Cryptocurrency (14 Viewers)

[pavelnel]

Bitcoin and cryptocurrency have been making millionaires, although people are still having losses due to lack of experience, that is why it is advisable to allow a professional handle your trade.
it even ultimately becoming reserve currency for banks, playing much same role as Gold did in the early years of banking. Banks could issue digital cash with greater anonymity, lighter weight and more efficient transactions

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all that matters is the long term. ive been in this market so long it really doesnt matter what it does. it eventually goes back up and you can always make money in it no matter what.

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That's not a reasonable excuse for a power outage. Someone not being honest.

VAAAAAT? I say VAAAAAAT? I like how you cryptosexuals repeat these lies as if there is any truth in them. There is not a single cryptoshit more efficient and lightweight than anything that banks have at their disposal for making transactions. In fact, crypto is increasingly and redundantly inefficient by design, and particularly Bitcoin needs thousands of times more energy for a single transaction in comparison to Visa or MC.
1 BTC transaction needs 1200 kWh while 100 000 Visa transactions need 10 times less energy than one Bitcoin transaction. Visa's network can process over 2000 transactions per second - Bitcoin 10. An on and on..There is no physical reality where a blockchain network is more efficient and faster than a regular payment network. And every single one of these blockchains is designed to increase substantially their energy and resource demands when they grow more popular while still processing just a fraction of the transactions the banking system can.

 

Buy on AliExpress.com

[lgorTudor]

1 BTC transaction needs 1200 kWh while 100 000 Visa transactions need 10 times less energy than one Bitcoin transaction

Gatekeeping is a thankless but neccessary task. Thanks for weeding out the lazy and stupid with your 180% made up statements.

 

[pavelnel]

Gatekeeping is a thankless but neccessary task. Thanks for weeding out the lazy and stupid with your 180% made up statements.

Lazy and stupid are adjectives that perfectly describe the crypto community and you but not my statements, which are perfectly verifiable.

 

[.zero]

VAAAAAT? I say VAAAAAAT? I like how you cryptosexuals repeat these lies as if there is any truth in them. There is not a single cryptoshit more efficient and lightweight than anything that banks have at their disposal for making transactions. In fact, crypto is increasingly and redundantly inefficient by design, and particularly Bitcoin needs thousands of times more energy for a single transaction in comparison to Visa or MC.
1 BTC transaction needs 1200 kWh while 100 000 Visa transactions need 10 times less energy than one Bitcoin transaction. Visa's network can process over 2000 transactions per second - Bitcoin 10. An on and on..There is no physical reality where a blockchain network is more efficient and faster than a regular payment network. And every single one of these blockchains is designed to increase substantially their energy and resource demands when they grow more popular while still processing just a fraction of the transactions the banking system can.

That statement is not entirely true. It depends on the blockchain protocol in question. If it’s Bitcoin then you may be right. However, there are lighter, much faster, higher fidelity, trustless blockchains since the advent of Bitcoin. And I’m not talking about LTC which is simply hardfork of Bitcoin.

For P2P, commercial, micro payments a project like NANO is optimal. It’s lightning fast, secure, fee less, and is designed to not consume high amounts of energy to operate and facilitate transactions.

 

[pavelnel]

That statement is not entirely true. It depends on the blockchain protocol in question. If it’s Bitcoin then you may be right. However, there are lighter, much faster, higher fidelity, trustless blockchains since the advent of Bitcoin. And I’m not talking about LTC which is simply hardfork of Bitcoin.

For P2P, commercial, micro payments a project like NANO is optimal. It’s lightning fast, secure, fee less, and is designed to not consume high amounts of energy to operate and facilitate transactions.

I may be right? Nope, I am 100% right. Not only Bitcoin but every single blockchain protocol out there is less efficient and slower than a traditional payment operator. Not single one of them is capable to process the same number of transactions with comparable energy and resource footprint, because of the inherently wasteful nature and over securitization performed on the blockchain.
In addition, a dollar value transaction on Visa's network does not change its purchasing power while the transaction is being performed while Bitcoin could be worth 1-5-10-15% less or more at the time the operation finishes, which is just ridiculous.

