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The Bubbly Bitcoin Thread -- Merged Threads


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22 minutes ago, scottbeard said:

It's only really the MINING of BTC that is bad for the environment, and around 19 million of the possible 21 million BTC have already been mined.  Me buying one that was mined years ago doesn't damage the environment, similar to the way buying a 50 year old ivory ornament doesn't result in another elephant dead.

Really, you sure that *just* the mining is bad. So when all the mining is done it'll be the same as owning a coin in your pocket? Or does it require energy to exist forever? I'm genuinely asking because if bitcoins can come offline and sit in a drawer not consuming power I'll be interested to know about it. 

Anyway, it's a good start, thanks :D My next stop will be to get everyone on here to admit that BTL is a good idea and landlords are nice people. It's only logical, once you all admit that being rich is more important than any social impact the process may have. 

PS Buying an old ivory ornament creates a market for more ivory ornaments, and markets require fulfilment. Which is why 20,000 elephants are killed for their teeth each year. 

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Shoot me down, but a few members seems a bit obsessed with this thread.  There are a lot of threads on HOUSEpricecrash and other things to do in general than aggressively defend Bitcoin (e.g. see fami

They could certainly put various things in place to try and stop but I just don't seem them doing it. Obviously they could make dealing, trading, holding or using bitcoin punishable with 10 years

Bitcoin Cash can and will scale on chain. The technology advance within the next decade will allow it to happen with ease and always remain ahead of demand. What Core have done to Bitcoin is criminal

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10 minutes ago, PeanutButter said:

My next stop will be to get everyone on here to admit that BTL is a good idea and landlords are nice people.

I'm a salty non-BTLer so I'm happy to say BTL is wrong and all landlords are evil.

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9 minutes ago, dugsbody said:

That's not correct. New blocks, which is the mechanism for transmitting transactions, are mined by miners. So sending "old" bitcoin to anyone else requires proof of work, which is the energy cost.

 

6 minutes ago, PeanutButter said:

Really, you sure that *just* the mining is bad. So when all the mining is done it'll be the same as owning a coin in your pocket? Or does it require energy to exist forever? I'm genuinely asking because if bitcoins can come offline and sit in a drawer not consuming power I'll be interested to know about it. 
My next stop will be to get everyone on here to admit that BTL is a good idea and landlords are nice people. It's only logical, once you all admit that being rich is more important than any social impact the process may have. 

PS Buying an old ivory ornament creates a market for more ivory ornaments, and markets require fulfilment. Which is why 20,000 elephants are killed for their teeth each year. 

Agreed, there is a small electricity cost to BTC even once mined, but then there is a small energy cost to using EVERYTHING.  Every time you check your online balance with NatWest or HSBC, that uses electricity, every time you use a chip and pin machine - electricity.  Even spending those coins in your pocket use energy when you, for example, drive to the supermarket.

The big energy cost is in the mining.

Absolutely NO-ONE has said, or would say, "being rich is more important than any social impact the process may have".  I didn't say it, and I don't know why you think you can suddenly put words like that in my mouth.

And yes I know that "buying an old ivory ornament creates a market for more ivory ornaments" is true but it's also deliberately missing the point I was making so spectacularly that I'm now not replying to any more comments on this subject, because @PeanutButter has clearly made up his mind that the entire human race must be either Greta Thunberg or Fergus Wilson, with no other choices.

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7 minutes ago, scottbeard said:

Agreed, there is a small electricity cost to BTC even once mined, but then there is a small energy cost to using EVERYTHING.  Every time you check your online balance with NatWest or HSBC, that uses electricity, every time you use a chip and pin machine - electricity.  Even spending those coins in your pocket use energy when you, for example, drive to the supermarket.

You're missing the point. Using bitcoin in any sense requires proof of work. "Old coins" are irrelevant. That is the huge and ongoing cost and it can never end because this is what secures the network. As soon as the energy usage decreases a lot, your coins become vulnerable to attack.

I agree there are costs to everything but proof of work is baked in to bitcoin and will only ever use more and more energy.

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4 minutes ago, MonsieurCopperCrutch said:

Just took £246,000 off the table. To be clear a sale of 10% from my holdings and the first time I have sold since implementing my DCA + HODL = FTW strategy in 2013.ctLjyTb.png

 

 

Any reason why?  Also why not a limit order, the fees are lower that spot market. 

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1 hour ago, scottbeard said:

True, but only because you can't attribute ANYTHING's value 100% to fundamentals.

Exactly right... and the other side of the equation is - charting in isolation of fundamentals is equally useless. Both are essential IMO.

