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(Gizmodo)   If you didn't think bitcoin could jump the shark, think again   (gizmodo.com) divider line
    More: Obvious, Wal-Mart, Self-service kiosk, Confirmation, Costco, Coinstar kiosk, partner Coinstar, nearest Walmart, Walmart stores  
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2224 clicks; posted to Business » on 23 Oct 2021 at 10:26 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-10-23 10:58:57 AM  
Walmart is behind the times.  The Coinstar machine in my supermarket has had a "Buy Bitcoin Here" sign up for months.

/Have not bought any Bitcoin
 
2021-10-23 11:16:50 AM  

Glockenspiel Hero: Walmart is behind the times.  The Coinstar machine in my supermarket has had a "Buy Bitcoin Here" sign up for months.

/Have not bought any Bitcoin


Yeah, the one at my local Fred Meyer has had it forever. But we're not too far from their headquarters in Bellevue, WA so we get all the upgrades tested in our area first.
 
2021-10-23 11:26:26 AM  
Did they miss it coming to ATMs in convenience stores?

media.istockphoto.comView Full Size
 
2021-10-23 11:31:41 AM  

Glockenspiel Hero: /Have not bought any Bitcoin


Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites
 
2021-10-23 11:32:41 AM  
clearly 4% and 7% transaction fees with only the option to buy, not sell, is the future of monetary exchange and NOT a cynical attempt to add more "investors" to the bottom of the pyramid shaped structure that is comprised of encrypted digital files created by massive waste of energy.

coming soon, "NiFTy", a kiosk for converting your bitcoin (4% and 7% fees apply) to Non-Fungible Tokens of digital images of tulips and beanie babies.
 
2021-10-23 11:42:13 AM  

Vlad_the_Inaner: Did they miss it coming to ATMs in convenience stores?

[media.istockphoto.com image 850x566]


I think "vintage beverages" would sell better
 
2021-10-23 11:50:25 AM  

Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites


Story on that one- #2 son is one of those kids that always has some random hustle going on.  He's flipped lawn tractors, detailed cars, written game cheating software, etc.

He got his first real job (McDonalds) about two years ago so we're filling out his first tax return.  I'm walking him through the simple online 1040EZ form when the question comes up about trading Bitcoin.

He looks at it and says "Yeah, I do that"
Me: "Umm, how much?"
#2 son: "I don't know.  A couple of thousand dollars?  I don't really keep records"
Me: "Ok, I just heard you say that you do not trade Bitcoin at all.  Let's continue with the 1040EZ"

/He got paid for the game software in Wal Mart gift cards
//Said he liked to hustle, not that he wasn't a moron.
 
2021-10-23 12:06:32 PM  

Glockenspiel Hero: Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites

Story on that one- #2 son is one of those kids that always has some random hustle going on.  He's flipped lawn tractors, detailed cars, written game cheating software, etc.

He got his first real job (McDonalds) about two years ago so we're filling out his first tax return.  I'm walking him through the simple online 1040EZ form when the question comes up about trading Bitcoin.

He looks at it and says "Yeah, I do that"
Me: "Umm, how much?"
#2 son: "I don't know.  A couple of thousand dollars?  I don't really keep records"
Me: "Ok, I just heard you say that you do not trade Bitcoin at all.  Let's continue with the 1040EZ"

/He got paid for the game software in Wal Mart gift cards
//Said he liked to hustle, not that he wasn't a moron.


You do realize the IRS already knows the answers to everything on your son's tax return? In more civilized countries, filing a tax return is not needed.
 
2021-10-23 12:15:56 PM  
At least with Lotto tickets, you know you're a loser within a short amount of time.
 
2021-10-23 12:18:49 PM  
I am so sick of you people who keep using Fonzie to describe your failures. Fonzie was COOL, and jumping over that shark was COOL because FONZIE did it. He put the California Kid in his place, and 1977 was a great time to be alive. So get it straight, nerds.
 
2021-10-23 12:28:31 PM  

TedCruz'sCrazyDad: Glockenspiel Hero: Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites

Story on that one- #2 son is one of those kids that always has some random hustle going on.  He's flipped lawn tractors, detailed cars, written game cheating software, etc.

