Macroscien said..
Because Bitcoin was designed to chew on cheap electricity and the price of electricity is now 10x higher we could easy predict future.
Oops. In the future we will have abundance of almost free energy from fusion reactors. So it take only a bit of patience , like 20 years and mining Bitcoins may be fashionable again.
Today mining sinle Bitcoin must cost 3x the coin is worth

Good point Macro. I had not thought about the rising cost of energy and its affect on crypto currency.
I'm really on the fence with crypto currency. I have a few but don't care about them at all. Its nice to dream about getting rich without working for it or risking any capital. This is what crypto currency is all about.

The use cases for crypto is pretty weak and is diminishing as time goes on. Smart contracts are unlikely to happen with cryptos. Its cheaper and easier to transfer money using traditional banking systems. Its cheaper to buy stuff with electronic banking that paying with crypto. In any case its been proven in Bitcoin's case those who horded coins did better than those who spent it though if Bitcoin goes down, those who bought a lawnmower with their Bitcoin in 2012 will be seen as getting a good deal.

myscreenname said..
Bitcoin's mining difficulty is automatically adjusted roughly every two weeks in order to keep the total block time at 10 minutes. So the price of mining Bitcoin is factored in.

Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.

Miners, like all businesses, run on tight margins. The miners carefully balance the value of the bitcoin reward against the operating costs of the mine. Energy is the main cost. If the price of bitcoin doubles competition between miners will ensure that double the energy is used. If energy gets cheaper, competition will just drive up the hash rate until they use more of it. Bitcoin mining uses as much energy as Greece. If it doubles in price it will use as much power as Greece and Portugal combined.

What surprises me is that bitcoin is hanging on to such a slow and painful death.

Ian K said..
Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.

...one of the fatal flaws.

There are many.

If myscreename endorses it it must be shxt imho. P

Hey pumpkin heads, this is sure to get at least some of you triggered.

Bitcoins environmental impact is half that of gold mining.

How do you like them apples?

finbold.com/bitcoin-accounted-for-0-1-of-global-greenhouse-gas-emissions-in-2022-data-finds/

myusernam said..
If myscreename endorses it it must be shxt imho. P

Was it you who recently created, arguably, the dullest topic in the thirty year history of Seabreeze?

Bahahaha

200 millions tonnes of Co2 up there! I've seen half-life estimations of excess Co2 from 30 to 150 years. So it's pretty much all still up there. There's only 20 million bitcoins so that's 10 tonnes of Co2 up there for that one 32k bitcoin.

Well at least it's something. More durable than a couple of magnetic stripes on a floppy disc in a shoebox somewhere I suppose.
www.newscientist.com/article/2339629-bitcoin-has-emitted-200-million-tonnes-of-co2-since-its-launch/?utm_source=onesignal&utm_medium=push&utm_campaign=2022-09-29-Bitcoins-CO2-em

I just bough a 4 pack of shop.coles.com.au/a/national/product/strawb-choc-cara-4pk?uztq=46abcbb7e16253b0cdc3e6c5bbe6a3f0&cid=col_cpc_Generic%7CColesSupermarkets%7CPLA%7CFrozen%7CAustralia%7CBroad&s_kwcid=AL!12693!3!495687929162!!!u!349221656158!&gclid=EAIaIQobChMIkKOb0by8-gIVyiFgCh09cgNsEAQYASABEgLIRPD_BwE&gclsrc=aw.ds

bjw said..
Are you back in the black?

I keep telling the pumpkin heads to buy the dip. But their belief system - wrongly - tells them that bitcoin is going to zero.

You can lead a goat to water, but you can't make it drink.

James said..
Lmao

Probably another flash crash. Instead of taking a screengrab, buy the dip!

You would be up over $4k only a few hours later.

laurie said..
...... nobody (that I'm aware of) has been scammed in quite some time.

My biggest regret was I didn't buy more Bitcoin.

Some people are just born to rim, like that third, bitter, servant in my enlightening, insightful, awsome story.

Lucky for some, not for others.

Ain't that the truth?

Carantoc said..
Your story was almost as enthralling as Searching for Sugarman.

Searching for Sugarman is way up there with Series 3 of The Walking Dead TV series and Formula Nova's posts on the Seabreeze network.

Like myusernam, I'm still addicted to the Rodriguez soundtrack on Spotify, I would go so far and say it's spiritual! These days I only watch The Walking Dead TV series. I divide the rest of my spare time between rendering body parts using text to image AI and carefully disecting and cataloguing to microfilm each of Formula Nova's rare exquisite posts in the 30 year history of this forum.

To be frank, my biggest regret is not properly reading and grasping the subtle nuances and subtexts that are carfully woven into each of his posts.

Like a puzzle, Formula Novas posts put the reader's brain to work, piecing together clues to arrive at the emotional truth of the scene. It makes the story more engaging and more memorable for the reader because the truth of a scene lies not in the words, but in the crux between word and action.

He's a true national treasure.

Ain't that the truth?

bjw said..

www.wsj.com/articles/bitcoin-mining-machines-for-sale-on-deep-discount-11667650411

"Greater Fools" are in short supply I reckon.

"In these troubling times it's comforting to know I invested in an asset that continues to maintain its value."

Shhhh, nothing to see here