Bitcoin Crashing, Dow Tanking, end of the Bubbles?

Buy in red hofdl..

The Bozos, Morgans, Buffets are saying this is a bubble .. but they are the one buying bitcoins in the red. As rich get richer.

The dow hits another record high.

Lefties. The stock market has nothing to do with ordinary Americans' financial situation...

Dow sinks 1500 points.

Lefties. OMG, everything is collapsing, Drumpf is finished..

 

The important thing to remember is why would these people help you? All these men who got rich with traditional stocks are now saying Bitcoin is a scam and people believe them. Did they help you make money before? Capitalism is not helping the other guy if he's too stupid fuck him. That alone proves to me it's real. So real it's shaking up their monopoly. So much they have to discredit it. If it's nothing let it be and let idiots loose cash it does not affect you. But they don't do that.

Bitcoin is not practicle for small transactions but there are many other coins that long term will be the daily coin for most people.

 

I wouldnt touch Bitcoin until its gets under $2000

But then buy buy buy

First off there is just the effect of branding, its going to be the best known cryptocurrency for a long while

Secondly, the banks have banned it because its too volatile at the moment, this is likely to be temporary

Thirdly, there are always pros for bitcoin, as opposed to cons, that will always be there


I think we are close to a worldwide financial meltdown, but it will be from some countries ridiculous dependancy on credit, not things like bitcoin

 

As I understand it Bitcoin is nothing special and most likely will not last. The blockchain technology behind it will.
Another disadvantage of bitcoin transactions is they actually cost a lot energy. A disproportionate amount.

 

Mining them also requires a lot of computing power. So all the PC gamers are upset because their supplies are being used for actual work. It's hard to find anything for a decent price.

 

there's always bubbles as long as there's politics and humans are gullible.
economic indicators are really just another form of casino.

the universe/nature, laughs and shakes its head as we starve and sicken ourselves to monetize even our imaginations.
not because it has any skin in our game.

 

The main bubble is bonds. Without cheap debt to fuel the system all normalcy will go out the window.

 

Bitcoin is a scam that will destroy the planet and enslave the west. That is if it was ever able to become a popular trade currency. The only major profiteers are the Chinese hardware and mining ASIC manufactures, developers and Chinese warehouse miners with the massive advantage of running the latest most profitable ASIC hardware. The Chinese government doesn't even like bitcoin because they know it is a massive burden on the power utilities. They are in the middle of a coal/gas energy shortage partly due to the mining boom of this unsustainable scam currency.

The 'get rich quick' greedy morons who fall for this scam will get nowhere in the long run. Except cause all of our power bills to increase forever. Bitcoin will never free the people from government taxes or wealthy elites. In the end, it will have only created a few more wealthy Chinese. Bitcoin is a PARASITE on the power and internet utilities. Infrastructures that your tax dollars likely subsidized in one form or another. The only reason why our western governments have not banned bitcoin outright, is that they are clueless to how it works or how bad it actually is. It is the worst invention EVER! Even guns and nuclear weapons have more useful purposes than bitcoins.

 

You are confusing the power consumption issues with actual use of the cryptocurrency. I made 70 grand off my first 1k. Call it a scam if you want but people are making it work.

 

^ One bitcoin transaction costs 667 Kilowatt hours of power. Bitcoin mining has a carbon footprint of 24000000 tonnes of carbon dioxide per year.

If someone paid you to set forest fires, would you?

When the world runs out of fossil fuel, and it will, will they be making it work then? When society collapses and power and internet utilities break down, will they be making it work then? When transport trucks that used to deliver food to Walmart sit abandoned and millions of people starve to death, what will a bitcoin wallet on a cold abandoned hard drive be worth?

 

It's a scam. It will blow up. That people who stepped in early or at another time when the price dropped a lot can make money with it by selling it at the right time doesn't change that.
Also, if you care about the environment and lowering your ecological footprint, you're doing something terrible wrong.

 

How much money we talking here?

 

Really?, I bought at $200, sold at $800, wouldnt touch it after that, even though I watch it climb to near $20,000

Just feels like gambling more than investing once you start talking percentage increases in the hundreds in the short term

Even though in this case I should have stuck it out longer, been burned too many times before with crazy increases in mining stocks

But no way would I have waited for a 7000% increase, you would have been kicking yourself if it got to 60k, then collapsed back down to 500 overnight

 

And google wont even say how many trillion searches a year its handling. But 1 trillion searches translates to 200,000 tonnes of CO2

So I dont know where you'd get 24 million tonnes from for bitcoin mining, 667 kwh for one bitcoin transaction sounds like bullshit

 

^ Bitcoin Energy Consumption Index - Digiconomist

It's actually much worse than that because it doesn't take into consideration all the power used to manufacture and distribute all the ASIC mining hardware and power supplies...

It never fails! When debating the ethics of something unethical, someone always argues irrelevant comparisons. "but-but google searches", "but-but Christmas lights", "but-but yeah I killed a guy but cigarettes kill millions...".

Google actually provides a useful service. Bitcoin is a pointless waste for the sake of waste. There are ways of creating encrypted currency that don't need to burn dozens of terrawatts of coal power. So some pirates can hijack hospital computers for ransom without destroying the planet and making fuel more expensive for all of us.

 

Bitcoin is replacing banks which probably burn much more CO2 after considering all of their infrastructure. Also, mining locations are chosen based on how cheap the electricity is. The main locations include northeastern China, Norway, Iceland and Chile where temperatures are cooler and the energy largely comes from renewable sources.

 

^

this was recently on the news...

Why Canada is poised to become a prime destination for Bitcoin mining

 

I'm not sure bitcoin will be replacing banks. There are a lot of different cryptocurrencies.
As I understand its the blockchain technology behind of which its certain it has a (big) future.

I bet people in those places will love it that bitcoin miners go en masse make use of computers and infrastructure there. Or is this actually done with some form of consent?

 

cryptocurrencies have been pulling out the red in the last couple days since Jan slump

 

People have been calling the bubble bursting for 2 years now.