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(NBC 2 Fort Myers)   If bitcoin ever became a widely used form of money, it could crash the internet, cause cats and dogs to live together, mass hysteria, Dogecoin to become the world's reserve currency   ( nbc-2.com) divider line
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571 clicks; posted to Business » on 18 Jun 2018 at 4:50 PM (14 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



39 Comments     (+0 »)
 
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2018-06-18 02:54:48 PM  
You mean the guys running the world's currency racket don't like competitors?

img.fark.netView Full Size


Let me find a tiny fainting couch.
 
2018-06-18 03:44:10 PM  
Then it's a good thing that will never happen.
 
2018-06-18 04:01:06 PM  
Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.
 
2018-06-18 05:01:45 PM  
Remember, 1 Ð = 1 Ð.
 
2018-06-18 05:07:26 PM  

downstairs: Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.


Don't forget an absolutely insane level of energy consumption.
https://arstechnica.com/tech-policy/2​0​18/05/new-study-quantifies-bitcoins-lu​dicrous-energy-consumption/
 
2018-06-18 05:08:45 PM  
I can't wait until we widely adopt a form of money that can only handle 7 transactions per second, worldwide. If you think the lines at the supermarket are long now...
 
2018-06-18 05:10:13 PM  
You want to validate that transaction?  All you gotta do is download this 167 gigabyte file, which of course won't balloon to terabytes of new data per day if we used it as actual currency.
 
2018-06-18 05:13:32 PM  
It's a ponzi scheme, cmon man.
 
2018-06-18 05:16:36 PM  
cats and dogs to live together, mass hysteria


For the Nth time, the line is "dogs and cats living together, mass hysteria".

Get it right or GTFO.
 
2018-06-18 05:33:58 PM  
Because Bitcoin was a proof-of-concept of the blockchain model? An alpha version nowhere near ready for production?
 
2018-06-18 05:46:19 PM  

reveal101: It's a ponzi scheme, cmon man.


It is more than that.  My mining machine made a great heater for my cat.  He loved sleeping next to the exhaust fan.  He was seriously pissed when spring came around and I sold the parts off.
 
2018-06-18 06:30:14 PM  

reveal101: It's a ponzi scheme, cmon man.


There were no investors in Bitcoin.
 
2018-06-18 06:38:48 PM  

Driedsponge: downstairs: Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.

Don't forget an absolutely insane level of energy consumption.
https://arstechnica.com/tech-policy/20​18/05/new-study-quantifies-bitcoins-lu​dicrous-energy-consumption/


Block chain-funded Dyson sphere, bro.
 
2018-06-18 06:44:54 PM  

HempHead: reveal101: It's a ponzi scheme, cmon man.

There were no investors in Bitcoin.


There were many of them here claiming to have made vast sums of money. I wonder what happened to them.
 
2018-06-18 07:00:46 PM  

HempHead: reveal101: It's a ponzi scheme, cmon man.

There were no investors in Bitcoin.


User name checks out. Must be some good stuff.
 
2018-06-18 07:18:19 PM  

Driedsponge: downstairs: Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.

Don't forget an absolutely insane level of energy consumption.
https://arstechnica.com/tech-policy/20​18/05/new-study-quantifies-bitcoins-lu​dicrous-energy-consumption/


Ok, sure.  But what happens to that energy if it's not used?  I don't think the grid is just a turn it on-turn it off type of situation.
 
2018-06-18 07:23:16 PM  

ski9600: Driedsponge: downstairs: Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.

Don't forget an absolutely insane level of energy consumption.
https://arstechnica.com/tech-policy/20​18/05/new-study-quantifies-bitcoins-lu​dicrous-energy-consumption/

Ok, sure.  But what happens to that energy if it's not used?  I don't think the grid is just a turn it on-turn it off type of situation.


No. Grid operators crank up and down generating stations as required to handle the load. Bitcoin mining increases the load and therefore more generating stations run to handle it.
 
2018-06-18 07:38:34 PM  
wow
 
2018-06-18 07:46:50 PM  

Hills-Sachs_Legion: Because Bitcoin was a proof-of-concept of the blockchain model? An alpha version nowhere near ready for production?


It'll be discouraging when a functioning blockchain currecy comes along that doesn't take too long to process transactions.
 
2018-06-18 08:03:06 PM  

ski9600: Driedsponge: downstairs: Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.

Don't forget an absolutely insane level of energy consumption.
https://arstechnica.com/tech-policy/20​18/05/new-study-quantifies-bitcoins-lu​dicrous-energy-consumption/

Ok, sure.  But what happens to that energy if it's not used?  I don't think the grid is just a turn it on-turn it off type of situation.


I donno, what usually happens when there is a greater supply of something?
 
2018-06-18 08:30:52 PM  

Uzzah: I can't wait until we widely adopt a form of money that can only handle 7 transactions per second, worldwide. If you think the lines at the supermarket are long now...


Exactly. Visa and MasterCard process tens of thousands of transactions every second. Bitcoin has incredibly flawed technology that will prevent it from ever going mainstream.
 
2018-06-18 08:38:54 PM  

wildcardjack: Hills-Sachs_Legion: Because Bitcoin was a proof-of-concept of the blockchain model? An alpha version nowhere near ready for production?

It'll be discouraging when a functioning blockchain currecy comes along that doesn't take too long to process transactions.


A decentralized block chain that can handle billions of transactions per day?
 
2018-06-18 08:41:42 PM  

max_pooper: HempHead: reveal101: It's a ponzi scheme, cmon man.

There were no investors in Bitcoin.

There were many of them here claiming to have made vast sums of money. I wonder what happened to them.


I think it was more of a pump and dump scheme.
 