 

[Siamak]

VAAAAAT? I say VAAAAAAT? I like how you cryptosexuals repeat these lies as if there is any truth in them. There is not a single cryptoshit more efficient and lightweight than anything that banks have at their disposal for making transactions. In fact, crypto is increasingly and redundantly inefficient by design, and particularly Bitcoin needs thousands of times more energy for a single transaction in comparison to Visa or MC.
1 BTC transaction needs 1200 kWh while 100 000 Visa transactions need 10 times less energy than one Bitcoin transaction. Visa's network can process over 2000 transactions per second - Bitcoin 10. An on and on..There is no physical reality where a blockchain network is more efficient and faster than a regular payment network. And every single one of these blockchains is designed to increase substantially their energy and resource demands when they grow more popular while still processing just a fraction of the transactions the banking system can.

I generally agree that energy consumption is a problem although i think it's up for debate how big it is. Yes i see this problem but on the other hand a lot of the renewables that are used for bitcoin mining are renewables that wouldn't have been used otherwise. but miners do move to renewable energy because if they don't they can't mine profitably . no one will mine if their energy cost is greater than the profit from mining and There are also other crypto like ethereum or cardano that don't require so much energy for mining.

 

[.zero]

I may be right? Nope, I am 100% right. Not only Bitcoin but every single blockchain protocol out there is less efficient and slower than a traditional payment operator. Not single one of them is capable to process the same number of transactions with comparable energy and resource footprint, because of the inherently wasteful nature and over securitization performed on the blockchain.
In addition, a dollar value transaction on Visa's network does not change its purchasing power while the transaction is being performed while Bitcoin could be worth 1-5-10-15% less or more at the time the operation finishes, which is just ridiculous.

I respect your opinion despite your stance that "It doesn't get any better than this" in regard to the the current financial infrastructure tech and systems.

large financial institutions like Visa, JPMC, Citi are working on developing their own blockchains because they recognize the benefits to the current wasteful, slow, archaic systems because they realize the cost savings across the board from transactions, remittance, liquidity, to lending.

Don't forget that blockchain technology is only came on the scene about a decade ago. It hasn't even hit cracked the full frame of wide adoption where mass innovation takes place (though we are approaching that).

I recommend reading up on NANO. While still nascent, and mainly for P2P you can extrapolate where things are headed.

https://nano.org/en
https://content.nano.org/whitepaper/Nano_Whitepaper_en.pdf

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@pavelnel also worth reading since the NASDAQ is basically a shiller of bank propoganda:

https://www.nasdaq.com/articles/how-much-energy-does-bitcoin-really-consume-2021-05-13

 

[pavelnel]

I respect your opinion despite your stance that "It doesn't get any better than this" in regard to the the current financial infrastructure tech and systems.

large financial institutions like Visa, JPMC, Citi are working on developing their own blockchains because they recognize the benefits to the current wasteful, slow, archaic systems because they realize the cost savings across the board from transactions, remittance, liquidity, to lending.

Don't forget that blockchain technology is only came on the scene about a decade ago. It hasn't even hit cracked the full frame of wide adoption where mass innovation takes place (though we are approaching that).

I recommend reading up on NANO. While still nascent, and mainly for P2P you can extrapolate where things are headed.

https://nano.org/en
https://content.nano.org/whitepaper/Nano_Whitepaper_en.pdf

Of course, it can get better but the blockchain is not that and while Visa, JPMC, Citi are experimenting they are doing so trying to financially benefit from the hype and not primarily to change their systems and operations. This is a big problem in the crypto community: finding divine signs of future glory in completely ordinary stuff. This does not change the fact that the economic reasoning behind crypto is ultimately fundamentally flawed in so many aspects. It is inherently an inefficient system and currently a solution looking for a problem.

 

[lgorTudor]

Lazy and stupid are adjectives that perfectly describe the crypto community and you but not my statements, which are perfectly verifiable.

You are factually wrong. The first google result you probably clicked on for a 'shocking number' to build your case around includes the issuing of coins which makes up 90% of BTC energy consumption, not the validations. Due to an event called halvings fewer and fewer coins will be issued as time goes by. Also you voluntarily omitted increasingly green mining and the fact that the value proposition of a secure, decentralized and immutable network should generally not be compared with VISA's excel sheets. Keep on gobbling globohomo cock and regurgitating their mass media narrative. It's very entertaining.

I recommend reading up on NANO.

Nano good times were had. Most deluded community I've ever seen tho. ADA tier

 

[pavelnel]

You are factually wrong. The first google result you probably clicked on for a 'shocking number' to build your case around includes the issuing of coins which makes up 90% of BTC energy consumption, not the transactions. Due to an event called halvings fewer and fewer coins will be issued as time goes by. Also you voluntarily omitted increasingly green mining and the fact that the value proposition of a secure, decentralized and immutable network should generally not be compared with VISA's excel sheets. Keep on gobbling globohomo cock and regurgitating their mass media narrative. It's very entertaining.