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38 minutes ago, MonsieurCopperCrutch said:

Just took £246,000 off the table. To be clear a sale of 10% from my holdings and the first time I have sold since implementing my DCA + HODL = FTW strategy in 2013.ctLjyTb.png

 

 

I bet it took ages to search for that screenshot 🤣

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6 hours ago, Acid In The Punch Bowl said:

Any predictable pattern in a market will be exploited and therefor become unpredictable. Thats why you can see patterns in the past, but they don't make you money in the future. It's really not complicated. Good luck mate.

This is a very rational approach, but in practice patterns can continue longer than you expect. Many patterns are exploited through continuation and amplification rather than reversal.

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1 hour ago, PeanutButter said:

PS Buying an old ivory ornament creates a market for more ivory ornaments, and markets require fulfilment. Which is why 20,000 elephants are killed for their teeth each year. 

This I utterly agree with, and there is no excuse for buying ivory, old or new 👍

Edited by Frugal Git
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36 minutes ago, warpig said:

I know it was delisted from exchanges... but is it possible to buy XRP anywhere at the moment?

I'm not going to, but I seem to be able to trade some of my mining profits to xrp should I want to on nicehash

Edited by Frugal Git
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2 hours ago, markyh said:

Any reason why?  Also why not a limit order, the fees are lower that spot market. 

Long term plan was always to sell 10% at each $50,000 step up. At $100,000 I’ll sell another 10% etc... Besides the wife wants to move later this year and would like an upgrade. 🧐

I don’t trade so no idea if limit or spot is cheaper. But I’ll check it out at $100,000. 👍

BTW I fully expect Bitcoin to continue on it's meteoric rise and will continue to execute my 10 by 50K exit strategy. 

Edited by MonsieurCopperCrutch
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1 hour ago, Huggy said:

I'm a salty non-BTLer so I'm happy to say BTL is wrong and all landlords are evil.

My family wealth is split 

30% BTL (made most of crash we had in Ireland)

30% BTC (lucked out not spending all coins on silly stuff over the last decade by being too busy)

10% pension pots

20% 13 year old business (winding down)

10% cash

Most importantly no debt

its important keep a diversified outlook imho, good health and education then help in any sharp downturn in various asset classes 

Tho yeh bitcoin ride has been incredible tho I think this is the 5th bubble I’m witnessing imho

 

could I have made better investments, sure hindsight is 20/20 tho, who would have known that funny internet money would become so valuable or there be a pandemic 

Edited by yelims
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I would be interested to know what are people's experiences when they start raising the matter at the bank that they will probably have an incoming transfer from an exchange of .... um ... £250K?

 

Because I imagine a lot of BTC stashers are the quiet geek types or the tight-fisted non-spenders who have not been having much business in the bank in the way of "BTL empires" or IO mortgages...

 

What do the banks say? I remember when I even mentioned transferring from a gold bullion account to Lloyds, the manager (a grown man) virtually ran away from me in horror, like I was some form of satanist.

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4 minutes ago, GlasgowLondoner said:

I would be interested to know what are people's experiences when they start raising the matter at the bank that they will probably have an incoming transfer from an exchange of .... um ... £250K?

 

Because I imagine a lot of BTC stashers are the quiet geek types or the tight-fisted non-spenders who have not been having much business in the bank in the way of "BTL empires" or IO mortgages...

 

What do the banks say? I remember when I even mentioned transferring from a gold bullion account to Lloyds, the manager (a grown man) virtually ran away from me in horror, like I was some form of satanist.

i'm sure @MonsieurCopperCrutch will update us on moving $1/4 million from Kraken to his UK banks, and its fun and games. Glad he is being my guinea pig. lol. 

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15 minutes ago, GlasgowLondoner said:

I would be interested to know what are people's experiences when they start raising the matter at the bank that they will probably have an incoming transfer from an exchange of .... um ... £250K?

 

Because I imagine a lot of BTC stashers are the quiet geek types or the tight-fisted non-spenders who have not been having much business in the bank in the way of "BTL empires" or IO mortgages...

 

What do the banks say? I remember when I even mentioned transferring from a gold bullion account to Lloyds, the manager (a grown man) virtually ran away from me in horror, like I was some form of satanist.

Withdrew 50k euro to uk based bank with operations in Ireland (tho prob not for much longer) they rang few days later as to source of funds, I mentioned kraken which they knew but seem to be fishing for what I said, I said have my receipt in order and 33%cgt due. That was last I heard. 
 

sold 6 digit amount in person for cash yesterday, erm cash is cash right so that be end of that as it’s not going near banks

but yeh I wonder what other people’s experiences with large withdrawals are, but yeh I agree bitcoins would be useless if can’t interact with normal financial system, which is a huge sword of democles hanging over whole thing

Edited by yelims
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