He got his first real job (McDonalds) about two years ago so we're filling out his first tax return.  I'm walking him through the simple online 1040EZ form when the question comes up about trading Bitcoin.

He looks at it and says "Yeah, I do that"
Me: "Umm, how much?"
#2 son: "I don't know.  A couple of thousand dollars?  I don't really keep records"
Me: "Ok, I just heard you say that you do not trade Bitcoin at all.  Let's continue with the 1040EZ"

/He got paid for the game software in Wal Mart gift cards
//Said he liked to hustle, not that he wasn't a moron.

You do realize the IRS already knows the answers to everything on your son's tax return? In more civilized countries, filing a tax return is not needed.


No, they know the things that are reported to them.  McDonalds income- yes.  Money made under the table, like detailing cars for friends and paid in cash?  Not a chance.

The shadow economy in the US is over 2 trillion dollars/year.  None of it is taxed.
 
2021-10-23 12:46:23 PM  

Glockenspiel Hero: No, they know the things that are reported to them. McDonalds income- yes. Money made under the table, like detailing cars for friends and paid in cash? Not a chance.

The shadow economy in the US is over 2 trillion dollars/year. None of it is taxed.


So... the government should require everyone to fill out a tax return because of stuff they weren't going to report anyway?
 
2021-10-23 12:53:03 PM  

trialpha: Glockenspiel Hero: No, they know the things that are reported to them. McDonalds income- yes. Money made under the table, like detailing cars for friends and paid in cash? Not a chance.

The shadow economy in the US is over 2 trillion dollars/year. None of it is taxed.

So... the government should require everyone to fill out a tax return because of stuff they weren't going to report anyway?


In theory, yes.  All economic activity should be taxed. (For the ultimate end goal of this, check out the Automated Payment Transaction Tax which would eliminate everything but a single flat tax on every transaction)

In reality?  Of course not. Why do you think I told #2 son to ignore the fact that he'd been trading in Bitcoin.  I didn't want to deal with the enormous amount of work it would have entailed to pay the government a few dollars
 
2021-10-23 12:57:04 PM  

Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites


I went through the economics.  To mine any crypto, you are gambling that the price will go up.  It costs more to mine than simply buying it.  Then each crypto management company has its own fees or features.  For example, Coinbase charges 5% of each transaction for the buyer and seller, or a combined 10% of each transaction(!).  Apparently Robinhood has no fee but they share your trading data and get paid to time the transactions in someone else's favor (probably Goldman's quant system).
So don't bother mining, just buy and hold at least a year to get the LTCG.
 
2021-10-23 12:59:32 PM  

Glockenspiel Hero: trialpha: Glockenspiel Hero: No, they know the things that are reported to them. McDonalds income- yes. Money made under the table, like detailing cars for friends and paid in cash? Not a chance.

The shadow economy in the US is over 2 trillion dollars/year. None of it is taxed.

So... the government should require everyone to fill out a tax return because of stuff they weren't going to report anyway?

In theory, yes.  All economic activity should be taxed. (For the ultimate end goal of this, check out the Automated Payment Transaction Tax which would eliminate everything but a single flat tax on every transaction)

In reality?  Of course not. Why do you think I told #2 son to ignore the fact that he'd been trading in Bitcoin.  I didn't want to deal with the enormous amount of work it would have entailed to pay the government a few dollars


Yup.

Even the non shadow stuff gets lied about.

My managed fund had a 50 page pdf this last year. It didn't ever have a listed total that I needed for tax docs - total taxes paid on foreign interest iirc. I'm not going through 50 pages and adding up all that shiat by hand.

So I made up a number. If the IRS wants to call me and tell me what they think the number really is, they can have at it.
 
2021-10-23 1:05:06 PM  

trialpha: Glockenspiel Hero: No, they know the things that are reported to them. McDonalds income- yes. Money made under the table, like detailing cars for friends and paid in cash? Not a chance.

The shadow economy in the US is over 2 trillion dollars/year. None of it is taxed.

So... the government should require everyone to fill out a tax return because of stuff they weren't going to report anyway?


