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What a complete waste of computational power.The company contributes about 10% of the computing power to secure the entire Bitcoin network. It had 243,000 servers for Bitcoin mining with 143,000 for self-mining. It has provided hosting services to the largest miners in the industry.
What a complete waste of computational power.
This could have gone toward literally anything else - medical, science, hosting, data processing - but no, generating and backing a fiat currency based upon less than nothing now worth fractions of what it did just a year ago.
I am truly amazed this has all lasted this long.
Just another step closer to CBDC...
Yeah, because it is working out so well for those countries that have converted to Bitcoin like El Salvador...85% of the world lives in third world countries with unstable economies with hyperinflation and currencies that are worth nothing from one day to the next, they would rather convert to bitcoin and maintain some purchasing power than none. Bitcoin is prolific in the non-"first world."
First world citizens thinking everyone else has it the same are out of touch with the rest of the world.
However, it turns out that forcing your nation’s banks and stores to accept a currency large swaths of the population are unfamiliar with and don’t trust is a good way to tank your economy, according to a castigating report by Fortune.
Always has been. Since it's infancy, I've always said the same thing, "Let me know when you stop valuing it vs the dollar; until then, shove it up your ass.".Lol, my favorite thing about crypto is how perverted it got. Now people only care about how much and how easily it can be converted over to fiat.
Being able to mine anything at all netting you just $1 daily is $30 monthly, and that's real money, even for me in my 2nd world.Bitcoin is prolific in the non-"first world."
Yeah, I keep like a week or two worth of non-perishables and physical gold in case I need to pack up and run from a big mushroom in the sky.I dabbled in Bitcoin for fun, but personally I just stack physical gold and silver for a real store of value and hedge against the dollar that carries no counter party risk.
If you do sit on a pile of precious metals, make sure you can defend it. And stack non-perishable food items as well. You can't eat your gold in a SHTF scenario.
If you see the big mushroom in the sky you're already dead, you're just going to die sick and miserable and get eaten by rats Better to have it happen quick, naked on the roof with a bottle of Johnny Walker and a middle finger pointed at the skyYeah, I keep like a week or two worth of non-perishables and physical gold in case I need to pack up and run from a big mushroom in the sky.
Lead will be worth more than gold/silver when the SHTF.I dabbled in Bitcoin for fun, but personally I just stack physical gold and silver for a real store of value and hedge against the dollar that carries no counter party risk.
If you do sit on a pile of precious metals, make sure you can defend it. And stack non-perishable food items as well. You can't eat your gold in a SHTF scenario.
folding would have been a good start. all that computer power could have done a lot for science.What a complete waste of computational power.
This could have gone toward literally anything else - medical, science, hosting, data processing - but no, generating and backing a fiat currency based upon less than nothing now worth fractions of what it did just a year ago.
I am truly amazed this has all lasted this long.
Just another step closer to CBDC...
That's no different from precious metals, stocks, baseball cards, Beanie Babies, or anything else.Now people only care about how much and how easily it can be converted over to fiat.
Right. But crypto was supposed to be the promised deliverance away from fiat and the prying eyes of government. lol.That's no different from precious metals, stocks, baseball cards, Beanie Babies, or anything else.
I imagine it depends a lot by what we mean by world here, because China currency is solid and more than 15% of the world population, India can have pain when the country try to limit cash use and so on, but hyperinflation ? Is the Argentina of the world that much of the norm ?85% of the world lives in third world countries with unstable economies with hyperinflation and currencies that are worth nothing from one day to the next, they would rather convert to bitcoin and maintain some purchasing power than none. Bitcoin is prolific in the non-"first world."
First world citizens thinking everyone else has it the same are out of touch with the rest of the world.
Gold has more use than purely transfer or trade at least now, space, electronics, teeth, it has a list of impressive propertiesThat's no different from precious metals, stocks, baseball cards, Beanie Babies, or anything else.
Which would be quite the challenge, if we take Argentina for a best case scenario for crypto adoption, because you can't buy house in USD legally and that people pretty much only sales house in USD because of the inflation issue, people had the habit to buy house using giant pile of USD cache, going to crypto had some benefit there.Right. But crypto was supposed to be the promised deliverance away from fiat and the prying eyes of government. lol.
