Bitcoin

[TheGingerQuiff 2412]

8 minutes ago, Dr Gloom said:

It’s funny that a lot of Bitcoin traders were talking about Tesla’s initial move as game changing but with its subsequent retreat it’s nothing to see, move along. Not cult like at all for the true believers. 

 

Weird, all I've read all day is Musk criticism.

And the valid point that the energy "concerns" re: bitcoin were around for about 2 years before Tesla adopted it, and Musk will have known fine well about them

Edited May 13, 2021 by TheGingerQuiff

[Dr Gloom 21924]

Musk is a businessman, he’s no eco warrior 

[TheGingerQuiff 2412]

He's an attention seeking little cunt

[Monkeys Fist 42458]

Correct me if I’m wrong, which I probably am, but my understanding is that Tesla have ditched it citing “environmental concerns” - those being that it’s an electronic currency. 
 

1. Most actual currencies are now 95+% electronic- how many people are buying Tesla’s with cash?

 

2. Tesla is a company selling … electric cars. 

 

3. How eco-friendly are the rocket fuels SpaceX uses? 
 

 

[Andrew 4757]

52 minutes ago, Monkeys Fist said:

Correct me if I’m wrong, which I probably am, but my understanding is that Tesla have ditched it citing “environmental concerns” - those being that it’s an electronic currency. 
 

1. Most actual currencies are now 95+% electronic- how many people are buying Tesla’s with cash?

 

2. Tesla is a company selling … electric cars. 

 

3. How eco-friendly are the rocket fuels SpaceX uses? 
 

 

 

I don't think the ditch is due to it being an electronic currency, but that the energy required to run machines to mine bitcoin have pushed its environmental impact up.

[sammynb 3355]

14 minutes ago, Andrew said:

 

I don't think the ditch is due to it being an electronic currency, but that the energy required to run machines to mine bitcoin have pushed its environmental impact up.

 

The cynic in me says it's not even about that, it's more he wants to effect the price of the market for whatever reason.

He made a quip during his SNL hosting on the weekend about dogecoin, then a few days later he tells the world he's (currently) done with bitcoin. The guy is dodgy as fuck when it comes the way he handles his INFLUENCE on his chosen markets.

[Renton 21627]

Whatever his motives, it doesn't change the fact that bitcoin mining requires as much energy as is required to supply half the UK, and 60% of this comes from fossil fuels. I find it hard to get my head round it. 

[Dr Gloom 21924]

40 minutes ago, sammynb said:

 

The cynic in me says it's not even about that, it's more he wants to effect the price of the market for whatever reason.

He made a quip during his SNL hosting on the weekend about dogecoin, then a few days later he tells the world he's (currently) done with bitcoin. The guy is dodgy as fuck when it comes the way he handles his INFLUENCE on his chosen markets.

Loads of his fanboy retail investors piled into the $GME right after he tweeted about it too. It was more or less the peak of the short squeeze. A lot of average Joes lost a lot of money on the way down after that.

Edited May 13, 2021 by Dr Gloom

[sammynb 3355]

2 minutes ago, Dr Gloom said:

Loads of his retail investors piled into the $GME right after he tweeted about it too. It was more or less the peak of the short squeeze. A lot of average Joes lost a lot of money on the way down after that.

 

He’s got form for being a shitheel with stuff like this.

Plus he’s not much better than Ashley when it comes to his workers. When the pandemic kicked off and lockdowns began he insisted they still turn up for work and was against social distancing measures. He’s insisted on his workforce being non unionised plus and this is what annoys me, procuring the resources for batteries is also bad for the environment and yet he has no implimented plan for recycing the materials in what will become the dead and obsolete batteries he sells.

He’s just a more polished, greener PR Trump who loves to throw his toys out when the world ignores him.

[Renton 21627]

9 minutes ago, sammynb said:

 

He’s got form for being a shitheel with stuff like this.

Plus he’s not much better than Ashley when it comes to his workers. When the pandemic kicked off and lockdowns began he insisted they still turn up for work and was against social distancing measures. He’s insisted on his workforce being non unionised plus and this is what annoys me, procuring the resources for batteries is also bad for the environment and yet he has no implimented plan for recycing the materials in what will become the dead and obsolete batteries he sells.

