Cryptocurrency

[Strokes]

38 minutes ago, weller54 said:

Is he a Tottenham supporter as well?

Villa 

[Bellend Sebastian]

1 hour ago, Strokes said:

A lad I work with/for has lost thousands, he has been banging on about it for 18 months talking like he is some kind of insider. 
I know I shouldn’t take any pleasure but I can’t help it 😂 

Stuff like this makes me bang my head against the wall.

 

It's a massive and highly unfair stereotype on my part but it often seems to be people that turn their nose up at proven but dull financial planning, like having a pension and life insurance and that, but see something that's grown massively in value and get on board even though usually that means you've missed the best of it.

 

Fear of Missing Out is a really powerful driver for a lot of people but rarely a helpful one in my experience

[Izzy]

[leicsmac]

When an idea is both environmentally horrible and contributes little value to society beyond speculation, having the bottom fall out of the market tulip-style is a rather fitting outcome.

[whoareyaaa]

31 minutes ago, leicsmac said:

When an idea is both environmentally horrible and contributes little value to society beyond speculation, having the bottom fall out of the market tulip-style is a rather fitting outcome.

Bull run has just started  

[howlinmadmurfdoc]

If Crypto is/was that good, why do people want real money for it?

[leicsmac]

36 minutes ago, whoareyaaa said:

Bull run has just started  

I'm not entirely sure this addresses either point  posted.

[grobyfox1990]

4 hours ago, leicsmac said:

When an idea is both environmentally horrible and contributes little value to society beyond speculation, having the bottom fall out of the market tulip-style is a rather fitting outcome.

We talking about gold here? Yeh I’m joking but interesting view on ‘contributes little value to society’ re Bitcoin. How come? Ps I’m not disagreeing with you at all, just interested! 

[whoareyaaa]

10 minutes ago, grobyfox1990 said:

We talking about gold here? Yeh I’m joking but interesting view on ‘contributes little value to society’ re Bitcoin. How come? Ps I’m not disagreeing with you at all, just interested! 

Probably the energy being used 

Characteristic	Energy consumption in kWh
1 Bitcoin transaction	2,188.59
100,000 VISA transactions	148.63

[leicsmac]

27 minutes ago, grobyfox1990 said:

We talking about gold here? Yeh I’m joking but interesting view on ‘contributes little value to society’ re Bitcoin. How come? Ps I’m not disagreeing with you at all, just interested! 

 

17 minutes ago, whoareyaaa said:

Probably the energy being used 

Characteristic	Energy consumption in kWh
1 Bitcoin transaction	2,188.59
100,000 VISA transactions	148.63

Well, this... but also with the comment that crypto seems mostly to be a tool for some folks to try to make it rich through roulette- wheel speculation rather than actually contributing to works that might make the world a better place. Especially given the vastly larger carbon footprint.

 

Of course, if there's evidence that crypto dough is being used on such works in a large capacity, then I'd be happy to be corrected.

 

Edited 13 May 2022 by leicsmac

[grobyfox1990]

1 hour ago, whoareyaaa said:

Probably the energy being used 

Characteristic	Energy consumption in kWh
1 Bitcoin transaction	2,188.59
100,000 VISA transactions	148.63

 

1 hour ago, leicsmac said:

 

Well, this... but also with the comment that crypto seems mostly to be a tool for some folks to try to make it rich through roulette- wheel speculation rather than actually contributing to works that might make the world a better place. Especially given the vastly larger carbon footprint.

 

Of course, if there's evidence that crypto dough is being used on such works in a large capacity, then I'd be happy to be corrected.

 

Oh yeh the energy point is irrefutable, massive waste of resource. The contributing to society point, nothing right now but in the future…?..maybe…

[DennisNedry]

4 hours ago, whoareyaaa said:

Probably the energy being used 

Characteristic	Energy consumption in kWh
1 Bitcoin transaction	2,188.59
100,000 VISA transactions	148.63

To be fair Bitcoin is a Proof of Work which is extremely high in energy consumption, whereas a lot of more recent coin (Eth, Cardano, Solana etc etc)  are Proof of Stake which is far far greener (no mining required).

