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Crypto Currency Mining a Giant Pyramid Scheme?

Not true robby. Keep up buddy!

SAN SALVADOR, El Salvador—Tiny and impoverished El Salvador's move to become the first country in the world to adopt bitcoin as legal tender got off to a bumpy start, as the government took its bitcoin e-wallet offline for several hours after tens of thousands of people tried to download the app, overloading servers.
LOL your picking one of the few countries in the world that does not have it's own currency as a backer of Bitcoins!
You do know they use US$ as their official currency? You do know this is a poor Third world country run by a dictator who has no term limits? If El Salvador's economy crashes tomorrow it would have almost zero impact on the globe and would make headlines for a day at most! So of course they can take a chance and use Bitcoins as a secondary currency, it makes no difference to the global financial markets.

Seems like the people are loving the Idea :ROFLMAO:
_120580954_gettyimages-1235278997.jpg

Bitcoin is now mainstream.


You did read the fine print? You must have 2 million dollars invested with them to qualify and you can only invest 2.5% of your money in Bitcoins! It seems less like a serious investment move and more like letting Rich Kids play in the Sandbox so long as they pose no risk to the company.
 
LOL your picking one of the few countries in the world that does not have it's own currency as a backer of Bitcoins!
You do know they use US$ as their official currency? You do know this is a poor Third world country run by a dictator who has no term limits? If El Salvador's economy crashes tomorrow it would have almost zero impact on the globe and would make headlines for a day at most! So of course they can take a chance and use Bitcoins as a secondary currency, it makes no difference to the global financial markets.

Seems like the people are loving the Idea :ROFLMAO:
_120580954_gettyimages-1235278997.jpg


You did read the fine print? You must have 2 million dollars invested with them to qualify and you can only invest 2.5% of your money in Bitcoins! It seems less like a serious investment move and more like letting Rich Kids play in the Sandbox so long as they pose no risk to the company.
You can download a bitcoin wallet for free, and just start buying. There are bitcoin ATM's right outside the trading floor on wall street. There are bitcoin ATMs at the train station in boston. What surprised me this week, was there is a bitcoin ATM at my favorite bakery now.
You can also buy bitcoin in your 401K at Fidelity. (GBTC)
 
Fiat currency (US dollar, et al) is backed (guaranteed) by the US (or others) governments physical and human resources.

Crypto is basically a pyramid scheme because it is backed by nothing other than the hope that people will keep buying before the inevitable bursting bubble.
 
No one has ever lost money investing in U.S. T-bills!
The U.S. Government guarantees the value of the dollar to be ... a dollar.
Not yet. But your not going to beat inflation as I noted. Dollars are worth less every day. The market is due for a huge crash, only thing holding everything up is the fed(backed by taxpayers) buying up all the debt as they keep printing.
Be ready!
 
Fiat currency (US dollar, et al) is backed (guaranteed) by the US (or others) governments physical and human resources.

Crypto is basically a pyramid scheme because it is backed by nothing other than the hope that people will keep buying before the inevitable bursting bubble.
Uh, how much is the national debt? When will they start paying it down? The dollar is backed by faith in the dollar. Thats it.
How long will the dollar be the world reserve currency? They WANT it to crash, so they can abolish the dollar and begin the digital economy. Do you think China, Iran, Russia, etc want the US dollar to keep the title of reserve currency?
 
Cripto has proven to have other existential risks. Hosts have disappeared, stored on a hard drive that crashed, lost password, lost or stolen computer. Probably more.
 
Fiat currency (US dollar, et al) is backed (guaranteed) by the US (or others) governments physical and human resources.

Crypto is basically a pyramid scheme because it is backed by nothing other than the hope that people will keep buying before the inevitable bursting bubble.
Whats worst is that 128GWh of electricity used per day to mine 900 bitcoins while a city the size of New York is only using 11GWh per day. The amount of power used on Bitcoins is only going to go up while the coins mined go down.
Very soon it will crash into the toilet and all of that Energy used will have been for Naught.

It is absolute madness that we are polluting the environment like this to make Quantum Pixie Dust.
 
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Uh, how much is the national debt? When will they start paying it down?
The debt will virtually never go down. Government has an infinite life. Unlike you and me we generally like to settle our financial affairs before we go.... The government is constantly in that growth mode that we had a young adults starting a family, buying a house and such. This mode never ends for the government as it has unlimited life.

