OT: Ray, how's your Bitcoin investment going?

[redir]

Wow! My Chainlink (LINK) is doing real good

[akelman]

Can't promise the numbers are correct, and wouldn't want to tell people what they should do with their money. But this seems like a massive societal cost of Bitcoin (and other cryptocurrencies).

https://twitter.com/smdiehl/status/1...495733761?s=21

[Louis]

Originally Posted by akelman

Can't promise the numbers are correct, and wouldn't want to tell people what they should do with their money. But this seems like a massive societal cost of Bitcoin (and other cryptocurrencies).

https://twitter.com/smdiehl/status/1...495733761?s=21

I very much doubt that people care, as long as it makes them money.

No different from a coal mine.

[rounder]

I have not been following the bitcoin story closely, but there was an interesting story in the Washington Post today about how bitcoin mining was causing blackouts in Iran due to excessive strain on the power grid.

https://www.washingtonpost.com/world...aming-bitcoin/

[mstateglfr]

Originally Posted by akelman

Can't promise the numbers are correct, and wouldn't want to tell people what they should do with their money. But this seems like a massive societal cost of Bitcoin (and other cryptocurrencies).

https://twitter.com/smdiehl/status/1...495733761?s=21

Interesting- ive known about the server farms and periodic reported blackouts, but have never looked into how much sheer power is required to mine this mythical stuff.
This has definitely motivated me to take a look at the numbers.

[cnighbor1]

Because Bitcoin is a way to hide ones wealth and avoid taxes and criminal actions I avoid it, Has it allows drug dealers etc to avoid the law

[thegunner]

Originally Posted by cnighbor1

Because Bitcoin is a way to hide ones wealth and avoid taxes and criminal actions I avoid it, Has it allows drug dealers etc to avoid the law

this is... a terrible take. there's literally a transaction ledger for everything and is becoming more and more regulated by the day.

imagine saying you avoid paper currency because drug dealers accept it as a form of payment.

there are so many good reasons to avoid buying into BTC, but the morality argument is off base.

[Davist]

Originally Posted by thegunner

this is... a terrible take. there's literally a transaction ledger for everything and is becoming more and more regulated by the day.

imagine saying you avoid paper currency because drug dealers accept it as a form of payment.

there are so many good reasons to avoid buying into BTC, but the morality argument is off base.

Uh, not so sure, isn't this the same reason they got rid of the 500 euro note? https://slate.com/news-and-politics/...in-ladens.html

[thegunner]

Originally Posted by Davist

Uh, not so sure, isn't this the same reason they got rid of the 500 euro note? https://slate.com/news-and-politics/...in-ladens.html

"But eliminating it may not solve the problem." probably because elimination of the side-effect does nothing to solve the root issue. I seriously suspect a lot of negativity surrounding cryptocurrency stems from misunderstanding of technology and fearmongering.

[Davist]

Originally Posted by thegunner

"But eliminating it may not solve the problem." probably because elimination of the side-effect does nothing to solve the root issue. I seriously suspect a lot of negativity surrounding cryptocurrency stems from misunderstanding of technology and fearmongering.

fully agree. Though I would say there is a tinge of crime/shiftyness which is definitely a contributing factor.

As to avoiding paper currency due to drug dealers/criminals, I was surprised last time I was in Sweden, in '19, basically no paper money anywhere anymore, even the homeless folks have square. If you haven't read that story, one of the ABBA founder's kids got robbed and they mounted a campaign against paper money (older article): https://www.wired.com/2016/05/sweden-cashless-economy/

[Ozz]

Originally Posted by thegunner

"But eliminating it may not solve the problem." probably because elimination of the side-effect does nothing to solve the root issue. I seriously suspect a lot of negativity surrounding cryptocurrency stems from misunderstanding of technology and fearmongering.

Maybe....the technology is certain impressive, and has applications beyond cryptocurrency. I do think (uninformed opinion) that at some point there are going to be environmental issues with the power consumption.

However, you cannot ignore that this medium of exchange allows anonymous financial transactions that facilitate some pretty heinous criminal activity, not to mention tax avoidance and such. I would argue that if you need an anonymous financial transaction, it is cuz you are doing something illegal and/or trying to hide it from the government/taxing authorities.

[fiamme red]

Now at 31,888. I guess it will rebound to 35,000 by today's close. If you enjoy roller coasters, Bitcoin is for you.

[redir]

It looks like it's having a bit of an adjustment. as they say BTFD.

[Louis]

Did you guys all sell your BTC and buy GameStop?

[chuckroast]

The Gamestop story is pretty interesting/funny...as long as you're not one of the hedgefunds that got caught with their pants down.

https://www.msn.com/en-us/money/comp...ng/ar-BB1d9jfz