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Hot!Cryptocurrency needs to die - for the good of all.

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ty_ger07
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 21:21:11 (permalink)
Xavier Zepherious
ty_ger07
kbertling353
Cryptocurrency as a theory is fine, it's just when you're causing a global chip shortage to worse and actively harming the environment... it's not a cool "project" but something actually harmful


It was declared a failed experiment.
The resolution of the Bitcoin experiment | by Mike Hearn | Mike’s blog (plan99.net)
 
Anyone who cares for or against Bitcoin should read that blog post.  It is exceptional.
 
But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly.
 




 
using an article that is 5 years old whose main premise is wrong now ... when it was written Bitcoin was in a major slump - and didn't seem to go anywhere

He has responded since then and has said that he still holds to those opinions.  The age is irrelevant once you look at the content and see that the issues discussed have not been resolved.

now. 5years later things are different - BTC is thru the roof with like a 13,000 % increase from where it was

Irrelevant.  The content of the blog article isn't about booming or busting, the content of the blog is about the problems with Bitcoin and why he gave up on it.

a lot of the problems he addressed are not a problem anymore

The majority of the technical problems are still the same as ever.  The majority of the community problems are still the same as ever.  Not much has changed.  Read it.  The root of the problem is that there are big players in the space who have a lot to gain or lose, and they use their weight to ensure that Bitcoin evolves to be most profitable to them, instead of letting it evolve to be the most useful currency it could be.  As a currency, it is an absolute failure.  They weren't even able to use it as an official currency for their own convention due to excessive network load and mining fees.  There are solutions to make it a viable currency, but while it is just the useless speculative thing that it currently is, there is no motivation to change that.  Things have not changed.  Read that blog post. ;)
 
 
HeyPablo
Chia is trying to move crypto away from effort based generation to simulate value/inflation.  Will see if that helps


Chia tries to sell that narrative, but it is not true.  Chia is still power and proof of work dependent.  If you stop plotting, you fall behind and your chance of winning the Chia lottery becomes pathetic.  So, people keep plotting.  And plotting uses a substantial amount of CPU power.  How is that green?  How is that not work?  How is a completed plot not proof that work has been completed?
SSD Killer? We Tested Chia Cryptocurrency Farming for one Week - YouTube
post edited by ty_ger07 - 2021/06/08 21:38:50
half_empty_soul
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 23:11:58 (permalink)
the only thing I support China in ... make crypto illegal
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 23:24:55 (permalink)
technical problems are disappearing = network issues are easing = most occur because much of the network is in china where the GOV spies and filters everything - and on old network lines - you see china putting fibre everywhere??
 
the network is becoming more decentralized and more efficient - gas fees or transaction fees are minimal now - speed of transfer $$$ isn't any worse than a bank transfer which might take a few days - not any different than clearing checks in the reg banking system
5 years ago we didn't have 5G and Fiber Everywhere - machines were slower and less efficient
 
fees - no worse than checking fees or bank fees or ATM fees (which i think should be done away with)
 
what you have is ONE person who by all means is a disgruntled worker - who can't see the forest thru the trees
Bias Opinion of one person who has not made a single blog about the new realities out there - or if he cared to point out in a blog just how little has changed
Give me a current position or news article from him 
remember i can give plenty of counter articles to make him come off like an idiot
 
furthermore why has the rest of the bitcoin developers don't share his points = maybe because he's the looney and off his rocker
Why only 1 person ???
 
maybe because he couldn't have it his way and his way only - working with other means you slowly make changes - you can't change minds or network or software overnight when other think you wrong or pusshing too much
 
 


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Tolmer
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 23:26:58 (permalink)
I like that crypto offers a way to get rich without being born into it.
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 23:35:42 (permalink)
believe me there are cost associated with it - if i had deeper pockets id invest more in hardware - if i can get the new asic's and more gpu's
rewire the house and garage - and go solar (im tempted to use line of credit on house)
going green getting off the grid and earning extra income is nice - will even get me off disability pension - even give me enough to travel a lot
 
if not gonna make you rich overnight - it will help with the bills and ease your life a bit
only big players like elon or bezos are gonna rake it in...because they can speculate - just like in the stock market... buy low sell high
 
the only way to make big $$$ is to make Big Corp Investments or Build big mining farms - (commercial operations)
and those take time to pay off - you have loans and dividends to pay out
 =====================================================================================================
 
 
Elon Musk Agrees With Vitalik Buterin on Dogecoin and Ethereum Collaboration
Tesla CEO Elon Musk said he “pretty much” agrees with Ethereum co-founder Vitalik Buterin about a collaboration between Dogecoin and Ethereum. Buterin said: “if we can have a secure Doge-to-Ethereum bridge. That would be amazing.”

