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Gizmodo: Crypto Platforms Are Halting Withdrawals as Bitcoin Tanks Over 13%
- Thread starter Teh_Lurv
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Most mining companies locate their operations where the cost of energy is cheapest. These locations tend to be in areas where there's a lot of unused/stranded energy. I recall how a Houston Chronicle article about how, at least, a quarter of electricity goes to waste, due to insufficient infrastructure or the distance between energy producers and the nearest servicing town/city.
Of course its a ton of retail investors that are the ones usually buying the tops of bullmarkets; and no the average retail investor probably doesn't fit into the 'crypto bro' archetype. Probably just randoms who saw a celebrity buy an NFT, saw Elon talk about it in 40000 tweets, and had a cousin crowing about their portfolio, then found an app and bought some. The turbulence you see in the worldwide markets absolutely have an effect on speculative assets like crypto. Even investing in crypto typically takes fiat, that alone will link it to the greater markets to some degree. Inflation and recessions hit everyone, even those investing in speculative assets. When shit hits the fan, will they sell GOOG or DANK420COIN?
The idea that weirdo libertarian 'crypto bros' are the only ones pumping money into crypto should have really died a long time ago. Its pretty clear thats not true, and that retail investor or 'tourists' make up a large part of the boom cycles that crypto has seen the last 13 or so years. Maybe I am misunderstanding what you are saying, I dunno.
25% of energy produced do not go to waste, I can guarantee you that lol. Even a 10% curtailment on renewable projects make people uneasy
Also like it doesn't take much to find recent stories (up to fucking last month re: upstate new york) of fossil fuel plants that were previously shut down being reopened to help provide power for crypto mining rigs lmao
like fuck off with that asinine numbers game you're playing where you're trying to go "see we use a bit of green or otherwise existing power we're totally not making things worse" for a dumb shit commodity that doesn't actually do anything better than the thing it says it should replace, and in fact just seems to be the catalyst for attempts at making worse things ala the whole web3 nonsense that seems to be thankfully going down the shitter.
like fuck off with that asinine numbers game you're playing where you're trying to go "see we use a bit of green or otherwise existing power we're totally not making things worse" for a dumb shit commodity that doesn't actually do anything better than the thing it says it should replace, and in fact just seems to be the catalyst for attempts at making worse things ala the whole web3 nonsense that seems to be thankfully going down the shitter.
Oh, look, there's that "you will own nothing and you will be happy" bogeyman I keeping seeing from the right.
It seems it's a death cult now.
Apparently only with Bitcoin you "own something"
It's possible I'm also misinterpreting what that poster is saying as well, because my read of that post was that they were equating investing in GOOG in this current market climate as being the same as investing in an altcoin.
ButWhy.gif?
Don't we already have a way of buying all those things? Is it just so you don't pay taxes? For people who hate public roads and hospitals?
If you buy into the argument that endless money printing from central banks leads to inflation/currency debasement, the erosion of your wealth, the boom/bust cycles we experience, and is how military adventurism/wars are financed, you might be inclined to want to opt out of this system. Bitcoin was literally created in response to the 2008 recession. As for bitcoin's volatility, at less than 2% global adoption, price volatility when priced in fiat is to be expected. However, 1 bitcoin equals 1 bitcoin. That doesn't change.
People rolling coal probably do less damage than people trying to live on Bitcoin.
And 1 dollar equal 1 dollar. That doesn't change.
Bitcoin is a more stupid gold standard. Gold Standard still had all of those problems you think "endless money printing" causes.
I don't think "1 bitcoin equals 1 bitcoin" is what people are referring to when it comes to volatility...
I've actually had a lot of fun staying poor the past couple days.
(Hyper)Inflation from central bank money printing manipulates the value of fiat currencies the world over all the time. Zimbabwe, Argentina, Turkey, Venezuela, Sri Lanka. Bitcoin has a fixed supply of 21 million. More cannot be created.
The real victims of these crashes are always the working class people who get in "late" and lose their shirts. Their only crime is wanting to get a piece of the pie for themselves so they might actually get to retire some day, instead of working until they die. Same story with every crash.
And hyper inflation tends to be counted with less frequency than ever (and can still happen without moeny printers!).
Meanwhile you talking about a fixed maximum amount of bitcoin as a positive would just create a full on economic meltdown because of deflationary pressure that is literally inbedded into the currency (when even the gold standard left some wiggle room by being able to slightly devalue the currency).
And why would you buy them with a highly deflationary 'currency' anyway? Buying gift cards with internet funny money is a ruse to try to add an air of legitimacy to a purely speculative instrument. I can just go buy gift cards with real money and not have to pay tens - or hundreds - of dollars in transaction fees or gas to do it, so why would anyone want to dump their money into an unregulated casino just to buy an Amazon gift card?
I'm trying to imagine how the economy would look if there were only 5 trillion dollars in the entire world and no more could ever be created.
:max_bytes(150000):strip_icc()/bitcoin-halving_sourcefile-v2-5952611ae43d461a8d2414b31bfb8ca0.png)
What Is Bitcoin Halving? Definition, How It Works, Why It Matters
Bitcoin halving explained. Find out about Bitcoin's halving process works and what it means for Bitcoin's price and its users.
It's not surprising that bitcoin/crypto is most popular with countries with developing economies or experiencing hyper inflation compared to N. America and Europe. There's a greater practical need. Buying gift cards for AirBnB or video games is "first world problems" shit. Transmitting value (that cannot be confiscated) with no middleman at low cost, however, is not.
