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Thread: RIP Bitcoin

  1. #8476
    Thailand Expat OhOh's Avatar
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    ^

    " the Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations)"

    https://www.sec.gov/files/digital-assets-risk-alert.pdf

    The ameristani politicians want their skim.

  2. #8477
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    anyone into yuancoin, opinions please.

  3. #8478
    Excommunicated baldrick's Avatar
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    I don't renminbi

    is this what you are talking about ? an ERC20 token ? looks like trash

    Yuan Chain Coin price today, YCC live marketcap, chart, and info | CoinMarketCap

  4. #8479
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    i dont know baldrick. looks diff. the chinese gov and bank are set to do away with the fiat doll. released yesterday as i understand it

  5. #8480
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by lob View Post
    the chinese gov and bank are set to do away with the fiat doll. released yesterday as i understand it
    By whom?.

  6. #8481
    Making people dance. :-)
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    Yuan Chain Coin Price (YCC)

    $0.01913



    Gonna throw a bit of play money on that.

  7. #8482
    Excommunicated baldrick's Avatar
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    ERC20 coin ?

    what gas prices will you be paying ?

  8. #8483
    Making people dance. :-)
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    26 baht to the shitter.








    Wonder if that will trigger a fat, baldy that always feels challenged.
    Last edited by Edmond; 03-03-2021 at 09:09 PM.

  9. #8484
    In Uranus
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    I am up bigly on a much larger investment.

  10. #8485
    A Cockless Wonder
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    Bitcoin consumes 'more electricity than Argentina'

    Bitcoin uses more electricity annually than the whole of Argentina, analysis by Cambridge University suggests.

    "Mining" for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions.

    Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.

    Critics say electric-car firm Tesla's decision to invest heavily in Bitcoin undermines its environmental image.

    The currency's value hit a record $48,000 (£34,820) this week. following Tesla's announcement that it had bought about $1.5bn bitcoin and planned to accept it as payment in future.

    But the rising price offers even more incentive to Bitcoin miners to run more and more machines.

    And as the price increases, so does the energy consumption, according to Michel Rauchs, researcher at The Cambridge Centre for Alternative Finance, who co-created the online tool that generates these estimates.

    “It is really by design that Bitcoin consumes that much electricity,” Mr Rauchs told BBC’s Tech Tent podcast. “This is not something that will change in the future unless the Bitcoin price is going to significantly go down."
    Graph of countries and electricity consumption

    The online tool has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).

    The energy it uses could power all kettles used in the UK for 27 years, it said.

    However, it also suggests the amount of electricity consumed every year by always-on but inactive home devices in the US alone could power the entire Bitcoin network for a year.
    Mining Bitcoin

    In order to "mine" Bitcoin, computers - often specialised ones - are connected to the cryptocurrency network.

    They have the job of verifying transactions made by people who send or receive Bitcoin.

    This process involves solving puzzles, which, while not integral to verifying movements of the currency, provide a hurdle to ensure no-one fraudulently edits the global record of all transactions.

    As a reward, miners occasionally receive small amounts of Bitcoin in what is often likened to a lottery.

    To increase profits, people often connect large numbers of miners to the network - even entire warehouses full of them.

    That uses lots of electricity because the computers are more or less constantly working to complete the puzzles.

    The University of Cambridge tool models the economic lifetime of the world's Bitcoin miners and assumes that all the Bitcoin mining machines worldwide are working with various efficiencies.

    Using an average electricity price per kilowatt hour ($0.05) and the energy demands of the Bitcoin network, it is then possible to estimate how much electricity is being consumed at any one time.
    Environmental conundrum

    “Bitcoin is literally anti-efficient,” David Gerard, author of Attack of the 50 Foot Blockchain, explained. “So more efficient mining hardware won't help - it'll just be competing against other efficient mining hardware.

    “This means that Bitcoin's energy use, and hence its CO2 production, only spirals outwards.

    “It’s very bad that all this energy is being literally wasted in a lottery.”