Vitalik Buterin Talks About Dogecoin and Ethereum Bridge, Elon Musk Agrees

Ethereum co-founder Vitalik Buterin talked about a potential collaboration between Ethereum and Dogecoin in an interview with AI researcher Lex Fridman last week.
Referring to the Tesla and Spacex CEO repeatedly tweeting about dogecoin, Fridman said, “There’s a power behind someone like Elon Musk pushing the development of a cryptocurrency.” He then asked Buterin, “is there a way to leverage that power and momentum to improve Ethereum?” Buterin said:
If DOGE wants to somehow bridge to Ethereum, and then people can trade DOGE thousands of times a second inside of loopring, then that would be amazing.
“I definitely don’t think Ethereum is opposed to dog coins,” the co-founder emphasized. “I kind of want the fans to feel like Ethereum is, at least a little bit, in spirit itself a dog coin.”
He elaborated: “I think if we can have a secure Doge-to-Ethereum bridge. That would be amazing, and then when Ethereum gets any scalability that works for Ethereum assets, you would be able to trade wrapped DOGE with very low transaction fees and very high speed as well.”
Commenting on Musk’s action to support dogecoin, Buterin said: “You would make a mistake if you were to ascribe too much sophisticated malevolence or any deep intentionality to the whole process. He’s just a human being, and he likes dogs just like I like dogs.”
Musk then commented on the interview, tweeting:
I pretty much agree with Vitalik.
 
Ethereum is currently undergoing an upgrade transitioning from a proof-of-work (PoW) consensus model to a proof-of-stake (PoS) model. Buterin recently explained why the upgrade is taking longer than expected.
“One of the biggest problems I’ve found with our project is not the technical problems, it’s problems related with people … Ethereum is now in a better economic position, but it took us five years to get to where we are now. We have a lot of internal team conflicts in these five years. If you are building a team, it is important to know who you are working with,” the Ethereum co-founder described.
Last month, Musk proposed some improvements for Dogecoin, claiming to have met with DOGE developers. Musk wrote: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
 
https://news.bitcoin.com/elon-musk-vitalik-buterin-dogecoin-ethereum-collaboration/
 
 
White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin
 
It’s Official: El Salvador’s Legislature Votes to Adopt Bitcoin as Legal Tender
post edited by Xavier Zepherious - 2021/06/09 00:05:14


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ty_ger07
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 04:30:25 (permalink)
Could you imagine caring about what Elon Musk thinks?
 
FYI, even just weeks ago, whenever Bitcoin makes big moves, the network fee jumps up to around 10%, sometimes for days.  Transaction times are still really slow; not fast enough to use as an ATM or to use at a convenience store.  These problems remain.  Why do you suppose those problems aren't being corrected?  Read the blog article.

The only thing keeping Bitcoin going is mining and speculative betting about its potential growth. The problem is that every day that it gets closer to having all its coins mined -- every day that it is not a useful currency -- is a day closer to it dying at the end. Until it is a useful currency that people can use in stores, easily trade with eachother, or use at ATMs, its end result is assured death; regardless of how it is doing at the present. Read the blog article.

When all the coins are mined and there are no longer coins to earn by mining, who will be mining? How good will the network be then? When mining is at an all-time-high and still we see slowness and big fees, what will it be like when there are hardly any miners and people are trying to use it as a currency? Transaction fees are currently being subsidized by the platform's creation of new coins paid the miners; but not forever. Why wouldn't people switch to a different cryptocurrency with smaller fees, faster transactions, less power consumption, and more growth potential. Why wouldn't Bitcoin ultimately die?

Mike Hearn wasn't being a looney. He was being a visionary. He was seeing these problems way before others, finding solutions, but then having his solutions blocked by people who had money to lose by Bitcoin being fixed. He got frustrated and left. He was being selfless for the benefit of Bitcoin's longterm potential. Others were being selfish for the benefit of their own financials. If you are in defense of Bitcoin's future, it's funny that you would be opposed to Mike Hearn and instead defend the others who didn't care about Bitcoin's longterm future.
post edited by ty_ger07 - 2021/06/09 05:57:14
Nozler
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 09:05:45 (permalink)
Should have been dead from the start. Governments will catch on eventually after their pockets are lined.

heatware
 
kent1020
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 15:00:25 (permalink)
PopeFranky
Is it worth investing in crypto for short term gains while we wait for this craze to end?




