I think fusion reactors are also slowly going in the right direction.
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Yes there absolutely will be will be someone paying for it, initially it will be a group of very rich investors who will purchase all or some of Elonâs BTC via a crypto exchange if he chooses to sell it.
Since the group of investors who buy it are already very rich it should be clear that they are very much aware of what they are doing and they wouldnât want anyone worrying about if they are being scammed or not.
Once a crypto exchange has BTC they can sell it to people who need it to pay people like me via nicehash. The El salvador government may buy some and give it to trades people who supply services to the government.
Provided the BTC value is stable or going up everyone in the examples I mentioned wins, the rich guy and the little guy wins. The creators of BTC are very intelligent, they have my respect, I believe they understood what this amazing currency could do a long time before anyone else.
Your view that there is someone at the other end paying for it or left in a bad position where nothing can be done is inaccurate, Yes there are people who have lost value and are waiting for BTC to rise but there are also lots of people whose investments are going very well.
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My view isnât that, itâs more like âpenny stocks arenât for everyoneâ. I do agree with the rest of the text which is nicely formulated and clear.
Which is pretty obvious. As Karak says, it wouldnât be a good idea to invest in something one has no understanding of. Some new investors only choose BTC because of the massive price fluctuations and they want to use BTC to get in and out quick. I can see this way of doing things may work some times but will mostly fail. Iâm not going to have sympathy for the person in this example because I always investigate something fully before I invest.
Is this your realisation that BTC is not a scam then?
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The promotion of crypto is at best misleading.
A lot of people who have a difficult financial situation are lured in and will panic sell as if they got in between today and a year ago they lost a lot.
As time goes by more and more regularisation is done and tons of crypto criminals have been arrested. So it slowly start to look less like a criminal organisation. I am not sure if it is a scam depending on what you define by âitâ.
It is a very nice conversation and me and others are learning a lot about the crypto world.
Not sure I agree, it is still very new compared to other currencies. The whole world can see the value goes up and down often.
Yes, currently they would have lost around ÂŁ10k per BTC. This would depend on what kind of investment they are looking for. Those who understand itâs a long term investment wonât sell just yet. But people who were looking for a short term or quick profit scheme may sell and then complain. Again this goes back to having a good understanding of what one is investing in.
I was fully aware that the value of BTC goes down as well as up long before I invested, also because my investment was only hardware the means to actually generate currency was still valuable even when the BTC price was ÂŁ26k in January.
At no point have I thought to panic sell my mining rigs I am in this for life. In fact I am currently looking at factory space with the hope of moving my operation there to support an even larger volume of GPUâs and rigs. Iâm very excited about this and having a shot at gaining true financial independence is really a dream.
So try to note the difference between myself and a person considering panic selling their BTC or mining operation, note that we have different methods and ways of thinking some of us have more patience than most which is an extremely important attribute when doing any market trading.
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Oh yes, no argument there. Same happens with stocks. The GME thing was an extreme example, but even for regular stocks, there is a whole industry that tries to lure people into the markets and trade, of which most lose their money.
And this is even apart from the actual crypto scams. Even legit projects (of which there are very very few) are heavily manipulated, especially because itâs a very young market and it doesnât take much capital to swing the price.
Watch this:
Market manipulation, regulated market will protect you?
Obligatory Cramer
There is no such thing as an unmanpulated market, regulated markets are heavily manipulated because they want control. Donât make me mention LME Copper, Tin and Nickel markets again.
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Itâs such a joke. Itâs all to make sure that the people in the âfinancial industryâ have a fertile field of âdumb moneyâ to harvest, by abusing information disparity.
Same â â â â they do with the currency itself. What they sell as tool to save the economy is in fact just a way for a few at the top to leech more money out of the people by means of inflation.
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Look at the pre/post market hours, âinstitutionalâ get access to the markets before âretailâ in many markets, retail get a smaller trading time window and institutional get preferred access.
Same with corporate bond market, institutional access, big money access, retail limited/restricted.
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Yeah, they also have access to more information. Like they see all the positions, stop losses, liquidation points etc. Itâs like playing poker but one of the people on the table sees all the cards and can create new chips.
And itâs not like regulators donât know this. They are the ones that establish it this way, so the institutions can make money by farming retail.
