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Old 10-05-2021, 07:56 AM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632

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Quote:
Originally Posted by vision33r View Post
Graphic cards are still used for for mining crypto but not mining Bitcoin since the complexity is too much for graphics card to be competitive vs ASIC.

You can easily mine other coins like ETH using GPU and make $100/month after electrical cost. Then the coins can be exchanged to Bitcoin. That's why the prices have not come down.

Only a noob would be mining bitcoins with a GPU.
Once ETH moves to POS, there will be a lot of cards on the market. Kaboom Racks is a great resource for finding mining rigs.

There are plenty of great POS validators where your return can be very high, so you don't need to buy equipment.
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Old 10-09-2021, 08:42 AM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632
Some people think BTC has value.

An all-time high 85.1% of Bitcoin's supply hasn't moved in at least 3 months.

https://twitter.com/WClementeIII/sta...65409394388993
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Old 10-11-2021, 10:11 AM
 
1,969 posts, read 676,996 times
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BTC has value for 2 reasons:

1. People value it's independent monetary policy.
2. It takes energy to produce.

Nothing on this earth has intrinsic value; all is relative.
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Old 10-11-2021, 10:19 AM
 
334 posts, read 172,891 times
Reputation: 520
Quote:
Originally Posted by hilgi View Post
Some people think BTC has value.

An all-time high 85.1% of Bitcoin's supply hasn't moved in at least 3 months.

https://twitter.com/WClementeIII/sta...65409394388993
Made up concepts have a 'supply'???

I am not being facetious, but if you are right, it just means I truly don't understand what that coin that nobody ever saw is.
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Old 10-11-2021, 12:20 PM
 
1,969 posts, read 676,996 times
Reputation: 1191
Quote:
Originally Posted by 2Navigate View Post
Made up concepts have a 'supply'???

I am not being facetious, but if you are right, it just means I truly don't understand what that coin that nobody ever saw is.
It's not a concept. I'm not sure exactly what you're asking.

Coin is just a name. Just a unit of counting. It has nothing to do with coins. When people say supply, it means the rate at which new units are created. For BTC it's a fixed amount that trends towards zero.

Unlike dollars which are elastic and are increasing very quickly (if you need an explanation of why this is bad let us know).
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Old 10-11-2021, 05:01 PM
 
1,212 posts, read 735,185 times
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Well, a currency is a credit for a commodity production. Then the commodity is likely to have larger changes in value than the value of the currency that prices it. Well, a currency is diversified across an entire economy.

With Bitcoin the commodity and the credit of the commodity are the same value. Therefor, it's not a currency but only a single un-diversified commodity.

Basically, Bitcoin is supported by market-making in that exchanges that sell Bitcoin will also buy Bitcoin. But if a Bitcoin exchange is maintaining itself with an unprofitable market-making then it could give-up at any time.

Now a Bitcoin miner can hedge production. But only near-term production can be hedged because a future production might have to be hedged at a lower price. If Bitcoin approaches the cost of production then Bitcoin mining fails after the current hedges wind down.

Or a holder of Bitcoin could hedge holdings and gain futures contango value. The current contango is about 6% a year. This type of position is both capped on the upside and hedged on the downside.

A loaner of Bitcoin gets about 6% but is not capped on the upside but also is not hedged on the downside. Well, not hedged on the downside beyond the interest received.

Basically, Bitcoin is commodity trading and not currency accumulation. The fundamental demand for Bitcoin is in venture capitalists attempting to develop profitable market-making companies. Now all commodities have market-making but usually they also have some underlying purpose. The only possible underlying purpose of Bitcoin is as a temporary holding of value during a covert financial transfer. But cashing out of the covert transfer could be difficult. And what is that cash ? It's that thing of value that is diversified across an entire economy.

Last edited by T Block; 10-11-2021 at 05:20 PM..
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Old 10-11-2021, 05:06 PM
 
86 posts, read 65,890 times
Reputation: 400
Quote:
Originally Posted by 2Navigate View Post
Made up concepts have a 'supply'???

I am not being facetious, but if you are right, it just means I truly don't understand what that coin that nobody ever saw is.
A bitcoin is no more a 'made up concept' than a $100 bill.
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Old 10-11-2021, 05:39 PM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632
Quote:
Originally Posted by 2Navigate View Post
Made up concepts have a 'supply'???

I am not being facetious, but if you are right, it just means I truly don't understand what that coin that nobody ever saw is.
Bitcoins supply is determined by a formula. We know exactly how many Bitcoins there will ever be. 21 million.

There is currently about 19 million, of which about 20-25% are lost because people don't have access to their private keys.

Of the remaining, a massive number are locked away in cold storage by those who never sell, another large amount is locked away in lending protocols.

Very few coins trade, the trading is made up of speculators for the most part, not investors.
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Old 10-12-2021, 10:49 PM
 
Location: Honolulu, HI
24,666 posts, read 9,487,472 times
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Quote:
Originally Posted by logiatype View Post

Nothing on this earth has intrinsic value; all is relative.
Basic food, shelter, clothing, healthcare, and transportation have intrinsic value because they help preserve and maintain life. Everything beyond that is relative to what someone is willing to pay for.

Years ago society decided they want to invest in cryptocurrency instead of watching it drop to zero, so now it has value. Basic supply and demand.
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Old 10-13-2021, 07:56 PM
 
1,969 posts, read 676,996 times
Reputation: 1191
Quote:
Originally Posted by Rocko20 View Post
Basic food, shelter, clothing, healthcare, and transportation have intrinsic value because they help preserve and maintain life. Everything beyond that is relative to what someone is willing to pay for.

Years ago society decided they want to invest in cryptocurrency instead of watching it drop to zero, so now it has value. Basic supply and demand.
No that's all subjective as well.

If put you on a lost island and give you a Tesla, what value is that to you?

BTC has value because the USD and all other fiat currencies are melting. By the time the masses realize this, their purchasing power will be wiped away by the tax called inflation.
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