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(CoinDesk)   Today in Bitcoin news: Fork You cancelled, value of BTC approaches $8K   ( coindesk.com) divider line
    More: Followup, bearish divergence, bearish price-RSI divergence, bearish price RSI, hard fork, potential bearish reversal, bearish price-relative strength, Investment, BTC holders  
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1209 clicks; posted to Geek » on 09 Nov 2017 at 4:50 PM (9 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



37 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2017-11-09 11:32:55 AM  
Not an investment vehicle. You're investment vehicle!! BOO!
 
2017-11-09 12:30:08 PM  
Bite now, suckers!
 
2017-11-09 03:52:52 PM  
Bitcoin will totally fall over.

Any. Day. Now.
 
2017-11-09 04:16:19 PM  
I sold some a few days ago when it was very close to where it is right now. It could easily go either way but I've already got back five times what I put in and still have some left. Whatever happens to them they were "free" so it could go either way.

Wish I'd bought more, but of course that's easy to say in hindsight.

/In other news the guy who threw away his hard drive four years ago is now down $57 million....
 
2017-11-09 04:53:32 PM  
Oh God an RSI chart.
 
2017-11-09 05:02:34 PM  
According to VICE Motherboard, In June 2015 one Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day, of which the average sized home is approximately 2700 square feet.
 
2017-11-09 05:05:20 PM  
In other words, the tulip market is also going strong!  Buy bulbs now!!!

img.fark.net
 
2017-11-09 05:15:19 PM  

TedCruz'sCrazyDad: According to VICE Motherboard, In June 2015 one Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day, of which the average sized home is approximately 2700 square feet.


Vice arrived at that number by taking the amount of electricity it takes to "mine" a bitcoin and dividing it by the number of daily transactions. Those individual transactions do not literally require a house's worth of electricity to execute, it's only the mining that's expensive.
 
2017-11-09 05:19:17 PM  
cat-with-newspaper.jpeg
I should have been mining BtC several years ago when I considered doing it

/probably would amount to only a fraction by now
//then again a tenth is worth a decent bit of coin
 
2017-11-09 05:24:30 PM  
*shrug* does anybody, I mean ANYBODY, really believes that bitcoin's price has risen to 8k in the last weeks because somehow something, that creates the actual value of a bitcoin have increased that much?

Does anybody believe that people buy bitcoins because they actually need them for something?

No. We all know that it's people betting that they'll find someone down the line to sell their bitcoins to, to make profit on speculation. There will be, in the end, some rube who is going to be left with bitcoins on his hands and nobody willing to buy off him. It may happen years from now, or months, or days. But it will happen.

There are more than 2000 "-coins" now in circulation. None of them are significantly better or worse than others. Are they all going to worth as much as bitcoin worth right now? If not, why not? What's the big difference?
 
2017-11-09 05:38:01 PM  
What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"
 
2017-11-09 05:42:48 PM  

Wonktnod: TedCruz'sCrazyDad: According to VICE Motherboard, In June 2015 one Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day, of which the average sized home is approximately 2700 square feet.

Vice arrived at that number by taking the amount of electricity it takes to "mine" a bitcoin and dividing it by the number of daily transactions. Those individual transactions do not literally require a house's worth of electricity to execute, it's only the mining that's expensive.


The miners keep the Blockchain and confirm the Transactions.
 
2017-11-09 05:43:25 PM  
Bitcoin is the Dutch tulip of this generation...
 
2017-11-09 05:45:30 PM  

jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"


Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.
 
2017-11-09 05:52:49 PM  

IlGreven: jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"

Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.


Gold has no intrinsic value.  Only decretive.
 
2017-11-09 06:07:09 PM  

cefm: In other words, the tulip market is also going strong!  Buy bulbs now!!!

[img.fark.net image 255x298]


Well, I'm still holding on to mine, hoping they regain their 1636 values.
 
2017-11-09 06:40:58 PM  

Wonktnod: Vice arrived at that number by taking the amount of electricity it takes to "mine" a bitcoin and dividing it by the number of daily transactions. Those individual transactions do not literally require a house's worth of electricity to execute, it's only the mining that's expensive.


You can't separate them. "Mining" is the act of trying to produce a valid hash for a block of transactions. One of those is the generation of some new bitcoins but the rest of the block is filled with user-submitted transactions. The successful miner gets the newly-created coins as well as a fee for each of the other transactions.
 
