Jump to content
House Price Crash Forum

The Bubbly Bitcoin Thread -- Merged Threads


Recommended Posts

https://coingape.com/48-b-hedge-fund-millennium-management-among-grayscale-bitcoin-trust-gbtc-investors/

https://www.thestreet.com/crypto/aricles/hedge-fund-millennium-traded-gbtc

Multi-strategy hedge fund operator Millennium Management had exposure to the late March free-fall of the net asset value of Grayscale Bitcoin Trust (GBTC), according to two sources with knowledge of the matter. 

While the price premium GBTC long traded at against Bitcoin collapsed recently, it’s unclear if New York-based Millennium booked any losses on the crowded trade. 

Millennium, run by founder Izzy Englander, has $48.3 billion of assets under management. Its flagship hedge fund strategy gained 2.2% in February, bringing the firm's year-to-date gains to 2.8%, one of the sources said.

A spokesperson for Millennium declined to comment. Grayscale chief executive Michael Sonnenshein declined comment through a spokesperson, citing private-placement SEC regulations.

 

Link to post
Share on other sites
  • Replies 22.8k
  • Created
  • Last Reply

Top Posters In This Topic

  • markyh

    2349

  • MonsieurCopperCrutch

    1559

  • goldbug9999

    1271

  • jiltedjen

    1152

Top Posters In This Topic

Popular Posts

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

Posted Images

https://www.coindesk.com/bloomberg-bitcoin-400k-prediction
 

Bloomberg Foresees Bitcoin Rallying to $400K This Year

Analysts at Bloomberg Crypto argue the largest cryptocurrency might be due for a run analogous with the steep rallies of 2017 and 2013, following prior "halvings" on the blockchain network. 

Edited by MonsieurCopperCrutch
Link to post
Share on other sites

https://decrypt.co/65800/jp-morgan-jamie-dimon-bitcoin-regulation?utm_source=thecryptoapp

 

Punchline - last 10 seconds: 🤣

“There are serious emerging issues that need to be dealt with—and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems,” he wrote. 

Link to post
Share on other sites

Bitcoin mining emissions in China will hit 130 million tonnes by 2024

https://www.newscientist.com/article/2273672-bitcoin-mining-emissions-in-china-will-hit-130-million-tonnes-by-2024

Quote

The carbon emissions associated with mining bitcoin have accelerated rapidly in China, and they will soon outstrip the total annual emissions of mid-sized European countries.

Analysis by Guan Dabo at Tsinghua University in Beijing, China, and his colleagues suggests that the total carbon footprint of bitcoin mining in China will peak in 2024, releasing around 130 million metric tonnes of carbon.

 

 

This figure exceeds the annual carbon emissions of countries including Italy and the Czech Republic.

By 2024, bitcoin mining in China will require 297 terawatt-hours of energy and account for approximately 5.4 per cent of the carbon emissions from generating electricity in the country.

Mining bitcoin relies on computers racing to solve mathematical puzzles, with miners receiving bitcoin for being the first to process a batch of verified transactions.

The number of bitcoin awarded for this are halved every four years, and the puzzles have become more difficult and require more computing oomph to solve. The cost of powerful computer equipment and the electricity to run it has also increased.

The researchers predicted the emissions peak in China in 2024 based on calculations of when the overall cost of mining – the investment in computing equipment and the electricity costs – outweighs the financial rewards of selling mined bitcoin.

They used both financial projections and carbon emissions analysis to model the emissions footprint in China, taking into account factors such as location. “Are you in Shanghai, Beijing, or other places? That does matter because it determines what type of electricity you use,” says Guan. “Overall, from all of China’s bitcoin mining activity, 40 per cent is powered by coal.”

 

Bitcoin miners in Beijing or other parts of northern China are very likely to be using electricity from coal-powered plants. Mining in southern provinces – especially Guizhou, Yunnan and Sichuan – is in large part powered by hydroelectricity, says Guan.

Given China’s commitment to a 2060 net-zero carbon goal, regulations to reduce carbon emissions from bitcoin mining and future emergent sectors will need to be implemented, he says.

Journal reference: Nature Communications, DOI: 10.1038/s41467-021-22256-3

 

Edited by Saving For a Space Ship
Link to post
Share on other sites
34 minutes ago, MonsieurCopperCrutch said:

Back to the old arguments. We must be due another pump. 👍

Perhaps you could comment on the article rather than dismissing one of the most important and uncomfortable subjects for debate.

   I find the projected figures of 5.4% of Chinas energy used to mine crypto, particularly with a 40% coal use quite terrifying,

Energy use, its type, quantity & consquence, particuarly on climate change are arguably the most important considerations. 

 The energy issues continues to fail to be addressed like the collapse of the Uk's £3 billion Green Homes initiative on energy conservation. 

 

Quote

By 2024, bitcoin mining in China will require 297 terawatt-hours of energy and account for approximately 5.4 per cent of the carbon emissions from generating electricity in the country....“Overall, from all of China’s bitcoin mining activity, 40 per cent is powered by coal.”

 

Link to post
Share on other sites
51 minutes ago, Saving For a Space Ship said:

Thanks. Interesting this is in a reputable publication and journal. I'm with @scottbeard on this one. I'm aware of the energy consumption but I'm trying to profit anyway by owning bitcoin.

I don't know what will happen in the future but I know a few things.

1) Bitcoin maximalists will find a way to pretend the issue doesn't exist or it isn't a real issue.

2) It's probably too late for governments to do much about this because the genie is well and truly out the bottle with millions of their citizens owning bitcoin now.

