Forums > General Discussion   Shooting the breeze...

Just bought 1 bitcoin for AU $32K

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Created by myscreenname > 9 months ago, 14 Jun 2022
Macroscien
QLD, 6791 posts
26 Sep 2022 7:56PM
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Because Bitcoin was designed to chew on cheap electricity and the price of electricity is now 10x higher we could easy predict future.
Oops. In the future we will have abundance of almost free energy from fusion reactors. So it take only a bit of patience , like 20 years and mining Bitcoins may be fashionable again.
Today mining sinle Bitcoin must cost 3x the coin is worth

Mobydisc
NSW, 9018 posts
27 Sep 2022 12:58PM
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Macroscien said..
Because Bitcoin was designed to chew on cheap electricity and the price of electricity is now 10x higher we could easy predict future.
Oops. In the future we will have abundance of almost free energy from fusion reactors. So it take only a bit of patience , like 20 years and mining Bitcoins may be fashionable again.
Today mining sinle Bitcoin must cost 3x the coin is worth


Good point Macro. I had not thought about the rising cost of energy and its affect on crypto currency.
I'm really on the fence with crypto currency. I have a few but don't care about them at all. Its nice to dream about getting rich without working for it or risking any capital. This is what crypto currency is all about.

The use cases for crypto is pretty weak and is diminishing as time goes on. Smart contracts are unlikely to happen with cryptos. Its cheaper and easier to transfer money using traditional banking systems. Its cheaper to buy stuff with electronic banking that paying with crypto. In any case its been proven in Bitcoin's case those who horded coins did better than those who spent it though if Bitcoin goes down, those who bought a lawnmower with their Bitcoin in 2012 will be seen as getting a good deal.

myscreenname
1233 posts
27 Sep 2022 11:07AM
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Bitcoin's mining difficulty is automatically adjusted roughly every two weeks in order to keep the total block time at 10 minutes. So the price of mining Bitcoin is factored in.

Ian K
WA, 4039 posts
27 Sep 2022 1:16PM
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myscreenname said..
Bitcoin's mining difficulty is automatically adjusted roughly every two weeks in order to keep the total block time at 10 minutes. So the price of mining Bitcoin is factored in.


Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.

Miners, like all businesses, run on tight margins. The miners carefully balance the value of the bitcoin reward against the operating costs of the mine. Energy is the main cost. If the price of bitcoin doubles competition between miners will ensure that double the energy is used. If energy gets cheaper, competition will just drive up the hash rate until they use more of it. Bitcoin mining uses as much energy as Greece. If it doubles in price it will use as much power as Greece and Portugal combined.

What surprises me is that bitcoin is hanging on to such a slow and painful death.

Carantoc
WA, 6322 posts
27 Sep 2022 1:17PM
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Macroscien said..
...Today mining sinle Bitcoin must cost 3x the coin is worth



You might be underselling it there Macro....

3 x zero is zero.

So I think mining bitcoins costs infinitely more than bitcoin is actually worth. Today, yesterday or any day.

Carantoc
WA, 6322 posts
27 Sep 2022 1:20PM
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Ian K said..
Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.


...one of the fatal flaws.

There are many.

myscreenname
1233 posts
27 Sep 2022 3:56PM
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Ian K said..
Exactly. And that's the fatal flaw in bitcoin, it's self adjusting.

Miners, like all businesses, run on tight margins. The miners carefully balance the value of the bitcoin reward against the operating costs of the mine. Energy is the main cost. If the price of bitcoin doubles competition between miners will ensure that double the energy is used. If energy gets cheaper, competition will just drive up the hash rate until they use more of it. Bitcoin mining uses as much energy as Greece. If it doubles in price it will use as much power as Greece and Portugal combined.

What surprises me is that bitcoin is hanging on to such a slow and painful death.


Pffft, you will find that the miners making the most profit are using cheap renewable energy.

Bitcoin, like it or not, is driving cheap renewable energy.

Pumpkin Head

myusernam
QLD, 6085 posts
27 Sep 2022 6:13PM
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If myscreename endorses it it must be shxt imho. P

James
WA, 548 posts
28 Sep 2022 11:22AM
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myusernam said..
If myscreename endorses it it must be shxt imho. P


He's gonna call you a "pumpkin head" next , mate .

myscreenname
1233 posts
28 Sep 2022 3:17PM
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Hey pumpkin heads, this is sure to get at least some of you triggered.