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Reason #1 - He doesnât understand that the value is based on supply and demand, like many others he has ignored the fact it is a finite currency and will adapt if 300k people are using it or if 10 million people are using it. He said nothing about it being a finite currency so itâs reasonable to assume he doesnât have a full factual understanding of it.
Reason #2 - It is possible to recover a password from a cold storage BTC usb device. How I hacked a hardware crypto wallet and recovered $2 million - YouTube This guy is able to make a usb wallet operate outside of normal parameters and gain access to whatever info is stored in the password cache. Sorry but printing money and giving/loaning it to people is never going to be the right answer to boost an economy in a recession.
Reason #3 - Comparing bitcoinâs value to gold would be inaccurate because one is physical and one is virtual. A virtual currency will have an advantage since it can be sent anywhere in the world. To send gold anywhere would cost money in insurance and security and weight, It would be impossible to split gold between millions of people. 1 BTC can be split billions of times ( 0.00003040 BTC = ÂŁ1.00 GBP) it is able to adapt when more people start using it. BTC seems to have an adaptable value which makes it a good investment.
Reason #4 - Everything he says is based on what heâs learned studying finance for 7 years, So his mind will be like a train track which is only able to go to a pre-determined destination, he may not want to believe it but there are flaws in this financial system we have where governments have full control of what money is created.
We must also consider that he is talking as if buying a large amount of BTC is the only way to invest, Itâs not, many people do what I do and buy GPUâs and connect them to nicehash and get paid in BTC for their processing power.
So for those people who have tens of thousands of dollars to invest, it might be better to keep most of your money and use a couple thousand to buy a gaming machine with 2 current 8 GB GPUâs and earn ÂŁ60 to ÂŁ80 per month in BTC by working with Nicehash and use that to trade and make a profit. Even if it goes hideously wrong they can still sell the gaming PC for top money.
This is probably the best way to invest if you have lots of money, itâs possible to carefully dip your toe in. Try not to be swayed by these negative videos, youâre always better off learning and trying for yourself so you can see what works and what doesnât.
I actually started with a couple of GPUâs on an old gaming machine for a year before I invested more and I have found the pay good for helping to pay off debt and cover me or the Mrs if we are ever off sick from work. It so good in fact I might not even bother applying for sick pay from the government if I am off sick again they could give it to someone who might need it.
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A very nice rebuttal, but I am sure he does understand economics, if you claim he doesnât understand a global 'disconnected from government and regulators" coin, then yes, everyone in the world does not understand it as itâs not implemented yet. If one day we would be in such a situation, both you and him would understand it better.
I found an example where someone teaches how to mine with a ~$100 hardware and a few hours of time setting up. Itâs not profitable due to the low hashing speed but it shows a clear example of what is needed step by step. His angle was creating his own coin, but just like the mining he didnât make money on that either, he did make some coins for himself and his audience/patrons. But it shows the freedom for anyone to be part of a larger system.
Since electricity is a large component of the production cost, in Europe mining in Germany would be (âŹ0.31 Kwh) three times as expensive as Hungary (âŹ0.10/Kwh) or almost eight times as expensive as in Ukraine (âŹ0.04/Kwh). As I said before, it bewilders me why people who donât have the lowest electricity price still mine bitcoin. I hope you realize that once it becomes mainstream, you will no longer mine bitcoin unless you have a sweat-shop in some poor country. Mostly because the profit can be transferred world-wide.
This is one of my main concerns. But crypto could change itâs code. Right? But it doesnât. WHat it does do is regulate the energy markets that were unregulated before. China, Kazachstan and many other countries have strengthened their grip on the energy market, thus the inversion of your ideas are becoming reality. I assume that when the energy companies will raise their prices to match your profits, Bitcoiners will have to go off-grid with solar and wind energy.
Apparently producing and using wind turbines is not a profitable business? :â(
Apparently prodcuing and using solar power is not a profitable business. :â(
I donât think itâs the technology, the CEOâs of these companies were pioneers who âunderstood economy better than anyone else who hated the technologyâ. In my opinion, itâs too early for a global crypto. Letâs hope those pioneers get replaced by experienced industrialists who know to create quality goods and support the markets.
