Bitcoin Unsustainable? - An opinion, looking for other opinions

[Zyklon Ben's Poison Pen]

Is there anyone on the Farms that literally believes that bitcoin will never crash and it'll just keep going up? I just want to see if anyone here is that stupid.

It nearly did last week then Tether..."acquired"....a billion USD and prevented the melt down. Ponzi schemes upon Ponzi schemes.

 

[Not Really Here]

The fake computer money is like the US dollar, or any other currency, as long as a large group of people find it desirable, it will maintain some value.

In my limited research on the topic I can't find any utility for it other than to tip Null BAT, as soon as governments woke up to the existence of crypto and started hitting mixers its only draw for me, anonymity, vanished. Now it seems as if crypto is just the perfect tool to permanently track transactions.

But then, it's well known that I'm tarded.

 

[Cool Dog]

Ethereum or Monero, which are much less power hungry.

Eth its more efficient? wasnt the whole scandal with NFTs because eth its very power hungry?

I actually wondered about it, what happens when the cost of producing a bitcoin is higher than its worth? Wouldn't that mean that there will never be another bitcoin printed?

Thats what happened after the crash from the $20k ath a few years ago, for a while it went below the cost of mining and suddenly GPUs were available at non-insane prices again

ETH is still POW but will become POS with ETH 2.0 coming out. Sure it'll be more Eco-friendly but, you're still gonna spend a shit ton on fees, till 2023.

Now its 2023 already? they were saying it was gonna be last september, then early 2022, now this

Is it ever gonna happen?

It nearly did last week then Tether..."acquired"....a billion USD and prevented the melt down. Ponzi schemes upon Ponzi schemes.

Anyone who still trusts bitfinex deserves to hold bags forever

 

[The Ugly One]

Anyone who still trusts bitfinex deserves to hold bags forever

Binance is the biggest exchange in the world and USDT-driven

 

[Lord of the Large Pants]

Eth its more efficient? wasnt the whole scandal with NFTs because eth its very power hungry?

Thats what happened after the crash from the $20k ath a few years ago, for a while it went below the cost of mining and suddenly GPUs were available at non-insane prices again



Now its 2023 already? they were saying it was gonna be last september, then early 2022, now this

Is it ever gonna happen?

Anyone who still trusts bitfinex deserves to hold bags forever

Eth is switching from a proof-of-work to proof-of-stake model very soon, which is much more power efficient.

No, NFTs just make tards tard out for some reason.

 

[Zyklon Ben's Poison Pen]

Binance is the biggest exchange in the world and USDT-driven

There is going to be a lot of bags (and there is already a mountain of them now)

 

[Kosher Dill]

Eth is switching from a proof-of-work to proof-of-stake model very soon

And always will be.

 

[The Ugly One]

There is going to be a lot of bags (and there is already a mountain of them now)

I remember being really uneasy when USDT became 25% as big as BTC overall, like wtf. Anyway, USDT's volume is now more than double BTC's.

 

[HumanHive]

None of this will matter when Biden executive orders Bitcoin out of existence.

 

[Kujo Jotaro]

If the cost of mining Bitcoin becomes too much for some guy to maintain a mining farm and he stops, then the rest of the miners earn more, because the amount that is released as a reward for mining blocks is fixed. It simply gets distributed among the miners depending on how much computing power they're contributing.
Also, the miners kind of establish the price floor for Bitcoin because they're the ones who are pumping new coins into the market to begin with. If the cost of mining Bitcoin increases, then so does the price of Bitcoin over time. Actually isn't that what happened in Q4 of 2020, when inflation made the price skyrocket?

The price floor is established by how much of a loss speculators are willing to eat.

The fake computer money is like the US dollar, or any other currency, as long as a large group of people find it desirable, it will maintain some value.

In my limited research on the topic I can't find any utility for it other than to tip Null BAT, as soon as governments woke up to the existence of crypto and started hitting mixers its only draw for me, anonymity, vanished. Now it seems as if crypto is just the perfect tool to permanently track transactions.

But then, it's well known that I'm tarded.

BAT is unironically one of the only crypto's I own at this point for the sole fact that I could see it existing as a singular business model outside of any other crypto having ever existed.

 

[ditto]

Won't be Monero, it's already banned in like half the OECD.

First they came for Monero, but I did not speak because I am not a shitcoiner..
Actually Monero is the most legit crypto long term.

 

[CryoRevival #SJ-112]

First they came for Monero, but I did not speak because I am not a shitcoiner..
Actually Monero is the most legit crypto long term.

For sure, i mine it to support the network, but converting it to $? The leash is gunna continue to tighten.

 

[Cool Dog]

Binance is the biggest exchange in the world and USDT-driven

But its anyone auditing them? because the problem with bitfinex is that nobody was checking if they had the funds to mint all that tether

Eth is switching from a proof-of-work to proof-of-stake model very soon, which is much more power efficient.

No, NFTs just make tards tard out for some reason.

Is eth still THE blockchain for NFTs? you know just like youtube its still THE platform for web video despite all the shit happening there

For sure, i mine it to support the network, but converting it to $? The leash is gunna continue to tighten.

How hard its to mine monero?

 

[Precious Bodily Fluids]

Bitcoin started off as a currency in principle and there was even a concerted attempt to use it as such at one point. Various merchants got pestered into trying it out by libertarians across America, wearing their dad's ill-fitting suits and walking into random businesses to proselytize bitcoin. So there were some hip cafes and restaurants etc giving it a shot at one point and household name tech companies such as Microsoft were accepting it as a payment option too, which gave it a sense of legitimacy that advocates could point towards. Bitcoin could have taken off if it actually worked.

