Bitcoin and other cryptocurrencies

dyyyy

Well-Known Member
It's late to start this discussion, but i didn't see any thread on it, and to change the subject from FPM/LF :D

What's your opinion on bitcoin, etherieum....
 

Mrsrx

Not an expert!
Staff member
It's late to start this discussion, but i didn't see any thread on it, and to change the subject from FPM/LF :D

What's your opinion on bitcoin, etherieum....
The tech is good but we are not using it for the correct use case:

Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of carbon dioxide emissions a year, or between the levels produced by Jordan and Sri Lanka, a 2019 study in scientific journal Joule found.


  • Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.
  • The cryptocurrency consumes more electricity than the entire annual energy consumption of the Netherlands, Cambridge University researchers say.
  • Critics say there are alternative tokens that consume far less power, while bulls argue disputes about bitcoin's environmental impact miss the point.

It is not sustainable as with more usage the carbon footprint will explode. Etherum2.0 with smartcontracts and loads of functionalities maybe is the better coin.
 

dyyyy

Well-Known Member
The tech is good but we are not using it for the correct use case:
tech is really good but bitcoin is a ponzi scheme.
Yeah i kind of agree with you both, the tech is awesome, and the idea of having a currency not manipulated by countries is awesome but what it is right now is just ponzi scheme where you buy it just to sell it later to someone else until it blows up.
 

Wolf

Well-Known Member
it is not ponzi scheme, i mine Ethereum, my miner generates around 12 to 15 usd a day. i take that and spend it which way i want.
take any $5000 and invest it in stock market , if your lucky you might get 3% a year as profit. take the same amount and mine with it
you will generate not less than $2000 a year.
it is the future. think of the emails 20 years ago. they might tell you it takes lots of energy to mine, it might be true, so take the same $5000 to the stock market what do you think happens, ppl take it on carts to the stock exchange and give it to the company to invest?. No, you have massive servers upon servers upon servers running this stuff, my rig is a mere 0.00001% of the total energy i'm using. the whole CO2 BS is for another topic/thread.
 

LEBANESE-CIA

Legendary Member
it is not ponzi scheme, i mine Ethereum, my miner generates around 12 to 15 usd a day. i take that and spend it which way i want.
take any $5000 and invest it in stock market , if your lucky you might get 3% a year as profit. take the same amount and mine with it
you will generate not less than $2000 a year.
it is the future. think of the emails 20 years ago. they might tell you it takes lots of energy to mine, it might be true, so take the same $5000 to the stock market what do you think happens, ppl take it on carts to the stock exchange and give it to the company to invest?. No, you have massive servers upon servers upon servers running this stuff, my rig is a mere 0.00001% of the total energy i'm using. the whole CO2 BS is for another topic/thread.
what GPU's you are using ? what miner you are using?
 

LEBANESE-CIA

Legendary Member
4 1070
2 1070 ti
1 1660
Pheonix
Nvidia GTX 1660 can reach 21.34 MH/s hashrate and 87 W power consumption for mining ETH (Ethash) earning around 1.25 USD per day.
Nvidia GTX 1070Ti can reach 28.57 MH/s hashrate and 128 W power consumption for mining ETH (Ethash) earning around 1.67 USD per day.
 

LEBANESE-CIA

Legendary Member
You need to mine Ethereum

  1. An Ethereum wallet to hold all of your newly found currency;
  2. GPU drivers;
  3. A mining application (PhoenixMiner AMD+NVIDIA GPU Miner);
  4. A mining pool address if you're going to mine within a mining pool;
  5. A graphics card (GPU) with at least 4gb of RAM.

A sushi plate enjoying the balance grow : )
 

Wolf

Well-Known Member
You need to mine Ethereum

  1. An Ethereum wallet to hold all of your newly found currency;
  2. GPU drivers;
  3. A mining application (PhoenixMiner AMD+NVIDIA GPU Miner);
  4. A mining pool address if you're going to mine within a mining pool;
  5. A graphics card (GPU) with at least 4gb of RAM.

