Bitcoin: What do you think?

[Herness]

No bad actually, even considering the bitcoin price is lower now it still made a huge jump comparing to the early prices. I have a very positive predictions and see bitcoin going up to 100k in the nearest future. Some people also make a good profit with the crypto exchanger ( yes, you need this license for that https://rue.ee/), but it is not too complicated in general.

 

[not2old]

My guess is that it's used to avoid taxes or hide criminal activities. I don't know why governments permit it to exist. Sure, I might be wrong, but while I admit to not paying much attention, I've not seen anything to change my opinion.

 

[scaredychicken]

NOPE to bitcoin

and I think canning is the future currency, along with helping neighbours, bartering

 

[gsganzer]

I recently started up a 50 mega-watt simple cycle unit in Canada that provides power to a bitcoin mine next to it. The Bitcoin servers draw about 57 megawatts. You could hear their whirr and see the heat coming off the multiple server trailers.

I still can't wrap my head around how Bitcoin and other crypto currencies have value.

 

[TBob42]

Hi all

First off bitcoin is not a scam but like all monetary systems scammers will get in on the act. Aleady some have lost money when they deposited their bitcoins into an "online bank" and the so called banker vanished. Bitcoin is actually brillian in design from a mathematical aspect - but no one knows who actually created it. That itself is very interesring. As a monetary system it's doing very well, it's now accepted by the Belgium Telecom, some big stores in the US, and Lamborghini even! Mnay online gamers and games accept it and there is a big trade in bitcoin transactions and mining. Enough that banks and Govts that poo-hooed it just a year ago and now chaning their ideas. Bit coins are appreciating in value but with the expected ups and downs and sometimes big fluctualtions. As a device to hold and exchange value it works and there will be critisism and FUD from established banks and the Govt as they cant easily control it. It's a new monetary system, early adopters are risk takers, unless you understand it it's not an investment, it is here to stay and banks and govts will have to adapt.

Mike

There's a reason I don't work on my own HVAC, and that's because I don't know what I'm doing. I understand how it works but repairing it is another thing altogether. The same goes for Crypto Currency except for the knowing how it works bit. Frankly, I'd rather have a refresher course in New Math than read another treatise on non fungible tokens. With traditional investments, I can't actually see my funds, but there is a Government agency (I know, I know) allegedly minding the store. I don't mean to throw rocks at anyone, but it's just not for me. I can't or maybe won't understand it, so I don't mess with it. Unfortunately there are too many scammers for the average consumer to delineate which is legitimate and which isn't. I'll probably continue to observe the show and perhaps dabble. But I'll leave it to more financially astute individuals to make a living at it. And if Kevin from Mumbai calls, hang up immediately.

 

[TBob42]

I recently started up a 50 mega-watt simple cycle unit in Canada that provides power to a bitcoin mine next to it. The Bitcoin servers draw about 57 megawatts. You could hear their whirr and see the heat coming off the multiple server trailers.

I still can't wrap my head around how Bitcoin and other crypto currencies have value.

Does CMCP know about your operation?

 

[gsganzer]

Does CMCP know about your operation?

What does CMCP stand for? Anyway, yes it was a commercially legitimate operation. Apparently, it's faring better than the marijuana growing operation that got tons of provincial and city money to build a giant grow operation, but then never started up and now sits there vacant with everyone trying to figure out how to repurpose a very specifically designed building.

 

[TBob42]

It's the Canadian equivalent of MSHA which is Mining Safety and Health administration. At least that was what I was given to understand CMCP is the Canadian Mining Certification Program.

 

[Oaktree]

There's a reason I don't work on my own HVAC, and that's because I don't know what I'm doing. I understand how it works but repairing it is another thing altogether. The same goes for Crypto Currency except for the knowing how it works bit. Frankly, I'd rather have a refresher course in New Math than read another treatise on non fungible tokens. With traditional investments, I can't actually see my funds, but there is a Government agency (I know, I know) allegedly minding the store. I don't mean to throw rocks at anyone, but it's just not for me. I can't or maybe won't understand it, so I don't mess with it. Unfortunately there are too many scammers for the average consumer to delineate which is legitimate and which isn't.

Same here. I've read any number of articles on how cryptocurrencies and blockchain technology works, and it's enough to make your head explode. Total Greek to me. The more it's explained, the less sense it makes.
I'm not about to invest my money in something I don't understand what it even is, let alone something that's totally unregulated. While I don't really understand all the intricacies of the stock market either, I do understand that you're taking an ownership stake in an actual company. Huge difference IMHO.

 

[JasperFrank]

What I wish crypto had done..... which it didn't, was to monetize a useful algorithm. Just imagine the benefit if all that mining and electricity had been directed to protein folding, genetic research, drug interaction, or some other very difficult, yet meaningful, computational study. Then the whole enterprise would have made more sense. It could have issued coins to wallets, and maintained a block chain in the same way. Yet the coin would represent a useful use of all that electricity and dedicated hardware. How useless will this be when newer computer designs can crack the sieve in 10 seconds? Your wallet is then worth nothing.