€100 of Bitcoin in 2010 = €70m today

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ManInTheBar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ManInTheBar »

Faith is a POWERFUL thing
derriz
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

sorCrer wrote:
derriz wrote:That's bollox - the potential was obvious and the number of applications was exploding - every week there new exciting websites. I distinctly remember showing a non-techy friend some web sites on Mosaic running on an monochrome X-terminal in 93 and he was blown away - I had to drag him away from IMDB. E-comerce applications existed long before 99 - I put a small bookshop online in 95 using PerlCGI, a close friend single-handedly wrote the first nationally successful recruitment/jobs website which launched in late 95. 10 years after Mosaic would bring us to 2003/2004 - there were almost a billion web/internet users globally at that stage. How many people have crypto accounts or use applications based on crypto/DL 10 years after bitcoin was launched?

Same year as Ebay and Amazon started. I was working for ECNet in the late 90's developing e-commerce solutions and had been building websites since 94. I've done that ever since. The internet was incomparable to what it is today.
derriz wrote:Fear :lol: - unlike you (I suspect), I've actually been involved in building a smart contract/DL application (for the energy markets). An no, I'm not just attacking BTC or even crytocurrencies generally - I'm attacking the whole idea that crypto DL technology has a great future. Tech fads come and go, this one will die soon also.
I've written a currently non-commercial smart contract application specifically around contractual control of sim swapping. I'm looking for funding to drive that. I have written many e-commerce applications including some driving worldwide aviation sites.

Maybe it will die, after all this has been predicted many times going back to 2010 (https://99bitcoins.com/bitcoin-obituaries/).

However, you don't need to be bitter next time just chase and monetize a fad more aggressively. :lol:
Interesting, what did you build it on? Solidity or one of the non-proofofwork "enterprise" platforms like corda?

Not bitter - I'm still have a (small) equity stake in a DL/SC start-up so I guess dissing DL tech is not really in my interest. I've thought about it from many angles - not just technical - and just can't bring myself to believe that this tech has any future.
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paddyor
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Re: €100 of Bitcoin in 2010 = €70m today

Post by paddyor »

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A5D5E5
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Re: €100 of Bitcoin in 2010 = €70m today

Post by A5D5E5 »

paddyor wrote:This is obviously a scam

https://www.bloomberg.com/news/articles ... on-problem
Stories like this just make cryptocurrencies look like a tax on the credulous.
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

A5D5E5 wrote:
paddyor wrote:This is obviously a scam

https://www.bloomberg.com/news/articles ... on-problem
Stories like this just make cryptocurrencies look like a tax on the credulous.
Certainly leaving any amount on an exchange, particularly an unaudited exchange, is idiotic. One of the things about Bitcoin, though, is that it is very easy to prove solvency. You don't even need an auditor to do so:

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Leinster in London
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Leinster in London »

I'll just drop this here.

https://www.bbc.co.uk/news/technology-43485572
Researchers in Germany have found hundreds of links to child sexual abuse imagery on Bitcoin's blockchain.

This could make using the blockchain, a digital ledger of crypto-currency transactions, illegal.

The study, from RWTH Aachen University, also said other files on the blockchain may violate copyright and privacy laws.

Researchers said they had found eight files with sexual content. And three of these contained content "objectionable for almost all jurisdictions".

Two of these between them listed more than 200 links to child sexual abuse imagery, the study said.

And if records of the files were stored on users' computers, they may be in violation of the law.

Garrick Hileman, a crypto-currency expert at Cambridge University, said the issue of illegal content had been "discussed and known about for awhile."

Pruning, or altering parts of the blockchain ledger, would allow users to rid their local copies of illegal content, he said, but was likely to be too technical for most Bitcoin users.

"There are big barriers anytime you need to make modifications," Mr Hileman said.

But he added that although maintaining a complete record of the blockchain was more secure than an altered copy, "many would argue that it's not that important".

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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Leinster in London wrote:I'll just drop this here.

https://www.bbc.co.uk/news/technology-43485572
Researchers in Germany have found hundreds of links to child sexual abuse imagery on Bitcoin's blockchain.

This could make using the blockchain, a digital ledger of crypto-currency transactions, illegal.

The study, from RWTH Aachen University, also said other files on the blockchain may violate copyright and privacy laws.

Researchers said they had found eight files with sexual content. And three of these contained content "objectionable for almost all jurisdictions".

Two of these between them listed more than 200 links to child sexual abuse imagery, the study said.

