Do You BitCoin?

[DrDawkinstein]

On 3/6/2024 at 12:30 PM, Doc said:

BTC hit its all-time high yesterday and then cryptos crashed.  They're back up today.

 

We good.

[CowgirlsFan]

No eventhough there's a factory in my hometown.

[Turk71]

 Total consumption of electricity used for Bitcoin mining world wide doubled between Jan 1st 2023 and December 31st 2023.

The low end estimated total of ~150 TWH is ~equal to the total electricity consumed by the countries of Ireland, Denmark, New Zealand, and Israel combined. 

Just think about that, consuming the same amount of electricity as 4 modern countries combined to produce virtual currency that only ever exists virtually.

  Meanwhile in the corporeal world the oceans are rising at an ever increasing rate, icebergs, permafrost, polar caps, mountain glaciers melting, unusually powerful and destructive weather becoming more common, species disappearing at increasing rates, drought and famine, etc etc etc

What a time to invent such an energy consuming currency. Perhaps the Billionaires who own large chunks of the energy sector invented it? The fact that no one  knows who created Bitcoin,(except whoever invented Bitcoin of course)

is just inconceivable to me. Over $1.3 trillion dollars invested in a virtual currency that consumes the total electricity of 4 countries combined while the Earth is overheating, and virtually no one knows who is behind it.

I feel like I'm on planet Stupid.

Are we not men?

We are Devo

P.S. the electricity consumption is just one element of Bitcoin's impact

https://digiconomist.net/bitcoin-energy-consumption

 

Edited March 18 by Turk71

[Chicken Boo]

Like clockwork, the Bull Run has begun.

[DrDawkinstein]

Lets gooooooo

On 3/18/2024 at 3:58 AM, Turk71 said:

 Total consumption of electricity used for Bitcoin mining world wide doubled between Jan 1st 2023 and December 31st 2023.

The low end estimated total of ~150 TWH is ~equal to the total electricity consumed by the countries of Ireland, Denmark, New Zealand, and Israel combined. 

Just think about that, consuming the same amount of electricity as 4 modern countries combined to produce virtual currency that only ever exists virtually.

  Meanwhile in the corporeal world the oceans are rising at an ever increasing rate, icebergs, permafrost, polar caps, mountain glaciers melting, unusually powerful and destructive weather becoming more common, species disappearing at increasing rates, drought and famine, etc etc etc

What a time to invent such an energy consuming currency. Perhaps the Billionaires who own large chunks of the energy sector invented it? The fact that no one  knows who created Bitcoin,(except whoever invented Bitcoin of course)

is just inconceivable to me. Over $1.3 trillion dollars invested in a virtual currency that consumes the total electricity of 4 countries combined while the Earth is overheating, and virtually no one knows who is behind it.

I feel like I'm on planet Stupid.

Are we not men?

We are Devo

P.S. the electricity consumption is just one element of Bitcoin's impact

https://digiconomist.net/bitcoin-energy-consumption

 

 

How much electricity does Bank of America, Wells Fargo, HSBC, JPMorgan, Chase, CCB, ICBC, etc all use to power data centers, servers, office buildings, branches, etc?

 

edit: AI answer: According to available data, the world's largest banks collectively use around 258.85 terawatt-hours (TWh) of electricity per year, with the majority of this energy consumption coming from their data centers

Edited November 11 by DrDawkinstein

[Augie]

19 minutes ago, DrDawkinstein said:

Lets gooooooo

 

How much electricity does Bank of America, Wells Fargo, HSBC, JPMorgan, Chase, CCB, ICBC, etc all use to power data centers, servers, office buildings, branches, etc?

 

edit: AI answer: According to available data, the world's largest banks collectively use around 258.85 terawatt-hours (TWh) of electricity per year, with the majority of this energy consumption coming from their data centers

 

 

 

…..but at least they do something real.  😊

 

 

I’ll be on my way now. 

[DrDawkinstein]

1 minute ago, Augie said:

 

 

 

…..but at least they do something real.  😊

 

 

I’ll be on my way now. 

 

Do they tho? Do they? 🤔

[Augie]

On 11/11/2024 at 10:32 AM, DrDawkinstein said:

 

Do they tho? Do they? 🤔

 

Yep, they absolutely do. Without them the world as we know it collapses. You can’t go to the mall and buy a pair of socks or hit the ATM without what they do, not to mention the big picture of things like global custodial services. 

 

If bitcoin went away, the only people affected are some gamblers and some Russian oligarchs. It’s dust in the wind. Call me crazy, but I’m of the Warren Buffet School of Investing: If I can’t understand it, I’m not investing in it. It should have some purpose or value. My Chase card gives me the ability to purchase things, Goldman has done some real tax saving stuff for us, another bank provides my wife with a nice income allowing me to travel to Bills games as desired, etc. Some other banks will be sending me checks every month when I decide to start collecting. 

 

Bitcoin is more like the financial version of Schrödinger’s cat. 

 

 

.

Edited November 12 by Augie

[aristocrat]

What happened to the guy in here who had all his money in random coins and the guys wife left him?

[jayg]

15 minutes ago, aristocrat said:

What happened to the guy in here who had all his money in random coins and the guys wife left him?

Tom Brady? 

[Jauronimo]

30 minutes ago, aristocrat said:

What happened to the guy in here who had all his money in random coins and the guys wife left him?

@Poleshifter is still around.  I don't think Cripple coin has made him a millionaire yet so he's stuck with us.

[Poleshifter]

2 hours ago, aristocrat said:

What happened to the guy in here who had all his money in random coins and the guys wife left him?