2017-11-09 06:43:44 PM  

Grahor: *shrug* does anybody, I mean ANYBODY, really believes that bitcoin's price has risen to 8k in the last weeks because somehow something, that creates the actual value of a bitcoin have increased that much?

Does anybody believe that people buy bitcoins because they actually need them for something?

No. We all know that it's people betting that they'll find someone down the line to sell their bitcoins to, to make profit on speculation. There will be, in the end, some rube who is going to be left with bitcoins on his hands and nobody willing to buy off him. It may happen years from now, or months, or days. But it will happen.

There are more than 2000 "-coins" now in circulation. None of them are significantly better or worse than others. Are they all going to worth as much as bitcoin worth right now? If not, why not? What's the big difference?


You can say that about any stock on the NYSE, ASE, or NASDAQ.  Prices don't make sense, nor is there any reason for them to make sense in the short term.

Bitcoin appeared to be in danger of splitting into two separate blockchains, which would probably be the end of it (presumably you could spend the same coin on both blockchains).  Since it looks like it won't, it  went up.  This is presumably bad long-term, but who knows how long bitcoin will last.
/the market can remain irrational longer than you can remain solvent. - John Maynard Keynes
//it isn't quite like tulip bulb mania.  A bigger danger is something like Etherium will work better as a silk road currency
///and it will of course die suddenly if there is a cryptographic crack/exploit
/V of course, once it goes down you *really* need to get out, because no inherient worth.  So maybe it will crash like tulip bulbs - who knows?
 
2017-11-09 07:48:55 PM  

TedCruz'sCrazyDad: IlGreven: jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"

Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.

Gold has no intrinsic value.  Only decretive.


No.  Gold has value as a conductive metal that doesn't rust or tarnish.
 
2017-11-09 08:28:08 PM  
Less tulips, more collectible plates.
 
2017-11-09 09:04:56 PM  

Grahor: *shrug* does anybody, I mean ANYBODY, really believes that bitcoin's price has risen to 8k in the last weeks because somehow something, that creates the actual value of a bitcoin have increased that much?

Does anybody believe that people buy bitcoins because they actually need them for something?

No. We all know that it's people betting that they'll find someone down the line to sell their bitcoins to, to make profit on speculation. There will be, in the end, some rube who is going to be left with bitcoins on his hands and nobody willing to buy off him. It may happen years from now, or months, or days. But it will happen.

There are more than 2000 "-coins" now in circulation. None of them are significantly better or worse than others. Are they all going to worth as much as bitcoin worth right now? If not, why not? What's the big difference?


Mostly you can use them to buy drugs online, or so I'm told.
 
2017-11-09 09:06:22 PM  

TedCruz'sCrazyDad: IlGreven: jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"

Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.

Gold has no intrinsic value.  Only decretive.


You sound like someone that doesn't have a stash of gold.
 
2017-11-09 10:38:43 PM  

anfrind: TedCruz'sCrazyDad: IlGreven: jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"

Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.

Gold has no intrinsic value.  Only decretive.

No.  Gold has value as a conductive metal that doesn't rust or tarnish.


You talking about Monster Cables?
 
2017-11-10 01:18:30 AM  

TedCruz'sCrazyDad: Gold has no intrinsic value.


It has value on this planet due to it's extraordinary rarity, and its interesting chemical and physical characteristics.
 
2017-11-10 02:29:59 AM  

TedCruz'sCrazyDad: According to VICE Motherboard, In June 2015 one Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day, of which the average sized home is approximately 2700 square feet.


Someone on slashdot did the calcs and came up with 40KWh per transaction.   i.e just under $5 worth of electricity, or half to 2/3 a refill of your Tesla.  That's just for the actual blockchain calculation done on an efficient ASIC rig with published hashes/Wh,  saying nothing of the energy wasted on less efficient miners, network energy involved in copying the blockchain around, etc.
 
2017-11-10 02:31:15 AM  

Wonktnod: TedCruz'sCrazyDad: According to VICE Motherboard, In June 2015 one Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day, of which the average sized home is approximately 2700 square feet.

Vice arrived at that number by taking the amount of electricity it takes to "mine" a bitcoin and dividing it by the number of daily transactions. Those individual transactions do not literally require a house's worth of electricity to execute, it's only the mining that's expensive.