And if records of the files were stored on users' computers, they may be in violation of the law.

Garrick Hileman, a crypto-currency expert at Cambridge University, said the issue of illegal content had been "discussed and known about for awhile."

Pruning, or altering parts of the blockchain ledger, would allow users to rid their local copies of illegal content, he said, but was likely to be too technical for most Bitcoin users.

"There are big barriers anytime you need to make modifications," Mr Hileman said.

But he added that although maintaining a complete record of the blockchain was more secure than an altered copy, "many would argue that it's not that important".

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Seriously?

https://www.dailydot.com/business/bitco ... tion-code/

Note the date.
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Anonymous 1
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Anonymous 1 »

Anonymous. wrote:
sorCrer wrote:
Anonymous. wrote:He would have made a big profit if he had just sold them. Buying them back as it was falling like a stone would have just been silly.
The thing is I didn't need to. I have no heirs and worse, very little desire for large vanity purchases although I will spend more that I should sometimes on food & drink.
I know you are in it for the tech and as it falls from $17k to currently $3.7k you had no need to sell The same will be true when it falls to $1k.
Currently $3,366
Bowens
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Bowens »

I don’t think TranceNRG made any money on it :(
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Leinster in London
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Leinster in London »

sorCrer wrote:
Leinster in London wrote:I'll just drop this here.

https://www.bbc.co.uk/news/technology-43485572
Researchers in Germany have found hundreds of links to child sexual abuse imagery on Bitcoin's blockchain.

This could make using the blockchain, a digital ledger of crypto-currency transactions, illegal.

The study, from RWTH Aachen University, also said other files on the blockchain may violate copyright and privacy laws.

Researchers said they had found eight files with sexual content. And three of these contained content "objectionable for almost all jurisdictions".

Two of these between them listed more than 200 links to child sexual abuse imagery, the study said.

And if records of the files were stored on users' computers, they may be in violation of the law.

Garrick Hileman, a crypto-currency expert at Cambridge University, said the issue of illegal content had been "discussed and known about for awhile."

Pruning, or altering parts of the blockchain ledger, would allow users to rid their local copies of illegal content, he said, but was likely to be too technical for most Bitcoin users.

"There are big barriers anytime you need to make modifications," Mr Hileman said.

But he added that although maintaining a complete record of the blockchain was more secure than an altered copy, "many would argue that it's not that important".

Related Topics

Seriously?

https://www.dailydot.com/business/bitco ... tion-code/

Note the date.
OK, date noted.

So six years later rather than removing shit, and making it more difficult it seems the opposite has happened.
I have no idea what the bit below means, but it does appear to be 2019 news.
One key feature of the block chain is that information added to it cannot be changed without significant effort.

In January, the amount of data that could be added to the BSV block chain was increased significantly.

Before that, people could generally add only short chunks of text or web links to the block chain.

But now it is possible to add full images in an encoded format.

Payment system Money Button said its service had been used to post the illegal images on the BSV block chain in early February.
KiwiFlyer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by KiwiFlyer »

BSV is a fork of bitcoin. The fork is unrelated to bitcoin and not supported by the vast majority of the bitcoin community.

BSV has increased their block limit (i.e. the total amount of information that can be stored in each block of the chain) to ridiculous sizes, which would (if it was widely used) make it impossible for most people to run their own nodes and independently validate the block chain. Because nobody is actually using it, all this extra space is free to use, and so people can use it to send transactions containing large pictures for no cost.

Meanwhile the current bitcoin consensus is for small blocks to maintain decentralisation, and to instead develop scaling solutions in second layers and side chains built on top of bitcoin.
So six years later rather than removing shit


One of the fundamental points of bitcoin is that, without consensus, no transactions can be censored or undone by any government or organisation, no matter what they are intended for. There is no right or wrong in bitcoin, all transactions are equally valid as long as they follow the consensus rules.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Azlan Roar »

It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS
ukjim
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ukjim »

I mined crypto for about 5 years or so and made some decent pocket money out of it.

Even with solar panels and batteries covering a good deal of production cost its now not worth it unless you have free electricity.
etherman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by etherman »

ukjim wrote:I mined crypto for about 5 years or so and made some decent pocket money out of it.

Even with solar panels and batteries covering a good deal of production cost its now not worth it unless you have free electricity.
How does this actually work? I have no clue. You have a bank of PCs running 24/7 Im guessing and they do what exactly?
ukjim
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ukjim »

etherman wrote:
ukjim wrote:I mined crypto for about 5 years or so and made some decent pocket money out of it.