He’s just a more polished, greener PR Trump who loves to throw his toys out when the world ignores him.

 

He's the second richest man on the planet isn't he? You don't get that without being an utter cunt. Comparing him to trump might be going too far mind. 

[PaddockLad 17280]

27 minutes ago, Renton said:

Whatever his motives, it doesn't change the fact that bitcoin mining requires as much energy as is required to supply half the UK, and 60% of this comes from fossil fuels. I find it hard to get my head round it. 

Someones going to have to explain this to thicko here. As far as I can make out Bitcoin is basically a fuckin IT unicorn? which roams the fertile plains of hard drives? What the fuck are people banging on about?  Can someone post a picture of a Bitcoin mine? Is it like Percy Main or Bilston Glen? Why are people talkimg about the environmental impact of a fairy story?  I get that it’s an electronic currency marketplace, but now it’s apparently a physical manifestation that’s going to kill the planet? 

Edited May 13, 2021 by PaddockLad

[Renton 21627]

6 minutes ago, PaddockLad said:

Someones going to have to explain this to thicko here. As far as I can make out Bitcoin is basically a fuckin IT unicorn? which roams the fertile plains of hard drives? What the fuck are people banging on about?  Can someone post a picture of a Bitcoin mine? Is it like Percy Main or Bilston Glen? Why are people talkimg about the environmental impact of a fairy story?  I get that it’s an electronic currency marketplace, but now it’s apparently a physical manifestation that’s going to kill the planet? 

 

Bitcoins are mined using phenomenal amounts of computer power processing trilions of trillions of algrithms every second. These don't produce anything useful or functional, but do require gigawatts of real physical electricity to power the computers. It's fucking lunacy, but fitting for the world we live in I guess.

[Monkeys Fist 42458]

22 minutes ago, Renton said:

Comparing him to trump might be going too far mind. 

Agreed.  
Musk is a successful businessman. 

[sammynb 3355]

25 minutes ago, PaddockLad said:

Someones going to have to explain this to thicko here. As far as I can make out Bitcoin is basically a fuckin IT unicorn? which roams the fertile plains of hard drives? What the fuck are people banging on about?  Can someone post a picture of a Bitcoin mine? 

 

It’s basically Pokemons for the rich and foolish (want to get rich).

 

5 minutes ago, Monkeys Fist said:

Agreed.  
Musk is a successful businessman. 

 

They are both living off funds they have fleeced from the foolish.

70 million stupid Americans tells me that Trump is the more successful atm.

[Rayvin 5223]

Just gonna remind everyone that Elon Musk believes himself to be a literal Elven Overlord and wants to pivot humanity towards a technocracy, which would naturally involve himself and the other elves taking control.

 

His son is also named X Æ A-12, something even he struggles to pronounce. He's a narcissistic fruitloop and not the real world Bruce Wayne his personality cult seem to believe him to be.

Edited May 13, 2021 by Rayvin

[Monkeys Fist 42458]

 Psychedelics and obscene riches are a marriage made in hell. 

[sammynb 3355]

1 hour ago, Monkeys Fist said:

 Bad trips and being a rich cunt is a marriage made in hell. 

 

FYP, present tense @Monkeys Fist

[RobinRobin 11281]

[TheGingerQuiff 2412]

6 hours ago, Renton said:

Whatever his motives, it doesn't change the fact that bitcoin mining requires as much energy as is required to supply half the UK, and 60% of this comes from fossil fuels. I find it hard to get my head round it. 

How much of it is coming from renewable sources? I've seen 75% mentioned but not sure on validity 

[PaddockLad 17280]

6 hours ago, Renton said:

 

Bitcoins are mined using phenomenal amounts of computer power processing trilions of trillions of algrithms every second. These don't produce anything useful or functional, but do require gigawatts of real physical electricity to power the computers. It's fucking lunacy, but fitting for the world we live in I guess.