The slashdot guy did it by calculating the number of hashes per block,  blocks are hashed to validate transactions, each block contains 1750 transactions. (IIRC)
 
2017-11-10 09:01:52 AM  
I think we're gonna need more cow bells.
 
2017-11-10 10:17:01 AM  

Harry_Seldon: TedCruz'sCrazyDad: Gold has no intrinsic value.

It has value on this planet due to it's extraordinary rarity, and its interesting chemical and physical characteristics.


Gold is not extraordinarily rare.

Now Dark Matter, that stuff is rare.
 
2017-11-10 10:19:08 AM  
Anyone wanna buy my Beanie Baby collection?
 
2017-11-10 12:06:47 PM  

TedCruz'sCrazyDad: IlGreven: jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"

Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.

Gold has no intrinsic value.  Only decretive.


Gold is a great conductor and can probably be found in your cell phone.
 
2017-11-10 12:42:29 PM  

gophurt: TedCruz'sCrazyDad: IlGreven: jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"

Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.

Gold has no intrinsic value.  Only decretive.

Gold is a great conductor and can probably be found in your cell phone.


And cell phones are rare?
 
2017-11-10 01:34:19 PM  

germ78: cat-with-newspaper.jpeg
I should have been mining BtC several years ago when I considered doing it

/probably would amount to only a fraction by now
//then again a tenth is worth a decent bit of coin


Thought the same thing but would probably have pulled the money out way before now.

Sadly I also thought the same thing about Apple in 98.
 
2017-11-10 02:11:14 PM  

mcreadyblue: Harry_Seldon: TedCruz'sCrazyDad: Gold has no intrinsic value.

It has value on this planet due to it's extraordinary rarity, and its interesting chemical and physical characteristics.

Gold is not extraordinarily rare.

Now Dark Matter, that stuff is rare.


I weakly interact with it from time to time.
 
2017-11-10 03:30:55 PM  

listernine: Anyone wanna buy my Beanie Baby collection?


I had friends that collected them during the peak of their popularity and honestly thought they would put their kids through college their collection.  Their kids were 1 and 3 years old at the time.  They wouldn't listen to anyone and would pay large sums of money and drive great distances for "rare" ones.
 
2017-11-10 07:34:06 PM  

mcreadyblue: gophurt: TedCruz'sCrazyDad: IlGreven: jayphat: What exactly is a Bitcoin? And the fact it's measured in US Dollars is pretty telling of the fact as a currency, it sucks.

This is along the lines of "INVEST IN GOLD! ITS GONNA BE WORTH SO MUCH I'LL TAKE YOIR DOLLARS FROM YOU NOW!"

Except that gold in and of itself is valuable. What most people hawk as gold isn't.

Bitcoin, on the other hand, has no value in and of itself. It's Monopoly money that people are actually trading as though it were cash.

Gold has no intrinsic value.  Only decretive.

Gold is a great conductor and can probably be found in your cell phone.

And cell phones are rare?


Nah, but the amount of gold in a cell phone is probably of negligible value.  It's not the reason your iPhone cost $1000.
 
2017-11-10 08:22:14 PM  
NCSB time: Very early on, right when Bitcoin first appeared, I did a bit of mining.  I quit because it made the computer I was running it on sound like a jet airplane taking off and used up so much processor power that you coudn't really do anything else while it was mining.

At that point, you could get bitcoins very quickly.  So I think I had at least one complete Bitcoin when I gave up, possibly even 2.

That computer is long gone, and I never thought to back up my Bitcoin wallet.

I mean, I still think Bitcoin is bullshiat and it's going to go down in flames soon, but, god damn, would I love to be able to unload those Bitcoins now.
 
2017-11-10 09:41:39 PM  

jake_lex: NCSB time: Very early on, right when Bitcoin first appeared, I did a bit of mining.  I quit because it made the computer I was running it on sound like a jet airplane taking off and used up so much processor power that you coudn't really do anything else while it was mining.

At that point, you could get bitcoins very quickly.  So I think I had at least one complete Bitcoin when I gave up, possibly even 2.

That computer is long gone, and I never thought to back up my Bitcoin wallet.

I mean, I still think Bitcoin is bullshiat and it's going to go down in flames soon, but, god damn, would I love to be able to unload those Bitcoins now.


Obligatory Aussie and Welshman sob stories. The Welsh one had 7500 Bitcoin....
 
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