Ninety percent of all Bitcoins have now been mined

captaincranky

Posts: 18,527   +7,366
Fixed amount of Bitcoins is a good thing. It avoids infinite money printing, which translates to avoiding entities from stealing from the masses by devaluing the currency to devalue their debt.
Real scarcity doesn't somehow translate into an artificial price increase.
Rarity in and of itself forces a price increase. Sic:"If it's rare it must be worth a lot of money". Otherwise, why would people be paying such stupidly outrageous sums of money for NFTs, of, "yachts", that only exist in the imagination?

Or how about a quarter million dollars for some frivolous, stupid, and ugly, chimp cartoon?
 

umbala

Posts: 603   +1,007
Bitcoin will still be around in 2030 and will be worth way more than it is now. That is fact.

Bitcoin is worth as much as someone else is willing to pay for it, just like the USD.

Just like the Bitcoin, if every USD held was put back into the market. The USD would be worthless. Our money is digital regardless if we like it or not. Just because you can hold onto a paperbill doesn't mean that doesn't become digital once it hits a bank. Paper money is nothing more than a means of transfer. All Money is digital in 1st world nations.
What a ridiculous post.

"Bitcoin will still be around in 2030 and will be worth way more than it is now. That is fact."

So you have a crystal ball and can see the future with certainty?

And this nonsense needs to stop where people try and compare Bitcoin to fiat currency. "It's worth whatever people are willing to pay for it" is not a market strategy. Real currency is backed by a country's government and its economy (tens of trillions of dollars in the case of US currency).

What is backing Bitcoin? Nothing. What gives it value? The promise of an even bigger sucker coming along and paying even more than YOU did. It's nothing but a Ponzi scheme really. The first people in and the first people out get rich on OTHER people's money basically, and everyone else gets screwed.
 

umbala

Posts: 603   +1,007
Yep ROI is less than a year without overclocking. I've got PV to power it. Run my card at stock and make my 3080 purchase price back. It's a gaming rig. Not making a crypto farm.
Sure, ROI is less than a year if you magically get a year's worth of electricity for free to run your 250 watt card non-stop. Oh wait...
 

TheWatcher

Posts: 12   +10
Bitcoin and all crypto currencies were meant to replace currencies. Unfortunately they are treated as commodities without any meaningful real world usage.
 

Crinkles

Posts: 217   +204
[Darth Shiv] Yep ROI is less than a year without overclocking. I've got PV to power it. Run my card at stock and make my 3080 purchase price back. It's a gaming rig. Not making a crypto farm.[/]

Quoting "I've got PV to power it"

Sure, ROI is less than a year if you magically get a year's worth of electricity for free to run your 250 watt card non-stop. Oh wait...

Seen this? "I've got PV to power it", he probably won't need to "magically get a year's worth of electricity for free".

Thread's hilarious, keep up the good predictions.
 

JamesBlond

Posts: 171   +120
So how do you make money on this now if your not a guy with a huge farm setup, or do you?

Is mining even worth it anymore? I am just curious if its worth putting my 3080 and 10850k to "work" in my off hours.
You can start small, always invest what your willing to lose in crypto unless you have good knowledge or have good advice from somebody who has. I started messing around with $500 and currently sitting on $5600+ in assets, I have some kucoin bots running, I have nexo.io investments, I buy low and sell high on a monthly basis. Risk is relevant to your ability keep emotion out of your trades or investment. There are many good youtubers who give good advice, but all have been found to make good and bad predictions, the best ones are the ones who do analysis
 

JamesBlond

Posts: 171   +120
What a ridiculous post.

"Bitcoin will still be around in 2030 and will be worth way more than it is now. That is fact."

So you have a crystal ball and can see the future with certainty?

And this nonsense needs to stop where people try and compare Bitcoin to fiat currency. "It's worth whatever people are willing to pay for it" is not a market strategy. Real currency is backed by a country's government and its economy (tens of trillions of dollars in the case of US currency).

What is backing Bitcoin? Nothing. What gives it value? The promise of an even bigger sucker coming along and paying even more than YOU did. It's nothing but a Ponzi scheme really. The first people in and the first people out get rich on OTHER people's money basically, and everyone else gets screwed.
and that is a fact...basically everything you said.... but I would like to add, a cyber pandemic is coming, we know as all predictions made in the past by the OWO are accurate...which means nothing will be of value anymore in the next 5-7yrs and that means the only value will be based on gold silver and friends who know how to grow food...millions will die until gov of the world are removed
 

George Keech

Posts: 147   +237
The Problem with Crypto as a topic is its so partisan.

The real truth that people need to understand is no one knows where this will be in 20 years time, it could be the greatest technology of the age. it could also be a waste of time or just something simply misused and mismanaged.

There are so many examples over time, of things that start out and surely they will be the future but are not and also obvious there are the ones that do succeed and change life for millions.

Only time will tell.
 

Hysc84

Posts: 34   +28
"the remaining 10 percent will take nearly 120 years to arrive."

What if quantum computer is available to everyone ?
 

DZillaXx

Posts: 484   +619
What is backing Bitcoin? Nothing. What gives it value? The promise of an even bigger sucker coming along and paying even more than YOU did. It's nothing but a Ponzi scheme really. The first people in and the first people out get rich on OTHER people's money basically, and everyone else gets screwed.
What backs Bitcoin is the same that backs Goverment backed currency.