Yes, gold has use but the reason people hoard is as a store of wealth to convert to fiat. It's not like you can go anywhere and buy anything with it without first converting it to cash so in some ways crypto is even more useful since there are a handful of places that will take it without the need to exchange it for something else.I imagine it depends a lot by what we mean by world here, because China currency is solid and more than 15% of the world population, India can have pain when the country try to limit cash use and so on, but hyperinflation ? Is the Argentina of the world that much of the norm ?
Gold has more use than purely transfer or trade at least now, space, electronics, teeth, it has a list of impressive properties
Stock obviously no, look at twitter stock for a recent example TRTW does not exist anymore.
Yeah, because it is working out so well for those countries that have converted to Bitcoin like El Salvador...
I certainly hope you aren't one of those first world citizens who are out of touch with the rest of the world.
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This is because people like to take $10 and magically turn it into $100. That's what crypto and the stock market is all about. The difference here is that crypto is backed by nothing. Especially now that you can't mine it with computer hardware. There's more value in bottle caps than crypto. The only way to give crypto value is if USA or EU decides to adopt it as a secondary currency. Countries with lots of guns is what now gives money value.More idiots who had no idea how to run a business, thinking BTC would only go up uP UP!
This is the issue with so many in crypto and this being their first bear market, they dont have a bloody clue and saved nothing for just incase.
I live in a third world country. You are talking out of your backside.85% of the world lives in third world countries with unstable economies with hyperinflation and currencies that are worth nothing from one day to the next, they would rather convert to bitcoin and maintain some purchasing power than none. Bitcoin is prolific in the non-"first world."
First world citizens thinking everyone else has it the same are out of touch with the rest of the world.
No kidding. I think some of the crypto enthusiasts have a skewed view of how life outside the US is. Not all 3rd world countries have tons of inflation. You can usually find a few in the world that are examples of high inflation (though usually not actual hyperinflation which is generally 50% per month or more) but most are far more sedate and in line with the kind of inflation the US has been experiencing in 2022.I live in a third world country. You are talking out of your backside.
More in a sense of floor for its value (if there is no fusion that make extracting it from the ocean feasable or asteroid) will have a minimum via its functional use.Yes, gold has use but the reason people hoard is as a store of wealth to convert to fiat. It's not like you can go anywhere and buy anything with it without first converting it to cash so in some ways crypto is even more useful since there are a handful of places that will take it without the need to exchange it for something else.
Countries ability to enforce people to pay a lot taxes and that paiment must be made in a currency or it will prison time, which in a way can be the states having lot of guns I imagine.Countries with lots of guns is what now gives money value
Completely agree, even my Raspberry Pi CM4 is dedicating its computational processing to Team 33, let alone any other resources I can dedicate to it.folding would have been a good start. all that computer power could have done a lot for science.
I agree and have long thought this, I just didn't know how to express it. Thank you!Lol, my favorite thing about crypto is how perverted it got. Now people only care about how much and how easily it can be converted over to fiat.
You mean cash?? the 100% untraceable currency ?A currency created by criminals to facilitate criminal activity is prone to scams and instability!?
Hoodathunk!?!?!
And that is exactly what it turned out to be. Like someone trying to sell you a timeshare, or a ponzi scheme, or something too good to be true. The people who are bigger and stronger and more powerful than you took your money/investments and you'll never get it back now. Surprise Surprise huh!?! Been going on since the beginning of time....Right. But crypto was supposed to be the promised deliverance away from fiat and the prying eyes of government. lol.
Actually, I think it was more of removing control of your assets from intermediaries like banks, which have to answer to the government (sometimes?), and putting control of your assets in your hands instead.Right. But crypto was supposed to be the promised deliverance away from fiat and the prying eyes of government. lol.
I live in a third world country. You are talking out of your backside.
How do you end up with 85% of the world being in third world country if South Africa (waay below China in GDP by capita) does not pass the bar ?South Africa
Cool story bro. South Africa This place:
First-world countries are countries in NATO or the larger US/UK influence. Second-world countries are those that were under the umbrella of the USSR or China during the Cold War. Third-world countries make up the rest.
That's the definition, not the state of the economy or anything else.