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Dec 30th, 2023
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 Re: WHY does bitcoin have value?
[Re: soggybottom]
#12530308
12/07/17 05:42 PM
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Joined: Apr 2014
Posts: 8,942
Jpurdue
TFF Celebrity
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TFF Celebrity
Joined: Apr 2014
Posts: 8,942 |
is it true that bit coin in unsustainable because of power that is required? Continued exponential growth is unsustainable because of power requirements. As valuations go up, the incentive to mine goes up. The more folks mining the harder the algorithm makes it to actually mine a coin. That is to say, the more computations each miner has to make goes up to mine a coin. So as valuations go up so does power draw. I haven't done the exact math, but at a 50K valuation mining would consume something like 1% of the total world production of electrical power. That may not sound like much but it's an absolutely enormous amount of electricity.
"Bragging may not bring happiness, but no man having caught a large fish goes home through an alley." -A.L. www.LunkerLore.com![[Linked Image]](https://i.imgur.com/ckGplwut.png)
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Re: WHY does bitcoin have value?
[Re: Uncle Zeek]
#12530385
12/07/17 06:35 PM
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Joined: Feb 2003
Posts: 4,326
anthonyhicks101
TFF Team Angler
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TFF Team Angler
Joined: Feb 2003
Posts: 4,326 |
It's shot up almost 2k in the last few hours!
anthonyhicks101 for president! Greatness right there.
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Re: WHY does bitcoin have value?
[Re: Uncle Zeek]
#12530386
12/07/17 06:35 PM
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Joined: Jul 2005
Posts: 11,165
MARKIT
TFF Guru
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TFF Guru
Joined: Jul 2005
Posts: 11,165 |
Up 2k today
Pretty good hit
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Re: WHY does bitcoin have value?
[Re: Uncle Zeek]
#12530387
12/07/17 06:36 PM
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Joined: Feb 2003
Posts: 4,326
anthonyhicks101
TFF Team Angler
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TFF Team Angler
Joined: Feb 2003
Posts: 4,326 |
anthonyhicks101 for president! Greatness right there.
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Re: WHY does bitcoin have value?
[Re: Uncle Zeek]
#12530452
12/07/17 07:29 PM
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Joined: Jun 2017
Posts: 987
MyGreenOutdoors
Pro Angler
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Pro Angler
Joined: Jun 2017
Posts: 987 |
19800 to 15375 currently. Crazyyyy
Last edited by MyGreenOutdoors; 12/07/17 07:35 PM.
![[Linked Image]](https://cdn11.bigcommerce.com/s-ktouu2lc/images/stencil/original/picture3_1633204695__62545.original.jpg) Marine Navigation, Boat Outfitting, Marine Electronics and Outdoor Gear Kevin@MyGreenOutdoors.com | p: (800) 305-2726
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Re: WHY does bitcoin have value?
[Re: Jpurdue]
#12530463
12/07/17 07:40 PM
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Joined: Mar 2007
Posts: 12,040
soggybottom
TFF Guru
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TFF Guru
Joined: Mar 2007
Posts: 12,040 |
is it true that bit coin in unsustainable because of power that is required? Continued exponential growth is unsustainable because of power requirements. As valuations go up, the incentive to mine goes up. The more folks mining the harder the algorithm makes it to actually mine a coin. That is to say, the more computations each miner has to make goes up to mine a coin. So as valuations go up so does power draw. I haven't done the exact math, but at a 50K valuation mining would consume something like 1% of the total world production of electrical power. That may not sound like much but it's an absolutely enormous amount of electricity. Ok, this is blowing my mind. I just cant understand it. mining for a internet coin? using power to "mine" them?
pledge= fishstick
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Re: WHY does bitcoin have value?
[Re: Uncle Zeek]
#12530496
12/07/17 08:07 PM
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Joined: Jan 2005
Posts: 14,660
jcarring99
TFF Guru
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TFF Guru
Joined: Jan 2005
Posts: 14,660 |
can you invest in these things through your IRA?
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Re: WHY does bitcoin have value?
[Re: Uncle Zeek]
#12530542
12/07/17 08:37 PM
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Joined: Jan 2006
Posts: 15,809
BassFever
TFF Guru
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TFF Guru
Joined: Jan 2006
Posts: 15,809 |
My little $1500 investment is now up to $7200. 
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Re: WHY does bitcoin have value?
