This is a loss for everyone. Fuck these clowns.
Trump judge.
Bitcoin is currently at $57,000 and it’s up 144% in the last year. Haters gonna hate
Make sure you keep your money in bitcoin so when it crashes we can all laugh at you. Again.
Sure, no problem, have been doing that since 2013.
Right now I’m up over 400% on my bitcoin, it’s by far my best performing investment. Come back to this comment in 6 months and see where it’s at.
I once hopped cryptocurrency was going to end capitalism, democratize the financial system and help redistributing wealth. Instead it became yet another stock to gamble on.
Yeah, and it’s easy to tell who are the bitter people who took a known gamble and lost. Gotta blame someone/something.
In case your referring to me, full disclosure.
I bought €10 bucks of dogecoin all the way back in 2013. Thats the only time i ever did annything remotely close to ”investing”
I still have them and while i initially dreamed of using them to buy a gaming pc, i am a working adult now and the novelty of the coin is worth more then that. Regardless no tech store accepts doge as currency.
I never cared about any other crypto, if the point is to sell them for classical money then what is the point of it.
The price has remained a stable price of 1 Doge = 1 Doge regardless of Elon trying to wreck the system so i remain very happy with my purchase.
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Oh I will.
popcorn.gif
@remindme@mstdn.social 545 days
Gonna try this out
@remindme@mstdn.social 180 days
There’s a RemindMe bot on Lemmy?! Now I’ve gotta try this out.
@remindme@mstdn.social 24 hours
@TheImpressiveX Ok, I will remind you on Wednesday Feb 28, 2024 at 1:39 PM PST.
@TheImpressiveX Here is your reminder!
@Gigan Ok, I will remind you on Sunday Aug 25, 2024 at 2:18 PM PDT.
@Gigan Here is your reminder!
@remindme@mstdn.social 180 days
If i recall correctly, the stock to flow model predicts that this cycle should peak in late 2025.
investmentgambleFTFY
All investments are gambles basically. For example, I chose to do the “safe thing” a few years back to “invest” some of my savings into an index fund (stock market diversification basically). This is commonly expected to yield about 5% return on investment over time, historically.
What actually happened is that my Gamble lost about 40% of its value over the past couple years. I’d have been far better off just putting those savings into a good savings account.
Wow, a volatile currency backed by nothing has large swings in value and if you pick the right date range you can tell any story you want? That’s pretty amazing.
Yeah it’s called a “dead cat bounce”. Zoom out by about 7 years.
Take it from a veteran. They get longer and longer with each iteration of boom/bust cycle. I’ve been into this shit since 2012. Long before the cryptobros all piled in.
I don’t know how much you know about bitcoin, but 7 years ago it was worth $1,100.
That’s not my point. I was talking about the recent price rise.
Every boom/bust cycle so far (and there have been about 4 or 5 of them), you get an initial spike, followed by a second one, and then a long, drawn out “despair” period after a crash.
What you’re seeing is the second bounce of a spike that has been ongoing since about 2019/2020. The “despair” phase is probably not too far off now.
I know the past is no indicator of future results, but when it happens over and over and over again, well…
I hadn’t realized Lemmy was so anti-bitcoin.
Anyway, bitcoin etf’s are a new thing and money is pouring in. Only time will tell, but with all the etf money and the impending halfing, the future looks bright.
Is bitcoin volatile? Undoubtedly.
Buy during the dispair period.
As a former Bitcoin user and fan, I am also anti-Bitcoin. Until they can figure out how to run the network without drawing the energy equivalent of an entire developing country just to check if some numbers are correct in a database, I can’t morally justify myself using it any more.
Bitcoin doesn’t need to figure anything out, alternatives that cost essentially 0 energy in comparison already exist on a massive scale.
Ooh, better go vegan then.
Again, I’m not sure how much you know about bitcoin because the boom/bust cycles you’re talking about are reflections of the halving cycle, not dead cat bounces. The next halving is going to happen in April this year, and after that the price is going to go up even more. I’ve been through this before, I’m not worried about the despair phase but that’s not what’s coming next.
True, but keep in mind that the effect of each halving on price is smaller.
That makes sense, since each halving reduces the supply by a smaller amount. But it will still have an upward pressure on the price.
