jiltedjen Posted November 30, 2020 Share Posted November 30, 2020 Almost took out the ATH close but not quite there. Quote Link to comment Share on other sites More sharing options...
markyh Posted November 30, 2020 Share Posted November 30, 2020 Almost took out the ATH close but not quite there. If the price can hang on another 6 hrs it's going to be the highest monthly close price is Bitcoin's history. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted November 30, 2020 Share Posted November 30, 2020 (edited) Almost took out the ATH close but not quite there. 3rd time lucky. Once we punch through, all cards are off the table as to how high this goes this halvening. One thing we know is that we are close to declaring that every single person who bought Bitcoin and held is in profit. Every single one. What a time to be alive, watching a new asset-class for the masses. Edited November 30, 2020 by MonsieurCopperCrutch Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 30, 2020 Share Posted November 30, 2020 How much world energy goes into creating/storing these coins? Quote Link to comment Share on other sites More sharing options...
markyh Posted November 30, 2020 Share Posted November 30, 2020 How much world energy goes into creating/storing these coins? lots, but it is mostly from renewables like Hydro and solar, the less the cost of leccy, the more profit for the miners and leccy is often the biggest cost. But Bitcoin alone i think uses more leccy than a lot of 3rd world countries. It's ok, we can afford it. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted November 30, 2020 Share Posted November 30, 2020 How much world energy goes into creating/storing these coins? It will cost energy to secure the world's most secure financial network but it's mostly renewable now: Report: 76% crypto miners use renewables as part of their energy mix https://cointelegraph.com/news/report-76-crypto-miners-use-renewables-as-part-of-their-energy-mix Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 30, 2020 Share Posted November 30, 2020 (edited) lots, but it is mostly from renewables like Hydro and solar, the less the cost of leccy, the more profit for the miners and leccy is often the biggest cost. But Bitcoin alone i think uses more leccy than a lot of 3rd world countries. It's ok, we can afford it. How is it mostly renewables? Surely the majority of the world (and the majority of coins mined so far) have used traditional energy sources for power? Green energy only became cheaper here fairly recently. That aside, can they be stored without using energy or will they always require power to exist? Sorry if this is obvious but I don’t quite understand how creating a continuous draw on world resources would be a good thing. Edited November 30, 2020 by PeanutButter Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted November 30, 2020 Share Posted November 30, 2020 You do realize that 88% of bitcoins have already been mined? The remaining 12% will be mined over the next 120 years.... You can worry about "saving the world", and other such BS... I'll concentrate on getting rich, thanks Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted November 30, 2020 Share Posted November 30, 2020 You do realize that 88% of bitcoins have already been mined? The remaining 12% will be mined over the next 120 years.... You can worry about "saving the world", and other such BS... I'll concentrate on getting rich, thanks The very last Bitcoin will take 40 years to mine. So all hodlers need to remember just how precious it will be just to own 1 if it takes 40 years of the worlds computational power just to generate that wealth of a single Bitcoin. Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted November 30, 2020 Share Posted November 30, 2020 The very last Bitcoin will take 40 years to mine. So all hodlers need to remember just how precious it will be just to own 1 if it takes 40 years of the worlds computational power just to generate that wealth of a single Bitcoin. Couldn't the last coins equally become stranded assets, too expensive to mine for it to be worth it. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted November 30, 2020 Share Posted November 30, 2020 That aside, can they be stored without using energy or will they always require power to exist? Sorry if this is obvious but I don’t quite understand how creating a continuous draw on world resources would be a good thing. The energy use is constant as it takes energy to mine every block. Only miners expend energy though, if you merely hold bitcoin in a wallet the energy cost to you is zero. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted November 30, 2020 Share Posted November 30, 2020 The energy use is constant as it takes energy to mine every block. Only miners expend energy though, if you merely hold bitcoin in a wallet the energy cost to you is zero. The have to remember that the constant energy use is what replaces a controlling authority or government. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 30, 2020 Share Posted November 30, 2020 You do realize that 88% of bitcoins have already been mined? The remaining 12% will be mined over the next 120 years.... You can worry about "saving the world", and other such BS... I'll concentrate on getting rich, thanks Calm down, you react hysterically to some simple questions. You’re holding an asset, not a new born child. The energy use is constant as it takes energy to mine every block. Only miners expend energy though, if you merely hold bitcoin in a wallet the energy cost to you is zero. Just googled and this came up https://www.vox.com/2019/6/18/18642645/bitcoin-energy-price-renewable-china It seems the energy question is complicated. But as ever, profits come before everything. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted November 30, 2020 Share Posted November 30, 2020 Couldn't the last coins equally become stranded assets, too expensive to mine for it to be worth it. The miners will be taking profits from mining the remaining satoshis and transaction fees. If Bitcoin is as valuable in the last 40 years I doubt they'd stop mining. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 30, 2020 Share Posted November 30, 2020 The have to remember that the constant energy use is what replaces a controlling authority or government. Is the goal of these coins to replace all other currencies/banks etc? Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted November 30, 2020 Share Posted November 30, 2020 (edited) Is the goal of these coins to replace all other currencies/banks etc? The goal was to resolve the Byzantine Generals Problem. Which Bitcoin does. Edited November 30, 2020 by MonsieurCopperCrutch Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted November 30, 2020 Share Posted November 30, 2020 Is the goal of these coins to replace all other currencies/banks etc? Bitcoin was designed primarily as non inflatable seizure resistant money. What we choose to eventually do with it is up to us. Quote Link to comment Share on other sites More sharing options...
tyres Posted November 30, 2020 Share Posted November 30, 2020 What do people here think about GSX Gold Secured Currency and Apollo Fintech https://gsxcde.com/ Is this worth a punt or a ponzi scheme? Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted November 30, 2020 Share Posted November 30, 2020 What do people here think about GSX Gold Secured Currency and Apollo Fintech https://gsxcde.com/ Is this worth a punt or a ponzi scheme? At best pointless since you buy a gold ETF for gold price exposure. At worst a scam. Quote Link to comment Share on other sites More sharing options...
tyres Posted November 30, 2020 Share Posted November 30, 2020 At best pointless since you buy a gold ETF for gold price exposure. At worst a scam. thanks Quote Link to comment Share on other sites More sharing options...
warpig Posted December 1, 2020 Share Posted December 1, 2020 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted December 1, 2020 Share Posted December 1, 2020 We are here. Quote Link to comment Share on other sites More sharing options...
RodCrosby Posted December 1, 2020 Share Posted December 1, 2020 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted December 1, 2020 Share Posted December 1, 2020 This chart is exactly why I always say if you recently bought in, DCA and HODL for at least one halvening plus a couple of years before even thinking about selling and you will be rewarded. Tea leaf readers invariably get caught with their pants down sitting at the side. Quote Link to comment Share on other sites More sharing options...
markyh Posted December 1, 2020 Share Posted December 1, 2020 Good luck. But $22.7 to $14 is possible i agree, a 40% pullback, not unusual in a Bitcoin bull market. But i think once we break $20k the move will be much bigger than $2.7k before a big pull back. We would be looking at a $10k move before a 30-40% pullback. Quote Link to comment Share on other sites More sharing options...
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