People

Nothing but People. As long as People back it, it has value.


and that is a fact...basically everything you said.... but I would like to add, a cyber pandemic is coming, we know as all predictions made in the past by the OWO are accurate...which means nothing will be of value anymore in the next 5-7yrs and that means the only value will be based on gold silver and friends who know how to grow food...millions will die until gov of the world are removed
Physical Gold and Silver are poor investments ;)
 

NightAntilli

Posts: 880   +1,160
Rarity in and of itself forces a price increase. Sic:"If it's rare it must be worth a lot of money". Otherwise, why would people be paying such stupidly outrageous sums of money for NFTs, of, "yachts", that only exist in the imagination?

Or how about a quarter million dollars for some frivolous, stupid, and ugly, chimp cartoon?
You are right. What I was trying to say is that if scarcity is real, the price increase is not artificial.
 

Karlos95

Posts: 243   +165
Bitcoin and all crypto currencies were meant to replace currencies. Unfortunately they are treated as commodities without any meaningful real world usage.
Just like any currency. You know there are hedge funds that buy and sell currency just like bitcoin when they go up and down.

Gold was a currency remember that.
 

Karlos95

Posts: 243   +165
What backs Bitcoin is the same that backs Goverment backed currency.

People

Nothing but People. As long as People back it, it has value.
They still have faith in their currency as the printer goes brrrrrrr and inflation goes bazinga.

I mean, compare 2 charts, the one of bitcoins price and USD purchasing power.


Crazy to think the gov has your back 😂
 

Bullwinkle M

Posts: 671   +536
They still have faith in their currency as the printer goes brrrrrrr and inflation goes bazinga.
I mean, compare 2 charts, the one of bitcoins price and USD purchasing power.
Crazy to think the gov has your back 😂
The problem with promoting Bitcoin can be seen with careful analysis

This con-man calls Bitcoin an asset and not a currency

If that were true, then you should only be able to use Bitcoin by itself, instead of getting people to invest "Real" currency so that you can take that "Real" currency out and spend it

Bitcoin by itself has no value until you tie it to "Real" currency and it is therefore another form of currency that can be regulated and tracked, defeating the stated purpose for it's original creation

Under careful analysis of this video, do you see any mention of the very real pitfalls I stated in my first posts?

Nope!


If you cannot separate "Real" currency from Bitcoin, then only criminals need Bitcoin and only criminals promote it

It has been, and always will be, a money laundering scheme for criminals
 

Squid Surprise

Posts: 5,286   +4,929
The problem with promoting Bitcoin can be seen with careful analysis

This con-man calls Bitcoin an asset and not a currency

If that were true, then you should only be able to use Bitcoin by itself, instead of getting people to invest "Real" currency so that you can take that "Real" currency out and spend it

Bitcoin by itself has no value until you tie it to "Real" currency and it is therefore another form of currency that can be regulated and tracked, defeating the stated purpose for it's original creation

Under careful analysis of this video, do you see any mention of the very real pitfalls I stated in my first posts?

Nope!


If you cannot separate "Real" currency from Bitcoin, then only criminals need Bitcoin and only criminals promote it

It has been, and always will be, a money laundering scheme for criminals
Except you CAN separate bitcoin from local currency… more and more places accept bitcoin - this will only increase with time.
El Salvador accepts it - they are the first nation, but not the last.
As for “it’s for criminals only” - studies have been done showing that only a tiny percentage of bitcoin transactions are criminal…
show me any evidence you have that bitcoin is used for criminal activities any more than any other currency!
 

CybaGirl

Posts: 90   +36
Bitcoin hasn't been mined using GPU's for quite a while now, it's all ASICs if I'm not mistaken. If you wanna use your regular hardware, go for Ethereum or something like that.
Don't know about that? I know many people in the Facebook mining groups who are mining with GPU's.

I have a single little mining rig with an AMD 3100, 16GB of RAM and a NON LHR 3060Ti that I won last Christmas in a Facebook competition and it just paid for my new (Radeon RX 6600XT $950.00 AUD) in under six months.

Plus during this time I have purchased games that I normally could not afford to buy. So basically it cost me nothing and now I have things that I normally would not be able to buy. So, I don't see how a little mining rig that is generating free money is that bad?

As for all this environment nonsense. All I am going to say is. When big business and corporations that can afford to do more to protect the environment will be the time that I will make an effort. People are struggling yet made to feel guilty if they are not doing something about the problem. But these same people are not in a position to do so, unlike big business and corporations.

It's like the plastic bag ban we have over here in Australia. It's a complete joke and nothing more than a farce to increase the profits yet again of big business and corporations at our expense!

I don't know about the rest of you? But when something is generally banned then it is banned and removed out of existence. Yet the businesses that use to provide free plastic bags are only too happy to now sell them to you. So where is the ban in place?

Another fact is. This so called banning of plastic bags over here in Australia would mean that grocery stores should have lowered prices as they needed to purchase and give away free plastic bags so the savings in not having to purchase these bags should have been passed on to customers through lower prices. But Coles last year made a four billion dollar profit if my memory serves me right? But still they and others are increasing prices all the time.

So when these greedy corporations and big businesses actaully care about the environment and take a more active roll in protecting it. Will be the day that a financially poor person like me will think about doing more.