I hope so, the worst of wall street went in and probably have scammed enough to find some new fields to graze on. But they just abuse anything they can, so if BTC will become anything trustworthy, it will need a better base that grows slowly and in freedom.
But the difference is, the populace is wiser to it. I really hope the people who lost money in Luna/Celsius share their personal stories all around the web as a cautionary tale. And I hope people take note and approach BTC carefully. Only invest what you can comfortably afford to lose and leave it there. I really hope the world is humble and careful and not greedy with BTC from this point.
Sometimes a bitter money loss tragedy can help other people to do better.
And the cost of setup and power is?
Can he live just from operating it?
He holds the crypto he mines, or sells it all right away for £, like a filthy nocoiner?
Yeah, and the faith in BTC and other crypto will be ruined even further. I hope so too, let them expose the truth that it is a lot worse than anything else, and can be compared only to a scheme to take your fiat money from you, predatory behavior from which you are not shielded by anything else than your deep knowledge about the matter and by risk aversion.
You have this to write about BTC and it’s not even true, the Luna and celsius crashes do not represent BTC, they are just bad companies who happened to be using BTC. If these companies get taken down BTC will still survive.
You’d never say “Oh I hate cash” because a bank failed, the people managing the bank and perhaps the state of the economy are to blame, not the actual cash.
I still can’t take you seriously, You write essays about your dislike for BTC but really have a poor understanding of what the problem is and you haven’t got hardly anything to contribute about the state of the economy and the disastrous effect fiat money printing has on the world.
In the UK we have the highest inflation since 1982 and your solution is to work even harder than we already do.
Also with my theoretical fiat money freezing I purchased £15,788 in BTC so I have successfully frozen that value for 5 days now as the current BTC value is £16,873 So BTC can help if people know how to use. The value is stable at the moment so it looks like the mass selling of BTC is over for the moment but could resume at anytime.
If this downward trend for the economy continues we will soon see car manufacturers asking for bail outs, I don’t think many will be buying a new car anytime soon so where will that leave all the people employed by car manufacturers? Lots of people will be laid off, Is your solution still work harder?
We got security men out there for example currently working a 60 hour week to support their families, can such a man really do more? I know, maybe he could give up sleeping and food breaks and work instead? The bar is set way too high and it’s shocking that you can’t see it.
We got Uber drivers working 7 days a week to pay off their electric car lease, they want to phase out petrol cars in the UK by 2030 and have full electric cars which is a bad idea if there is a bad infrastructure.
Everyone is already doing all they can to better navigate this recession, people are cutting back , working 2nd and 3rd jobs already, The problem lies with the way our currency is managed, money printing, borrowing, war, poor investment in energy since 1980s.
In the UK in 1980/90 they allowed idiotic CEO’s to create gas and electric companies who did nothing more than sell the energy at cost and undercut the market, For a very long time energy was cheap…then…the population exploded and there was no money to build more plants due to everyone paying cheap prices for so long. So suddenly electric prices rise to pay for extra plants, they should never have allowed silly people to manage the energy market, nobody asked the question “What about future demand?”
Now someone has come up with a great idea BTC and you hate it, can’t you see BTC was specifically made for the little guy? You’ve allowed yourself to be manipulated by idiot CEO’s like the ones who managed the energy back in the 1980s. stop listening to idiot rich people and listen to the little guy then you will get a good understanding of what’s really going on.
Power cost Already included, the current profit is around £30k per year at current BTC value. Each of the 500 GPU’s would have cost around £700 each. So £350k would have been the initial cost of the GPU’s so the ROI is currently around 7 years.
Currently miners are struggling a little, if BTC value continues to go down a miner will have to use their own money to pay the electric and other costs. It is still a good investment and the price of BTC will rise.
This is most likely a long term investment in BTC/renting processing power for BTC payment, there are maybe 2 or 3 guys involved who do other jobs where this is an investment they have made with money they aren’t currently using. They would most likely be happy to leave this running for 10 years or more.
I think this is a good and innovative way to work, I for one would very much enjoy monitoring it and making sure the electric is well balanced and doing maintenance.
Not now, its for years with us, its already known its nothing special and that it will not be “taking over the world”.
As for inflation in general, not only this coming from the excessive money printing, I dont like it either, but you can secure your wealth with other means than crypto, and you can be better off, without sacrificing your sanity or exposing yourself to such great risk, holding it.
So, you take all responsibility for your own beliefs, and your own investment. If you want risk, you can take it, but dont cry in future that nobody warned you or that government didnt protect you.
So you think a type of currency that can freeze fiat value, it has a public ledger everyone can see, it uses a unique computer process to create the currency and every Unit of this currency can never ever be duplicated.
And you see this as “nothing special” ?
Great, tell me how and I will go ahead and do it today.
I am talking about a method poor people can also use, I’m not talking about only securing rich peoples money, society thinks if you have more money then you are more important, this isn’t true, people with less money are equally important.
So please don’t say buy a house or property because not everyone can afford it.
The government isn’t protecting my money currently and I’m more aware of that than ever today.
Speaking honestly I have no idea how people are getting by today in UK, here are some typical monthly /yearlycosts of living for a family with 2 children;
Energy - £ 5,000 to £7,000 per year
Rent/Mortgage - £1,000 to £2,000 per month
Child Care - £700 to £2,500 per month
Food - £700 to £1,000 per month
Water - £50 per month
Car Insurance/Costs - £2,000 to £3,000 per year
Property Tax - £100 to £200 per month
These are just some of the current bills everyone in UK must pay, There is a massive problem, the pound doesn’t cover much at all and i have absolutely no idea how people are getting by.