Otherwise there is completely no political will to do it. Eventually the invisible hand of economics may force the issue. Same was said in the 1970s and probably before. Still could be a long long time.
 
how much is the national debt?
Please read "The Deficit Myth" by economist Stephanie Kelton - we've all been lied to about the US debt.
The dollar is backed by faith in the dollar. Thats it.
That's one lie that is disabused in the book mentioned above - all viable currencies must have an economy based on something other than the hope that more people "buy into" it. Physical resources, human resources, etc.
How long will the dollar be the world reserve currency?
It's not the world's reserve currency, per se, but the reason most countries use it is because it's guaranteed by the US government and it's resources.
They WANT it to crash, so they can abolish the dollar and begin the digital economy.
No, they want a stable economy. We already have a largely digital economy. It's fascinating that people don't know this.
 
Whats worst is that 128GWh of electricity used per day to mine 900 bitcoins while a city the size of New York is only using 11GWh per day. The amount of power used on Bitcoins is only going to go up while the coins mined go down.
Very soon it will crash into the toilet and all of that Energy used will have been for Naught.

It is absolute madness that we are polluting the environment like this to make Quantum Pixie Dust.

What is the energy cost of the stock market, credit card companies, banks, and all other financial work done for and around the US Dollar, for comparison?
 
The debt will virtually never go down. Government has an infinite life. Unlike you and me we generally like to settle our financial affairs before we go.... The government is constantly in that growth mode that we had a young adults starting a family, buying a house and such. This mode never ends for the government as it has unlimited life.

Otherwise there is completely no political will to do it. Eventually the invisible hand of economics may force the issue. Same was said in the 1970s and probably before. Still could be a long long time.
I am sure the Romans made the same argument.
 
Whats worst is that 128GWh of electricity used per day to mine 900 bitcoins while a city the size of New York is only using 11GWh per day. The amount of power used on Bitcoins is only going to go up while the coins mined go down.
Very soon it will crash into the toilet and all of that Energy used will have been for Naught.

It is absolute madness that we are polluting the environment like this to make Quantum Pixie Dust.
Well damn, shut down all those one arm bandits in Vegas!
Energy is generated and paid for. Its a business. I am sure they like folks using energy so they can bill them.
What energy companies dont like is people buliding solar farms to run bitcoin miners.
 
Well damn, shut down all those one arm bandits in Vegas!
Energy is generated and paid for. Its a business. I am sure they like folks using energy so they can bill them.
What energy companies dont like is people buliding solar farms to run bitcoin miners.
And God help us when everyone tries to charge their shiny new green EV vehicles at the same time. Hundreds or thousands of new Nuke plants globally? To heat water and make steam to turn a generator. Modern 1800's.
 
And God help us when everyone tries to charge their shiny new green EV vehicles at the same time. Hundreds or thousands of new Nuke plants globally? To heat water and make steam to turn a generator. Modern 1800's.
I've heard this before and I've yet to see any math to back it up.

The power consumption of an EV at home is mousefarts compared to the total load. All it means is an extra couple power plants nationwide.
 
I've heard this before and I've yet to see any math to back it up.

The power consumption of an EV at home is mousefarts compared to the total load. All it means is an extra couple power plants nationwide.
Replace every gas station in the world with an EV charging station. Then do the math.
 
Replace every gas station in the world with an EV charging station. Then do the math.
Fine. Though you could have easily cited your claim. Burden of proof and whatnot.

I'll just do the math for residential, because commercial EVs are a no-brainer and arguing against it is asinine.

2 cars per household. Assume a rather high 10KWh per day for roughly 100km of driving (more than average).

The average house uses 900KWh per month in the US. An extra 300KWh puts you at 1200KWh or a 33% increase.

Residential power consumption in the US is 21% of the total. 33% increase makes it 28% or so. You're looking at a 7% increase in total power needs for residential EVs.

US total annual power production was 4009 billion KWh in 2020. If 21% of that is residential that's 842B KWh. An increase to 28% puts it at 1122B KWh.

The difference is 280B KWh extra per year.

1mw annually without down time is 8.76M KWh.

So we need ~32GW of additional plants outputting annually to meet that 280B Kwh.

Here you go.

So. A lot of those. But you said nuclear...
A single Nimitz carrier is 194MW. But there is larger.
 
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