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

Jagger100 said:
Perceived confidence only wrt currency.
Wrt Gold, bitcoin is scare and difficult to make more. Gold is scarce and difficult to make more. Gold has some slight utility in high tech electronics, shiney things, etc. But in comparison to the dollar value it holds the utility doesn't justify it. You can't eat it. You can't build cars from it, you can't make weapons with it. It is situationally useful but much of that arose after it gained its value not before. It's scarce and prone to speculation is the only reason it commands the prices it has.
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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.
 
Jagger100 said:
Governments have never crashed? So state dollars have never crashed? Great Depression showed that there's no way to back up the Government based money that is out there. It's been virtual money predominately for quite some time. We've been spoiled by the stability the Post WWII Cold War and Comparative Benevolent Hegomony of the US in the Post Cold War and relative Economic stability as well which has spared us another Great Depression Reminder of how fragile it all is. That period is coming to an end.
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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.
 
M76 said:
The energy requirement of crypto transactions is so large that it is impossible to use as a currency. If all financial transactions were done in crypto, we'd use our yearly electricity in less than a day. Do the math.
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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.
 
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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.
 
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.
 
JustinCorrigible said:
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.
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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.
 
collegeboy69us said:
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.
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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.
 
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Archaea said:
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.
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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.
 
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