Poll of the Day > Bitcoin Breaks $20,000, Coinbase getting ready for IPO...

(+) Yeah! (+)

https://finance.yahoo.com/news/coinbase-files-sec-preparation-landmark-190155389.html

Do you have any yet? (Poll Question)

Isn't bitcoin mining pretty much dead because the amount of electricity it takes to do it is less than the value of what you're mining?

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No thanks, I like physical stuff. Besides bitcoin is way to slow and to high of fee's to be used as a actual payment method. I'd rather invest in collectibles that I can enjoy as well as make money on. I also like physical gold because it's so satisfying holding a 1 ounce gold coin in your hand.

Zareth posted...

Isn't bitcoin mining pretty much dead because the amount of electricity it takes to do it is less than the value of what you're mining?

My friend lived in an apartment with free electricity for a while.

He bought a few computers dedicated to mining.

I don't trust nor need digital currencies because I'm not involved in illegal shit.

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very not interested

the only way I would have any interest whatsoever if I was one of those people that had 10000 shares or whatever when it was at .01 cents

Zeus posted...

I don't trust nor need digital currencies because I'm not involved in illegal shit.

it doesnt really deserve this reputation

theres a lot of legitimate interest in crypto and its philosophy and at work Im surrounded by people who buy it for investment (gambling) reasons

blu posted...

it doesnt really deserve this reputation

Doesn't it, though? It's a currency that markets itself on the fact that you won't be tracked by law enforcement and government.

An estimated 46% of Bitcoin transactions involve illegal activities. If any non-crypto currency had a 10% rate of being used for illegal activities, there would be alarm bells.
https://academic.oup.com/rfs/article/32/5/1798/5427781

But when you advertise currencies for their ability to flout the law, is it any surprise when those currencies are used to flout the law?

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Yep, I bought into it about a month ago. There's just tremendous potential for growth still left in it.

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I made some cash on etherium years ago when it was still going up but I got out before too long. Gave me anxiety even though the amount I dumped into it was very little.

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Zeus posted...

An estimated 46% of Bitcoin transactions involve illegal activities. If any non-crypto currency had a 10% rate of being used for illegal activities, there would be alarm bells.

46% of bitcoin used for illegal activites

meanwhile around 90% of paper money has cocaine on it.

estimates i can find say around 100 billion usd was used, in just 2010, on illegal activites, compared to bitcoins 31.6b.

yeah. paper money? it's used for illegal activites far more than fucking bitcoin.

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helIy posted...

46% of bitcoin used for illegal activites

meanwhile around 90% of paper money has cocaine on it.

estimates i can find say around 100 billion usd was used, in just 2010, on illegal activites, compared to bitcoins 31.6b.

yeah. paper money? it's used for illegal activites far more than fucking bitcoin.

100% of Hellies don't understand statistics. Like at all. Because that was terrible. It's not 46% of Bitcoins, it's 46% of Bitcoin TRANSACTIONS. That's a fucking massive difference. 90% of transactions involving US currency aren't being used for cocaine. The average bill (excluding $100s) changes hands 110 times per year, and those bills average 5-6 years of life. If one of those 110 transactions involves cocaine or something else that gets on the bill, that's still under 1% of transactions... and that's assuming it was a transaction from that year and that's ignoring cross contamination where things on some dollar bills wind up on other bills while being re-circulated.

https://www.marketwatch.com/story/this-is-exactly-how-often-cocaine-and-feces-show-up-on-your-dollar-bills-2017-07-11

So you're trying to suggest that Bitcoin -- where 46% of all transactions are used for illegal activities -- are used less for illegal transactions less often than USD, which is a claim so ridiculous that it fails at even at face value. And your claim relies on conflating transactions on one side with physical currency on the other, as well as fundamentally misunderstanding contamination issues with physical currency.

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I bought some a month ago, I still see it going up so I'm going to keep putting money into it.

It's not going to make me a billionaire like if I invested in the beginning but it's still better growth than any savings is getting

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Cryptocurrency is at the mercy of governments. The US dollar will have value as long as there's a US government. If places decided its too illicit or something and banned it, there's no way to salvage almost all of its value. It could exist as a black market thing to a mild extent, but it would go from gold to rubles immediately and there'd be no incentive for anyone to continue using it, really. Bartering would be more practical.

Raddest_Chad posted...

Cryptocurrency is at the mercy of governments. The US dollar will have value as long as there's a US government. If places decided its too illicit or something and banned it, there's no way to salvage almost all of its value. It could exist as a black market thing to a mild extent, but it would go from gold to rubles immediately and there'd be no incentive for anyone to continue using it, really. Bartering would be more practical.

I'm not sure a cryptocurrency ban would necessarily do much, other than lower the public value of the currency. And all currencies have as much value as people assign to them.

Raddest_Chad posted...

The US dollar will have value as long as there's a US government

Fiat currencies have been devalued to the point of being nearly worthless in the past. Just because something is connected to a government doesn't necessarily ensure its value.

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Zeus posted...

Fiat currencies have been devalued to the point of being nearly worthless in the past. Just because something is connected to a government doesn't necessarily ensure its value.

Well, duh... I even referred to the ruble lol... but it's like that old "socialism always equals Venezuela" to the right and "socialism always equals Norway" to the left. It's about probabilities. You can say "all cryptocurrencies" because they aren't backed by anything somewhat tangible like a country or a bunch of gold hoarded away and require certain systems to be relevant or maintain value. You can't say "all national currencies" because they are backed by various governments with different value and stability.

https://en.wikipedia.org/wiki/Mt._Gox

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