    The price of Bitcoin rose rapidly on Monday after Tesla announced its investment.

    But commentators say the investment clashes with the electric car firm's previous environmental stance.

    “Elon Musk has thrown away a lot of Tesla's good work promoting energy transition,” Mr Gerard said. “This is very bad... I don't know how he can walk this back effectively.

    "Tesla got $1.5bn in environmental subsidies in 2020, funded by the taxpayer.

    "It turned around and spent $1.5bn on Bitcoin, which is mostly mined with electricity from coal. Their subsidy needs to be examined."

    A carbon tax on cryptocurrencies could be introduced to balance out some of the negative consumption, Mr Gerard suggested.

    Bitcoin consumes '''more electricity than Argentina''' - BBC News


    I do not mean to bust a Greta-Greeny-Grumbly on the fan-thread but it seems like bit of a waste of energy to run a crypto this way in these politically complex times for the biosphere

    Is BTC the only one that does this? If not then how do the other players rank in terms of energy consumption?

    One of the puzzlers I have not been able to find an answer to on my googles is 'what is the endgame with this energy consumption?'. The blockchain requires all this energy. People invest the energy in return for reward - Bitcoin

    Bitcoin is finite so isn't it supposed to be fully mined one day and if so then who will power the block chain and why?

    Or does the Bitcoin mining cost increase exponentially so that it never gets fully mined. But if so then wouldn't that require the value of BTC to increase exponentially in order to make running the power-hungry block chain financially viable?

  11. #8486
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    Well the Argies are a tiny country tbh. They still sunk a few key British naval vessels.

  12. #8487
    I Amn't In Jail PlanK's Avatar
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    Gary Gensler, nominee for new head of SEC had his 'job interview' yesterday.
    He has come from teaching Blockchain & Money at MIT so he certainly has a better understanding of this space than his predecessor. Sadly his answers to questions from senators would indicate quite an ominous future for crypto. Regulation over Innovation.
    Some people think it don't, but it be.

  13. #8488
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by Looper View Post
    Bitcoin uses more electricity annually than the
    Similar revelation to:

    Quote Originally Posted by OhOh View Post
    VISA network as of 2020 (in kilowatt-hours)

  14. #8489
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by Plan B View Post
    Regulation over Innovation.
    "I think that’s the greater challenge, frankly, because some markets, usually operating overseas, have been rife with fraud."

    Biden's SEC Chair Pick Gary Gensler Reveals Policies on Bitcoin and Crypto Regulation – Regulation Bitcoin News

    Translation:

    "There are targets to be identified, named and sanctioned. Usually non-western, certainly not local, vassals or our "protected/installed puppet" partners."


    The relief felt by the Senate Banking Committee members was visible on their faces and felt by all present at the hearing.
    A tray full of GOLD is not worth a moment in time.

  15. #8490
    I Amn't In Jail PlanK's Avatar
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    Quote Originally Posted by OhOh View Post
    Translation:

    "There are targets to be identified, named and sanctioned. Usually non-western, certainly not local, vassals or our "protected/installed puppet" partners."
    Could you fuck off back to your stupid China-cheering political threads because you obviously know nothing about this. The SEC have only sued Western crypto companies, currently suing one of the biggest Western crypto companies, soon to sue more Western crypto companies. The SEC cannot sanction other countries.

    I guess that since Buttfluffer left, this thread has been missing a village idiot.
    Are you applying for the job?

  16. #8491
    Excommunicated baldrick's Avatar
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    Quote Originally Posted by Looper View Post
    If not then how do the other players rank in terms of energy consumption?
    if you are going to go down that path about environmental damage you need to look at how much is powered by hydro , solar and wind - I am not a fan of BTC but it is disingenuous to just use total energy consumption as the metric

    Quote Originally Posted by Looper View Post
    Bitcoin is finite so isn't it supposed to be fully mined one day and if so then who will power the block chain and why?
    BTC when it is finally mined to smidgens , is supposed to rely on transaction fees

    there is a lot of info if you care enough to google and learn

    and I would suggest learning about crypto and dipping your toes in the water with 50 bucks to find out how to purchase , transfer etc so you have a basic grasp at how this future of blockchains functions

    many many scams abound ,with both scam /sh1t / meaningless coins/tokens and dodgy exchanges - I use swyftx as an exchange in aust and have had no problem with them

  17. #8492
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by Plan B View Post
    China-cheering
    The word China, doesn't appear in my post, a little touchy are we?

