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Thread: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    I'm really surprised. I don't read the comments here too often, but generally assume that people are technical and intelligent. It's shocking to discover how uneducated the vast majority are on Bitcoin.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Andy14 View Post
    I'm really surprised. I don't read the comments here too often, but generally assume that people are technical and intelligent. It's shocking to discover how uneducated the vast majority are on Bitcoin.
    Oh look, another "believer" in bitcoin with nothing but hot air.
    "In a perfect world... spammers would get caught, go to jail, and share a cell with many men who have enlarged their penises, taken Viagra and are looking for a new relationship."

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by badass View Post
    Oh look, another "believer" in bitcoin with nothing but hot air.
    I guess its one of those things that once people get involved they are emotionally invested and get quite defensive.

    It is the emperor's new currency, but don't tell them that.

    Eth 2.0 sounds on the surface like a big improvement, which presumably is why GPU miners aren't helping if it makes their income go away.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Andy14 View Post
    I'm really surprised. I don't read the comments here too often, but generally assume that people are technical and intelligent. It's shocking to discover how uneducated the vast majority are on Bitcoin.
    I'm not sure insulting everyone's technical literacy and intelligence is a good opening gambit but maybe you'd like to educate people on why using huge amounts of resources, in a time when people are more aware of the impact of things like ewaste and fossil fuels than ever before, to generate digital assets is benefiting society, or even me personally.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    What's the opposite of "to the moon"?

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Corky34 View Post
    I'm not sure insulting everyone's technical literacy and intelligence is a good opening gambit but maybe you'd like to educate people on why using huge amounts of resources, in a time when people are more aware of the impact of things like ewaste and fossil fuels than ever before, to generate digital assets is benefiting society, or even me personally.
    Would we be having that discussion if we were using cleaner sources of energy?

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by pp05 View Post
    Would we be having that discussion if we were using cleaner sources of energy?
    I think the issue is that until everyone is using cleaner sources of energy then any excess energy use is taking away from something that could have gone to reduce fossil fuel usage, even if you get your energy yourself from a green source.

    Then there's also the entropic issue - even green sources of energy don't counteract warming - at some point we're just going to have to decrease energy use regardless of how it's generated, until we match or fall below whatever net level of heat the Earth can radiate off.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by DanceswithUnix View Post
    Eth 2.0 sounds on the surface like a big improvement,
    It does, doesn't it. I actually find the concept of ethereum very interesting. Take away the insane energy waste and add more stability and a huge increase in transactions and there may end up being some genuine niche use cases.
    "In a perfect world... spammers would get caught, go to jail, and share a cell with many men who have enlarged their penises, taken Viagra and are looking for a new relationship."

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by pp05 View Post
    Would we be having that discussion if we were using cleaner sources of energy?
    We're not but if all energy was clean then yes we'd still be having that discussion as simply making electronics produces waste, both in the process of making them and when they're disposed, what spring to mind are some of the burning of the ewaste that first world countries export to third world countries and the burning of electronics to extract the precious metals.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by badass View Post
    It does, doesn't it. I actually find the concept of ethereum very interesting. Take away the insane energy waste and add more stability and a huge increase in transactions and there may end up being some genuine niche use cases.
    At some point I will need to properly read up on the Proof Of Stake mechanism beyond the simple hand waving explanations I've seen so far. If it does make GPU mining obsolete then that's nice, though I presume everyone will just swap their rigs to Dogecoin or somesuch. I had also been wondering if there is a way we can grow the DAG file faster. If the DAG hits 8GB (to some degree 6GB), then mid range gaming cards become useless for Eth mining. But again, there are other coins that can bubble.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    FOMO is taking over now. You guys reckon the crash will happen or is the year of 2021 the year of blast off with no stopping it.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    PoS does imply the old adage:
    It takes money, to make money
    Not that mining is egalitarian or democratic as whole warehouses full of GPUs or ASIC miners is hardly a hobbyist thing.
    Still, PoS should stop the big waste of electricity.
    (Not that it's always a waste as WoH I've been using my little electrical heater under my desk as the central heating is not efficient for just one room. If I had a minable GPU or two (the heater goes up to 2000W but I generally stay with the 700W and not constantly - so 500W or so of mining would equal that), I would get more than heat back - although it is almost March and will soon be warm enough anyhow).

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by DanceswithUnix View Post
    At some point I will need to properly read up on the Proof Of Stake mechanism beyond the simple hand waving explanations I've seen so far. If it does make GPU mining obsolete then that's nice, though I presume everyone will just swap their rigs to Dogecoin or somesuch. I had also been wondering if there is a way we can grow the DAG file faster. If the DAG hits 8GB (to some degree 6GB), then mid range gaming cards become useless for Eth mining. But again, there are other coins that can bubble.
    The DAG can be grown faster - by adding lots of smart contracts that burn a lot of gas to the ETH blockchain. Of course that will cost a lot of money!
    "In a perfect world... spammers would get caught, go to jail, and share a cell with many men who have enlarged their penises, taken Viagra and are looking for a new relationship."

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by AzzaBiceps View Post
    FOMO is taking over now. You guys reckon the crash will happen or is the year of 2021 the year of blast off with no stopping it.
    I think it will crash again this year. So far, each bubble has seemingly followed a large global round of "money printing" AKA QE and then had a crash. I don't see why this time should be any different.
    "In a perfect world... spammers would get caught, go to jail, and share a cell with many men who have enlarged their penises, taken Viagra and are looking for a new relationship."

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by badass View Post
    The DAG can be grown faster - by adding lots of smart contracts that burn a lot of gas to the ETH blockchain. Of course that will cost a lot of money!
    I had been thinking that what gamers need to do is use their GPUs to mine Eth which they then needlessly send to each other. That would create a possible short term denial of service from the volume of trade (or at least a test of the network's scaling) and grow the DAG file way faster than before. I presume you can create a smart contract along the lines of "I'll send you 0.0001ETH when you send me 0.0001ETH" so it pointlessly burns a transaction fee.

    DAG file to the moon!

    (unless I've misunderstood something here, which is possible given I've only read the primers on this tech)

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Bizarre price for something with no intrinsic value (and I'm curious - what's the smallest chunk of a bitcoin you can spend? if it's 1 bitcoin (or even 100th of a bitcoin) that's a pretty big step...)

    I guess Bitcoin and other cryptocurrencies are the perfect example of how stock market prices are more about perception and gambling on projections and less about intrinsic value - at least with companies you've got some assets underlying things, with cryptocurrencies there's nothing.

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