Nah, don't jump in. This is just as simple as a gamble
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 16:23:01 (permalink)
kent1020
PopeFranky
Is it worth investing in crypto for short term gains while we wait for this craze to end?




Nah, don't jump in. This is just as simple as a gamble


It's not a gamble if you play it properly.
Trading makes sense if you learn support/resistance and understand risk, using stop loss and profit targets.
There's a good community on twitch in the crypto category that might help in these regards.
greywagtail
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 18:02:21 (permalink)
Is it so bad to put stock in a new tech & currency that isn't 99,999999999985% "pre-mined" (effectively) and doesn't grow on money printers that force you to play the stock market, real estate while juggling your work/life balance, pension plan payments, healthcare plans, taxes all the while maintaining your sanity and not burning out?
 
Anyway, more relevant: is Bitcoin responsible for shady Ethereum developers' choice to use GPU mining algorithms? No. Does it solve real-world problems? Yes. Does it create new problems? Also yes. Is it on balance a good thing? Again yes. Was Ethereum pre-mined? Yep. Can Ethereum decide to raise the coin cap and inflate at any time? Yes. Is Eth-mining efficient? No. Are smart contracts hype? Yes and also wouldn't want to live in a world where I literally can not argue with a quasi-intelligent piece of a coin, because "its logic is flawless" and then "Sorry sir, you have staked insufficient coin in your life, medical procedure not approved, humane euthanasia protocols initiated" (you laugh now but just think about how the establishment looks at these coins and decides virtual "smart" money can be the perfect proxy to remove themselves and us even further from the human equation).
 
Phew, I feel better now.

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kram36
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 20:05:44 (permalink)
Hate to break this to everyone, but.... I just saw some new videos on YouTube about another cryptocurrency that is currently paying out better then Etherium and the RTX 3080 Ti mines it as well as a RTX 3090 does and uses less power. Even in the comments I read it doesn't run the memory near as hot on the RTX 3090, I mean way lower temp on the memory as in 15°C lower. This hasn't hit big news yet, but Nvidia's HRL has just been kicked to the curb and when the news gets around to all the miners, nothing is going to change on the video card shortage.
 
Hope everyone got into the RTX 3080 Ti queue early and if you didn't, get in the RTX 3070 Ti queue tomorrow morning as fast as you can.

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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 20:15:04 (permalink)
kram36
Hate to break this to everyone, but.... I just saw some new videos on YouTube about another cryptocurrency that is currently paying out better then Etherium and the RTX 3080 Ti mines it as well as a RTX 3090 does and uses less power. Even in the comments I read it doesn't run the memory near as hot on the RTX 3090, I mean way lower temp on the memory as in 15°C lower. This hasn't hit big news yet, but Nvidia's HRL has just been kicked to the curb and when the news gets around to all the miners, nothing is going to change on the video card shortage.
 
Hope everyone got into the RTX 3080 Ti queue early and if you didn't, get in the RTX 3070 Ti queue tomorrow morning as fast as you can.


This is equivalent to fake news, every GPU-focused mining algorithm *except* Ethereum's is unaffected by nVidia LHR, this is not even news.

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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 20:17:45 (permalink)
"Quick! Buy a video card before it is too late!"  Just the sort of message we need in the current madness.
 
Toilet paper!  Gas!  GPUs!  Cars!  Run, run, they are going fast!
 
My take: don't.  Just appreciate what you have.
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 20:21:35 (permalink)
greywagtail
kram36
Hate to break this to everyone, but.... I just saw some new videos on YouTube about another cryptocurrency that is currently paying out better then Etherium and the RTX 3080 Ti mines it as well as a RTX 3090 does and uses less power. Even in the comments I read it doesn't run the memory near as hot on the RTX 3090, I mean way lower temp on the memory as in 15°C lower. This hasn't hit big news yet, but Nvidia's HRL has just been kicked to the curb and when the news gets around to all the miners, nothing is going to change on the video card shortage.
 
Hope everyone got into the RTX 3080 Ti queue early and if you didn't, get in the RTX 3070 Ti queue tomorrow morning as fast as you can.


This is equivalent to fake news, every GPU-focused mining algorithm *except* Ethereum's is unaffected by nVidia LHR, this is not even news.


No, you're looking at this wrong, even on a RTX 3070 or RTX 3080, it's paying out more then Etherium.

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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 20:37:27 (permalink)
kram36
No, you're looking at this wrong, even on a RTX 3070 or RTX 3080, it's paying out more then Etherium.