Even with solar panels and batteries covering a good deal of production cost its now not worth it unless you have free electricity.
How does this actually work? I have no clue. You have a bank of PCs running 24/7 Im guessing and they do what exactly?
you use graphics cards mainly (some folk have dedicated purpose build computers called asic miners for the task that do nothing else). They calculate the proof of work that blockchain relies on in return for some payment of crypto.

its explained here...

https://keepingstock.net/explaining-blo ... bed27f0845
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
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ManInTheBar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ManInTheBar »

goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
Strikes me that this is a marginal activity and that the power, computing tech and ingenuity of the users could be better harnessed into almost any other productive activity
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
I see the US national debt surpassed $22 Trillion on the 12th. Quite staggering. https://treasurydirect.gov/NP/debt/current
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Yourmother »

goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
What a staggering waste of resources.

In a world where we try to build tech to do things more efficiently, use less resource, and waste less energy, I present to you bitcoin.
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

Yourmother wrote:
goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
What a staggering waste of resources.

In a world where we try to build tech to do things more efficiently, use less resource, and waste less energy, I present to you bitcoin.
First, quite a bit of the energy used to mine Bitcoin comes from places with unused renewable energy, like hydro in Sichuan province, that would otherwise be wasted. But beyond that, just because you think Bitcoin is a waste of resources does not make it so. I happen to think, at the very least, it's an important hedge against a) the hyper-surveillance that will come with a cashless society, b) increasingly experimental monetary policy either being implemented (QE) or proposed (MMT) in developed nations and c) living under an authoritarian regime.

Edit to add that Bitcoin could be more efficient but you basically have to trade security/vulnerability for efficiency. If you think of Bitcoin as a base settlement layer with other layers built on top of it, you want it to be very secure. Then you let layer 2 solutions like Lightning increase efficiency, without sacrificing anything on the base layer.
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

sorCrer wrote:
goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
I see the US national debt surpassed $22 Trillion on the 12th. Quite staggering. https://treasurydirect.gov/NP/debt/current
It's only going to continue to go up. We've got MMT people that seem to be in the ascendancy on the left in the US and the GOP has long given up the ghost of being the party of fiscal responsibility. I'm very glad we have a hedge against this in the form of Bitcoin.
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Yourmother
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Yourmother »

goeagles wrote:
Yourmother wrote:
goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
What a staggering waste of resources.

In a world where we try to build tech to do things more efficiently, use less resource, and waste less energy, I present to you bitcoin.
First, quite a bit of the energy used to mine Bitcoin comes from places with unused renewable energy, like hydro in Sichuan province, that would otherwise be wasted. But beyond that, just because you think Bitcoin is a waste of resources does not make it so. I happen to think, at the very least, it's an important hedge against a) the hyper-surveillance that will come with a cashless society, b) increasingly experimental monetary policy either being implemented (QE) or proposed (MMT) in developed nations and c) living under an authoritarian regime.

Edit to add that Bitcoin could be more efficient but you basically have to trade security/vulnerability for efficiency. If you think of Bitcoin as a base settlement layer with other layers built on top of it, you want it to be very secure. Then you let layer 2 solutions like Lightning increase efficiency, without sacrificing anything on the base layer.
Lightning just adds a bodge on top of the horrible inefficiency of bitcoin, and then loses the security.

And speaking of security, simple open source code shared can lead to massive fraud, as has occurred.

But in the bitcoin world there is no recourse.

It’s a complete mess.
Last edited by Yourmother on Thu Feb 14, 2019 9:15 pm, edited 1 time in total.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

First, quite a bit of the energy used to mine Bitcoin comes from places with unused renewable energy, like hydro in Sichuan province, that would otherwise be wasted. But beyond that, just because you think Bitcoin is a waste of resources does not make it so. I happen to think, at the very least, it's an important hedge against a) the hyper-surveillance that will come with a cashless society, b) increasingly experimental monetary policy either being implemented (QE) or proposed (MMT) in developed nations and c) l
And you think that the authorities will let challenges go unmonitored ?
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

Yourmother wrote:
goeagles wrote:
Yourmother wrote:
goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
What a staggering waste of resources.

In a world where we try to build tech to do things more efficiently, use less resource, and waste less energy, I present to you bitcoin.
First, quite a bit of the energy used to mine Bitcoin comes from places with unused renewable energy, like hydro in Sichuan province, that would otherwise be wasted. But beyond that, just because you think Bitcoin is a waste of resources does not make it so. I happen to think, at the very least, it's an important hedge against a) the hyper-surveillance that will come with a cashless society, b) increasingly experimental monetary policy either being implemented (QE) or proposed (MMT) in developed nations and c) living under an authoritarian regime.