I used the most popular estimate in order for individuals with IQ around 80 like you to find it. I know you will not dig deeper into more meaningful research as you really are not interested in understanding why Bitcoin and crypto are ultimately just financial speculations with useless digital tokens.
You fit perfectly in this delusion though: right-wing psycho who consumes propaganda level of alternative facts and lacks rational and critical thinking.

I recommend reading up on NANO. While still nascent, and mainly for P2P you can extrapolate where things are headed.

https://nano.org/en
https://content.nano.org/whitepaper/Nano_Whitepaper_en.pdf

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@pavelnel also worth reading since the NASDAQ is basically a shiller of bank propoganda:

https://www.nasdaq.com/articles/how-much-energy-does-bitcoin-really-consume-2021-05-13

I looked up Nano: not surprising to find limited supply and ridiculous volatility= not a currency, nor an asset. Limited supply and lack of any relation to a meaningful economic activity incentivize hoarding and its value is purely arbitrary. Not different than any other crypto then. I won't bother to check their claims about fee-less transactions and speed, because I know for certain if it's based on a blockchain there should be financial incentives for this blockchain to exist and survive. There is no free lunch.
As to their claims to be eco-friendly I call them out to be BS. Really, I do not see anything of value here that can't be reproduced easily by another shitcoin or much more efficiently by a traditional system.

 

[swag]

VAAAAAT? I say VAAAAAAT? I like how you cryptosexuals repeat these lies as if there is any truth in them. There is not a single cryptoshit more efficient and lightweight than anything that banks have at their disposal for making transactions. In fact, crypto is increasingly and redundantly inefficient by design, and particularly Bitcoin needs thousands of times more energy for a single transaction in comparison to Visa or MC.
1 BTC transaction needs 1200 kWh while 100 000 Visa transactions need 10 times less energy than one Bitcoin transaction. Visa's network can process over 2000 transactions per second - Bitcoin 10. An on and on..There is no physical reality where a blockchain network is more efficient and faster than a regular payment network. And every single one of these blockchains is designed to increase substantially their energy and resource demands when they grow more popular while still processing just a fraction of the transactions the banking system can.

I love your use of cryptosexuals. There is definitely a cult behind it. But that was true of interactive CD/DVD content in the early 90s, the consumer Internet, social media when it first exploded, etc.

Yes, we can argue the efficiency differences between proof of work and proof of stake, blah blah blah. But the core premise is the same. Crypto is designed to work on the premise that doing unnecessary work is a proxy for trust. As such, it's really founded on the idea of deliberate waste.

Yes, email spam wouldn't exist if everyone who sent an email was charged $0.02 for every one. I get it. But the fundamental belief of doing unnecessary work as a proxy for anything still rubs me the wrong way. It basically takes playing hard to get as a teen girl and turns it into monetary policy.

 

[Siamak]

In few months or so, people will definitely be kicking themselves in regrets for missing the opportunity to buy and invest in cryptocurrency

 

[pavelnel]

In few months or so, people will definitely be kicking themselves in regrets for missing the opportunity to buy and invest in cryptocurrency

Said every MLM douche ever...

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[Siamak]

Said every MLM douche ever...

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well you don't invest

 

[pavelnel]

well you don't invest

You confuse investing with digital farts speculation.

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[Siamak]

You confuse investing with digital farts speculation.

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Zero knowledge with empty wallet
but it all depends on the pattern with which you trade and also the source of your trading signaIs which means the market is currently experiencing a major rise to its next all time high with bitcoin being very bullish. While others still continue to trade without the fear of making loss, others are being patient.

 

[pavelnel]

Zero knowledge with empty wallet
but it all depends on the pattern with which you trade and also the source of your trading signaIs which means the market is currently experiencing a major rise to its next all time high with bitcoin being very bullish. While others still continue to trade without the fear of making loss, others are being patient.

I am sure you are not a real person. Even for a bot you sound retarded. Bad NN data inputs I guess...

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[Siamak]

I am sure you are not a real person. Even for a bot you sound retarded. Bad NN data inputs I guess...

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But what I said is fairly obvious observation. be wiser....then you can understand.

 

[pavelnel]

But what I said is fairly obvious observation. be wiser....then you can understand.

Yeah, nope. Go back spamming Youtube videos and Facebook articles.

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[Siamak]

Yeah, nope. Go back spamming Youtube videos and Facebook articles.

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i didn’t mean to be hurtful. stop beeing so negative.