[Re: soggybottom]
#12530601
12/07/17 09:30 PM
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Joined: Jan 2006
Posts: 33,078
Scagnetti
TFF Guru
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TFF Guru
Joined: Jan 2006
Posts: 33,078 |
is it true that bit coin in unsustainable because of power that is required? Continued exponential growth is unsustainable because of power requirements. As valuations go up, the incentive to mine goes up. The more folks mining the harder the algorithm makes it to actually mine a coin. That is to say, the more computations each miner has to make goes up to mine a coin. So as valuations go up so does power draw. I haven't done the exact math, but at a 50K valuation mining would consume something like 1% of the total world production of electrical power. That may not sound like much but it's an absolutely enormous amount of electricity. Ok, this is blowing my mind. I just cant understand it. mining for a internet coin? using power to "mine" them? Youre mining for an address held in someones wallet. That address can only be accessed using Blockchain technology, which is supposed to be impossible to hack. If it was hackable, Bitcoin would be rendered worthless
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Re: WHY does bitcoin have value?
[Re: Scagnetti]
#12530615
12/07/17 09:39 PM
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Joined: Dec 2012
Posts: 25,083
lconn4
TFF Guru
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TFF Guru
Joined: Dec 2012
Posts: 25,083 |
It was just on news it got hacked for what I thought they said was billions... not millions.
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Re: WHY does bitcoin have value?
[Re: Scagnetti]
#12530616
12/07/17 09:40 PM
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Joined: Mar 2007
Posts: 12,040
soggybottom
TFF Guru
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TFF Guru
Joined: Mar 2007
Posts: 12,040 |
is it true that bit coin in unsustainable because of power that is required? Continued exponential growth is unsustainable because of power requirements. As valuations go up, the incentive to mine goes up. The more folks mining the harder the algorithm makes it to actually mine a coin. That is to say, the more computations each miner has to make goes up to mine a coin. So as valuations go up so does power draw. I haven't done the exact math, but at a 50K valuation mining would consume something like 1% of the total world production of electrical power. That may not sound like much but it's an absolutely enormous amount of electricity. Ok, this is blowing my mind. I just cant understand it. mining for a internet coin? using power to "mine" them? Youre mining for an address held in someones wallet. That address can only be accessed using Blockchain technology, which is supposed to be impossible to hack. If it was hackable, Bitcoin would be rendered worthless Im an idiot. that makes absolutely NO sense to me. I didnt understand ONE part of that. But what will they do when there are quantum computers? will it still be safe?
pledge= fishstick
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Re: WHY does bitcoin have value?
[Re: lconn4]
#12530617
12/07/17 09:42 PM
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Joined: Oct 2010
Posts: 14,712
Frenzy
TFF Guru
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TFF Guru
Joined: Oct 2010
Posts: 14,712 |
It was just on news it got hacked for what I thought they said was billions... not millions. Bitcoin wasn't hacked...an exchange that stored them was.
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Re: WHY does bitcoin have value?
[Re: soggybottom]
#12530624
12/07/17 09:49 PM
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Joined: Jan 2002
Posts: 9,880
swalker9513
TFF Celebrity
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TFF Celebrity
Joined: Jan 2002
Posts: 9,880 |
Im an idiot. that makes absolutely NO sense to me. I didnt understand ONE part of that. But what will they do when there are quantum computers? will it still be safe?
I'm with soggybottom.
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Re: WHY does bitcoin have value?
[Re: soggybottom]
#12530683
12/07/17 10:32 PM
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Joined: Mar 2014
Posts: 30,559
Duck_Hunter
house cleaner
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house cleaner
Joined: Mar 2014
Posts: 30,559 |
is it true that bit coin in unsustainable because of power that is required? Continued exponential growth is unsustainable because of power requirements. As valuations go up, the incentive to mine goes up. The more folks mining the harder the algorithm makes it to actually mine a coin. That is to say, the more computations each miner has to make goes up to mine a coin. So as valuations go up so does power draw. I haven't done the exact math, but at a 50K valuation mining would consume something like 1% of the total world production of electrical power. That may not sound like much but it's an absolutely enormous amount of electricity. Ok, this is blowing my mind. I just cant understand it. mining for a internet coin? using power to "mine" them? You know how precious metals or anything else is mined for in the real world? Big machines, humans digging or exploding mountains, etc? It takes a long time, a lot of manpower and machinery, right? Mining for bitcoins takes a lot of computing power, which, in turn, requires a lot of electricity. The computer is doing the work instead of miners and earth movers. The mineshaft in the bitcoin world is an algorithm instead of a mountainside. Instead of moving actual earth, the computer solves complex mathematical problems to mine a bitcoin. Just like any precious metal or oil or whatever, as more and more is mined, the next ones are harder and harder to uncover. This is simplistic and probably not exact, but it's close enough. Or, watch this video. https://99bitcoins.com/bitcoin-mining-profitable-beginners-explanation/
![[Linked Image]](http://i.imgur.com/AvUPi.gif)
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Re: WHY does bitcoin have value?
[Re: MARKIT]
#12530705
12/07/17 10:55 PM
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Joined: Mar 2005
Posts: 44,595
butch sanders
TFF Guru
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TFF Guru
Joined: Mar 2005
Posts: 44,595 |
Up 2k today
Pretty good hit will anybody buy them from you?
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