Truths, Bitcoin shills doesn't want you to know

[gil.langelaan]

Free energy for mining: The end of a fairytale

I know a couple of guys who are only mining because they have access to energy for free. Looks like mining is in decline

[Roulette Zeitung]

Hacked Cryptopia will be back!

After Cryptopia, in Christchurch - New Zealand based exchange, was hacked and almost 10 % of the holdings were stolen ($16,000,000+), they now with high probability will be back tomorrow on Monday 4. March.

Bitcoin still on a solid 80% loss level of the Christmas peak 2017, which means, everything in the meantime have been only a speculation up and down.

The people, who lost almost everything with Bitcoin after that Black Christmas feel so ashamed, that most of them do not report it, even if they are only victims of pushers. They will feel ashamed and will rarely report, similar to rare reports of negative near-death experiences.

Leopold

[Roulette Zeitung]

If Tutankhamun knew, what happens in today's world

Bitcoin: Modern burial gifts

Former founder and CEO of Canadian exchange QuadrigaCX Gerald Cotten passed away last December. When he died, some of his secrets died with him. Cotten took his Crypto secret also with him to the grave.

More than 100,000,000 Euro in crypto disappeared from this world, for Cotten enough to pay ferryman Charon's obolus, who rows the dead over the Styx to Hades in his ferry.

Imagine, how many wallets will never be discovered by the relatives after the death.

Leopold

[sweetbet]

Unless a person is actively trading crypto and for that reason alone needs to keep the coins on the exchange, all coins should be stored on hardware wallets.

[Sherlock]

Hardware wallets are not flawless either. The seed has to be stored somewhere too. And it is a blackbox unlike opensource software wallets, so they are tested much less than sw wallets. Recently there was a big bug with Ledger and Monero: https://www.ccn.com/redditor-claims-...ger-wallet-bug

More problems with HW wallets will come. I use them only as hot or tepid wallets.

[Cash Bonus]

Here is some very interesting news today regarding cryptocurrency in Australia, Leopold, and this is the first I've heard of it.

Australian house to go under the hammer in world-first cryptocurrency auction

The full story here:

https://thenewdaily.com.au/money/pro...ction-bitcoin/

[Roulette Zeitung]

Even if I will leave this forum now, I will preserve common courtesy and say thank you to the audience of this thread. By chance exactly on this day, this thread has now more than 10,000+ views, which shows, it was of interest for the readers. I was compared with Hitler, insulted on the lowest levels, but at the end this thread and the truth as always prevailed.

I wish you good luck and never forget, that the world beyond crypto is the real world. Crypto cannot represent honesty, flowers, love, grief or bravery.

And GPWA represents nothing of it.

Leopold

[gil.langelaan]

Australian house to go under the hammer in world-first cryptocurrency auction

Nothing new, just another man who doesn't want to pay his taxes.

[TheGooner]

Nothing new, just another man who doesn't want to pay his taxes.

REally? Which man?
Both buyer and seller will be known and recorded.

Silly comment.

[AussieDave]

never forget, that the world beyond crypto is the real world.

In the Real World, and before crypto, anything illegal, unsavory or just plain unethical, was paid for with CASH. Cypto isn't the problem here... However, just like cash, crypto can also be used to commit illegal activities.

[Book of Ra pPortal]

Bitcoin is doomed to fade in my opinion as Pay n play Casinos are tackling the issues of registration and fast payments.

[Cardy007]

Investing is a game with both winners and loosers, the volitility and clyclical fluctuations are what really gives the potential to take profits - Long or short. It is what it is, but when you compare Crypto to finiate, you see the true value comes from the lack of "Quantative Easing and Monetary policiy manipulating the value and supply of Crypto - unlike Finite. Take your pick and play the game. Just spread your risk and dont go "all in" on a whim! Best of luck to everyone!

[Sherlock]

Even if I will leave this forum now, I will preserve common courtesy and say thank you to the audience of this thread. By chance exactly on this day, this thread has now more than 10,000+ views, which shows, it was of interest for the readers. I was compared with Hitler, insulted on the lowest levels, but at the end this thread and the truth as always prevailed.

I wish you good luck and never forget, that the world beyond crypto is the real world. Crypto cannot represent honesty, flowers, love, grief or bravery.

And GPWA represents nothing of it.

Leopold

While watching the charts today I think that this thread will be here forever as a monument of endless stubbornness and stupidity. I wish I would not end like this sad guy.

