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These 56 comments are related to the topic:
Bitcoin nears $10,000
Bitcoin nears $10,000
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Replies: 56
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Imagine an exchange using blockchain technology - three days to get each bet confirmed, and paying an unknown Chinese firm a £20 fee for the privilege.
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the word is loads of americans remortgaging to buy bitcoin
what can go wrong   |
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three days? The original version of blockchain technology can take 3 days i.e bitcoin. The technology has moved on in 10 years.
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gets more and more coverage daily politica again today with same bitcoin expert and I,m still non the wiser obvious question if theres only 21 million available and half of that been sold,why havnt the usual suspects snapped the rest up,money trees like this arnt usually marketed intensely to the great unwashed, saw today on politics show theres atm,s where you can go buy them,parts of them,just checked the tulips are still in the greenhouse
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you cant 'snap them up' you have to mine them and the energy ratio increases while the value pay off decreases.
21 million isnt a number like a finite sum, its the calculation of the point where its no longer worth your while mining them, thats how I understood it. There are ways they can increase the number in existence however when that point comes, a bit like when companies make more shares available and the price drops |
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Im happy to sit the whole thing out, and if people make great gains then Im happy for them.
But they are only realised if they sell the things, if people dont and it does crash then you have made nothing and will have to live with the mental turmoil of having and lost it. |
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The part that makes me decidedly uneasy is that the general type of person who are getting hooked on this blanket exposure are the types of person who generally work for a living just about managing and have limited experience in the LSE etc and have become invested in the talk of liberation from the oppressors of old money establishment antics.
They see this vertical gains and expect them to continue (they may well) but equally it could just as easily be the new age con that talks up anything then gets its throat cut on purpose under the auspices of 'oh well, nothing is guaranteed, we did tell you' |
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You might be able to confirm a Bitcoin transaction in less than an hour, but you'd have to offer a ridiculously high transaction fee to do so.
Those Chinese Bitcoin miners paying for and burning through astronomical amounts of electricity day after day aren't doing so out of charity. They're doing it to take advantage of idiots handing over real money to them in exchange for ... well, what? Blockchain technology is the most unacceptable face of capitalism the world has ever seen. Never have more resources been destroyed for less end product. The situation three days ago: Miners on the Bitcoin network prioritize transactions by the fee that they receive for confirming them. Therefore, if you pay a higher fee, a miner is more likely to process your transfer, which decreases the transaction time. As mentioned earlier, a Bitcoin transaction generally needs 6 confirmations from miners before it’s processed. The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average. However, the recent popularity boom of Bitcoin has caused congestion on the network. The average time for one confirmation has recently ranged anywhere from 30 minutes to over 16 hours in extreme cases. https://coincentral.com/how-long-do-bitcoin-transfers-take/ Good luck betting in-running with blockchain technology, everyone. |
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Screaming that is Bitcoin. The first use of blockchain technology. That technology is 8 years old. Posting about the time constraints of bitcoin to refute the idea that blockchain technology wouldn't work for an exchange is a bit like suggesting commercial air travel would never work because the Wright flyer didn't have any space for passengers.
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But people arnt buying shares in the concept they are buying bitcoins
When another superior version comes out bitcoin plummets surely? The analogy of flight being invested in rather than the old style planes would be the comparison, but how do you invest in the cryptographic concept alone? |
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So what? The point is screaming can't seem to fathom the difference between bitcoin which uses block chain technology that existed 8 years ago and the technology itself.
There are already numerous superior versions of bit coin e.g litecoin which has far quicker transaction speeds and far lower fees. You can't invest in any concept alone. |
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Litecoin's not exactly new tech though - it's been around for 6 years. Yet one Litecoin is still only worth $300, even in the current mania. That suggests that the more complex algorithm it uses must be problematic, in the sense that it's even more energy-intensive and expensive to run than Bitcoin.
And technologies such as Tethers or the Lightning network seem to me to get around the length of time associated with blockchain transactions only by taking those transactions off the blockchain, which brings us all back to square one in terms of security and anonymity. I don't see any wonder technology that miraculously makes computation faster for the same price while keeping to the idea of a blockchain. If there were, it would surely be in use. |
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Litecoin isn't new tech but it's a superior version that has been around for six years and hasn't caused bitcoins price to plummet It's about 10x less energy intensive.
Your last sentence is just confused nonsense. First you say block chain technology wouldn't work for a betting exchange because 8 year old blockchain technology wouldn't. Now you are saying there can't be any better technology because it would have been done already. |
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Don't the the point or love for this at all. Seems imho to often be the sort of thing conspiracy nuts love as they feel they are sticking it to the illumanti.
THere was some article I read the other day that the amount of electrical energy put into the relatively pointless idea of bitcoin mining is now mind boggling. More than ireland. In fact: "The electricity used to mine bitcoin this year is bigger than the annual usage of 159 countries" http://uk.businessinsider.com/bitcoin-mining-electricity-usage-2017-11 "PowerCompare.co.uk used stats from Bitcoin and cryptocurrency data provider Digiconomist, which estimates that 29.05 TWh of electricity was used to mine bitcoin, compared to an estimated 25 TWh of electricity per year used by Ireland." Well how green is that. There were already currencies. What is the ****ing POINT? |
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Do you not see a point in that Just Checking?
It's bizarre to suggest currency based on effort or hardwork that anyone can create is pointless but another currency that is created by the few by simply punching some digits in to a leger is not pointless. If anything cryptocurrencies will hopefully educate a lot of people on how Fiat currencies are created. |
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A currency is really simply a medium that advanced the barter system to allow putting a unit on the value of the interchange of things that are worth > 0 pence.
A rarely used made up currency that costs more than the energy consumption of medium sized european country, by virtue of endless totally pointless CPU Maths, that if it was to actually be widely used would require the energy usage of the sun or whatever, just to exist is just stupid. If I pay £1.16 today in tesco that's a trivial transaction, that costs about 0.0000000001w of energy. It's a few bytes down a wire. What is the bitcoin energy coist of, in one day, 100 million people, a very small % of the planet, doing just one tiny transaction? Yes it's hugely inflated now, as are most pyramid schemes. I certainly wouldn't buy into it. |
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A rarely used made up currency that costs more than the energy consumption of medium sized european country, by virtue of endless totally pointless CPU Maths, that if it was to actually be widely used would require the energy usage of the sun or whatever, just to exist is just stupid.
If I pay £1.16 today in tesco that's a trivial transaction, that costs about 0.0000000001w of energy. It's a few bytes down a wire. Again you think something which requires some effort is pointless but something which doesn't isn't pointless? If I paid 5 pound at Tesco's in bitcoin it would require some kind of effort/output. If I pay 5 pound on my credit card all it requires is a bank to create a currency because they have a licence to do so and I'm trusted to maybe pay it back. Whether or not you see advantages in bitcoin to ask what the point in Crytpocurrency is when there are other currencies that exist is a stupid point. |
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All I see its lots of people who like to give the impression that they know whats going on. The reality is nobody really knows but Bitcoin etc is being sold as a way that any idiot can make money and for me that's reason enough to avoid.
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Exactly like Betfair then.
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ive seen at least half a dozen experts on the subject ltely on the bbc,sky,itv etc and you get the feeling the presenters,pundits etc would love to plough money into it but like the majority of us,the more people who come on to explain it the less we understand it
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