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That's why you either custody your own keys or find an institution you can trust

Stick to fiat if you can't grasp the basics
 

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Saw this over at FWF.

Not sure what to think. I don't understand crypto and I try not to judge what I don't understand. The dollar was real when it was tied to the gold standard but that was a lifetime ago. With the likes of some of these companies mentioned in this video supporting (or at least acknowledging) crypto it would seem there is the possibility of it being adapted.

New Rule: Crypto Mania! | Real Time with Bill Maher (HBO) - YouTube

I won't be buying any crypto for the sole fact I don't understand it. I am not a momentum investor so miss a lot of good opportunities. I also miss a lot of failures. The opportunities that I can recall are pot stocks, amazon, apple, google (all of which I noted would continue to sky rocket). The failures are quickly forgotten because they don't amount to much.

Some are viewing crypto as the next tulip mania and some are saying its a game changer for finance. Guess we'll look back at some point and see how it all went down. There was no internet or forums or subreddits when the Carneghies, Vanderbilts etc got into RR, Oil etc. I wonder if the general public was split on those plays as well.
 

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Saw this over at FWF.

Not sure what to think. I
I saw that segment as well, and he's right on the mark. Some aspects of this might change finance, but Bitcoin (specifically) is not a game changer for finance. It's just a speculative security for trading / gambling.

 

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This comedian tv host needs to school Cathie Wood and Elon Musk. Clearly he knows something they don't

Why doesn't Bill Maher do a bit on the USD?
 

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I saw that segment as well, and he's right on the mark. Some aspects of this might change finance, but Bitcoin (specifically) is not a game changer for finance. It's just a speculative security for trading / gambling.

Typical boomer ignorance IMO. Perhaps if his generation hadn't screwed up the financial system, people wouldn't be so interested in alternatives.
 

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If anything forces governments to act, the massive and wasteful energy use would be high on the list.

Criminal activity, threats to the financial system, black market tax evasion........would also be on the list.
 

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The traditional financial system use more energy and has criminal activity and tax evasion. The only legitimate reason would be the threat to the traditional system

Proof of stake consensus algorithms have already solved the energy concerns. Taxes and laws will be easier to enforce on digital traceable transactions. Both will take time (years) to evolve

BTC will hang around like gold. Both are wastes of energy that don't produce much utility
 

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If anything forces governments to act, the massive and wasteful energy use would be high on the list.

Criminal activity, threats to the financial system, black market tax evasion........would also be on the list.
It isnt' wasting energy. So there goes yoru first problem
the others are just distractions, plus thy're already attacking privacy coins.

Governments would love nothing more than a fully public and traceable currency.
 

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A single Ethereum transaction requires the equivalent energy of 2.6 homes. It also creates the carbon footprint of 80,000 Visa transactions.

Bitcoin is 3 times worse for energy consumption. Bitcoin and Ethereum dwarf Visa in the amount of energy used for transactions.

It isn't sustainable and is very harmful to the environment. It creates more problems than it solves.

 

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Bitcoin transactions themselves take very little energy. Most of the energy is consumed by miners competing over block creation. You could remove 99.9% of the mining and still process the same number of transactions.

The majority of mining has already switched over to hydro power, using excess capacity that would otherwise be doing nothing. There are also wind, solar, and methane capture based projects underway.


... In late February Hut 8 Data-processing announced a partnership with Validus Power to deploy mobile power generators that would burn waste gas from natural gas processing facilities.
...
Reducing methane is considered a key climate strategy as the gas is 20 to 25 times more potent as a greenhouse gas compared to the carbon dioxide produced when it is burned efficiently...
 

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A single Ethereum transaction requires the equivalent energy of 2.6 homes. It also creates the carbon footprint of 80,000 Visa transactions.

Bitcoin is 3 times worse for energy consumption. Bitcoin and Ethereum dwarf Visa in the amount of energy used for transactions.

It isn't sustainable and is very harmful to the environment. It creates more problems than it solves.

That analysis completely ignores all the environmental impact of Visa, from infrastructure, admin, mailing, staffing.

A single ethereum transaction requires almost no additional energy.
 

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That article completely ignores a lot of things

Ethereum is already well on its way to a proof of stake consensus that uses a tiny fraction of the energy. Also a block is not a single ethereum transaction

The energy consumption is a valid criticism of BTC but it still needs to be compared to the entire legacy system as a whole
 

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Dogecoin is now worth $100 billion CAD. A joke cryptocurrency is now worth more than Bank of Nova Scotia, Bank of Montreal, CN Rail, etc.
 

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Dogecoin is now worth $100 billion CAD. A joke cryptocurrency is now worth more than Bank of Nova Scotia, Bank of Montreal, CN Rail, etc.
Published on April 22th, as this guy became a Dogecoin millionaire from investing all of his $180,000 into the Dogecoin priced at $0.045. He became a Dogecoin millionaire as it hit $0.25.

Though he decided to keep holding.

Well, 2 weeks later, here we are, Dogecoin is now at $0.60, so he's now a Dogecoin multimillionaire...

Why do we need lottery tickets when we have such cryptocurrencies? Lottery tickets are so 2019. We're now in 2021. Nobody writes an article about that guy who bought 500 lottery tickets and won $1M. Boring. We prefer "calculated risk" with cryptocurrencies.

"(4:38) A calculated risk. 10% was luck and 90% was strategy." (I'm not bashing, maybe he's a genius)

I'm eager for the follow-up interview once Dogecoin goes to $0.004 and his money will be worth 1/10th of his initial "investment".
 

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Dogecoin is now worth $100 billion CAD. A joke cryptocurrency is now worth more than Bank of Nova Scotia, Bank of Montreal, CN Rail, etc.
Thing is, Argonaut, this is really fun for a lot of people. It has a cute dog picture, and most people will jump on board with whatever circulates on social media. So once the pump job starts on Tik Tok / Instagram etc, people circulate it to each other, they all laugh and decide to buy some. I know it sounds stupid but this really is how a lot of people operate.

 

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Not sure what they're hoping to find. On the scale of humanity's impact on the climate, crypto mining is a rounding error. People are just looking for a boogeyman to blame, while they go about their own polluting ways. How many of these whiners take flights to go on vacation, put up Christmas lights, or attend massive sporting events that spew carbon emissions? Probably most of them.

That said, I don't think these industrial-scale mining operations are necessary. I miss the days when a regular person could mine using their PC. Much less energy was consumed back then.
 

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They should study NYC and wall street while they're at it?

That said, I don't think these industrial-scale mining operations are necessary. I miss the days when a regular person could mine using their PC. Much less energy was consumed back then.
Look up proof of stake blockchains. Very little computing and electricity required (think Raspberry Pi)

I repurposed a leftover 10-year-old laptop and SSDs that would otherwise be e-waste. Processing $100B USD transactions/day w very little electricity (no change to my bill)
 

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Look up proof of stake blockchains. Very little computing and electricity required (think Raspberry Pi)

I repurposed a leftover 10-year-old laptop and SSDs that would otherwise be e-waste. Processing $100B USD transactions/day w very little electricity (no change to my bill)
Yeah, I'm interested in staking. I have some DOT and ADA I've been meaning to put to work. I've never done staking before, but I have similar experience from running a Lightning node for Bitcoin.
 
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