[sweetbet]

It looks like the Bull market is back baby..... and Bitcoin halving takes place in May 2020 !! Let the FOMO begin

[PROFRBcom]

I know a couple of guys who are only mining because they have access to energy for free. Looks like mining is in decline

If I had a access to free energy, I would mine too. It would be foolish, from an economic standpoint, not to. In fact, many university students with capped electric bills are doing the same thing!

In the Real World, and before crypto, anything illegal, unsavory or just plain unethical, was paid for with CASH. Cypto isn't the problem here... However, just like cash, crypto can also be used to commit illegal activities.

This reminds me of one of the funniest things I heard as a child, from the lips of my father's friends (who I typically ignored); "How would you like to pay for that? Ass, grass, or cash?"

Cash isn't the only unsavory medium of exchange! :P

[Sherlock]

Mining can not be in decline, hashrate is picking up.
But many changes are happening and few days ago I realized one of the most bullish things in crypto I ever thought about.
Miners are slowly pushed away from China, we see surcharges on mining in Canada, as the time will go there will be bans on crypto mining. You think this is catastrophic for bitcoin? Think twice actually.

The impact of restrictions on mining will be that hashrate might stall, maybe drop, maybe not rise as much as for now, but the break/even point price of mining will go up substantially. Because the price of bitcoin can not in long term drop under the price of electricity. Once the miners have obstacles, the price of electricity will go up a lot. Therefore will go up price of bitcoin, that is always sold for electricity + surcharge.

I believe that this is the reason for current price hike. Bitmain has problems in Chine, they smuggle miners to Iran, but cheap electricity is a history. It is amazing that hashrate is rising even under current conditions.

[Strider1973]

Because the price of bitcoin can not in long term drop under the price of electricity. Once the miners have obstacles, the price of electricity will go up a lot. Therefore will go up price of bitcoin, that is always sold for electricity + surcharge.

You mean that the cost of mining 1 BTC should be above the price of 1 BTC? Long-term, yes, otherwise no one would mine BTC and then transactions could not be cleared anymore.

But... the difficulty for mining BTC depends on the hash power. So...
- if electricity prices go up or
- if BTC value drops
then hash power decreases because some miners (at least temporary) are driven out of business. When hash power decreases, the difficulty decreases, and thus the cost of mining a BTC decreases. So I'm not sure you can just say "more expensive electricity = higher BTC price".

[Sherlock]

When hash power decreases, the difficulty decreases, and thus the cost of mining a BTC decreases.

No. Here you have error. If the scenario we are talking about happens then indeed hashrate and difficulty decreases, but costs to mine one bitcoin will be still greater than before, so miners will sell for higher price.

"more expensive electricity = higher BTC price" is valid

I am not sure, are you aware that the amount of bitcoins mined per day is constant regardless of hashpower? 1800 curently, 900 after halving? In other words if you put more hashpower into mining you SHOULD mine more bitcoins individually, but overall 1800 btc is mined per day and it does not matter how much hashpower has the whole network. (this is simplification ofc)

[Strider1973]

Maybe we have different initial positions in mind Sherlock.

A decrease in hash rate means that the chances to get the 12.5 BTC are increased for a single miner, which means that the cost to mine a BTC are lower.


Let's assume that China is currently having 50% of all hash power, and China increases prices of electricity used by mining companies by x100 today. This would mean that all Chinese miners are out of business today.

Tomorrow, the same amount of BTC is distributed among the miners in all other countries. Therefore, their cost of mining a BTC has halved, because they are awarded twice as many BTC ("their" usual 50% plus the 50% that the Chinese miners used to receive).

So mining BTC has become much more profitable. Of course, over time, miners in those countries will buy more equipment, and people from countries with higher electricitc costs will start mining, so over time, profitability of BTC mining will decrease again.

So my conclusion is, that depending on the price of BTC (input), the hash power in the network changes (output). The hash power is a function of BTC price; not the BTC price is a function of hash power. At least that's how I view it.

[Sherlock]

Yeah, your insight is correct (if we assume there are some miners out of chine, who still produce surplus and therefore mine, when the % of net surplus is very low).

In long term (which is not that long), the price will be defined in your case by value of electricity of the non-China. The price of electricity is defining both borders: lower limit, because nobody will donate long term to produce bitcoins and upper limit, because when mining is too lucrative, people just buy more miners, until the hashrate grows and then mining is not that lucrative at all.

The long term matters, in this case it is weeks or months. It does not take years to produce new miners. In case of smuggling old miners from china it can be even shorter time.