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Crypto-currencies - a discussion
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Lord Beria3



Joined: 25 Feb 2009
Posts: 4104
Location: Moscow Russia

PostPosted: Sun Dec 03, 2017 6:51 pm    Post subject: Crypto-currencies - a discussion Reply with quote

I've been closely following the emergence of bitcoin and other crypto currencies this year and have just completed the summary of my views of the sector.

https://forecastingintelligence.org/2017/12/03/the-suited-crypto-currency-virgins-are-coming/

To summarize, in the short term very bullish but more pessimistic medium-longer term for different reasons to the typical sceptic.

Enjoy.
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clv101
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Joined: 24 Nov 2005
Posts: 7636

PostPosted: Sun Dec 03, 2017 7:31 pm    Post subject: Reply with quote

Which crypto currencies do you use?
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Lord Beria3



Joined: 25 Feb 2009
Posts: 4104
Location: Moscow Russia

PostPosted: Sun Dec 03, 2017 8:04 pm    Post subject: Reply with quote

Majority of my holdings are Bitcoin and ethereum with smaller investments in ripple, dash and ethereum classic.

All have been tipped by Teeka, who is the top crypto-currency expert.
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woodburner



Joined: 06 Apr 2009
Posts: 3382

PostPosted: Sun Dec 03, 2017 8:24 pm    Post subject: Reply with quote

This s what I wrote in the bitcoin topic in “Preparations”

woodburner wrote:
Bitcoin is hardly something for anyone concerned about wadsting power or climate change

Quote:
That problem is carbon emissions. De Vries has come up with some estimates by diving into data made available on a coal-powered Bitcoin mine in Mongolia. He concluded that this single mine is responsible for 8,000 to 13,000 kg CO2 emissions per Bitcoin it mines, and 24,000 - 40,000 kg of CO2 per hour.


Read more....


Bitcoin looks unsuitable for anyone hoping to keep the damaging effects of excessive power consumption to a minimum.
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kenneal - lagger
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Joined: 20 Sep 2006
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Location: Newbury, Berkshire

PostPosted: Mon Dec 04, 2017 3:24 pm    Post subject: Reply with quote

Bitcoin is increasingly looking like the modern equivalent of a Dutch bulb, something that you need to buy very quickly and sell as soon as you've made a profit. It hasn't even got the intrinsic value of a flower bulb. It is an essentially worthless, entry on a database somewhere; not even a piece of paper that you can show someone or put in a frame on your wall to decorate your house!
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Little John



Joined: 08 Mar 2008
Posts: 5667
Location: UK

PostPosted: Mon Dec 04, 2017 3:55 pm    Post subject: Reply with quote

Yep. I wouldn't touch bitcoin with a bargepole
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johnhemming2



Joined: 30 Jun 2015
Posts: 1976

PostPosted: Mon Dec 04, 2017 8:38 pm    Post subject: Reply with quote

I prefer tulips to Bitcoin and I don't have anything invested in tulips.
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Lurkalot



Joined: 08 Mar 2014
Posts: 168

PostPosted: Wed Dec 06, 2017 7:24 pm    Post subject: Reply with quote

I don't pretend to fully understand crypto currencies or crypto assets as I've heard them called and maintain a healthy skepticism . I've followed a few discussions on the internet and many are very enthusiastic about them and talk about bitcoin and the like becoming far more important than our "regular" currencies. Is there a possibility of people dumping the dollar in favour of bitcoin , of it becoming a world reserve currency and if it did would there be implications ?
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PS_RalphW



Joined: 24 Nov 2005
Posts: 5267
Location: Cambridge

PostPosted: Wed Dec 06, 2017 8:39 pm    Post subject: Reply with quote

The supply of bitcoins etc. only grows very slowly as it is the reverse of a fiat currency - each coin needs to be mined by consuming an ever increasing amount of real resources, ie energy, whereas fiat currencies require ever less resources as they can increase 10 fold in 'value' by adding a zero at the end. Neither system is sustainable, but bitcoins have made their early investors extremely rich in a way that round robin scammers can only dream of.
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Lurkalot



Joined: 08 Mar 2014
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PostPosted: Wed Dec 06, 2017 9:09 pm    Post subject: Reply with quote

Yes that consumption of energy for bitcoin mining tends to put me in two minds . I didn't realise just how much is used to mine until I read the link put up on here ( was that yourself or emlordap ?) but 20 barrels per coin seems shocking. Then I look at the energy and envoiromental impact of gold mining and creating money out of thin air as we do now suddenly seems almost a sensible idea in terms of the envoiroment even if as you say it's unsustainable . I find myself having less and less faith in everything.
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johnhemming2



Joined: 30 Jun 2015
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PostPosted: Wed Dec 06, 2017 9:46 pm    Post subject: Reply with quote

I think the energy costs of mining are overstated even though there clearly is an energy cost.
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vtsnowedin



Joined: 07 Jan 2011
Posts: 4281
Location: New England ,Chelsea Vermont

PostPosted: Wed Dec 06, 2017 11:17 pm    Post subject: Reply with quote

It reminds me of the banquet scene in Peter Pan where Robin Williams and the boys have to imagine the food on the table. We have an imaginary mine digging up imaginary bitcoins so of course the coal used to run the bitcoin mine is imaginary as well. Only a paramecium brain would think the energy needed to mine an imaginary thing was real. Razz
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fuzzy



Joined: 29 Nov 2013
Posts: 595
Location: The Marches, UK

PostPosted: Thu Dec 07, 2017 8:17 am    Post subject: Reply with quote

I suppose the coin developers need to sell a human powered generator - an exercise bike driven hash generator. Then it becomes a genuine human limited currency.
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clv101
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Joined: 24 Nov 2005
Posts: 7636

PostPosted: Thu Dec 07, 2017 8:38 am    Post subject: Reply with quote

vtsnowedin wrote:
It reminds me of the banquet scene in Peter Pan where Robin Williams and the boys have to imagine the food on the table. We have an imaginary mine digging up imaginary bitcoins so of course the coal used to run the bitcoin mine is imaginary as well. Only a paramecium brain would think the energy needed to mine an imaginary thing was real. Razz



A fairly convincing case can be made that crypto-currencies are more 'real' than currencies like dollar or pound... Crypto-currencies are objectively, mathematically defined. Fiat currencies are just a made up sorry which everyone happens to believe, today.
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fuzzy



Joined: 29 Nov 2013
Posts: 595
Location: The Marches, UK

PostPosted: Thu Dec 07, 2017 10:25 am    Post subject: Reply with quote

Not quite. Fiat currencies exist because it's what the king accepts his taxes to be paid with. You therefore have to aquire it, and this is where the seed of value starts.
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