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Started By
Message
re: Bitcoin is Unsustainable
Posted on 5/21/18 at 1:25 pm to Sticky37
Posted on 5/21/18 at 1:25 pm to Sticky37
This is just my opinion, you have one side who has always talked up Bitcoin because they are invested in it and so the more people they can get to buy and use Bitcoin, the more legitimate it makes it, however; because it is used for a lot of illegal transactions online (like the whole silk road thing and other dark web activities) it will eventually become worthless and the only people who would have made any money on it are those who was able to mine and sell it early on.
5
Posted on 5/21/18 at 1:26 pm to OweO
quote:
because it is used for a lot of illegal transactions online (like the whole silk road thing and other dark web activities)
Like cash is used for a lot of illegal transactions offline?
Posted on 5/21/18 at 1:26 pm to OweO
quote:
however; because it is used for a lot of illegal transactions online (like the whole silk road thing and other dark web activities) it will eventually become worthless and the only people who would have made any money on it are those who was able to mine and sell it early on
Lol, tell us about how the US dollar and the internet have become worthless because they get used for illegal transactions.
Posted on 5/21/18 at 1:27 pm to OweO
quote:
however; because it is used for a lot of illegal transactions online
You don't know what you're talking about
Go back to the lunch thread
Posted on 5/21/18 at 1:27 pm to Deactived
nm
This post was edited on 5/21/20 at 2:36 pm
Posted on 5/21/18 at 1:28 pm to Jack Bauers HnK
quote:
Lol, tell us about how the US dollar and the internet have become worthless because they get used for illegal transactions.
It can be traced easier than cash right? If not, then my theory is not accurate.
Posted on 5/21/18 at 1:30 pm to WikiTiger
No idea how people are still bringing that crap up. It's oweo and he's our resident dumbass though
Brb, going to buy a 14 year old Cambodian with some Zcash
Brb, going to buy a 14 year old Cambodian with some Zcash
Posted on 5/21/18 at 1:32 pm to Deactived
quote:
going to buy a 14 year old Cambodian with some Zcash
Don’t forget to pickup a nice hefty bag of ganja.
Posted on 5/21/18 at 1:33 pm to OweO
Damn, do you also think there’s a dark web site where someone can click “buy Oweo’s SSN now”?
Posted on 5/21/18 at 1:33 pm to OweO
quote:
It can be traced easier than cash right? If not, then my theory is not accurate.
No, not really.
Posted on 5/21/18 at 1:34 pm to OweO
lmao, yea... no
Posted on 5/21/18 at 1:35 pm to Jack Bauers HnK
quote:
Damn, do you also think there’s a dark web site where someone can click “buy Oweo’s SSN now”?
My favorite is that Experian commercial that includes a free scan with our dark wev scanning tools.
A free scan of the part of the internet that is literally unindexed. There's no scanning to be done other than manual and that would take months.
Posted on 5/21/18 at 1:39 pm to TH03
That’s exactly what I was thinking about lol.
Posted on 5/21/18 at 1:39 pm to weagle99
nm
This post was edited on 5/21/20 at 2:36 pm
Posted on 5/21/18 at 1:44 pm to Jack Bauers HnK
I get triggered hard when it comes on.
Posted on 5/21/18 at 1:46 pm to Sticky37
But, if an average household spends $250 for a month of energy, but a Bitcoin goes for $10,000 then I don't see a problem.
Posted on 5/21/18 at 1:49 pm to WikiTiger
quote:Holy mother fricker! WTF have you been? How many times I've brought you up and adnins squashed it, I can't tell you.
WikiTiger
You are a God on this site! Glad to see you back!
Posted on 5/21/18 at 1:52 pm to HubbaBubba
nm
This post was edited on 5/21/20 at 2:36 pm
Posted on 5/21/18 at 1:52 pm to HubbaBubba
To be fair, a lot more money goes into mining.
You have to buy the equipment. Depending on the miner, you might spend 1 to 2k USD or more. If you're buying a miner from Bit main, you might have to purchase the miner using bitcoin cash. If it's over $2500, you have to verify your identity with customs and pay around two to three hundred for shipping and handling
Then comes where to put the machines. Bit main miners are hella loud and put off a ton of heat. This isn't going in your living room. It's like having a grass blower on 24/7.
So you need an industrial space and when your operation hits a certain scale, you're gonna need Entergy to come drop you a 600 or 1200 amp service. That's free but an electrician is gonna cost about 30 to 40k to setup the wiring.
It's not a cheap endeavour. You also need a big stack of cash to power through the bearish months
You have to buy the equipment. Depending on the miner, you might spend 1 to 2k USD or more. If you're buying a miner from Bit main, you might have to purchase the miner using bitcoin cash. If it's over $2500, you have to verify your identity with customs and pay around two to three hundred for shipping and handling
Then comes where to put the machines. Bit main miners are hella loud and put off a ton of heat. This isn't going in your living room. It's like having a grass blower on 24/7.
So you need an industrial space and when your operation hits a certain scale, you're gonna need Entergy to come drop you a 600 or 1200 amp service. That's free but an electrician is gonna cost about 30 to 40k to setup the wiring.
It's not a cheap endeavour. You also need a big stack of cash to power through the bearish months
Posted on 5/21/18 at 1:55 pm to OweO
quote:
because it is used for a lot of illegal transactions online (like the whole silk road thing and other dark web activities) it will eventually become worthless
quote:
Like cash is used for a lot of illegal transactions offline?
Exactly. And even if Bitcoin was primarily used for illegal transactions, which we know isn't true, there could be a huge value there. It is fairly easy to trace cash and it is extremely difficult to transport large amounts of it. Bitcoin is untraceable and you can send as much as you want to anyone in the world in less than a day. Also, and this is a HUGE one, cash can be seized while Bitcoin is secure. These days doing illegal transactions with large amounts of cash is very hard and extremely risky but Bitcoin and other crypto make it as simple as can be.
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