If you’re suggesting there are giant server farms/data centres dotted around the planet specifically to err “mine” Bitcoin then what you’re saying makes a bit of sense. If, on the other hand, these things lurk in normal server rooms and hard drives am not no sure the power consumption is any more than part of normal every day demand. But it appears to me to that it’s a difficult thing to quantify....think Musk knows his power and is “at it” ....

 

[ewerk 30617]

1 hour ago, PaddockLad said:

If you’re suggesting there are giant server farms/data centres dotted around the planet specifically to err “mine” Bitcoin then what you’re saying makes a bit of sense. If, on the other hand, these things lurk in normal server rooms and hard drives am not no sure the power consumption is any more than part of normal every day demand. But it appears to me to that it’s a difficult thing to quantify....think Musk knows his power and is “at it” ....

 

It's not difficult, it's definitely the former.

[ewerk 30617]

8 hours ago, Monkeys Fist said:

Agreed.  
Musk is a successful businessman. 

He's a bit like a human bitcoin. He's exciting, intriguing and futuristic to many but when you look at his businesses they haven't made any real money yet. The incredible valuations of his wealth are based on profits that these companies may earn in the future rather than what they earn now. Plus I think most Teslas are boring.

[Renton 21627]

2 hours ago, TheGingerQuiff said:

How much of it is coming from renewable sources? I've seen 75% mentioned but not sure on validity 

 

The biggest costs to bitcoin mining are the capital outlay (they are bespoke servers PL which can't do anything else) and the energy input. It makes sense to operate them in countries where the energy cost is lowest, such as China. Which is predominantly fossil fuel, especially coal, the worst of them all. But in any case, they aren't hooked up to their own wind farms are they? So if they're hooked up to the grid, your figure is meaningless. 

 

I read that mining will continue until 2140. Great, 120 years of meaningless energy waste, which will increase exponentially each year. Sounds like a great idea. 

[Rayvin 5223]

3 minutes ago, Renton said:

 

The biggest costs to bitcoin mining are the capital outlay (they are bespoke servers PL which can't do anything else) and the energy input. It makes sense to operate them in countries where the energy cost is lowest, such as China. Which is predominantly fossil fuel, especially coal, the worst of them all. But in any case, they aren't hooked up to their own wind farms are they? So if they're hooked up to the grid, your figure is meaningless. 

 

I read that mining will continue until 2140. Great, 120 years of meaningless energy waste, which will increase exponentially each year. Sounds like a great idea. 

 

I'm not really sure where you're getting this 'meaningless' bit from, mind you. It's no more meaningless than any of the other pointless shit any of us buy - Bitcoin admittedly is a fairly pointless project at this stage, but there are plenty of other coins that have been set up with superior technological functions that will, in time, revolutionise the global financial industry - it will remove banks for all those people who would prefer not to use them. It takes a large part of economic control out of the hands of governments.

 

It will allow people to trade with/pay each other without needing to go through high cost intermediaries. You may not agree with this aspiration of course, but it is the 'purpose' of cryptocurrency and blockchain.

[Renton 21627]

1 minute ago, Rayvin said:

 

I'm not really sure where you're getting this 'meaningless' bit from, mind you. It's no more meaningless than any of the other pointless shit any of us buy - Bitcoin admittedly is a fairly pointless project at this stage, but there are plenty of other coins that have been set up with superior technological functions that will, in time, revolutionise the global financial industry - it will remove banks for all those people who would prefer not to use them. It takes a large part of economic control out of the hands of governments.

 

It will allow people to trade with/pay each other without needing to go through high cost intermediaries. You may not agree with this aspiration of course, but it is the 'purpose' of cryptocurrency and blockchain.

 

I meant it doesn't produces anything physical, or at this stage even tangible. It doesn't produce goods or services that benefit people (yet). As for the aspiration, honestly don't know enough about it but it seems like it might be very prone to the law of unintended consequences and just as likely to result in a dystopian nightmare as a Utopian dream. Either way, I'll be dead long before it happens, and I'd rather the world isn't physically fucked up by it for my descendant's sake.