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https://www.yahoo.com/finance/news/bitcoin-worth-less-cost-mine-105331363.html

 

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The production-weighted cash cost to create one Bitcoin averaged around $4,060 globally in the fourth quarter, according to analysts with JPMorgan Chase & Co.

With Bitcoin itself currently trading below $3,600, that doesn’t look like such a good deal. 

 

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50 minutes ago, Jamalisms said:

That's been the case for a while now where it fluctuates above and below the mining cost.

 

It's hilarious how cryptos have destroyed the computer graphics card markets by driving the prices up and a lot of graphics cards that are used make no sense to buy because they have just been torched by being put through the ringer for weeks on end burning through so much power.

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On 1/26/2019 at 3:31 AM, wiscotitansfan said:

That's been the case for a while now where it fluctuates above and below the mining cost.

 

It's hilarious how cryptos have destroyed the computer graphics card markets by driving the prices up and a lot of graphics cards that are used make no sense to buy because they have just been torched by being put through the ringer for weeks on end burning through so much power.

graphics card market is just fine right now. back to normal prices with the new lines sprinkling in 

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1 hour ago, titanruss said:

graphics card market is just fine right now. back to normal prices with the new lines sprinkling in

For sure, one of the other reasons besides new models is because normal idiots finally figured out not to mine BTC off your home desktop anymore. Doesn't change the fact how much of a joke the marketplace was for the better part of a couple years because demand was so high for something most of the idiots were clueless about

 

No fucking way would I ever buy a used graphics card from the 10 series timeline, too many morons who spent thousands trying to get rich quick 

Edited by wiscotitansfan

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13 hours ago, patsplat said:

This is an interesting and valid use of Bitcoin

it's why it will stick around. its a long-term hold. not sure it will ever hit the exponential growth again.. but it will def beat inflation 

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2 hours ago, Starkiller said:

This is only practical in extreme cases of hyperinflation. Relatively few people will ever experience it in their lifetimes. 

There are lots of other countries with high inflation rates right now(Iran, Turkey) where the populace are starting to use bitcoin as a way to stop their government from robbing them of their savings through inflation.

 

Hypothetically, what percent of the world's population do you think would rather hold their wealth in something inflation resistant like gold instead of the fiat currency of their country, if it were possible/convenient? 50%? 75%? Literally everywhere outside of Europe and North America?

 

Blockchain is going to enable this revolution and Bitcoin is likely to be the dominant cryptocurrency because it is far and away the most secure. 

 

Then you have places like China were the government's Orwellian control over the banking/payment systems will drive people to crypto as a way to retain their freedom.

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At that point it isn’t a cryptocurrency because it isn’t currency. It’s just a way to park your money. 

 

This is is the main issue with bitcoin. It’s effectively an investment, not currency. 

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11 hours ago, Starkiller said:

At that point it isn’t a cryptocurrency because it isn’t currency. It’s just a way to park your money. 

 

This is is the main issue with bitcoin. It’s effectively an investment, not currency. 

I’ve bought and sold things using BTC. 

 

Its a currency. 

 

Not as widely accepted as one would like.. but it’s more widely accepted than many many countries actual currencies. 

 

The issue is transfer rate with BTC. Other cryptos have it figured out. But are more unstable/ unsafe. 

Edited by titanruss

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Being a "currency" is beside the point really. People buying and holding it as an inflation/sanction/seizure resistant store of value is what will drive the adoption/price.

Edited by Titans_Win_Again

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OILERMAN   

Majority of bitcoin trading is a hoax, new study finds

 

https://www.cnbc.com/2019/03/22/majority-of-bitcoin-trading-is-a-hoax-new-study-finds.html

 

New research is casting even more doubt on the legitimacy of bitcoin trading.

An analysis published by Bitwise this week shows that 95 percent of bitcoin spot trading is faked by unregulated exchanges.

 

The analysis showed that “substantially all of the volume” reported on 71 out of the 81 exchanges was wash trading, a term that describes a person simultaneously selling and buying the same stock, or bitcoin in this case, to create the appearance of activity in the market. In other words, it’s not real.

 

Those exchanges report an aggregated $6 billion in average daily bitcoin volume. The study finds that only $273 million of that is legitimate.

 

“The idea that there’s fake volume has been rumored for a long time; we were just the first people to systematically look at which exchanges were delivering real volume,” Hougan told CNBC.

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