Think Capone

/wish Trump
 
2021-10-23 1:13:58 PM  

Northern: Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites

I went through the economics.  To mine any crypto, you are gambling that the price will go up.  It costs more to mine than simply buying it.  Then each crypto management company has its own fees or features.  For example, Coinbase charges 5% of each transaction for the buyer and seller, or a combined 10% of each transaction(!).  Apparently Robinhood has no fee but they share your trading data and get paid to time the transactions in someone else's favor (probably Goldman's quant system).
So don't bother mining, just buy and hold at least a year to get the LTCG.


Pretty much said it was for the challenge and experience.   Particularly the technical aspects of mining and associated workflow.

Wasn't planning on speculating or making a profit period.

Just entertainment.  But the IRS don't care

/Or maybe just toss it to the winds on the internet and watch people scramble for it. Entertainment like feeding pigeons is.
 
2021-10-23 1:18:17 PM  
So, bitcoins now have mullets?
 
2021-10-23 1:22:58 PM  

PaulRB: So, bitcoins now have mullets?


https://en.wikipedia.org/wiki/Ducktai​l
 
2021-10-23 1:30:28 PM  

Glockenspiel Hero: TedCruz'sCrazyDad: Glockenspiel Hero: Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites

Story on that one- #2 son is one of those kids that always has some random hustle going on.  He's flipped lawn tractors, detailed cars, written game cheating software, etc.

He got his first real job (McDonalds) about two years ago so we're filling out his first tax return.  I'm walking him through the simple online 1040EZ form when the question comes up about trading Bitcoin.

He looks at it and says "Yeah, I do that"
Me: "Umm, how much?"
#2 son: "I don't know.  A couple of thousand dollars?  I don't really keep records"
Me: "Ok, I just heard you say that you do not trade Bitcoin at all.  Let's continue with the 1040EZ"

/He got paid for the game software in Wal Mart gift cards
//Said he liked to hustle, not that he wasn't a moron.

You do realize the IRS already knows the answers to everything on your son's tax return? In more civilized countries, filing a tax return is not needed.

No, they know the things that are reported to them.  McDonalds income- yes.  Money made under the table, like detailing cars for friends and paid in cash?  Not a chance.

The shadow economy in the US is over 2 trillion dollars/year.  None of it is taxed.


Congratulations, you've taught your son tax evasion. He's supposed to pay tax on side hustles and profits made from cryptos, even if he's paid in gift cards.

/Al Capone was a master of the shadow economy. The IRS took him down for tax evasion.
 
2021-10-23 1:38:49 PM  

dustman81: Congratulations, you've taught your son tax evasion. He's supposed to pay tax on side hustles and profits made from cryptos, even if he's paid in gift cards.

/Al Capone was a master of the shadow economy. The IRS took him down for tax evasion.


/rolleyes
 
2021-10-23 1:41:13 PM  

Glorious Golden Ass: At least with Lotto tickets, you know you're a loser within a short amount of time.


Those poor losers!
Fark user imageView Full Size
 
2021-10-23 1:42:32 PM  

dustman81: Glockenspiel Hero: TedCruz'sCrazyDad: Glockenspiel Hero: Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites

Story on that one- #2 son is one of those kids that always has some random hustle going on.  He's flipped lawn tractors, detailed cars, written game cheating software, etc.

He got his first real job (McDonalds) about two years ago so we're filling out his first tax return.  I'm walking him through the simple online 1040EZ form when the question comes up about trading Bitcoin.

He looks at it and says "Yeah, I do that"
Me: "Umm, how much?"
#2 son: "I don't know.  A couple of thousand dollars?  I don't really keep records"
Me: "Ok, I just heard you say that you do not trade Bitcoin at all.  Let's continue with the 1040EZ"

/He got paid for the game software in Wal Mart gift cards
//Said he liked to hustle, not that he wasn't a moron.

You do realize the IRS already knows the answers to everything on your son's tax return? In more civilized countries, filing a tax return is not needed.

No, they know the things that are reported to them.  McDonalds income- yes.  Money made under the table, like detailing cars for friends and paid in cash?  Not a chance.

The shadow economy in the US is over 2 trillion dollars/year.  None of it is taxed.

