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gowlerk

Crypto pricing and cost of mining it

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 On 7/5/2022 at 7:57 AM, wmw999 said:

Mining is one thing (although the electricity cost is ridiculous).

Right, but like I said above, Ethereum is moving to a Proof of Stake which will reduce energy consumption by 99%.  Bitcoin will continue 'as is', but at this point it's mainly for larger companies and their mining farms.  Some will start to incorporate newer, more energy efficient processors while others are already moving to renewable energy solutions, or both.

 

https://cointelegraph.com/news/this-earth-day-analysts-say-bitcoin-mining-is-naturally-gravitating-to-green-energy

According to a January report by the Bitcoin Mining Council, the global Bitcoin mining industry ran on an estimated 58.5% renewable energy by Q4 2021.

 

On 7/5/2022 at 7:57 AM, wmw999 said:

But the whole finance thing of not actually producing anything, just making money off of transactions that don't produce anything, I don't care for.

While Bitcoin was the first major use case of blockchain technology, it paved the way for more practical applications and real world solutions:

https://www.gemini.com/cryptopedia/ethereum-smart-contracts-tokens-use-cases

"Not dubbed “the mother of dApps” for nothing, Ethereum is adding value to myriad industries with a host of novel solutions to longstanding problems."

 

Some Examples from IBM: Supply Chain Transparency, Food Trust, Medical Records, Vaccine Distribution, etc, etc, etc:

https://www.ibm.com/blockchain/use-cases/

https://www.ibm.com/blockchain/solutions

 

 

"Why People are Skeptical of Crypto and Why They Change Their Minds:"

Sarah Drinkwater, the community builder who saw crypto’s leftist principles

Makisa Bronson, the analyst who sees Web3 as a tool for empowerment

Adam Samere, the engineer bullish on self sovereignty

Tyler Cowen, the economist initially turned off by crypto dogmatism

https://qz.com/2086270/why-people-are-skeptical-of-crypto-and-why-they-change-their-minds/

 

 

"Inside the World of Black Bitcoin, Where Crypto Is About Making More Than Just Money:"

https://time.com/6106706/bitcoin-black-investors/

 

"Crypto can be a driver for racial equity - When the math isn’t ‘mathing,’ the excluded find a way to win with crypto"

https://www.bostonglobe.com/2022/05/10/opinion/crypto-can-be-driver-racial-equity/

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2 hours ago, Coreece said:

Right, but like I said above, Ethereum is moving to a Proof of Stake which will reduce energy consumption by 99%.  Bitcoin will continue 'as is', but at this point it's mainly for larger companies and their mining farms.  Some will start to incorporate newer, more energy efficient processors while others are already moving to renewable energy solutions, or both.

 

https://cointelegraph.com/news/this-earth-day-analysts-say-bitcoin-mining-is-naturally-gravitating-to-green-energy

According to a January report by the Bitcoin Mining Council, the global Bitcoin mining industry ran on an estimated 58.5% renewable energy by Q4 2021.

 

While Bitcoin was the first major use case of blockchain technology, it paved the way for more practical applications and real world solutions:

https://www.gemini.com/cryptopedia/ethereum-smart-contracts-tokens-use-cases

"Not dubbed “the mother of dApps” for nothing, Ethereum is adding value to myriad industries with a host of novel solutions to longstanding problems."

 

Some Examples from IBM: Supply Chain Transparency, Food Trust, Medical Records, Vaccine Distribution, etc, etc, etc:

https://www.ibm.com/blockchain/use-cases/

https://www.ibm.com/blockchain/solutions

 

 

"Why People are Skeptical of Crypto and Why They Change Their Minds:"

Sarah Drinkwater, the community builder who saw crypto’s leftist principles

Makisa Bronson, the analyst who sees Web3 as a tool for empowerment

Adam Samere, the engineer bullish on self sovereignty

Tyler Cowen, the economist initially turned off by crypto dogmatism

https://qz.com/2086270/why-people-are-skeptical-of-crypto-and-why-they-change-their-minds/

 

 

"Inside the World of Black Bitcoin, Where Crypto Is About Making More Than Just Money:"

https://time.com/6106706/bitcoin-black-investors/

 

"Crypto can be a driver for racial equity - When the math isn’t ‘mathing,’ the excluded find a way to win with crypto"

https://www.bostonglobe.com/2022/05/10/opinion/crypto-can-be-driver-racial-equity/

Thanks. I am reconsidering my view. Certainly, my real understanding is lacking.

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14 hours ago, JoeWeber said:

Thanks. I am reconsidering my view. Certainly, my real understanding is lacking.

And I'm not trying to dismiss the very real dangers and concerns of crypto, just didn't want them to overshadow the big picture.

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On 7/7/2022 at 10:08 AM, Coreece said:

And I'm not trying to dismiss the very real dangers and concerns of crypto, just didn't want them to overshadow the big picture.

On reflection, and after additional consideration, I remain convinced it's an investment vehicle tailor made for believers in alternate realities. Some will win but most will lose, I believe. Cathie Woods, of the Arkk family of funds, opined that Bitcoin would go to half a million per if managers decided they needed exposure. So far, not so good.

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12 hours ago, JoeWeber said:

On reflection, and after additional consideration, I remain convinced it's an investment vehicle tailor made for believers in alternate realities.

Dude, I know you can see that this has grown well beyond financial speculation.  It's almost as if your head is so entrenched in sand that you can't even shout at the tide anymore.

And I don't think it's just a coincidence that you happen to post this soon after Ron and I were talking about a conservative bug out ranch that developed it's own utility token.

Please tell me you're not that shallow.

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11 minutes ago, Coreece said:

Dude, I know you can see that this has grown well beyond financial speculation.  It's almost as if your head is so entrenched in sand that you can't even shout at the tide anymore.