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Anyone who makes a decision based on this guys opinion should be careful. BTC being finite is crucial information for all investors and will help them understand more about value. Well this seems to be an important video to him and he is not doing it to promote BTC he is against it, so I expected it to be poorly researched and omit facts.
Yes, Iâm very sure he has a good understanding of the economics taught to him over 7 years. But I think he should leave the advice/reporting of BTC to someone who understands how it works because he might as well just say "I have little understanding of BTC but Iâm still going to try and tell you itâs bad.
Also, it was obviously a financial advisor/accountant who advised Sunakâs wife on how to avoid UK tax and save ÂŁ280m. His is wifeâs advisor will show you loopholes to avoid tax but then tell you BTC is a scam. Iâd say the little guy is better off learning facts for themselves instead of listening to people like that.
Reason #1 - Fair point. He is obviously more comfortable investing in stocks because he has all this tested models and itâs absolutely true that in Bitcoin or crypto itâs all just wild guesses from that point.
Reason #2 - Volatility is a good argument, but I think itâs one that will become less of a problem over time. The idea for the usage as a digital bearer asset to transport dollars around the world wasnât really well known then, so thatâs fair (although most people still donât have it on the radar today). Loss of access is sure a concern, but there are actually UX solutions in the works for that, I wasnât previously aware off. Inflation argument did not age very well in my opinion. I donât think people realize that fiat and the whole elasticity of the supply is also a very resent thing and we have seen it fail multiple times already, itâs also a pretty risky experiment.
Reason #3 - The gold comparison is fair, but I would argue that store of value is just one function of Bitcoin. It also has the real world function of a digital bearer asset, of which again he does not seem to be aware off, and in the future maybe as currency (at which point it will no longer be a good investment anyway because no or low volatility, but maybe still a good store of value or risk off asset), but itâs understandable how he comes to this conclusion.
Reason #4 - Completely fair point. Some things in the crypto space and even around Bitcoin is just crazy and sus af. Can completely understand that people are put off by this and tons of red flags are going off. He also made that video in the middle of a bull run where everything is super crazy like in a gold rush. However, I would argue that dumb money gets shaken out pretty quickly if you have -50% downside.
All in all this is a great video. I obviously have a different opinion, I think mainly because I come at it from a completely different angle. But I appreciate when people make a honest and well thought out argument in good faith. This was probably the best video with arguments against investing into Bitcoin I have seen yet.
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Does anyone have any news or links regarding the new AMD GPUâs?, The RX 7500 xt and RX 7600 xt might be released by the beginning of next year, There isnât much on youtube or the web, if anyone has any info please let me know.
Iâm expecting a really good mining performance with these new cards, Iâm told that the RX 7500 will be the equivalent of the rx 6600 and the RX7600 will be the equivalent of the RX 6900.
Edit: I found some info, here are some predicted benchmarks for the RX 7600 XT Next-Gen AMD RX 7600 XT is Better Than You Think [Navi 33, RDNA 3] - YouTube
This is really cool, the performance prediction is just short of the RX 6900.
There is also the RX 6650 XT coming out soon which features a minor upgrade to memory and a very tiny bump in the game clock.
Sooo⌠Microsoft / Mojang have decided to ban NFTs from Minecraft because theyâre unreliable, vulnerable and often fraudulent, and it took them most of 2022 to make that decision. Better late than never, huh? 
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So BitBoy is claiming that SBF is still scamming money after finding an address that allegedly has $230m worth of BTC which SBF will use to cover his bail.
Do take BitBoy with a pinch of salt, He was involved in pumping and dumping other crypto coins and now heâs desperately trying to pretend heâs some sort of crypto saviour. BitBoy said his house got swatted recently which is very dangerous.
They are discussing the morality of sending him to prison for life, people have had small prison sentences for stealing minor things from retail shops, but stealing 10s of Billions is next level.
I like CZ, he has a good understanding of whatâs going on and is happy for 100% of Binance customers to withdraw their funds. Many have underestimated the volume of money Binance has earned from transaction fees which puts them in a good position to protect customer funds stored with them.
Binance had over 28 million customers in 2021 which helped them earn billions in transaction and transfer fees.