Congratulations, you've taught your son tax evasion. He's supposed to pay tax on side hustles and profits made from cryptos, even if he's paid in gift cards.

/Al Capone was a master of the shadow economy. The IRS took him down for tax evasion.


Of course.  And I dare anyone on this site to say they haven't done something similar.  *Everyone* does.  The issue is sorting out what really needs to count vs. a kid making $100 under the table

/You're talking to a guy who once literally stumped H&R Block.  Not the local tax preparer- my Mom was one.  She kicked it all the way up to KC corporate and they couldn't figure it out.  (My postdoc in Canada was paid in American dollars via a grant from a Swiss fund that was a front for the Japanese government)
//Yeah, I didn't pay tax on that money
///Long past statute of limitations
 
2021-10-23 2:15:00 PM  

fasahd: Glorious Golden Ass: At least with Lotto tickets, you know you're a loser within a short amount of time.

Those poor losers!
[Fark user image image 600x332]


Miners are now being funded through equity deals so their sell pressure is significantly less now than previous halvings. S2F may go negative since they are keeping as much as they can on their balance sheet. So now funds can invest in miners instead of direct btc ownership and avoid some of the regulatory headaches. Game theory picking up steam.
 
2021-10-23 2:33:26 PM  
Back in the 1970s, my mother would say, '"You know a trend is dying when Sears starts selling it."
 
2021-10-23 2:59:02 PM  

natazha: Back in the 1970s, my mother would say, '"You know a trend is dying when Sears starts selling it."


Bitcoin doesn't exist per se. Yes it has proven its ability to become tangible by on its own it is a ghost in the machine. It is nothing more than a series of flip flops of computer logic gates. So it begs the question: Is comparative growth of Moore's law simple coincidence to its value?

Moore's law is a term used to refer to the observation made by Gordon Moore in 1965 that the number of transistors in a dense integrated circuit (IC) doubles about every two years. Moore's law isn't really a law in the legal sense or even a proven theory in the scientific sense (such as E = mc2). Rather, it was an observation by Gordon Moore in 1965 while he was working at Fairchild Semiconductor: the number of transistors on a microchip (as they were called in 1965) doubled about every year.
Moore went on to co-found Intel Corporation and his observation became the driving force behind the semiconductor technology revolution at Intel and elsewhere.

Moore's law is based on empirical observations made by Moore. The doubling every year of the number of transistors on a microchip was extrapolated from observed data. Over time, the details of Moore's law were amended to better reflect actual growth of transistor density. The doubling interval was first increased to two years and then decreased to about 18 months. The exponential nature of Moore's law continued, however, creating decades of significant opportunity for the semiconductor industry. The true exponential nature of Moore's law is illustrated by the figure below. A straight-line plot of the logarithm of a function indicates an exponential growth of that function.

Fark user imageView Full Size

Fark user imageView Full Size
 
2021-10-23 3:28:31 PM  

fasahd: natazha: Back in the 1970s, my mother would say, '"You know a trend is dying when Sears starts selling it."

Bitcoin doesn't exist per se. Yes it has proven its ability to become tangible by on its own it is a ghost in the machine. It is nothing more than a series of flip flops of computer logic gates. So it begs the question: Is comparative growth of Moore's law simple coincidence to its value?

Moore's law is a term used to refer to the observation made by Gordon Moore in 1965 that the number of transistors in a dense integrated circuit (IC) doubles about every two years. Moore's law isn't really a law in the legal sense or even a proven theory in the scientific sense (such as E = mc2). Rather, it was an observation by Gordon Moore in 1965 while he was working at Fairchild Semiconductor: the number of transistors on a microchip (as they were called in 1965) doubled about every year.
Moore went on to co-found Intel Corporation and his observation became the driving force behind the semiconductor technology revolution at Intel and elsewhere.

Moore's law is based on empirical observations made by Moore. The doubling every year of the number of transistors on a microchip was extrapolated from observed data. Over time, the details of Moore's law were amended to better reflect actual growth of transistor density. The doubling interval was first increased to two years and then decreased to about 18 months. The exponential nature of Moore's law continued, however, creating decades of significant opportunity for the semiconductor industry. The true exponential nature of Moore's law is illustrated by the figure below. A straight-line plot of the logarithm of a function indicates an exponential growth of that function.