Edit to add that Bitcoin could be more efficient but you basically have to trade security/vulnerability for efficiency. If you think of Bitcoin as a base settlement layer with other layers built on top of it, you want it to be very secure. Then you let layer 2 solutions like Lightning increase efficiency, without sacrificing anything on the base layer.
Lightning just adds a bodge on top of the horrible inefficiency of bitcoin, and then loses the security.

And speaking of security, simple open source code shared can lead to massive fraud, as has occurred.

But in the bitcoin world there is no recourse.

It’s a complete mess.
Lightning adds a bodge on top of Bitcoin like Visa adds a layer on top of the USD. Not exactly like for like since Lightning is layer 2 and Visa is layer 3, but the point remains.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

.
bimboman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

goeagles wrote:
bimboman wrote:
First, quite a bit of the energy used to mine Bitcoin comes from places with unused renewable energy, like hydro in Sichuan province, that would otherwise be wasted. But beyond that, just because you think Bitcoin is a waste of resources does not make it so. I happen to think, at the very least, it's an important hedge against a) the hyper-surveillance that will come with a cashless society, b) increasingly experimental monetary policy either being implemented (QE) or proposed (MMT) in developed nations and c) l
And you think that the authorities will let challenges go unmonitored ?
They'll try but I think the cat will be out of the bag by that time.

Theyll make the coin illegal in their countries if they have to.
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Yourmother
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Yourmother »

bimboman wrote:
First, quite a bit of the energy used to mine Bitcoin comes from places with unused renewable energy, like hydro in Sichuan province, that would otherwise be wasted. But beyond that, just because you think Bitcoin is a waste of resources does not make it so. I happen to think, at the very least, it's an important hedge against a) the hyper-surveillance that will come with a cashless society, b) increasingly experimental monetary policy either being implemented (QE) or proposed (MMT) in developed nations and c) l
And you think that the authorities will let challenges go unmonitored ?
And the world just has all this excess unused energy to burn for this use, which can not be used for genuine energy consumption.
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Yourmother
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Yourmother »

goeagles wrote:
Yourmother wrote:
goeagles wrote:
Yourmother wrote:
goeagles wrote:
It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
What a staggering waste of resources.

In a world where we try to build tech to do things more efficiently, use less resource, and waste less energy, I present to you bitcoin.
First, quite a bit of the energy used to mine Bitcoin comes from places with unused renewable energy, like hydro in Sichuan province, that would otherwise be wasted. But beyond that, just because you think Bitcoin is a waste of resources does not make it so. I happen to think, at the very least, it's an important hedge against a) the hyper-surveillance that will come with a cashless society, b) increasingly experimental monetary policy either being implemented (QE) or proposed (MMT) in developed nations and c) living under an authoritarian regime.

Edit to add that Bitcoin could be more efficient but you basically have to trade security/vulnerability for efficiency. If you think of Bitcoin as a base settlement layer with other layers built on top of it, you want it to be very secure. Then you let layer 2 solutions like Lightning increase efficiency, without sacrificing anything on the base layer.
Lightning just adds a bodge on top of the horrible inefficiency of bitcoin, and then loses the security.

And speaking of security, simple open source code shared can lead to massive fraud, as has occurred.

But in the bitcoin world there is no recourse.

It’s a complete mess.
Lightning adds a bodge on top of Bitcoin like Visa adds a layer on top of the USD. Not exactly like for like since Lightning is layer 2 and Visa is layer 3, but the point remains.
It’s like you’ve not read the post.

Visa adds security on top of transactions and lightning does the exact opposite.

USD / banks are accountable and will deal with hacks. Bitcoin blockchain, the money is gone despite authorities knowing its fraud. And susceptible to open source code hacks.

