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Where will Bitcoin be on 9/4/2018?
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9 members have voted
| October 12th, 2017 at 11:25:39 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
There is some small energy use if you pay a bill with a Visa, but it is very minor, Bitcoin’s trust-minimizing consensus has been enabled by its proof-of-work algorithm. The machines performing the “work” are consuming huge amounts of energy while doing so. The ever increasing price of bitcoin motivates people (called miners) to run the machines to prove the transactions. They are being paid by getting new bitcoins which they hope will cover the energy cost and hopefully increase in value with passing time. But if the value of bitcoin crashes, the energy cost may be higher than the bitcoins awarded. I am not sure what happens at this stage. Either the process will slow down incredibly or it will come to a stop. My guess is that it will slow down. |
| October 12th, 2017 at 11:39:56 AM permalink | |
| SOOPOO Member since: Feb 19, 2014 Threads: 22 Posts: 4170 |
Who pays the 'miners'? |
| October 12th, 2017 at 11:58:42 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18204 |
They are rewarded in new Bitcoin. No idea what happens when the last one is mined in 25-30 years. I'll be dead so not worrying there. The President is a fink. |
| October 12th, 2017 at 6:58:11 PM permalink | |
| Wizard Administrator Member since: Oct 23, 2012 Threads: 239 Posts: 6095 |
Let me preface this by saying Bitcoin is not my area of expertise. That said, I thought the chance of mining a bitcoin when mining was related to both the cost of electricity and the value of a Bitcoin. As I understand it, the miners barely make a profit. I know one miner who quit because it just wasn't worth the bother. So, I claim miners are no more and no less motivated given the recent spike in cost. Knowledge is Good -- Emil Faber |
| October 13th, 2017 at 12:39:41 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
I suppose that depends on if he the miner is spending current dollars for equipment and electricity, while keeping the Bitcoins for future revenue. If margins are small if you have to sell the BTC to pay the bills, then the spike in value is little motivation. But if you have some way to pay the bills and are banking the BTC for the long term, then the recent spike could be motivational or demotivational depending on if you think it portends continued growth or if it is a bubble.
These devices are sold on Amazon for about $4000 apiece.  |
| October 29th, 2017 at 1:45:59 PM permalink | |
| petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | I hadn't paid enough attention? I didn't know it was illegal? https://bitcoinist.com/michigan-man-busted-unlicensed-bitcoin-exchange-faces-jail-time/ I guess it's true what they say about not committing crime, "the government hates competition. The last official act of any government is to loot the treasury. GW |
| October 29th, 2017 at 1:57:06 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | Banknotes and coin in circulation (12/31/2015) PRELIMINARY UPDATED NUMBERS JUST RELEASED (Britain dropped by $10 billion with devaluation of pound sterling. Banknotes and coin in circulation (12/31/2016) Billions of Dollars - Exchange Rate at end of 2016 $1,509.34 United States 1.00 $1,217.91 Euro area ? $915.72 Japan 117.07 $196.49 India 67.95 $145.11 Russia 60.66 $103.00 (10/29/2017) @$6185.30 with 16,653,100 BTC ----------------------------------------------- $93.78 United Kingdom 0.81 $80.48 Korea 1208.50 $79.68 Switzerland 1.02 $71.23 Brazil 3.26 $68.71 Mexico 20.66 $64.40 Canada 1.34 $57.71 Australia 1.38 $54.16 Hong Kong SAR 7.76 $53.33 Saudi Arabia 3.75 $35.40 Turkey 3.53 $29.39 Singapore 1.45 $7.20 South Africa 13.68 $6.88 Sweden 9.06 Bitcoin is now ranked #7, china is not releasing hard numbers, but it is probably close to Japan. |
| October 29th, 2017 at 2:52:44 PM permalink | |
| petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | Woulda, coulda, shoulda. I hope you bought a bunch at 10$. Meanwhile gold shifts sideways the whole time. Reality, is created by the observer, again. The last official act of any government is to loot the treasury. GW |
| October 29th, 2017 at 3:03:28 PM permalink | |
| petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | That was incredible. Although it has happened throughout history. I think of the poor that didn't have access to banking and held onto their fiat with clenched fist as their life savings vaporized. We can all be convinced that here isn't there, and take comfort in that, but it has happened before, here. Maybe for anyone that owns a smartphone digibux is the way to go? It seems that the price of everything is manipulated, hard to have faith in bitcoin as a currency, but for a speculation buy and sell it would have been a dandy. I don't understand it, and according to that article it appears there is risk of going to jail for just selling it? I wouldn't do well in jail. The last official act of any government is to loot the treasury. GW |
| October 29th, 2017 at 3:19:36 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
According to Bank for International settlements, the cash in circulation was reduced by 60%.
If 86% of the value of cash in India was suddenly de-monetized until you could prove that you could trace where it came from. Consider that the $50 and $100 are about 82% of the value of US cash in circulation. Stats on 12/31/2016 76.51% USD 100 5.53% USD 50 11.74% USD 20 1.27% USD 10 0.94% USD 5 0.78% USD 1 0.18% other 3.05% coins |