[Fark user image 850x890]
[Fark user image 600x332]


but can you actually buy anything with bitcoin or any of the other cryptocurrencies? For instance, say you had $50,000 worth of bitcoin; could you buy an automobile with that?
 
2021-10-23 3:45:09 PM  

AstroJesus: I am so sick of you people who keep using Fonzie to describe your failures. Fonzie was COOL, and jumping over that shark was COOL because FONZIE did it. He put the California Kid in his place, and 1977 was a great time to be alive. So get it straight, nerds.


/ Now Fonzie conned Ritchie into a reverse mortgage
 
2021-10-23 4:21:09 PM  

Schmerd1948: but can you actually buy anything with bitcoin or any of the other cryptocurrencies? For instance, say you had $50,000 worth of bitcoin; could you buy an automobile with that?


Yes, but not necessarily in a single transaction. You might have to convert it into Dogecoin first.
 
2021-10-23 4:22:10 PM  

Schmerd1948: fasahd: natazha: Back in the 1970s, my mother would say, '"You know a trend is dying when Sears starts selling it."

Bitcoin doesn't exist per se. Yes it has proven its ability to become tangible by on its own it is a ghost in the machine. It is nothing more than a series of flip flops of computer logic gates. So it begs the question: Is comparative growth of Moore's law simple coincidence to its value?

Moore's law is a term used to refer to the observation made by Gordon Moore in 1965 that the number of transistors in a dense integrated circuit (IC) doubles about every two years. Moore's law isn't really a law in the legal sense or even a proven theory in the scientific sense (such as E = mc2). Rather, it was an observation by Gordon Moore in 1965 while he was working at Fairchild Semiconductor: the number of transistors on a microchip (as they were called in 1965) doubled about every year.
Moore went on to co-found Intel Corporation and his observation became the driving force behind the semiconductor technology revolution at Intel and elsewhere.

Moore's law is based on empirical observations made by Moore. The doubling every year of the number of transistors on a microchip was extrapolated from observed data. Over time, the details of Moore's law were amended to better reflect actual growth of transistor density. The doubling interval was first increased to two years and then decreased to about 18 months. The exponential nature of Moore's law continued, however, creating decades of significant opportunity for the semiconductor industry. The true exponential nature of Moore's law is illustrated by the figure below. A straight-line plot of the logarithm of a function indicates an exponential growth of that function.

[Fark user image 850x890]
[Fark user image 600x332]

but can you actually buy anything with bitcoin or any of the other cryptocurrencies? For instance, say you had $50,000 worth of bitcoin; could you buy an automobile with that?


Sam Pack 5 Star Ford in Dallas.  Unfortunately, you buy a Ford.
 
2021-10-23 4:59:19 PM  
Schmerd1948:
You can buy a Tesla with Bitcoin again, this time via Car For Coin
New auction site Car For Coin accepts cryptocurrency or USD for Teslas and Exotic vehicles

I don't think 50K is going to cover it.

but can you actually buy anything with bitcoin or any of the other cryptocurrencies? For instance, say you had $50,000 worth of bitcoin; could you buy an automobile with that?
 
2021-10-23 5:46:46 PM  

AstroJesus: I am so sick of you people who keep using Fonzie to describe your failures. Fonzie was COOL, and jumping over that shark was COOL because FONZIE did it. He put the California Kid in his place, and 1977 was a great time to be alive. So get it straight, nerds.


Waka waka!
 
2021-10-23 7:17:05 PM  

fasahd: Glorious Golden Ass: At least with Lotto tickets, you know you're a loser within a short amount of time.

Those poor losers!
[Fark user image image 600x332]


It's a sure thing. I mean sure it's value is heavily influenced by speculation and market manipulation but you have no doubt it will continue to double, triple and quadruple in value on a regular schedule and that's what counts.
 
2021-10-23 7:50:07 PM  
There's been a BITCOIN ATM in Krause's Super Valu grocery store in Washburn, ND for a year.
 
2021-10-23 9:12:14 PM  

Smackledorfer: /rolleyes


Imagine that, another hypocritical leftist. "Taxes should be higher for other people. I shouldn't even have to pay what I legally owe."