Bitcoins environmental impact is half that of gold mining.

How do you like them apples?

finbold.com/bitcoin-accounted-for-0-1-of-global-greenhouse-gas-emissions-in-2022-data-finds/

Carantoc
WA, 6322 posts
28 Sep 2022 3:55PM
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myscreenname said..
Hey pumpkin heads, this is sure to get at least some of you triggered.

Bitcoins environmental impact is half that of gold mining.

How do you like them apples?

finbold.com/bitcoin-accounted-for-0-1-of-global-greenhouse-gas-emissions-in-2022-data-finds/


Without gold mining you wouldn't have the electronic components and connections that build the computers that make Bitcoin function.

Without Bitcoin you wouldn't have ...... well nothing. You'd still have everything useful in the world.


Maybe there'd be slightly fewer interesting threads on Seabreeze.com.au ? But then there'd also be more renewable energy available for useful stuff.


Which reminds me I should ask : Gold plated or Bitcoin plated sail pulleys - can anyone advise which is more corrosion resistant ?

myscreenname
1233 posts
29 Sep 2022 3:45PM
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myusernam said..
If myscreename endorses it it must be shxt imho. P


Was it you who recently created, arguably, the dullest topic in the thirty year history of Seabreeze?

Bahahaha

Rails
QLD, 1370 posts
30 Sep 2022 5:43AM
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Carantoc said..

myscreenname said..
Hey pumpkin heads, this is sure to get at least some of you triggered.

Bitcoins environmental impact is half that of gold mining.

How do you like them apples?

finbold.com/bitcoin-accounted-for-0-1-of-global-greenhouse-gas-emissions-in-2022-data-finds/



Without gold mining you wouldn't have the electronic components and connections that build the computers that make Bitcoin function.

Without Bitcoin you wouldn't have ...... well nothing. You'd still have everything useful in the world.


Maybe there'd be slightly fewer interesting threads on Seabreeze.com.au ? But then there'd also be more renewable energy available for useful stuff.


Which reminds me I should ask : Gold plated or Bitcoin plated sail pulleys - can anyone advise which is more corrosion resistant ?


Bitcoin plated sail pulleys resist corrosion by not actually existing, makes them super rare and very attractive to pyramids

Ian K
WA, 4039 posts
30 Sep 2022 10:12AM
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200 millions tonnes of Co2 up there! I've seen half-life estimations of excess Co2 from 30 to 150 years. So it's pretty much all still up there. There's only 20 million bitcoins so that's 10 tonnes of Co2 up there for that one 32k bitcoin.

Well at least it's something. More durable than a couple of magnetic stripes on a floppy disc in a shoebox somewhere I suppose.
www.newscientist.com/article/2339629-bitcoin-has-emitted-200-million-tonnes-of-co2-since-its-launch/?utm_source=onesignal&utm_medium=push&utm_campaign=2022-09-29-Bitcoins-CO2-em

myscreenname
1233 posts
30 Sep 2022 5:25PM
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Ian K said..
200 millions tonnes of Co2 up there! I've seen half-life estimations of excess Co2 from 30 to 150 years. So it's pretty much all still up there. There's only 20 million bitcoins so that's 10 tonnes of Co2 up there for that one 32k bitcoin.

Well at least it's something. More durable than a couple of magnetic stripes on a floppy disc in a shoebox somewhere I suppose.
www.newscientist.com/article/2339629-bitcoin-has-emitted-200-million-tonnes-of-co2-since-its-launch/?utm_source=onesignal&utm_medium=push&utm_campaign=2022-09-29-Bitcoins-CO2-em


Pumpkin heads are always complaining, y'all sound like a broken Rodriguez record.

What were you going to do with all that excess energy anyway?

Stream gay porn, buy an electric car, build a replica model steam railway setup in your garage?

We are all going to die, what's so terrible about dying rich and building a reserve of generational wealth?