Besides, you can't really "ban" bitcoin. It exists and people will find ways to acquire it and mine it no matter what. There is also the valid argument that the benefits it imputes are worth the energy cost. I am on the fence here. I can see value in a decentralised store of value, not controlled by any particular government with a predictable and guaranteed scarcity. For me the value isn't so much that it provides any real direct use (like spending bitcoin) but that it puts pressure on the existing status quo. I hope that continues because the current financial system is not working for a lot of people, particularly the younger and asset-less. 

Link to post
Share on other sites
38 minutes ago, dugsbody said:

1) Bitcoin maximalists will find a way to pretend the issue doesn't exist or it isn't a real issue.

2) It's probably too late for governments to do much about this because the genie is well and truly out the bottle with millions of their citizens owning bitcoin now.

What is the point in pursuing any climate change mitigation if btc - a product designed to waste ever more energy - continues to be promoted and used? Have you read https://www.waterstones.com/book/the-uninhabitable-earth/david-wallace-wells/9780141988870

Why can't governments require carbon offset or credits for digital currency? Why can't they levy a carbon tax on holders of emissions heavy coins? 

People rant about property-hoarding boomers on here 'stealing their children's futures' but here's a thread dedicated to espousing the wonders of a completely needless product (at least property provides shelter) that is actively killing the habitable zones of our planet. 

 

Edited by PeanutButter
Link to post
Share on other sites
2 hours ago, PeanutButter said:

What is the point in pursuing any climate change mitigation if btc - a product designed to waste ever more energy - continues to be promoted and used? Have you read https://www.waterstones.com/book/the-uninhabitable-earth/david-wallace-wells/9780141988870

Why can't governments require carbon offset or credits for digital currency? Why can't they levy a carbon tax on holders of emissions heavy coins? 

People rant about property-hoarding boomers on here 'stealing their children's futures' but here's a thread dedicated to espousing the wonders of a completely needless product (at least property provides shelter) that is actively killing the habitable zones of our planet. 

 

But the bitcoin citadels will be enclose bioshperes with pleasent controled climates for their Bitcoin owning dwellers, what's the problem?

Link to post
Share on other sites

With the hardest money anyone has known becoming the number one value store, it will reduce governments ability to print money with impunity.

they won’t be able to print without trashing their currency overnight as everyone will eventually just store value in bitcoin 

equally non-productive industries won’t be able to be kept alive and will go bust as the endless money printing eventually is forced to stop
 

this will mean more efficient companies will spring up. Society as whole gets more efficient, and the dead wood is lost.

this will mean more output for less resources which will eventually mean a much more environmentally friendly world. It’s a small price to pay some pollution in the mean time, for a cleaner world in the future 

Link to post
Share on other sites
2 hours ago, PeanutButter said:

This is great news. If peado's are using Bitcoin to buy kiddy porn on Telegram then the police just need a few undercover cops to infiltrate, sell them some stuff, get paid in Bitcoin, and wham bam with chain analysis this can potentially link to thousands of the *******. 

If they were smart they would use Monero. 

Link to post
Share on other sites
2 hours ago, PeanutButter said:
3 hours ago, dugsbody said:

 

What is the point in pursuing any climate change mitigation if btc - a product designed to waste ever more energy - continues to be promoted and used? Have you read https://www.waterstones.com/book/the-uninhabitable-earth/david-wallace-wells/9780141988870

I agree with your position PB, but the point is the likes of Monsieur, BB and Markyh have made it clear that they know about the environmental issues of Bitcoin but are not going to change their behaviour despite this. 
 

I am afraid, just like stopping oil companies from flaring gas at oil fields, we are going to have to find some way of legislating to stop this.  It will have to be some form of global agreement to be effective. 

Link to post
Share on other sites
2 hours ago, PeanutButter said:

 

Funnily enough, if Bitcoin hit a few million each, my carbon footprint will be absolutely massive. Huge house, all of the finest meats delivered to my demands, and a selection of cars whos main selling points don't include mpg.

Maybe in the future nocoiners will just have to learn to live without some of the luxuries they take for granted nowadays. There are many more of them and the wins will be much bigger than just "turning off the blockchain". They could have hot water once a week maybe? That'll save loads

Link to post
Share on other sites

https://u.today/whales-deposit-476-million-usdt-in-one-hour-to-grab-bitcoin-dip-glassnode-data

Nor are these girls and boys.

I wonder what your carbon-foot print was before the pandemic @14stFlyer14stFlyer14stFlyer14stFlyer @PeanutButteret al?

Unfortunately, I can't be 'righteous' on this one otherwise my family and I will fall further behind.  This is what happens when governments turn on their people so openly.  It results in a 'selfish' mentality in order to afford some level of protection.  Tbh, I can only consider the here and now.

In time, the environmental impact will be significantly reduced but having done some reading in this area, I think the overall picture you paint is potentially disingenuous. 

 

Link to post
Share on other sites
5 hours ago, Saving For a Space Ship said:

Perhaps you could comment on the article rather than dismissing one of the most important and uncomfortable subjects for debate.

   I find the projected figures of 5.4% of Chinas energy used to mine crypto, particularly with a 40% coal use quite terrifying,

Energy use, its type, quantity & consquence, particuarly on climate change are arguably the most important considerations. 

 The energy issues continues to fail to be addressed like the collapse of the Uk's £3 billion Green Homes initiative on energy conservation. 

 

 

Already commented on before in this thread. Not my issue if you can’t be bothered to read it. As I said we must be due a pump. Thanks. 

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.