It cant, it doesnt. I wrote you about diamonds and water, provided link. It is not working as currency or as a freeze of fiat value, because the value is constantly changing and there is no guarantee that diamonds or anything like it will have the value, its only what SOME people are going to pay for it, not everyone, it cant be used as currency or have any value outside of a very closed community. How many times you have to read that to understand what is written? Read that ten times. Ten times, and think about it.
I already did, but you didnt read that or you already forgot.
You dont want. You just dont want. My efforts would be wasted on you. Go back to mining what you mine. Its you who will feel effects of your own thoughts, and your own decisions.
I theoretically purchased 1 BTC @ £15,788 Six days ago with the goal of freezing that value, the current BTC value is £17,046.01. Evidently you are wrong. I get it has only been 6 days but it does have the ability to freeze fiat value.
If you feel you need to ignore clear facts then go right ahead, just don’t expect others to agree with you.
No, I’ve not forgotten. I said your solutions aren’t realistic for everyone. Can you tell me a different solution that people from all walks of life can use?
I say you practically gambled.
Because there is no solution for everyone. Every person in the world have different situation.
If you have money, you can invest it in things, but I am not your financial advisor. If you want one, pay for it.
For god sake, if you want to be involved in these discussions read the news. Poke your head out of your front door and simply have a look at what’s going on as you have no clue what’s happening.
Economies are crashing world wide worse than ever before and this is your response to someone questioning your views?
I know what is going on. But your view is subjective to mine. And you think BTC will save your wealth. Which isnt the case.
Most dont even care about economy, they care about themselves and their money. Like you. If you have money, you can spend it on professional help. If you dont, just get to work like everyone else who doesnt have money.
Even though the economy is what provides everyone’s job? As I said earlier if people stop buying cars then that puts the job of everyone who works in car manufacturing in jeopardy.
You seriously don’t know what you’re talking about if you think professional help is what’s required here. And it isn’t a case of getting to work if we don’t have money…we are already working at maximum capacity, to work any harder would badly effect peoples health.
The thing is it’s not even about saving wealth, it’s about currency value being maintained. 'm going to stop responding to you, you have completely no idea what you’re talking about.
Probably treasury bonds, you get paid every 6 months, it has low risk adn good yield. Except for EL Salvador, you’ll probably not get paid as the government’s BTC losses are equal to what they should pay out in bonds ( Bloomberg - Are you a robot? ). Apparently BTC genius Bukele caused the very low risk investment to become about a 48% chance of not to be paid out. This once more shows that the importance of having people in charge who will at least try and make semblance of caring for the people in contrast to Bukele.
Has it ever been different? The current luxury we live in might come to an end. Not a sudden bang, but a slow decline in quality of life. The government represents the people, if you like change, organise and get politics involved. But make sure to point at the issue and propose a solution. How do you fix an economy mostly based on bubble, how many billion of $ are stuck in things that won’t benefit society? People have leared the system, and even with the FED trying to curb the scammers it will probably need some kind of hard reset.
Yesterday night, me and some friends went to the casino and planned on spending… eh ‘investing’ 10 000 euro in fun. The roulette investment was surprisingly good (usually it’s quite the loss) and we ended up with 12 000 had a lot of fun and drinks. I will however not claim that casino games are a good investment.
About the 0.5% drop in shopping. It might be better to ride your bike to a farmer and buy your products there, the large retailers don’t really care about a drop they just adjust their profit/loss to keep their contribution to taxes as small as possible.
Ok, but something must be invested in the long term future, A large issue in society is that time and time again our leaders view has catered for the short term. like it or not Bukele is investing in the future which can’t be denied. What do you say to that?
When you spend money in a casino do you receive a digital token that cant be duplicated?
Can the casino support a money transfer to any part of the world within about an hour?
Does the casino give you a digital token that can freeze/maintain fiat currency value?
I think I’ll most likely stick with BTC since it’s something that seems to assist the current monetary system.
The West is going with the IMF, the East is going for a BRICS coin.
BTC is for the middle (two distatorships).
Not sure how the struggle for power will end up being two small countries beating two power blocks.
So I doubt it will be the future. But one never knows, John Doe’s private cash will probably remain 3rd place.
- No, I get physical tokens, made out of 100% polluting plastic.
- I have a bank account linked. I use it to pay for a suite and the food and drinks. I guess the winnings, if we have them as we generally spend money for fun like it’s BTC, are transferred back to my account in 3 to 7 days. They need to check if i’m not laundering money.
- When I am at the casino, I get a lot of entertainment for the money I spend there with my friends.
- Sure, for you its a solution, and even more important you have a passion for it.
Well go ahead and ignore it then, like how most good things are ignored or used incorrectly.
Live your life any way you want to, tell yourself whatever you need to so you can make sense of it.
But the facts are this; If BTC can in fact consistently freeze the value of fiat money then it is useful to everyone in the world, not just me. This is not gambling and nobody is trying to take your money based on the draw of a card, or the roll of a wheel or dice. If you buy a BTC and put it on a wallet on your own node then guess what… it will still be there when you come back 40 years later untouched regardless of whats happening in the economy.
But feel free to compare that to a casino, I for one can’t see the comparison but hey it’s a huge world out there filled with all sorts of people.
As I mentioned earlier, BTC assists current currencies. I’m not thinking that it was designed to replace fiat as recently I believe I have seen it’s true function (freezing fiat currency value)
So yes, fiat currency will always be here and I do think it is needed. BTC looks set to become a great store of value, and with the apps that are being designed today we will soon see lots of user friendly ways of creating nodes and transferring Fiat for BTC and vice versa.