You missed the Bitcoin boat twice now. I'd be really bitter too. I get It!

bjw
NSW, 3567 posts
5 Oct 2022 7:17AM
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Are you back in the black?

myscreenname
1233 posts
5 Oct 2022 5:55AM
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bjw said..
Are you back in the black?




I keep telling the pumpkin heads to buy the dip. But their belief system - wrongly - tells them that bitcoin is going to zero.

You can lead a goat to water, but you can't make it drink.

James
WA, 548 posts
10 Oct 2022 9:37AM
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Lmao


myscreenname
1233 posts
10 Oct 2022 11:17AM
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James said..
Lmao




Probably another flash crash. Instead of taking a screengrab, buy the dip!

You would be up over $4k only a few hours later.

Carantoc
WA, 6322 posts
25 Oct 2022 5:10PM
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Terrible thing happened today.

No, I didn't get a nail gun to the nethers, I accidentally clicked on the Seabreeze.com.au Kiter forum.

..anyways... turns out there is an interesting discussion going on over there, where the Big Boss Man made this statement :


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laurie said..
...... nobody (that I'm aware of) has been scammed in quite some time.


Pfft. Cobblers.

myscreenname spends $32k on some magic beans.... imaginary hypothetical magic beans... and "nobody is getting ripped off" ??

riiiiight.

myscreenname
1233 posts
25 Oct 2022 5:27PM
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laurie said..
...... nobody (that I'm aware of) has been scammed in quite some time.

My biggest regret was I didn't buy more Bitcoin.

Some people are just born to rim, like that third, bitter, servant in my enlightening, insightful, awsome story.

Lucky for some, not for others.

Ain't that the truth?

Carantoc
WA, 6322 posts
25 Oct 2022 5:57PM
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myscreenname said..
.... in my enlightening, insightful, awsome story...


Your story was almost as enthralling as Searching for Sugarman.

Indeed, the enigmatic third servant was, perhaps, a greater cultural phenomenon than Rodriguez himself.

Perhaps you could title the second edition of the parable as "Searching for Sugarhit" ????

myscreenname
1233 posts
25 Oct 2022 6:20PM
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Carantoc said..
Your story was almost as enthralling as Searching for Sugarman.

Searching for Sugarman is way up there with Series 3 of The Walking Dead TV series and Formula Nova's posts on the Seabreeze network.

Like myusernam, I'm still addicted to the Rodriguez soundtrack on Spotify, I would go so far and say it's spiritual! These days I only watch The Walking Dead TV series. I divide the rest of my spare time between rendering body parts using text to image AI and carefully disecting and cataloguing to microfilm each of Formula Nova's rare exquisite posts in the 30 year history of this forum.

To be frank, my biggest regret is not properly reading and grasping the subtle nuances and subtexts that are carfully woven into each of his posts.

Like a puzzle, Formula Novas posts put the reader's brain to work, piecing together clues to arrive at the emotional truth of the scene. It makes the story more engaging and more memorable for the reader because the truth of a scene lies not in the words, but in the crux between word and action.

He's a true national treasure.

Ain't that the truth?

James
WA, 548 posts
6 Nov 2022 9:54AM
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"Greater Fools" are in short supply I reckon.

myscreenname
1233 posts
7 Nov 2022 8:11AM
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I'm thinking of buying a powerful GPU to use for generating AI artwork.

Many rimmers still think Bitcoin is going to zero. I just looked and it's going up in value.

In these troubling times it's comforting to know I invested in an asset that continues to maintain its value.

Not a single regret.

airsail
QLD, 1241 posts
7 Nov 2022 12:24PM
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"In these troubling times it's comforting to know I invested in an asset that continues to maintain its value."




Macroscien
QLD, 6791 posts
7 Nov 2022 11:29PM
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airsail said..
"In these troubling times it's comforting to know I invested in an asset that continues to maintain its value."





Just for curiosity interesting will be to learn what valour in same rises 4x , not lost value. Beside things like real estate that are another bubble about to burst.
My bet will be on oil at $20 or even negative twenty if somebody has been able to buy. Any other worthwhile investment in latest two years?

Carantoc
WA, 6322 posts
11 Nov 2022 7:46AM
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Shhhh, nothing to see here



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Forums > General Discussion   Shooting the breeze...


"Just bought 1 bitcoin for AU $32K" started by myscreenname