A sushi plate enjoying the balance grow : )
4gb will not work at least 6gb best gpu on the market is 3080 , this will get you at least 5-6 usd a day
But it is on back order and nvidia is not saying when it will be on the market
 

dyyyy

Well-Known Member
it is not ponzi scheme, i mine Ethereum, my miner generates around 12 to 15 usd a day. i take that and spend it which way i want.
take any $5000 and invest it in stock market , if your lucky you might get 3% a year as profit. take the same amount and mine with it
you will generate not less than $2000 a year.
it is the future. think of the emails 20 years ago. they might tell you it takes lots of energy to mine, it might be true, so take the same $5000 to the stock market what do you think happens, ppl take it on carts to the stock exchange and give it to the company to invest?. No, you have massive servers upon servers upon servers running this stuff, my rig is a mere 0.00001% of the total energy i'm using. the whole CO2 BS is for another topic/thread.
Ok but the real question is where did this 5000$ actually come from ? I mean from real life value
 

Totenkopf

New Member
$5000 and invest it in stock market , if your lucky you might get 3% a year as profit.
This is extremely misleading....my compound 3 year return rate is 12% for my dividend growth portfolio.
I own a piece of many businesses that share their profit with me as an investor.
What exactly do you own?
 

Wolf

Well-Known Member
This is extremely misleading....my compound 3 year return rate is 12% for my dividend growth portfolio.
I own a piece of many businesses that share their profit with me as an investor.
What exactly do you own?
misleading ????!!! how so?? you just said 3 years compound =12% genius. that would = to what i said 'if you are lucky you would get 3% a year.'
hmm 3 years * 3% = 9 ,if it is steady, add the compound part that would = 12%
i wonder how you are making your money and you cannot even understand what i wrote.
 

Danny Z

Legendary Member
Ok but the real question is where did this 5000$ actually come from ? I mean from real life value
It has no real value, those who think these bits not backed by anyone can replace money have no idea how money works. If governments and their economy are not behind money then money has no values, money and currency is a representation of a whole country production. Your best example is Lebanese money, the economy collapses then the money collapses, same happend with the rouble, and all types of money in the world. who is behind the bitcoin scam and which country and ecnomoy will stand behind bitcoin when your bits disappear one day...
If bitcoin is the future of money then why is denominated in USD, and is sold and bought in USD like any other consumer product and why buy something with it, they just take its value in USD on the market and calculate the price as if you were paying in USD
 

Wolf

Well-Known Member
Ok but the real question is where did this 5000$ actually come from ? I mean from real life value
for your bank account, either you invest it in stock or in crypto. provided that you have such an amount.
 

Wolf

Well-Known Member
It has no real value, those who think these bits not backed by anyone can replace money have no idea how money works. If governments and their economy are not behind money then money has no values, money and currency is a representation of a whole country production. Your best example is Lebanese money, the economy collapses then the money collapses, same happend with the rouble, and all types of money in the world. who is behind the bitcoin scam and which country and ecnomoy will stand behind bitcoin when your bits disappear one day...
If bitcoin is the future of money then why is denominated in USD, and is sold and bought in USD like any other consumer product and why buy something with it, they just take its value in USD on the market and calculate the price as if you were paying in USD
so how can a painting by picaso cost millions or car driven by james bond cost hundreds thousands . to me , they do not have real value.
if 2 ppl agree on a price of an item then the item will be valued as they see it. hence crypto. to you it does not , but other 1/2 a billion user it does.



here is a list of companies that accept crypto


 
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Danny Z

Legendary Member
so how can a painting by picaso cost millions or car driven by james bond cost hundreds thousands . to me , they do not have real value.
if 2 ppl agree on a price of an item then the item will be valued as they see it. hence crypto. to you it does not , but other 1/2 a billion user it does.



here is a list of companies that accept crypto


Paintings are not money they are consumer products that are sold in USD or other currencies, same as Bitcoin, so thanks for proving my point
 

Patriot

Well-Known Member
Orange Room Supporter
Paintings are not money they are consumer products that are sold in USD or other currencies, same as Bitcoin, so thanks for proving my point

not exactly
a consumer product is something that is 'consumed' or expires
a painting is something that keeps its value and can be traded again a 100 years later
granted a painting needs maintenance.

same as a piece of real state or a piece of land
is it a consumer product ?

same as gold
Is gold a consumer product ?
it has a value due to its rarity and demand

same as bitcoin
there's demand thus there's value.
 
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