It’s useless because they file their trades manually and it lags like crazy
I wasn’t implying it was real time…not any different than following a Berkshire tracking etf and taking the left over gains and getting out. We’re all guilty of staying in a position too long.
Still haven’t explained how great and revolutionary the technology is. Bitcoin or the other thousands of coins does nothing productive and is unregulated. People calling it an asset and yet produces nothing. It’s not currency and is not widely accepted. Beyond belief that people throw money at this. What is so smart about these so called smart contracts? I just signed for my lease via zoom and docusign and took a total of 20 minutes and received my copy in another 5. Can smart contracts make it happen in 2 minutes? Don’t get me started on DeFi and CenFi. The whole Voyager fiasco is about massive leverage and interconnectedness. All of these firms borrowed and lent to each other to speculate with borrowed crypto’s and posted crypto as collateral. Works great to give someone 12% return when the crap coins are up but now that they’re down, everyone is scrambing to cover these leverage loans. The bagholders are the fools who put there money in these platforms who are now unsecured creditors who is going to lose most if not all of the money they put in. When celebrities are pumping coins you know it’s a big scam. Enlighten us on why Crypto and it’s network is the future.
2 Likes
Bitcoin used to be touted as a currency. Since it is thoroughly unfit for that task (high transaction fees, slow transaction rate, limited transaction volume, and deflationary are some key, inherent problems with it) they started touting it as a store of value.
If I setup a network of people who did nothing but inspect holes and they became trusted hole inspectors I could then encourage people to dig holes. These are randomly dug holes wherever one feels inclined to dig. Once the hole is dug the inspector comes by to confirm it is a proper hole. They then watch me fill it back in. Following this they issue a certificate. I then setup a marketplace trading hole certificates. That’s bitcoin. Accomplishes nothing, but burns a great deal of resources getting there.
That’s not entirely fair, though–because crypto has been used effectively to promote ransomware, and underpins most of it: Bitcoin Demand Drives $1.4 Billion Ransomware Industry In The U.S.
I’m still unable to find evidence of any company that actively uses blockchain in their business. I see some allusions to something walmart is doing with supply chain, but it’s very nebulous and not very convincing that it’s unachievable in some other manner.
You spent far to much typing your hatred for the coin aspect which I have separated in at least ten responses now. There are a multitude of businesses throughly investigating blockchain technology as the future. As someone who works with massive companies and state and local entities…they move very slow in adoption. If there testing it based on the early evidence then it will be implemented at some point. I’m not going to convince you cause frankly I don’t care too.
Most equities and rates have roundtripped from pre covid. If only we can have the housing market follow.
I’m up about 30% on my ethereum since they started bashing crypto last week. Might be time to take some profits though.
2 Likes
Thats one of things i think with crypto is the holders believe in the tech and when it breaks free from following the market trends it will be skyrocket.
This is an interesting take. Can you name any currencies that can settle transactions in 10 minutes with irreversibility?
There’s an alley down by Broadway…
2 Likes
I would explain Bitcoin’s energy consumption but it would be too long of a response so here’s a good video:
Bitcoin is the apex predator of finance. Why is it the future? Just being able to trade with anyone in the world without ever asking for permission is huge in finance.
oh so its only as large as the 32nd largest country but its ok since its worth more money. its also likely to keep using more energy. this is all fine.
Bitcoin will not require more energy as it grows. Once the base layer is supported it can grow almost infinitely with no additional energy. Also, I don’t know where all this energy FUD is coming from through the years. The US uses more energy with Christmas lights every year than entire countries. Companies here in Texas have a strong relationship with the Bitcoin miners because we can mining just on the flare gas from oil drilling. All of that energy that would have been wasted was captured and used. This community is huge, there are miners in Sweden I believe who uses Bitcoin mining to warm their homes. There already multi-million dollar deals between miners and energy companies, all through the world especially here in Texas. This will grow.
probably the fact that it uses as much energy as the 32nd largest country on earth.
1 Like
Okay? Your bank uses more. 
Same institution wire transfer.
1 Like
“Bitcoin is the apex predator of finance.”
lol. Dude, come on.
I hope to see bitcoin implode on its own and take the silliness away with it, but if that doesn’t happen its exponential increase in energy consumption is going to attract more attention from legislators and environmental activists.
I can see Greggo’s quiver is full of disingenuous arguments like it using the flare gas in texas. This is so silly it doesn’t even warrant a direct response. It’s plainly dishonest.
I’ve even seen somebody refer to bitcoin as a battery. There is no limit to the mental gymnastics its proponents will resort to.
Still asking for permission to wire as taking counter-party risk.
I would also read up on Fidelity’s analysis on Bitcoin. Their Dir. of Global Macro, Jurrien Timmer, has ton of research out on his Twitter.
Edit: According to Cambridge, there’s enough flared gas to power 5 bitcoin networks, all while converting CH4 to CO2. CH4 is 80x as warming as CO2 over 20 years. CH4 is responsible for 1/3 of all warming. Source: Cambridge Blockchain Network Sustainability Index: CBECI