Bitcoin


#1878

You can create a new cryptocurrency just like an app or a program in a couple of hours. Those stats dont mean a whole lot. Whats more informative is BTC dominance is now very high at almost 50% which is bad for alternative coin valuations, even the ‘good’ ones with strong communities, use cases and developer bases. Bitcoin is just stomping all over everything just now.
Money is flowing into BTC as BTC ETF approval is expected in August.

That being said if you want to buy into some alts its possibly a good opportunity. Or not.


#1879

Below is a very informative discussion (recorded a few days ago) on the financialisation of Bitcoin with Trace Mayer and Caitlin Long. Wall St is coming…

bitcoin.kn/2018/08/caitlin-long-financialization/

Some interesting parallels drawn re. the gold market and how the layers of paper IOUs on the commodity have effectively suppressed the spot price.


#1880

There’s more: bloomberg.com/amp/news/arti … ssion=true


#1881

Stop worrying about how much energy bitcoin uses

Electricity is 90 percent of the cost to mine bitcoin. As such, bitcoin mining uses an exorbitant amount of power: somewhere between an estimated 30 terawatt hours alone in 2017 alone. That’s as much electricity as it takes to power the entire nation of Ireland in one year.

Indeed, this is a lot, but not exorbitant. Banking consumes an estimated 100 terawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.

theconversation.com/stop-worryi … uses-97591


#1882

And the amount of Bitcoin mined halves ever four years (next halvening is 2020) so this’ll also reduce energy consumption. Far too much is made of the energy consumption of BTC.


#1883

In Bitcoin mining, price follows hash power and vice-versa like chicken and egg. The halvening will effectively halve the mining reward per block. In the past these events haven’t had much significance on the dollar value of the overall reward per block. However, because fewer coins are rewarded post halvening, the dollar price per Bitcoin effectively doubles (not immediately, in reality the dollar price rises over the prior months in anticipation of the halvening event).

So in all, the longer that Bitcoin survives, one would expect hash power to increase exponentially. However, I agree that the electricity usage problem is hugely overblown and is used by Bitcoin sceptics as another excuse to bash the technology through misinformation. In reality, as Bitcoin gets harder to mine because global collective hash power is surging, mining ops are increasingly migrating to renewable sources. e.g. hydroelectric in Canada and geothermal in Iceland (one of world’s largest mining facilities is there already). This is market forces at work, driving the requirement for more energy efficient mining, just as you would expect over the long-run.


#1884

There was a bitcoin rush in an area of Washington State with cheap hydroelectricity. It went insane this time last year.

seattletimes.com/business/p … ard-times/

and

1500 MW is around 1/3 of peak demand in all of Ireland. :smiley:


#1885

marketwatch.com/discover?ur … amp_social


#1886

Not if you’re using someone else’s electricity. :angry:

Is there actually a profit in “mining”, or are you just wasting energy?


#1887

Depends on electricity cost and value of the coin.


#1888

Bitcoin dropped around 30% in value in the last week, any ideas what happened?


#1889

There’s a 3 way fork being argued over in Bitcoin Cash. That’s one reason I hear touted.


#1890

Probably the bitcoin cash hard fork spooked a lot of folks .There are two major groups duking it out . Not directly related to bitcoin but they may be spending bitcoin to fund their hashwar.

It was unusually stable for a few months prior.


#1891

Touching $3800 now


#1892

Are they in negative equity (energy cost to “mint”) yet?


#1893

Saw something about $4k being the threshold for it being profitable to mine, be interesting to know if that is a reliable figure.


#1894

Assuming the miners can no longer operate, what are the implications ?


#1895

I think the “target” value will not go up as quickly if hashing power in the network decreases, so as to maintain the ten minute block mining rate.


#1896

ccn.com/bitcoin-wont-last-b … d-snowden/


#1897

Electricity generator’s will see aa drop in demand for starters.