But there were several problems that sabotaged it's success. The most important I think was it's limited transaction rate, it could only handle a certain number of transactions per second which was well below what was required. It's something laughably tiny too, like 6 transactions per second. If you weren't blinded by greed or ideology then you could immediately see that it wasn't going to scale and was being launched prematurely, but the fanatics wouldn't hear a word of FUD (fear, uncertainty, doubt) against the holy creation of Saint Satoshi himself. This issue created a backlog of transactions that could last for over 24 hours at the height it's actual usage as a currency meaning that merchants weren't able to confirm payments in a timely fashion. This was the killer flaw that caused Bitcoin to wither on the vine but there were loads of other serious problems too.

From then on there was a lot of coping and seething, but not yet much dilating as this was back in 2014 iirc. The bitcoin advocates began to promise technological upgrades (always just on the horizon) to bitcoin which never actually materialized even after all these years. Then bag holders increasingly began to refer to Bitcoin as a "store of value", whereas I think it's more fair to describe it as a speculative asset. This was a massive pivot because at the time the libertarians were prophesizing that bitcoin would destroy the Federal Reserve, revolutionize the world economic system and grant Ron Paul his apotheosis to space emperor, but then they settled for "store of value" instead because they feared Bitcoin crashing to zero on the back of it's lack of actual utility.

I can't believe anybody besides the bag holders still has any faith in it after that.

 

[byuu]

The fake computer money is like the US dollar, or any other currency, as long as a large group of people find it desirable, it will maintain some value.

Except the dollar is backed by a large powerful country. And vital for oil trades.

If bitcoin was absolutely worthless tomorrow would there be any impact on normal people's lives at all?

 

[Not Really Here]

Except the dollar is backed by a large powerful country. And vital for oil trades.

If bitcoin was absolutely worthless tomorrow would there be any impact on normal people's lives at all?

No "except".
The backing by a large, powerful and most importantly stable country, created the desire to use it for everything else.

I have no idea how "impact on normal people" has anything to do with OP's question or my post.

 

[byuu]

I have no idea how "impact on normal people" has anything to do with OP's question or my post.

Because there is a huge incentive to keep the dollar from becoming worthless. Lots of powerful organisations will move heaven and earth to keep it from failing. So there is much more reason to trust the dollar than bitcoin.

 

[Not Really Here]

Because there is a huge incentive to keep the dollar from becoming worthless. Lots of powerful organisations will move heaven and earth to keep it from failing. So there is much more reason to trust the dollar than bitcoin.

Bro, people with power don't give the slightest shit what you call money, they would happily use queefs as currency
More to the point, you're just using more words to repeat what I already said: X has value because [numbers] desire it to be so.

 

[byuu]

Bro, people with power don't give the slightest shit what you call money, they would happily use queefs as currency
More to the point, you're just using more words to repeat what I already said: X has value because [numbers] desire it to be so.

Yeah who cares if global oil trade collapses? There's no money in that.

More to the point, you're just using more words to repeat what I already said: X has value because [numbers] desire it to be so.

It's a completely useless statement.
My nephew desires his monopoly money to be worth a lot. Therefore dollar, monopoly money, and bitcoin is all the same!

 

[Kujo Jotaro]

Bitcoin started off as a currency in principle and there was even a concerted attempt to use it as such at one point. Various merchants got pestered into trying it out by libertarians across America, wearing their dad's ill-fitting suits and walking into random businesses to proselytize bitcoin. So there were some hip cafes and restaurants etc giving it a shot at one point and household name tech companies such as Microsoft were accepting it as a payment option too, which gave it a sense of legitimacy that advocates could point towards. Bitcoin could have taken off if it actually worked.

But there were several problems that sabotaged it's success. The most important I think was it's limited transaction rate, it could only handle a certain number of transactions per second which was well below what was required. It's something laughably tiny too, like 6 transactions per second. If you weren't blinded by greed or ideology then you could immediately see that it wasn't going to scale and was being launched prematurely, but the fanatics wouldn't hear a word of FUD (fear, uncertainty, doubt) against the holy creation of Saint Satoshi himself. This issue created a backlog of transactions that could last for over 24 hours at the height it's actual usage as a currency meaning that merchants weren't able to confirm payments in a timely fashion. This was the killer flaw that caused Bitcoin to wither on the vine but there were loads of other serious problems too.

From then on there was a lot of coping and seething, but not yet much dilating as this was back in 2014 iirc. The bitcoin advocates began to promise technological upgrades (always just on the horizon) to bitcoin which never actually materialized even after all these years. Then bag holders increasingly began to refer to Bitcoin as a "store of value", whereas I think it's more fair to describe it as a speculative asset. This was a massive pivot because at the time the libertarians were prophesizing that bitcoin would destroy the Federal Reserve, revolutionize the world economic system and grant Ron Paul his apotheosis to space emperor, but then they settled for "store of value" instead because they feared Bitcoin crashing to zero on the back of it's lack of actual utility.

I can't believe anybody besides the bag holders still has any faith in it after that.

Its viability as a currency died the moment it became a speculative vehicle for gains in $USD. But don't you forget when #fiat dies you better have some BTC because its totally becoming the next world reserve currency!!!!