Bitcoin Falls to a One-Year Low and Drags the Cryptocurrency Market with It.

Discussion in 'HardForum Tech News' started by cageymaru, Nov 14, 2018.

  1. M76

    M76 [H]ardForum Junkie

    Messages:
    9,002
    Joined:
    Jun 12, 2012
    Not the point. The point is that it is so wasteful that it is suicidal to use at all.
     
    Armenius likes this.
  2. Aireoth

    Aireoth 2[H]4U

    Messages:
    2,482
    Joined:
    Oct 12, 2005
    To be frank, you are an idiot if you really see it this way. This isn't some banana republic, our currencies are and will be long after crypto dies or is taken over by our very states.

    People that spout your nonsense are used car salesmen trying to talk morons into investing their life savings in a broken down pinto.
     
    Armenius likes this.
  3. DPI

    DPI Nitpick Police

    Messages:
    10,956
    Joined:
    Apr 20, 2013
    LOL. It's slowly turning into one.
     
    tetris42 and Farkle like this.
  4. N4CR

    N4CR 2[H]4U

    Messages:
    3,700
    Joined:
    Oct 17, 2011
    I'll take what is the DTCC and Black Monday for $5. It's all engineered and controlled from stock market to inflation, a very well oiled machine but also very corrupt.

    Most think fiat currency is some infallible thing. Little do they know the Rothschilds themselves who control the entire financial system also were pushing crypto as a replacement which has failed, they said they would do this back in ~2011.
    It'll replace fiat $ eventually and I look forward to it as it gives people more control. But as it is, it needs more work and the greedy fucks need to be kept out, some coins were developed with this in mind, e.g. adolfcoin.

    Any one who trusts fiat should read Modern Money Mechanics by the Chicago Federal Reserve, whom is owned by the Rothschilds, who also own the World bank/IMF/IRS etc, have fun paying them your 'taxes' like a good slave.
     
  5. Armenius

    Armenius I Drive Myself to the [H]ospital

    Messages:
    17,403
    Joined:
    Jan 28, 2014
     
  6. Archaea

    Archaea [H]ardForum Junkie

    Messages:
    9,176
    Joined:
    Oct 19, 2004
    we could process all bitcoin transactions on 3 machines. (So as not to allow 51% - or it could even be fewer). You realize we are only processing a few transactions per second right. Even with all the intense global hashing power?

    https://www.blockchain.com/btc/unconfirmed-transactions?show_adv=true

    If we had only three machines we would still be hashing the same rate, the difficulty would just drop to compensate.

    The cost of mining/lucrativeness of mining/completion/global power use is based on the block reward and the current/speculative value of bitcoin. All that hashing power isn’t necessary, it’s actually purposely made more difficult to keep the block times at 10 minutes. The system automatically adjusts the difficulty based on available hashing power. It’s rather interesting and complex, but no we don’t need to use that much hashing power to drive bitcoin, and no guarantee that in 1 day, 1 month, 5 years etc, that we will require more hashing power than we have now. As the block rewards for bitcoin drop, or if the price drops, then we could easily have many less miners and less electrical use and bitcoins distributed ledger operation and integrity will survive without any concern or impact whatsoever.
     
    Last edited: Nov 16, 2018
  7. JustinCorrigible

    JustinCorrigible Gawd

    Messages:
    750
    Joined:
    Apr 29, 2011
    Real glad I got in with XRP back during the BOINC stuff, doesn't seem to be too affected by any of the volatility of Bitcoin. It's come a long way from being worth half a cent per coin.
     
  8. Joust

    Joust 2[H]4U

    Messages:
    2,739
    Joined:
    Nov 30, 2017
    I got in, learned a lot and had some fun, and got back out. I am not unhappy with the outcome. Bunch of [H] members got pristine gear from me as a result.
     
  9. collegeboy69us

    collegeboy69us [H]ardness Supreme

    Messages:
    5,257
    Joined:
    Jul 27, 2003
    XRP is where my money is at... I got in around the 20 cent days. Anything I mined with my farm, was converted to XRP over the past 2 years or so. It all started out as play money / hobby type stuff, so the crypto world crashing means I'm not really out anything, but once I saw the speed and efficiency of their system, I went all in. I'm shocked it's left ETH in the dust in terms of market cap so quickly the past few days. Not sure if I'll do the whole "lambo" thing, but it's a pretty solid bet I can retire 10 years early if Ripple (the company) makes their dream come true in the financial world.
     
  10. Archaea

    Archaea [H]ardForum Junkie

    Messages:
    9,176
    Joined:
    Oct 19, 2004
    Ripple is the exact opposite of what bitcoin was founded on. Their token has nothing to do with their technology being toyed with by Visa and Banks. It’s centralized, and pre-mined, and ultimately VERY different than the things bitcoin set out to be (decentralized, public ledger, accessible to all etc). I’m not saying you’re wrong to invest in XRP the token, I’m just throwing this out there for others who haven’t read anything on it because people invest too often in things they know nothing about. To me, ripple is so different as to not even really be lumped into traditional crypto. Two of my friends at work bought into ripple knowing NOTHING about it. It worked out for them based on lucky timing, but that kind of blind buying and ignorance in the community annoys me and is the reason we had this massive ramp up and pull back earlier this year - which isn’t good for the crypto community nor the message.
     
    Last edited: Nov 18, 2018
  11. collegeboy69us

    collegeboy69us [H]ardness Supreme

    Messages:
    5,257
    Joined:
    Jul 27, 2003

    I'm a bit amused you mention the phrase "others who haven't read anything on it" because the fact of Ripple (The company) controls less than 48% of the XRP validators in the system, with that percentage dropping almost weekly. To make unilateral changes in the system, I believe the percentage needed is 80% in terms of centralization. The great thing is that anyone can run an XRP validator, it doesn't take millions of dollars in GPUs, or hundreds of thousands of dollars worth of electricity to run.

    I've been playing with BTC since it was a few bucks, and the problem I see today with the various "visions" people have for it are twisted to the point where I'm not wasting my time with it anymore. The past week has been especially fun/interesting with the hash wars going on, and every loud mouth Satoshi wannabe forking left and right.