2018-06-18 08:51:06 PM  

max_pooper: HempHead: reveal101: It's a ponzi scheme, cmon man.

There were no investors in Bitcoin.

There were many of them here claiming to have made vast sums of money. I wonder what happened to them.


I suspect the vast majority lost them in a hack or hard drive crash.
 
2018-06-18 09:35:56 PM  

Giant Clown Shoe: You mean the guys running the world's currency racket don't like competitors?


More like the ones who regulate currency don't like currency that's not.

And you do too.
 
2018-06-18 09:49:36 PM  

ski9600: Driedsponge: downstairs: Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.

Don't forget an absolutely insane level of energy consumption.
https://arstechnica.com/tech-policy/20​18/05/new-study-quantifies-bitcoins-lu​dicrous-energy-consumption/

Ok, sure.  But what happens to that energy if it's not used?  I don't think the grid is just a turn it on-turn it off type of situation.


It may have not been generated to begin with? Meeting Peak Demand requires flexible sources of generation which can be brought online rapidly to satisfy demand. The sources we currently have for this purpose are expensive to operate. The sources for base load usually take a week or more to be brought online. Grid optimization takes a lot of work because demand growth isn't linear and the time scale/costs of
 
2018-06-18 09:53:08 PM  

ski9600: Ok, sure. But what happens to that energy if it's not used? I don't think the grid is just a turn it on-turn it off type of situation.


Over the relevant time scales, it is. When there's less load the operators will release less water from the hydroelectric dam, feed less fuel into the gas turbine, etc.
 
2018-06-18 10:59:02 PM  

Shakin_Haitian: You want to validate that transaction?  All you gotta do is download this 167 gigabyte file, which of course won't balloon to terabytes of new data per day if we used it as actual currency.


If it did become the world currency it would take a matter of days, if not hours, before the entire blockchain storage is used and then you couldn't transfer if you wanted to and had all the gold in the world.
 
2018-06-18 11:11:28 PM  
Behold: what some people claim is a totally sustainable market
i.imgur.comView Full Size


Even if a blockchain were to take off, bitcoin would never be it. There are so many flaws that limit it from becoming more than a proof of concept and a curiosity.
 
2018-06-18 11:39:39 PM  

downstairs: Because the one thing you want from a widely used currency is absolutely chaotic volatility.  That always turns out well.  Oh and no regulations.


it's just something to buy and sell. beanie babies. stamps. coins. comic books. baseball cards.
 
2018-06-18 11:44:22 PM  
 
2018-06-19 12:53:19 AM  
dogster.comView Full Size
 
2018-06-19 01:20:45 AM  
At this point I'm pretty much conviced that Bitcoin is just the 21st century replacment for CIA drug money
 
2018-06-19 06:14:10 AM  
Who knew the Streisand effect could impact monetary policies?
 
2018-06-19 07:32:05 AM  

BizarreMan: Then it's a good thing that will never happen.


well, over 60% of the world's wealthy people are either buying bitcoin/cryptocurrencies or are interested in it.  read the news lately?
 
2018-06-19 09:15:13 AM  

max_pooper: HempHead: reveal101: It's a ponzi scheme, cmon man.

There were no investors in Bitcoin.

There were many of them here claiming to have made vast sums of money. I wonder what happened to them.


Bitcoin is the new crossfit.  Anyone who is doing it won't shut about how great it is.

Some idiot friend of my sister's bf is a bitcoin guy.  He will, at least once a day, post some screenshot or some bitcoin meme professing how much money he has and how he is glad people have not caught on yet.  Swears he bought in for 250 bucks and now that investment is worth 500k after all his 'hard work'.  Last week one of his college buddies responded to a FB post with "if you are so rich, why did you just text me asking if you could borrow 500 dollars for your mortgage this month?  And why does your wife keep complaining to mine that all you do all day is talk about bitcoin and wanted to quit your job to do it full time"  The guy lost it and went on a long rant about how his bank is stupid for not taking bitcoin to pay off bills and that this is the reason banks will be obsolete in 10 years and all the 'poors' who have 401k, savings accounts and that still use outdated monetary systems will be begging him for money.  The chain of conversations after that was too much.
 
2018-06-19 09:47:56 AM  

bluenote13: Bitcoin is the new crossfit. Anyone who is doing it won't shut about how great it is.


How about a Vegan, Bitcoin, crossfit enthusiast?  Would that make you want to kill yourself, or them?

Regarding the Ponzi aspect of bitcoin.  Didn't I read somewhere that the guy who started it kept like 30% of the possible max amount for himself?
 
2018-06-19 10:12:30 AM  

BizarreMan: bluenote13: Bitcoin is the new crossfit. Anyone who is doing it won't shut about how great it is.

How about a Vegan, Bitcoin, crossfit enthusiast?  Would that make you want to kill yourself, or them?

Regarding the Ponzi aspect of bitcoin.  Didn't I read somewhere that the guy who started it kept like 30% of the possible max amount for himself?


Surprisingly, I have not really had an issue like that with vegans.  Most of the vegans I know are not in your face about it like crossfit people are.
 
2018-06-19 03:02:42 PM  

bluenote13: The guy lost it and went on a long rant about how his bank is stupid for not taking bitcoin to pay off bills and that this is the reason banks will be obsolete in 10 years and all the 'poors' who have 401k, savings accounts and that still use outdated monetary systems will be begging him for money. The chain of conversations after that was too much.


If the bank won't take it and it can't be exchanged, it's not a useful currency.  It's also worth what people will pay for it.  If someone in the open market won't pay you what the index says it's "worth"....well, its value is incorrectly stated.

The basics of economics that people can't seem to understand.
 
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