Teach your kid to be a tax cheat and you're just adding another Trumper-to-be to the world. Great parenting.
 
2021-10-23 10:23:02 PM  
Northern:
.  It costs more to mine than simply buying it.

That is completely wrong.  The ROI on mining is widely variable but even if the price is steady you can pay back your hardware and electricity in 12-18 months.  After that it's pretty much pure profit.
 
2021-10-23 10:25:31 PM  
"I don't know what it is, or understand it, or where it comes from, but I will buy some anyway."

The mantra of WalMart shoppers.
 
2021-10-23 10:29:44 PM  

The Googles Do Nothing: AstroJesus: I am so sick of you people who keep using Fonzie to describe your failures. Fonzie was COOL, and jumping over that shark was COOL because FONZIE did it. He put the California Kid in his place, and 1977 was a great time to be alive. So get it straight, nerds.

Waka waka!


One of the pleasures of being a dad is showing Fraggle Rock and the Muppet Show to my kids.

They all hated one character. Really just one. Fozzie. They would just groan and roll their eyes every time he showed up.

So. aaaaayy to Fonzie, maybe, but take all of your Fozzie Bear stuffed animals, put them next to the BitCoin kiosk at Walmart, and mark them down to 3.99.
 
2021-10-23 10:30:20 PM  
 

Northern: For example, Coinbase charges 5% of each transaction for the buyer and seller, or a combined 10% of each transaction(!).


Again, way off base.

Most exchanges are well under a percentage point per transaction.  I use binance and pay 0.0675% per transaction.  Which is nearly 100 times less than you are claiming.

There is a higher fee for moving money to a bank, but even then I've never seen more than 2%.

Here are coinbase's fees.  The worst case is 0.5%.  10x Less than you thought.
https://help.coinbase.com/en/pro/trad​i​ng-and-funding/trading-rules-and-fees/​fees

Maybe retake your econ final bud.
 
2021-10-23 11:02:44 PM  
It's the perfect infinite money machine!

We'll all be rich!
 
2021-10-23 11:06:30 PM  

Vlad_the_Inaner: Glockenspiel Hero: /Have not bought any Bitcoin

Do you really want to submit another IRS form?

Hell, I considered mining some Doge, just for the challenge/experience, but gave the idea up because I didn't want to answer yes to the 'obtained' crypto question on the 1040, given mining is obtaining

/never even went to any of the 'Free Doge coin' sites


Mine to Coinbase address and they'll prepare the tax reporting form for you.
 
2021-10-23 11:30:36 PM  
Pfft, hard pass.  The appeal of crypto is that I can get rich quick while not wearing pants.
 
2021-10-23 11:45:15 PM  
Well... shouldn't they let people buy various savings bonds and/or stocks too?

Likewise, how does the government regulate that purchase?

Why isn't it counted as gambling?
 
2021-10-24 12:33:32 AM  
There's a dirty little tobacco shop / mini headshop near my old neighborhood that has a sunbleached sign in the glass behind a dusty cooler box offering the same shiat. Fills me with confidence.
 
2021-10-24 1:02:25 AM  

AstroJesus: I am so sick of you people who keep using Fonzie to describe your failures. Fonzie was COOL, and jumping over that shark was COOL because FONZIE did it. He put the California Kid in his place, and 1977 was a great time to be alive. So get it straight, nerds.


Yeah, but he broke his leg trying to jump 14 trash cans on his motorcylcle. Derp!
 
2021-10-24 1:07:20 AM  

Schmerd1948: fasahd: natazha: Back in the 1970s, my mother would say, '"You know a trend is dying when Sears starts selling it."

Bitcoin doesn't exist per se. Yes it has proven its ability to become tangible by on its own it is a ghost in the machine. It is nothing more than a series of flip flops of computer logic gates. So it begs the question: Is comparative growth of Moore's law simple coincidence to its value?