[leicsmac]

8 hours ago, grobyfox1990 said:

 

Oh yeh the energy point is irrefutable, massive waste of resource. The contributing to society point, nothing right now but in the future…?..maybe…

Perhaps I did appear overly dismissive in my first post.

 

The idea of cryptocurrency is a good one in principle (a decentralised currency not necessarily beholden to government interests is sometimes very useful) but I'm just not seeing much good in terms of practice...at the present time, anyway.

[ozleicester]

15 hours ago, whoareyaaa said:

Probably the energy being used 

Characteristic	Energy consumption in kWh
1 Bitcoin transaction	2,188.59
100,000 VISA transactions	148.63

Im not sure this is an accurate comparison, and i welcome being corrected.

This is 2,188.59 units to "create" not transact 1 bitcoin isnt it?

So to equate the visa transactions.. surely we would have to measure the amount used "create" the visa dollars, eg, person driving to job, power at the workplace, cost of building the shop that the visa transaction occurred, paying for the bank CEO's private plane and yacht etc etc, ?

again, i stand to be corrected.

[Daggers]

On 12/05/2022 at 16:24, FoxSince88 said:

A crypto wallet of Luna worth £4000 a week ago is now around £20 worth 😩

I’m crying real tears for the far-right 4chan edgelords on the socials who champion this gash.

[FoxesDeb]

On 13/05/2022 at 10:13, Strokes said:

A lad I work with/for has lost thousands, he has been banging on about it for 18 months talking like he is some kind of insider. 
I know I shouldn’t take any pleasure but I can’t help it 😂 

Has he lost thousands of his own money, or just the value? 

[Unabomber]

Say if you have £100k worth of crypto how do you actually withdraw for real money should you want to? 

[grobyfox1990]

37 minutes ago, Unabomber said:

Say if you have £100k worth of crypto how do you actually withdraw for real money should you want to? 

Depends what exchange you hold it on. I have some synthetic crypto on etoro. You can sell your holdings then take the cash into your debit card 

[st albans fox]

10 hours ago, ozleicester said:

Im not sure this is an accurate comparison, and i welcome being corrected.

This is 2,188.59 units to "create" not transact 1 bitcoin isnt it?

So to equate the visa transactions.. surely we would have to measure the amount used "create" the visa dollars, eg, person driving to job, power at the workplace, cost of building the shop that the visa transaction occurred, paying for the bank CEO's private plane and yacht etc etc, ?

again, i stand to be corrected.

That depends if you’re just trading the bitcoin or using it to buy something……..

[Strokes]

1 hour ago, FoxesDeb said:

Has he lost thousands of his own money, or just the value? 

Thousands of pounds, I think he had over £40k in something that completely obliterated.

[The Horse's Mouth]

2 hours ago, Unabomber said:

Say if you have £100k worth of crypto how do you actually withdraw for real money should you want to? 

Depends on the apps you use, most are just simple bank transfers, quite a lot of these new ones just add mad fees to it now though 

[Unabomber]

2 minutes ago, The Horse's Mouth said:

Depends on the apps you use, most are just simple bank transfers, quite a lot of these new ones just add mad fees to it now though 

Cheers need to get my £100k out asap

[FoxesDeb]

48 minutes ago, Strokes said:

Thousands of pounds, I think he had over £40k in something that completely obliterated.

Ouch! 

[whoareyaaa]

2 hours ago, Unabomber said:

Say if you have £100k worth of crypto how do you actually withdraw for real money should you want to? 

sell it for GBP and withdraw to bank

[ozleicester]

8 hours ago, Unabomber said:

Say if you have £100k worth of crypto how do you actually withdraw for real money should you want to? 

All as others have said...but also i have a card, same as any other debit card and can pay the same as any other at "some" retailers and online stores.