Are you considering XLM as a “random coin”?  My money is in XLM.

 

[aristocrat]

 

[Jauronimo]

Its been a fun ride but now its time to talk about BTC price targets, when to start selling, and how much to sell.  I think BTC will surpass $100k in the near future so I am holding for now.  I expect that the psychological impact of hitting that milestone will create its own momentum driving prices even higher before crashing back down and then at some point a long slow grind down to the new support level.  Probably somewhere near the previous high of $60k. 

 

Crypto is highly cyclical and having observed a couple of cycles I don't think this cycle will be all that different.  I am still in wait and see mode but once we cross $100k BTC value it will be time to actively monitor and think about setting sell targets.  I'll be looking to dump at least 75% of my holdings this cycle, park my money in SPY for a while, and then look to start buying back in after price declines below $65k.  Thats the general plan.

 

 

 

 

 

[Mike in Horseheads]

13 hours ago, Jauronimo said:

Its been a fun ride but now its time to talk about BTC price targets, when to start selling, and how much to sell.  I think BTC will surpass $100k in the near future so I am holding for now.  I expect that the psychological impact of hitting that milestone will create its own momentum driving prices even higher before crashing back down and then at some point a long slow grind down to the new support level.  Probably somewhere near the previous high of $60k. 

 

Crypto is highly cyclical and having observed a couple of cycles I don't think this cycle will be all that different.  I am still in wait and see mode but once we cross $100k BTC value it will be time to actively monitor and think about setting sell targets.  I'll be looking to dump at least 75% of my holdings this cycle, park my money in SPY for a while, and then look to start buying back in after price declines below $65k.  Thats the general plan.

 

 

 

 

 

It's over 100k now

[DrDawkinstein]

LETS GOOOOO

 

 

@Poleshifter vindicated on XRP and XLM!

[DrDawkinstein]

22 hours ago, Jauronimo said:

Its been a fun ride but now its time to talk about BTC price targets, when to start selling, and how much to sell.  I think BTC will surpass $100k in the near future so I am holding for now.  I expect that the psychological impact of hitting that milestone will create its own momentum driving prices even higher before crashing back down and then at some point a long slow grind down to the new support level.  Probably somewhere near the previous high of $60k. 

 

Crypto is highly cyclical and having observed a couple of cycles I don't think this cycle will be all that different.  I am still in wait and see mode but once we cross $100k BTC value it will be time to actively monitor and think about setting sell targets.  I'll be looking to dump at least 75% of my holdings this cycle, park my money in SPY for a while, and then look to start buying back in after price declines below $65k.  Thats the general plan.

 

More power to you. Good luck and god speed.

 

I know the cycle will hit, but I'm not trying to time the markets. Too often a recipe for disaster. Plus creating that taxable event.

 

I dont need to pull these funds for at least 10 years so I'm just riding it out. Will buy more when it dips. Will still be holding when it gets to $300k.

 

Edited December 5 by DrDawkinstein

[Jauronimo]

1 minute ago, DrDawkinstein said:

 

More power to you. Good luck and god speed.

 

I know the cycle will hit, but I'm not trying to time the markets. Too often a recipe for disaster.

 

I dont need to pull these funds for at least 10 years so I'm just riding it out. Will buy more when it dips. Will still be holding when it gets to $300k.

I agree with that philosophy in general but I am not convinced that BTC is guaranteed to behave like this in the future.  Legislation, competing block chains, there are existential risks to BTC.  And the cycles are sooooo long.  Watching value decline for 2 or 3 years on end when you could be making money in something basic like SPY is tough.

1 hour ago, DrDawkinstein said:

LETS GOOOOO

 

 

@Poleshifter vindicated on XRP and XLM!

Only if he sells and does so quickly.  There is still the matter of his prediction that all other block chains will be defunct due to ISO blah blah blah certification.

[DrDawkinstein]

40 minutes ago, Jauronimo said:

I agree with that philosophy in general but I am not convinced that BTC is guaranteed to behave like this in the future.  Legislation, competing block chains, there are existential risks to BTC.  And the cycles are sooooo long.  Watching value decline for 2 or 3 years on end when you could be making money in something basic like SPY is tough.

 

I dont completely disagree and certainly would never try to talk you out of your plan as, IMO, it's just as good as any other. But I dont think any other coin has the potential to knock BTC out. It is the single true blue chip and will be for a long time. If BTC goes down, so does every other coin.

 

My current plan is to wait until March (due to some Long Term Gains dates) and then I'll be dumping my other coins (ETH, ALGO, XLM, MATIC, etc) and reinvest those funds either back in to stocks/ETFs or swap right into BTC.

 

Again, I'm on more of a 20 year plan, and most of what I have is house money from mining projects. Set it and forget it. For me.

[DrDawkinstein]

On 12/4/2024 at 11:11 AM, Jauronimo said:

Its been a fun ride but now its time to talk about BTC price targets, when to start selling, and how much to sell.  I think BTC will surpass $100k in the near future so I am holding for now.  I expect that the psychological impact of hitting that milestone will create its own momentum driving prices even higher before crashing back down and then at some point a long slow grind down to the new support level.  Probably somewhere near the previous high of $60k. 

 

Crypto is highly cyclical and having observed a couple of cycles I don't think this cycle will be all that different.  I am still in wait and see mode but once we cross $100k BTC value it will be time to actively monitor and think about setting sell targets.  I'll be looking to dump at least 75% of my holdings this cycle, park my money in SPY for a while, and then look to start buying back in after price declines below $65k.  Thats the general plan.

 

I hope you got out in time last night.