But anyway, should be interesting to see how bitcoin shakes out 5-20yrs from now.
No idea how Coinbase got so big. Glad I bailed out months ago and the prices was still declining even then.
I can't see how people wouldn't hoard money unless they were forced not to. How would debt work? Seems like a disaster.
Ah yes, another repetition of the common Cryptobro's justification for the morbidly extreme waste of resources that all of Crypto is - no matter where it's mined. There are no green cryptocurrencies. But go ahead, continue lying to yourself to make yourself feel better.
1. Crypto is a scam.
2. Crypto is a waste of resources.
3. Crypto is practically useless.
The concept had more than a decade to prove its worth and it failed spectacularly in every single aspect (except, of course, when it comes to money laundering, black market trade and redistributing wealth to the top).
Keep in mind that when many cryptobros use the term 'centralized', they mean (((((((((((((((centralized)))))))))))))))). Their problems were not with how banks are run but with the kind of people they think are secretly running them.
It was never about fixing the system, t was about being the one to profit from it.
I like when an entire page is people replying incredulously to someone I had already ignored. Very satisfying to never read whatever was written.
Bitcoin is only taken as a form of payment by most of those because it is tied to some dollar value. It's utility is tied directly to fiat currency.
They sound like a true believer. They've been polite and coherent so don't really see a problem.
Bitcoin and other crypto currencies can't be confiscated?
FBI seized roughly $2.3 million in cryptocurrency tied to ransomware attacks | CNN Politics
US law enforcement officials in August seized roughly $2.3 million in cryptocurrency tied to ransomware attacks committed by a Russian resident, according to a court document unsealed Tuesday.
www.cnn.com
Like most people, I come to ResetEra to read about/discuss most other topics.
Politeness isn't a factor I really consider when you're pushing climate destroying ponzi schemes.
I think it's different if you don't think it's a climate destroying Ponzi scheme . That's why i said "true believer".
If you have your stuff on a centralized exchange like Coinbase where they have your keys, then, yeah, it can be seized. If you're a using a wallet from a centralized provider like Metamask (which is owned by the parent company, ConsenSys; JP Morgan supposedly has a sizeable stake in MetaMask, and another ConsenSys product, Infura), then you can be blocked from using it. Example:Bitcoin and other crypto currencies can't be confiscated?
FBI seized roughly $2.3 million in cryptocurrency tied to ransomware attacks | CNN Politics
US law enforcement officials in August seized roughly $2.3 million in cryptocurrency tied to ransomware attacks committed by a Russian resident, according to a court document unsealed Tuesday.
Ethereum Wallet MetaMask Apologizes For 'Accidentally' Blocking Users in Venezuela
MetaMask, the Ethereum (CRYPTO: ETH) wallet of blockchain technology firm ConsenSys, has apologized after some of its users in Venezuela were accidentally blocked from accessing the digital wallet on Thursday.
www.benzinga.com
^ Venezuelans used VPN's temporarily to get around this. Terms that are gradually going to enter mainstream discourse more and more over the next 10yrs are "unhosted wallets" (when you opt to use private wallets, and not keep your crypto/bitcoin on exchanges), especially in relation to "self custody", and CBDC's (Central Bank Digital Currencies). CBDCs is China's social credit system in the form of money. It has the potential to be a form of behavioral/social control in a way that most people living outside of authoritarian regimes are not acquainted with yet. According to the IMF itself, at least 100 countries are working on their own CBDC. Most of these countries are probably under the thumb of the IMF.
Speaking of self custody, senators Kirsten Gillibrand and Cynthia Lummis have introduced a bill that, among other things, will make self custody of digital assets a right:
Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight
The first major bipartisan legislation aimed at taming the "Wild West" crypto market would classify digital assets as commodities like wheat or oil.
www.cnbc.com
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I work with people who design power systems, and there is no such thing as stranded energy in an energy distribution system. Sure, there are losses for distribution, but it's not like a power plant can make 30 MW and only have 20 MW accounted for in use and efficiency losses. A plant can only generate what is used.
Actual distribution losses are closer to 5% BTW, so exaggerating for effect is not helping your case.
https://www.eia.gov/tools/faqs/faq....nistration,in the State Electricity Profiles.
A friend of mine said this is all telegraphed and how everyone was expecting an 80% dip in four years (or maybe it was every four years) and there's no reason to panic or sell.
Yeah...
Yeah...
Yeah, have a friend who's been totally fooled as well. Went from "it's part of the cycle" to "it will be back within the decade" and now "it's ok to lose money on something so important". Smdh
I mean I know absolute jack about crypto and they are in deep so they are more knowledgeable than me. Who's to say it won't bounce back, but I guess time will tell if they are right.
OP
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Man, we're getting close to "the real crypto was the friends we made along the way" excuse.
Ah, so that's why your friend knew when to sell at the peak right?
...right...??
They are in for the long haul, they just bought three more ETH recently.
Yeah, it's depressing. Think it has a lot to do with how humans find it extremely difficult to realise they've been had. Some people a lot more than others.
Easier to accept the bs narrative where you're the smart one or hero .
Well, you can check the hilarious FAQ on one of those sites. It has gems like:
Aren'y you tired of banks randomly deciding to close your account for no reason? Those pesky bosses!
I swear these people wants you to think the tree of gold coins from Pinocchio is real.
"Freezing assets or closing accounts because the bank doesn't like you"
Translated:
This is for terrorists and Nazis.
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