Moore's law is a term used to refer to the observation made by Gordon Moore in 1965 that the number of transistors in a dense integrated circuit (IC) doubles about every two years. Moore's law isn't really a law in the legal sense or even a proven theory in the scientific sense (such as E = mc2). Rather, it was an observation by Gordon Moore in 1965 while he was working at Fairchild Semiconductor: the number of transistors on a microchip (as they were called in 1965) doubled about every year.
Moore went on to co-found Intel Corporation and his observation became the driving force behind the semiconductor technology revolution at Intel and elsewhere.

Moore's law is based on empirical observations made by Moore. The doubling every year of the number of transistors on a microchip was extrapolated from observed data. Over time, the details of Moore's law were amended to better reflect actual growth of transistor density. The doubling interval was first increased to two years and then decreased to about 18 months. The exponential nature of Moore's law continued, however, creating decades of significant opportunity for the semiconductor industry. The true exponential nature of Moore's law is illustrated by the figure below. A straight-line plot of the logarithm of a function indicates an exponential growth of that function.

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but can you actually buy anything with bitcoin or any of the other cryptocurrencies? For instance, say you had $50,000 worth of bitcoin; could you buy an automobile with that?


No, you could only buy a Tesla! Lol!
 
2021-10-24 1:54:16 AM  
I see that the FARK crypto indicator is still a screaming buy.  Just added to my position.
 
2021-10-24 8:26:11 AM  

2fardownthread: The Googles Do Nothing: AstroJesus: I am so sick of you people who keep using Fonzie to describe your failures. Fonzie was COOL, and jumping over that shark was COOL because FONZIE did it. He put the California Kid in his place, and 1977 was a great time to be alive. So get it straight, nerds.

Waka waka!

One of the pleasures of being a dad is showing Fraggle Rock and the Muppet Show to my kids.

They all hated one character. Really just one. Fozzie. They would just groan and roll their eyes every time he showed up.

So. aaaaayy to Fonzie, maybe, but take all of your Fozzie Bear stuffed animals, put them next to the BitCoin kiosk at Walmart, and mark them down to 3.99.


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2021-10-24 9:33:42 AM  

Bennie Crabtree: Well... shouldn't they let people buy various savings bonds and/or stocks too?

Likewise, how does the government regulate that purchase?

Why isn't it counted as gambling?


Oh we can definitely consider this gambling.  First, however, we'll have to redefine most every human as experience as 'gambling.'  But afterwards, no doubt!
 
2021-10-24 9:53:00 AM  

fasahd: Rather, it was an observation by Gordon Moore in 1965 while he was working at Fairchild Semiconductor: the number of transistors on a microchip (as they were called in 1965) doubled about every year.
Moore went on to co-found Intel Corporation and his observation became the driving force behind the semiconductor technology revolution at Intel and elsewhere.
The doubling every year of the number of transistors on a microchip was extrapolated from observed data. Over time, the details of Moore's law were amended to better reflect actual growth of transistor density. The doubling interval was first increased to two years and then decreased to about 18 months. The exponential nature of Moore's law continued, however, creating decades of significant opportunity for the semiconductor industry. The true exponential nature of Moore's law is illustrated by the figure below. A straight-line plot of the logarithm of a function indicates an exponential growth of that function.


bitcoins shouldn't be a problem, then, since we have unlimited supplies of rare metals and energy to make all that stuff.  If the planet has to warm by another degree so that you guys can get rich on imaginary money, we should allow it.  No-- we should marvel at the callousness of people who don't give a fark about anything but how much they can own, and how much they can take.  Look at those farking numbers!

Mining happens all over the world, often wherever there's an abundance of cheap energy. For years, much of the Bitcoin mining has been in China, although recently, the country has started cracking down. Researchers at the University of Cambridge who have been tracking Bitcoin mining said recently that China's share of global Bitcoin mining had fallen to 46 percent in April from 75 percent in late 2019. Meanwhile, the United States' share of mining grew to 16 percent from 4 percent during the same period.
Bitcoin mining means more than just emissions. Hardware piles up, too. Everyone wants the newest, fastest machinery, which causes high turnover and a new e-waste problem. Alex de Vries, a Paris-based economist, estimates that every year and a half or so, the computational power of mining hardware doubles, making older machines obsolete. According to his calculations, at the start of 2021, Bitcoin alone was generating more e-waste than many midsize countries.
 
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