And I don't think it's just a coincidence that you happen to post this soon after Ron and I were talking about a conservative bug out ranch that developed it's own utility token.

Please tell me you're not that shallow.

It was a simple statement of belief. I invest in Arkk funds, one of which invests in crypto exchanges, so I follow Wood's thinking a bit. It occurred to me, a bit too late apparently, that her thinking on crypto was her belief that others would buy in out of necessity, that is to say out of belief, not as a value proposition. That's not to say crypto isn't tradable, it is, it simply lacks any inherent value and seems very open to disruption.

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On 7/9/2022 at 4:03 PM, Coreece said:

Dude, I know you can see that this has grown well beyond financial speculation.  It's almost as if your head is so entrenched in sand that you can't even shout at the tide anymore.

Sorry, but currently there are NO major uses of blockchain other than cryptocurrencies and NFTs. (And their usefulness is debatable - with NFTs you're basically buying a token to a URL...whatever that URL points to which you don't even control)

IBM and a lot of companies have declared research projects into using them for supply chains, or copyright, or contracts, but they haven't entered mainstream use yet.

I've had friends and relatives asking me about blockchain, but in almost all the potential applications, a normal database would do better.

One, you can't have a "small" blockchain - with the risk of a 51% attack it needs to be big from the outset. Two, it's much slower than a database. Three, it's much more complicated and unless you really know what you're doing, someone's going to end up hacking it.

I do agree with the ideals of all this stuff, but actual performance doesn't match the promises...

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18 hours ago, olofscience said:

IBM and a lot of companies have declared research projects into using them for supply chains, or copyright, or contracts, but they haven't entered mainstream use yet.

No, not yet.  It's a process, 15-20 years maybe.  Perhaps even a bit longer.

18 hours ago, olofscience said:

One, you can't have a "small" blockchain - with the risk of a 51% attack it needs to be big from the outset.

PoS is supposed to limit that risk even more.  Obviously there are concerns with the switch as you've already noted up-thread, we'll see what happens.  I'm sure new problems will arise along with new solutions.  Will be interesting to see how investors will react.

18 hours ago, olofscience said:

Two, it's much slower than a database. Three, it's much more complicated and unless you really know what you're doing, someone's going to end up hacking it.

Speed and hacking - when has that never been a problem?

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55 minutes ago, Coreece said:

Will be interesting to see how investors will react.

"Cyber currencies" are supposed to be just that, currencies. Currencies are not investment vehicles, but they can be used for speculation. People are thinking of these as investments. So many are doing so people that emotions are the only thing driving the price. There is no underlying value. 

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29 minutes ago, gowlerk said:
1 hour ago, Coreece said:

Will be interesting to see how investors will react.

"Cyber currencies" are supposed to be just that, currencies. Currencies are not investment vehicles, but they can be used for speculation. People are thinking of these as investments. So many are doing so people that emotions are the only thing driving the price. There is no underlying value. 

Again, this is beyond mere speculation in cryptocurrencies.  I'm talking about investors and companies building/improving their businesses with a blockchain platform and how they respond to upcoming changes wrt PoS.  It could be a make or break situation.

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Just now, Coreece said:

Again, this is beyond mere speculation in cryptocurrencies.  I'm talking about investors and companies building/improving their businesses with a blockchain platform and how they respond to upcoming changes wrt PoS.  It could be a make or break situation.

Yea, I get that. But without the speculators I'm not sure how the "banking system" behind crypto makes money. But then again I have yet to research and understand this PoS you speak of. I'm going trucking for a few days now, back to the real world, but I'll get on it when I have a chance. 

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On 7/3/2022 at 10:14 AM, JoeWeber said:

He thought, possibly correctly although it didn't turn out that way, that I was exiting too soon. He held on and lost it all.

Was the land expropriated? How did the value of the land go to $0?

If you mean he sold at a loss, or at breakeven, why did he sell and what would be the value of the land today?

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On 7/8/2022 at 7:50 PM, JoeWeber said:

Cathie Woods, of the Arkk family of funds, opined that Bitcoin would go to half a million per if managers decided they needed exposure.

Year to date, ARKK is down about the same as bitcoin......

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18 minutes ago, SkyDekker said:

Was the land expropriated? How did the value of the land go to $0?

If you mean he sold at a loss, or at breakeven, why did he sell and what would be the value of the land today?

He was highly leveraged without sufficient assets. You know the drill, forced to walk away. His interest went to zip, not the remaining value in the land.

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9 minutes ago, SkyDekker said:

To me a good fund manager establishes themselves when the market is not doing well. Cathie Woods is failing on that front.

I have to agree. My average isn't too far above today's quote but the reality is that I didn't have the trend well understood so now I am holding when the intention was to trade around it.

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(edited)
On 7/12/2022 at 4:25 PM, JoeWeber said:
On 7/12/2022 at 4:03 PM, SkyDekker said:

Year to date, ARKK is down about the same as bitcoin......

Thanks. I didn’t notice. Bad timing on my part.

Bitcoin:

BTC.jpg.fb921524a14d76f853c7cfd1371d7d8c.jpg

ARKK:

ARKK.jpg.f6148eb4b47da4825e7c1262af456f31.jpg

 

You'll see similar patterns with most other crypto and it'll likely continue this way. Who like's thrill rides?

Edited by Coreece

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1 minute ago, Coreece said:

BTC.jpg.fb921524a14d76f853c7cfd1371d7d8c.jpgARKK.jpg.f6148eb4b47da4825e7c1262af456f31.jpg

 

You'll see similar patterns with most other crypto and it'll likely continue this way. Who like's thrill rides?

Indeed I'm down, not drastically, but shit happens. Unlike bitcoin, ARKK is a basket of potentially disruptive issues. I'm happy holding here.

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