    Quote Originally Posted by Plan B View Post
    The SEC cannot sanction other countries.
    but

    Presumably just foreign companies/individuals/elected foreign politicians?

  18. #8493
    I Amn't In Jail PlanK's Avatar
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    ^
    No, not at all. Everything you have posted in this thread is wrong.

    Please fuck off to your usual threads and let the adults discuss the pros and cons of blockchain & DLT. We all recognise the failings of our own and other governments in this space. We don't need a one-eyed cheerleader applying an Eastern bias filter to everything.

  19. #8494
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by Plan B View Post
    The SEC have only sued Western crypto companies, currently suing one of the biggest Western crypto companies, soon to sue more Western crypto companies.
    Your post suggests the SEC can "sue" foreign entities.

    Upon investigation. I come across the statement:

    Quote Originally Posted by OhOh View Post
    "I think that’s the greater challenge, frankly, because some markets, usually operating overseas, have been rife with fraud."
    Which suggests foreign entities/markets are his main concern.

    Don't foreign entities, who hold or trade crypto tokens, need to absorb what worries a potential country's regulator may have?

    But as you suggest, you and your "adults" have no needs.

  20. #8495
    Member Wakey's Avatar
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    Quote Originally Posted by forreachingme View Post
    Back above the 400 Usd...

    $401.7 | €352.6 | ¥2714.01 | £277.21
    1h +1.29% | 1d +2.27% | 7d +6.31% | 1m -2.98%
    This was five years ago and demonstrates how many mentally unstable people there are on the planet gambling their wealth on a computer program.

  21. #8496
    I Amn't In Jail PlanK's Avatar
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    ^^

    The SEC can regulate US companies/exchanges/banks. They can't shut down an exchange in Estonia.

    Crypto comes in many flavours but one of the commonalities of most of them is that it is distributed and decentralised. It can't be controlled by one entity. Each country will regulate it as they see fit. America has decided it's a threat to their current stranglehold on SWIFT which they use to enforce sanctions worldwide. China has decided to make it closed and centralised so it can use it against it's own people when they step out of line and have independent thoughts. EU, MENA, SEA has embraced it as a innovative technology that will speed up finance, empower the unbanked, cut out financial middlemen and reduce the power of commercial banking monopolies.

  22. #8497
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    China Officially Backs a CryptoCurrency and Establishes it as their Official Coin.

    Shen Haixiong JournalistForbesFinancial News | Paid Program

    Innovation





    It’s finally happened. A major worldwide government has just bestowed a huge vote of confidence and legitimacy onto the world of cryptocurrencies. China, in an unprecedented move, just announced that they are officially adopting a certain cryptocurrency as China’s official coin!
    The government of China just informed us that they have chosen a preferred firm for the purchase and marketing of their new coin - YuanPay Group. The sales of China's coin officially started March 4 of 2021 and currently these coins can be bought only from YuanPay Group.
    In fact, China deputy minister of finance, Liu Kun, informed us that their new official coin starting price is just ¥0.12 cents!
    ! 1 Chinese Yuan equals 0.13 EUR
    That’s right, their coin is incredibly inexpensive in comparison to most other coins out there. Bitcoin for example trades at ¥65,366.84 at the time of this writing, and Ethereum, trades at around ¥1,362.76.



  23. #8498
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    Quote Originally Posted by OhOh View Post
    By whom?.
    The Wait Is Over. Now You Can Change Your THB to China’s Official Government-Backed Cryptocurrency!

    For every THB you invest in 5th of March, expect potential profits of ฿5100 within three months!


  24. #8499

  25. #8500

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