They probably don’t know much about Bitcoin, seeing how they have only been using it for 12 fucking years…
/s
Spoken like a true moron with zero insight.
Surely this time it won’t crash and burn right?
Yeah, it always crashes. So what, then I’m only up 10000%, not 20000%.
Haha, you guys really live in an alternative universe, don’t you?
Not sure which point you’re trying to make.
The point I am trying to make is fully explained on this website:
Yeah, you don’t even understand that Bitcoin isn’t web3.
Ransoms gotta get paid
Everyone is a bit shit here (including whoever came up with that title…). No one “won” anything here.
DoE wanted to use “emergency” measures to survey miner’s energy use, which is likely outside of the scope of the original intent of such powers (which appears to be why the judge granted a temporary restraining order?).
The Bitcoin miner’s claim the data release would cause “irreparable harm to their business…” If that’s not an admission of guilt, then I don’t know what is.
temporary restraining order?
It’s just a type of pretrial injunction. You need to show that irreparable harm would come if the DOE did this. It’s helpful to have the case look like you’d win. Since the judge already said that it looks like they’d win, he’d likely extend it all the way to the end of the trial.
Thanks! I wasn’t clear on that detail!
Cryptobros and crypto miners are some of the most worthless people in the world. Just a waste of oxygen and resources.
That’s exactly who billionaires who have yachts and private jets want you to take your anger out on. Good job falling for it.
Jokes on you, I have enough anger for both!
won’t someone think of the poor speculators
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I feel exactly the same about the billionaires.
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Bunch of fucking tools.
You need help.
For speaking the truth? Justify Bitcoin minings worth to society and the cost on our planet it causes. Gimme
An alternative way to buy things or even store value (maybe not Bitcoin specifically on that one, but other currencies). Admittedly I don’t think its the best at any of those things, but it doesn’t have to be. I know that’s always the ant-crypto person’s next come back, suddenly change the goal post from having some value to being the best at a particular thing. Some people value the decentralized nature of it, and right or wrong, I don’t see why their choice of using something you don’t like shouldn’t be allowed.
I don’t use them, and agree with a lot of the reasons for not using them, but I just don’t see my self as the ultimate arbiter of what should be allowed. If there is no value, then eventually it will fizzle out, and we can all continue not using them like we have been. While the environmental angle is very convenient to vilify it (or any other thing you personally don’t like for that matter), I don’t see how it fairly gets applied to this and not almost every aspect of life. Cars for example, a great one because it falls into the same trap. The general consensus on Reddit/Lemmy is that any one who drives a pickup truck is a POS, but even if the anti-truck gang could wave a wand and ban them all, will it then become the anti-rav 4, CRV, etc etc. As long is there is any choice in a vehicle, someone could always they that someone is driving something bigger and worse for an environment than the need and that they are a bad person for it.
Another great example is air travel. This one gets some attention around celebs and private jets, but for the most part you don’t see people in here saying what a piece of garbage anyone who travels by air more than once a decade or so is. I mean I haven’t done any non work travel in that long, so clearly no one else should need to.
Sorry this got long, but it all comes back to the point of who gets to decide? Worth taking a setup back from the group think of Reddit/Lemmy and realize there are always going to be people who do things and even use resources on things that you (or me) think are stupid.
“if there’s no value it will eventually fizzle out”
Have you seen the capitalist hell scape around us? It will keep itself up and going because dummy’s want to do stuff inefficiently for no reason other than they think It benefits them. But except for the ultra wealthy, it’s a drain on the user and on society as a whole.
Fixes OPEC cause it allows international trade without the dollar, thus decoupling us from petro dollar.
There are much better ways for that.
keep mum about energy use
Whose mum?
There is a “Your mum” joke in there.
Your mum is so fat, that bitcoin miners litigated to keep abusing her power grid.
US headline
“keep mum”
There is one impostor among us
Probably ai generated
Mum as in quiet is uncommon but not unheard of in the us. Probably more common than mum for mother, anyway.
“Mum’s the word”
Time to call an emergency meeting
This is dumb but only because we don’t worry about energy use any other time. Tons of places in my city keep all their lights on 24/7 unnecessarily, we all are sitting on a “useless” social media, video games and movies and music are all energy uses. I don’t want the government to start limiting energy use on things it deems unimportant. Who gets to decide what counts? Just implement a carbon tax and energy use will go down if people don’t want to pay. We don’t need to police everyone’s usage, we just need the cost to actually reflect the externalities.