That's every other day in the cut-throat world of mining. If you look on whattomine or whatever people use now every so often as I have from time to time hobby-mining for a few weeks, there's almost always some coin or other that makes 110% or 130% or whatever of what Eth is currently making miners at that time.
 
Come on, the GPU shortage is bad enough as is that we don't need any more mining hype right now, especially when it's clearly based on a literally bogus claim such as this. There's ALWAYS something "more profitable to mine" than [ Insert Coin ] this is the nature of crypto and altcoins and volatility etc. We just want videogames, need videogames.

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kram36
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/09 20:52:12 (permalink)
greywagtail
kram36
No, you're looking at this wrong, even on a RTX 3070 or RTX 3080, it's paying out more then Ethereum.

That's every other day in the cut-throat world of mining. If you look on whattomine or whatever people use now every so often as I have from time to time hobby-mining for a few weeks, there's almost always some coin or other that makes 110% or 130% or whatever of what Eth is currently making miners at that time.
 
Come on, the GPU shortage is bad enough as is that we don't need any more mining hype right now, especially when it's clearly based on a literally bogus claim such as this. There's ALWAYS something "more profitable to mine" than [ Insert Coin ] this is the nature of crypto and altcoins and volatility etc. We just want videogames, need videogames.


No it's not. Ethereum has been the most profitable cryptocurrency for a long time, nobody has unseated Ethereum in profits until now.
post edited by kram36 - 2021/06/09 21:54:53

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Re: Cryptocurrency needs to die - for the good of all. 2021/06/10 22:20:51 (permalink)
cryptocurrency is not bad, it has its value, but it makes me unable to buy a graphics card, I am really angry.
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/11 01:33:39 (permalink)
No love my crypto!
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/11 08:42:21 (permalink)
crypto needs to rely less on gpu. once it migrates away from proof of concept then we'll all be better off.

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Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/12 20:44:06 (permalink)
Texas Announces State-Chartered Banks Can Provide Cryptocurrency Custody Services
 
https://news.bitcoin.com/texas-state-chartered-banks-cryptocurrency-custody-services/
 
Stock-to-Flow Creator Says '$288K Still in Play,' Mike McGlone Sees an 'Ace up Bitcoin's Sleeve'
 
https://news.bitcoin.com/stock-to-flow-creator-says-288k-still-in-play-mike-mcglone-sees-an-ace-up-bitcoins-sleeve/
 
 
Speedy Trial Success — Bitcoin Upgrade Taproot Set to Lock-in This Weekend
 
https://news.bitcoin.com/...-lock-in-this-weekend/
 
------------------------------------------------------------------------
 
 
they are not the only ones predicting prices to go up like that 
 
28k to 288k  is a 10x increase
 
 
people getting out right now is people that mined a $9k or $9 (some whales that have like 1000 BTC or more) selling some of their coins while it was hot
 
sell- off has mitigated and prices have stabilized
just like any stock market purchases - you can lose you shirt - look at short sellers with AMC
 
 
if you have lots of dough ..ie big investor ....you will always put some in high risk because you can make even bigger $$$ there
 
post edited by Xavier Zepherious - 2021/06/12 20:56:10


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Re: Cryptocurrency needs to die - for the good of all. 2021/06/15 14:03:39 (permalink)
China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas
 
Texas is an ideal destination for miners, thanks to its abundance of solar and wind power, its unregulated market, and its crypto-friendly political stance.
 
Where they’re going
Because miners at scale compete in a low-margin industry, where their only variable cost is typically energy, they are incentivized to migrate to the world’s cheapest sources of power. 
“Every Western mining host I know has had their phones ringing off the hook,” said Carter. “Chinese miners or miners that were domiciled in China are looking to Central Asia, Eastern Europe, the U.S., and Northern Europe.”
One likely destination is China’s next-door neighbor, Kazakhstan. The country’s coal mines provide a cheap and abundant energy supply. It also helps that Kazakhstan has a more lax attitude to building, which bodes well for miners who need to construct physical installations in a short period of time. 
Didar Bekbauov runs Xive, a company that provides hosting services to international miners. Xive also sells the specialized equipment needed for mining. 
Bekbauov says that he’s stopped counting the number of Chinese miners who have called him to ask about relocation options, ranging from operations with 15 rigs to thousands. 
“One miner told us that only government electricity plants have restricted mining and private ones will continue to service miners,” Bekbauov told CNBC. 
“But most of the electricity is generated by government power plants, so miners will have to move. That makes them uncertain and desperate to find other locations,” he said.
 