Transaction speed and costs are not exactly brilliant for such a recent technology. And not to mention they are designed to get more expensive over time:
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A5D5E5
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Re: €100 of Bitcoin in 2010 = €70m today

Post by A5D5E5 »

goeagles wrote:
sorCrer wrote:
goeagles wrote:
Azlan Roar wrote:It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS

It might cost more than $3500 in most places, but Bitcoin mining has been remarkably efficient at finding the cheapest unused power sources. Also, the price has been around this level for a couple months. I doubt people are going to mine at a loss for months. When those with higher mining costs end up having to stop mining, the difficulty adjustment goes down and it costs less to mine.
I see the US national debt surpassed $22 Trillion on the 12th. Quite staggering. https://treasurydirect.gov/NP/debt/current
It's only going to continue to go up. We've got MMT people that seem to be in the ascendancy on the left in the US and the GOP has long given up the ghost of being the party of fiscal responsibility. I'm very glad we have a hedge against this in the form of Bitcoin.
If I want to hedge my interest rate exposure, I don't buy a highly volatile asset that is uncorrelated to interest rates, stick £5 on #7 in the 3:30 at Kempton or give my money to somebody I've never met who has a nice website in Fukknowswhere and hope he doesn't run off with it. Bitcoin isn't a hedge against anything - except perhaps rational thought.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

Yourmother wrote:
It’s like you’ve not read the post.

Visa adds security on top of transactions and lightning does the exact opposite.

USD / banks are accountable and will deal with hacks. Bitcoin blockchain, the money is gone despite authorities knowing its fraud. And susceptible to open source code hacks.

Transaction speed and costs are not exactly brilliant for such a recent technology. And not to mention they are designed to get more expensive over time:
OK, except Visa is a 3rd layer solution. Banks are a 2nd layer. You cannot turn back the theft of base layer USD either.

Transaction speeds are pretty brilliant compared to base layer USD. I can send any amount of money anywhere in the world and the recipient will recieve it within an hour for pennies. How much would it cost and how long would it take to send that money in USD without using a bank, which is a second layer solution?

In any case, let's say you don't think that matters or is valid. Can you see a legitimate use for Bitcoin as a hedge for the cases I described above?
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Re: €100 of Bitcoin in 2010 = €70m today

Post by kiwinoz »

So Jamie "I'll sack anyone who trades in Cryptos" Dimon is now coming out with a JPM token. Please note the lying plum made his infamous crypto statement whilst in Euro desk was buying the dips.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

kiwinoz wrote:So Jamie "I'll sack anyone who trades in Cryptos" Dimon is now coming out with a JPM token. Please note the lying plum made his infamous crypto statement whilst in Euro desk was buying the dips.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by massive_field_goal »

I'd have more interest in BTC if the price was not so easily manipulated.
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UncleFB
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Re: €100 of Bitcoin in 2010 = €70m today

Post by UncleFB »

So has it been confirmed the exchange owner's death was a scam?

Last week I was reading a reddit post about it which was actually hilarious (reading, not for people who had investments with the exchange) - there were a couple of posters who were white knighting the guy and the exchange and then by the end had completely flipped.
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paddyor
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Re: €100 of Bitcoin in 2010 = €70m today

Post by paddyor »

https://www.nytimes.com/2019/02/28/tech ... egram.html

Having predicted that bigtech would eventually try to co-opt this I'm not shocked. That'll be the end of bitcoin you'd imagine.
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UncleFB
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Re: €100 of Bitcoin in 2010 = €70m today

Post by UncleFB »

paddyor wrote:https://www.nytimes.com/2019/02/28/tech ... egram.html

Having predicted that bigtech would eventually try to co-opt this I'm not shocked. That'll be the end of bitcoin you'd imagine.
Apparently I have reached the limit of my free articles, despite not viewing a NYT article on my work computer in months. Can you copy and paste?
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JPNZ
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Re: €100 of Bitcoin in 2010 = €70m today

Post by JPNZ »

UncleFB wrote:
paddyor wrote:https://www.nytimes.com/2019/02/28/tech ... egram.html

Having predicted that bigtech would eventually try to co-opt this I'm not shocked. That'll be the end of bitcoin you'd imagine.
Apparently I have reached the limit of my free articles, despite not viewing a NYT article on my work computer in months. Can you copy and paste?
SAN FRANCISCO — Some of the world’s biggest internet messaging companies are hoping to succeed where cryptocurrency start-ups have failed by introducing mainstream consumers to the alternative world of digital coins.

The internet outfits, including Facebook, Telegram and Signal, are planning to roll out new cryptocurrencies over the next year that are meant to allow users to send money to contacts on their messaging systems, like a Venmo or PayPal that can move across international borders.

The most anticipated but secretive project is underway at Facebook. The company is working on a coin that users of WhatsApp, which Facebook owns, could send to friends and family instantly, said five people briefed on the effort who spoke on the condition of anonymity because of confidentiality agreements.

The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers, said four people briefed on the negotiations.


