Yesterday Bitcoin jumped 17% during April Fools

Apr 8, 2018
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#1
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Really not interested in crypto now partly because I finally dumped my EOS bag, mostly because I'm worried about the winter and shrinkage of credit and stuff like that, I don't think crypto is the solution, once the winter comes, debts will still be replayed with money instead of crypto-currencies.

The fact that this happens on April Fools really amuses me, the whales really have a sense of humor. Really funny man, but still, the crypto crash of 2018 happened when credit was plentiful, but when credit was scarce, there's no telling what will happen, I think people are too focused on the price, forgetting the whole crypto market is smaller than Apple, and crypto currencies are merely currencies, if they can crash Venezuela, they can crash cryptos, simple as that.
 
Apr 8, 2018
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#3
But they can't print Bitcoin
Fool, they are printing Bitcoin and you have no idea.

Latest 7nm Antminer S15 has 28Tera hash/s on overclock, the current hash rate is 50 Exa hash/s, are you telling me there are 1,785,714 lastest and greatest miner on the planet to secure 360,000 transactions per day, are you telling me you need 4.9 latest miners each 1600W to perform 1 Bitcoin transaction? It just doesn't add up. How to make it add up? If some party has miners that are so quick, it needs 1 miner to secure 100 Bitcoin transactions, that's 2800TH/s

If you can go back to 2013 you only need 1 Antminer S15 to perform 51% attack, that's only 6 years ago, you can bet your bottom dollar the army's technology is 6 years more advanced than consumers, the semi conductor industry is a monopoly and it's not difficult to control what can be manufactured.
 
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Morte

Crib owner
Mar 31, 2018
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#4
Makes sense. You know what's funny? I only used a tiny fraction of a core to host this website which serves over 1k https requests every day, it's containerized using docker, the load is 20x smaller than Fortnite on my phone.

Average 5 miners 192kwh used to process 1 Bitcoin transaction does not make sense, at all 😈
 
Apr 8, 2018
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#10
Really dude, cut the inspirational crap
OK kid, you ready to be WOKED?

It used to be currency has no value,
it just facilitates the transaction of goods. A dollar can worth less than a pebble or more than a bar of gold but if you have enough of it, you can buy a car. Does it really matter how much money is involved if nobody hodls? The goal is to accumulate enough material, not currency, currency is just used in the process of transaction.

That's true UNTIL the 👺s learned how to bank, then everything changed.
The store of value of money is since defined.
All fiat money has value because it's borrowed, fiat money is pegged against goods you borrowed it against.

As for crypto currencies, none of them have value because they're mined, seems counter-intuitive, right?
A currency has no store of value if it cannot be used to pay back debts mortgaged against goods, it will always be a medium of exchange, it doesn't matter how much crypto you spent for a pizza, it is a medium of exchange with nothing tethered to it. That's why USDT is called Tether, it is redeemable to USD which is mortgage tethering to real goods. Crypto currencies can go to the moon or crash to the ground, it doesn't matter how high the balloon floats, the merchants don't give a 💩, they can cash the 1000 BTC or 1 satoshi for every pizza they sold for a pizza worth of goods.

You may think BTC has value because miners wasted all them electricity, you are NOT on the same boat as the miners don't forget, they don't want to admit being suckers, you have no stake in mining, don't worry for them.
 
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Morte

Crib owner
Mar 31, 2018
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#11
Thanks that explains a lot
A currency has no store of value if it cannot be used to pay back debts mortgaged against goods
It is a good idea to make nothing but money to be stable, this ought to teach hodlers a lesson to NEVER loan Bitcoin.

I'm watching the price and /biz, good show🤔
 
Apr 8, 2018
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#16
I don't know for sure but I remember watt is power unit, watt hour is energy unit
1600*5*24=192(kwh)
On average you need 5 miners standing by for 24 hours to process 1 Bitcoin transaction which is 8kw for 24 hours, or 192kwh to process 1 transaction. Nobody is wrong here.
 
N

Narf

Guest
#17
I don't understand why the government has to borrow money, we save money just in case, why can't the government save money???
 
Apr 1, 2018
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#18
I don't understand why the government has to borrow money, we save money just in case, why can't the government save money???
My grandparents had government jobs, if you don't spend it all, you'll get less budget next time, the higher up be like: oh I guess you need less then what I thought. The only way to "save" is to rat hole the surplus the department bought, it doesn't show on the books but it's serves the same purpose.
 

Morte

Crib owner
Mar 31, 2018
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#20
Monero is even more ridiculous 200k vega56 with flashed bios has to be on the network to process 3837 transactions a day

That's 52 gpus online for a day for 1 transaction, each gpu making $0.37 per day in profit, vega56 costs $380 market price, takes 2.8 years to break even, before breaking even the network difficulty would have risen 23 times making the gpu useless.

Something tells me there's a huge hash power out there years ahead of us, adjusting its hash rate just enough to make the legit miners profit and not lose hope, but not enough to mine the majority of the coins.