it has to be processed and re-encrypted and added back to the blockchain. That takes calculation power which in turn uses electricity which uses fossil fuels mostly. You can earn bitcoin transaction fees by processing these transaction. You can also "mine" new crypto by solving some algorithms adding more available bitcoin to the blockchain. Bitcoin encryption is very complex and takes a lot of power. The mining boxes for crypto are usually dedicated servers filled with GPU cards or special processor cards built just for mining/processing. for most people, it would take more electricity costs to mine the crypto than you would earn.
                                gotcha
                                "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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