Telegram, which has an estimated 300 million users worldwide, is also working on a digital coin. Signal, an encrypted messaging service that is popular among technologists and privacy advocates, has its own coin in the works. And so do the biggest messaging applications in South Korea and Japan, Kakao and Line.

The messaging companies have a reach that dwarfs the backers of earlier cryptocurrencies. Facebook and Telegram can make the digital wallets used for cryptocurrencies available, in an instant, to hundreds of millions of users.

All of the new projects are going after a market that has already proved popular with consumers. Venmo has taken off in the United States by making it easier to send payments by phone. And in China, many consumers use the payment system that operates inside the hugely popular WeChat messaging system.

“It’s pretty much the most fascinating thing happening in crypto right now,” said Eric Meltzer, a co-founder of a cryptocurrency-focused venture capital firm, Primitive Ventures. “They each have their own advantage in this battle, and it will be insane to watch it go down.”

In a statement, Facebook did not directly address its work on a digital coin. The other companies declined to comment on their projects. Most of them appear to be working on digital coins that could exist on a decentralized network of computers, independent to some degree of the companies that created them.


Like Bitcoin, the new cryptocurrencies would make it easier to move money between countries, particularly in the developing world where it is hard for ordinary people to open bank accounts and buy things online. The current designs being discussed generally do away with the energy-guzzling mining process that Bitcoin relies on.


But the messaging companies are likely to face many of the same regulatory and technological hurdles that have kept Bitcoin from going mainstream. The lack of a central authority over cryptocurrencies — a government or a bank — has made them useful to criminals and scammers, and the designs of the computer networks that manage them make it hard to handle significant numbers of transactions.

“They are all going to run up against these same types of technological limits,” said Richard Ma, the chief executive of Quantstamp, a firm that provides security audits for new cryptocurrencies.

The companies are throwing significant resources into their projects, even as the prices of cryptocurrencies have plunged over the last year.

Facebook has more than 50 engineers working on its project, three people familiar with the effort said. An industry website, The Block, has been keeping track of the steady flow of new job listings for the Facebook project.

The Facebook effort, which is being run by a former president of PayPal, David Marcus, started last year after Telegram raised an eye-popping $1.7 billion to fund its cryptocurrency project.

Facebook has been coy about what it is building. The team is in an office with separate key-card access so other Facebook employees cannot get in, according to two Facebook employees.

Facebook is looking at several ways to use the blockchain, the technology introduced by Bitcoin that makes it possible to keep shared records of financial transactions on several computers, rather than relying on one big central player like PayPal or Visa.

The five people who have been briefed on the Facebook team’s work said the company’s most immediate product was likely to be a coin that would be pegged to the value of traditional currencies, as Bloomberg first reported.

A digital token with a stable value would not be attractive to speculators — the main audience for cryptocurrencies so far — but it would allow consumers to hold it and pay for things without worrying about the value of the coin rising and falling.

Several other companies have recently introduced so-called stablecoins, linked to the value of the dollar. JPMorgan Chase even said it was experimenting with the concept last month.

Facebook is looking at pegging the value of its coin to a basket of different foreign currencies, rather than just the dollar, three people briefed on the plans said. Facebook could guarantee the value of the coin by backing every coin with a set number of dollars, euros and other national currencies held in Facebook bank accounts.

The company is overhauling its messaging infrastructure, which would connect three of its properties — Messenger, WhatsApp and Instagram. That integration, which could take more than a year, would extend the reach of Facebook’s digital currency across the 2.7 billion people who use one of the three apps each month.

The big question facing Facebook is how much control it would retain over the digital coin. If Facebook is responsible for approving every transaction and keeping track of every user, it is not clear why it would need a blockchain system, rather than a traditional, centralized system like PayPal.
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UncleFB
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Re: €100 of Bitcoin in 2010 = €70m today

Post by UncleFB »

JPNZ :thumbup:
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

paddyor wrote:https://www.nytimes.com/2019/02/28/tech ... egram.html

Having predicted that bigtech would eventually try to co-opt this I'm not shocked. That'll be the end of bitcoin you'd imagine.
That doesn't compete with Bitcoin at all. Bitcoin's main value is that it is decentralized, censorship-resistant and has a fixed monetary policy. None of that is true for these. These are basically just Paypal/Venmo for specific apps.
etherman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by etherman »

So they got into the dead Quadriga guys laptop, and found out he had already cleaned out all the accounts. :lol:

https://www.bbc.co.uk/news/technology-47454528
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