 
https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html
 
 
Fidelity Executive Believes Bitcoin's Price 'Bottom Is in' After Last Month's Market Carnage
 
https://news.bitcoin.com/...months-market-carnage/
 
Latin American Countries Eye Bitcoin Adoption After El Salvador Passed Bitcoin Law
https://news.bitcoin.com/...-salvador-bitcoin-law/
 
Goldman Sachs Expands Cryptocurrency Trading Desk With Ether Futures and Options
 
https://news.bitcoin.com/...ether-futures-options/
post edited by Xavier Zepherious - 2021/06/15 14:05:40


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Re: Cryptocurrency needs to die - for the good of all. 2021/06/15 14:29:58 (permalink)
because CHINA doesn't want to decimate their own country's' infrastructure & resources  - send the idiots somewhere else to destroy other areas....
 
The entire thing was made up from a person that is only known by a pseudonym & has never been given a real identity.
Mining these magic 'things' that no one can explain what or why ....  ( for all we know, the calculations could be done are for cracking world banking encryptions to steal money from everyone etc... ) 
  
the entire crypto-thing is a cancer on the world..
 
Cryptocurrency: Bitcoin Mining is Wreaking Havoc on the Environment and Our Health - Gilmore Health News

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kram36
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/15 19:24:36 (permalink)
aka_STEVE_b
because CHINA doesn't want to decimate their own country's' infrastructure & resources  - send the idiots somewhere else to destroy other areas....
 
The entire thing was made up from a person that is only known by a pseudonym & has never been given a real identity.
Mining these magic 'things' that no one can explain what or why ....  ( for all we know, the calculations could be done are for cracking world banking encryptions to steal money from everyone etc... ) 
  
the entire crypto-thing is a cancer on the world..
 
Cryptocurrency: Bitcoin Mining is Wreaking Havoc on the Environment and Our Health - Gilmore Health News


Eh, China wants to keep control of people's money /end of the story there, they are Communist. You really don't understand how Bitcoin works. You are your own bank, nobody can take your money, the Government can't devalue it either with over printing money and there is a limited amount of Bitcoin. Miners are running the Bitcoin transactions done on the chain, they are not running random numbers or calculations to crack banking encryption.
 
Bitcoin is not wreaking havoc on the environment or our health either.

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atfrico
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/15 20:33:18 (permalink)
It has begun
China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas  
clicky linky below:
 
China's bitcoin miner exodus (cnbc.com)
 
 

Those who abuse power, are nothing but scumbags! The challenge of power is how to use it and not abuse it. The abuse of power that seems to create the most unhappiness is when a person uses personal power to get ahead without regards to the welfare of others, people are obsessed with it. You can take a nice person and turn them into a slob, into an insane being, craving power, destroying anything that stands in their way.
 
 
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metamana
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/15 22:16:48 (permalink)
Why would it die, and is here to stay,
if you had bought it in 2010 then you could understand
Flaretrail
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/16 00:58:31 (permalink)
It should, but it won't.
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/16 01:44:44 (permalink)
Hedge Funds Aim for $300 Billion in Crypto Assets Within 5 Years, Survey Shows
 
 Hedge funds are likely to significantly increase their crypto holdings, a global poll of chief financial officers has indicated. According to an average figure based on their forecasts, the funds will keep more than 7% of assets in cryptocurrency within the next five years.
 
https://news.bitcoin.com/hedge-funds-aim-for-300-billion-in-crypto-assets-within-5-years-survey-shows/
 
 
------------------------------------------------------------
do you know how much carbon is used to create and distribute/handle money?
 
how much energy(and waste- and killing trees) is used to make money - paper, coin, ore mining, minting, distribution, office space and energy to run banks, fuel to get employees to work for banks, banking network(yes it uses power and lots of it) does it all use
and of course the fed, central banks
 
don't tell me it's green?
 
with crypto there is no actual currency its all digital 
you can remove a chunk of the people needed and the waste from the current system 
 
 


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Flaretrail
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/16 02:04:11 (permalink)
Xavier Zepherious
Hedge Funds Aim for $300 Billion in Crypto Assets 



disgusting
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/16 19:55:21 (permalink)
General Motors CEO: 'Nothing Precludes GM From Accepting Bitcoin if There's Consumer Demand'
 
https://news.bitcoin.com/...tcoin-consumer-demand/


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droomagon
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/17 02:17:57 (permalink)
i think lots of things in the world needs to improve and die, until someone voice out
 
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