I want to agree with you, but crypto mining is orders of magnitude more energy than the worst lazy energy leaks.
Not that I don’t believe you, but do you have a source for that?
There were sources in the article that says that Bitcoin mining basically wasted a countries worth of resources, increasing our overall electric bills.
Yeah I see that now. Thanks for pointing it out. It did take a minute to go through and find the actual sources as The Verge likes to source themselves. So I’ll put the two (at least I think) sources.
This source shows where most of the mining is taking place.This is the second source that shows how much Energy is being consumed.
We could just solve the problem the capitalist way and just charge businesses extra for their power usage. That’ll get them to care.
Currently at least in the US we charge them less. This is usually due to something called Economy of Scale. As well as the fact there is more competition for Business energy. As well as the fact they are usually locked into a contract for energy. 1
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With Carbon tax only the rich win, we need carbon credits
No it’s really really easily to implement taxation that’s not regressive.
A progressive tax that means the biggest users pay the most would probably be ideal (but then that’s mostly true in every situation)
Why is it not that way already?
Because it would affect rich folks more, so they spend some money now to convince lawmakers not to charge them more later.
So it’s not so easy to implement after all
Did I say easy? I think I said ideal.
How comes I never saw that implemented, then? Progressive taxation stops “progressing” at around the 100k threshold and that’s basically just a decent salary. The Rich are never really affected by it.
Carbon credits would be a way to level the ground in some situations and could give you a right to say NO to people consuming more than their share, or at least account for externalities and get paid if you allow them to use your “quota”.
Even so, consumer electricity habits make up a fraction of the carbon emissions on Earth. People driving cars, people buying plastic bullshit, or factory farming creates more emissions singularly.
The economic drivers of Bitcoin mining make it so that the cost of the electricity needed to mine a Bitcoin will always be just a bit less than the value of a Bitcoin.
Every time speculators hype up the value of Bitcoin the amount of money wasted on electricity increases.
Bitcoins are mined at a preset rate of 6.25 bitcoins every 10 minutes. Which does at least get cut in half every few years. But this waste of energy is going to continue so long as there’s a market for Bitcoin.
The computers that run the stock market have gotten to keep their electricity consumption a secret for over 40 years.
It’s like that meme of the two spidermans pointing at each other.
Does anyone know how much energy the banking system uses?
Edit: lol so much downvote for a reasonable question? Enjoy your inflation and your money being sent overseas by your masters squares
https://www.youtube.com/live/1jOUnFH-Ins?si=DNiscpajsDoUmbvd
A fraction of what it takes for thousands of machines to perform rework of the same problem.
Bitcoin miners aren’t doing re work, they mine the next block of thousands of transactions.
There’s also the other side of the conversation that over 51% of the network uses green energy.
I never liked this kind of argument, because if bitcoin ever becomes truly mainstream, the similar ecosystem will grow around it in addition to the mining itself.
We really should focus on the renewable energy sources rather than argue who burns how much and for what reason. There’s a price mechanism (albeit flawed) for that.
I totally understand, I’m tired of having the conversation as well. In the video I posted earlier it sheds light on how renewable energy companies can be incentivised to add mining bitcoin to their process. Has a lot to do with modern tech and how energy is used/distributed.
Example of a mining company working with the Navajo nation in the US adding solar panels.
No. If a crypto were adopted at that scale, it wouldn’t be proof-of-work, so there would be no “miners” and (comparatively) no energy consumption whatsoever.
There is no clear advantage of proof of stake cryptocurrencies compared to blockchain-less centralized databases. IMHO It’s either Bitcoin, or PayPal 2.0
edit: But since people tend to be weird, maybe no advantage is needed…
If what you said was true, Bitcoin would already have given its place to any of the proof of stake coins.
But it hasn’t because it won’t. Crypto people only care about becoming rich, so to them the technology behind doesn’t matter. And there is much more money to make using Bitcoin than the rest.
The amount of energy the banking system uses is linear.
The amount of energy crypto uses is exponential.
It really isn’t the argument you think it is.
yaaay.
