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Noivous
10-02-21, 13:08
Admittedly I don't know a lot about this Bitcoin thing. Elon Musk just bought a boatload of it though.

Pretty good article below on the subject:

https://www.americanthinker.com/articles/2021/02/bitcoin_and_its_discontents_what_elon_musk_is_tell ing_us.html
whispershadow
10-02-21, 13:45
i still dont understand what bitcoin is??????????
Noivous
10-02-21, 13:52
😂 maybe that's the idea they don't want us to!
ankietyjoe
10-02-21, 14:09
It's like the stock market.

Imagine playing a game that's a combination of 'chicken', and good old fashioned gambling. That's pretty much how it all works.


'Who's gonna blink first'.
WiredIncorrectly
10-02-21, 14:15
Bitcoin is a digital currency. You can buy bitcoin, and spend bitcoin, on websites and stores that accept them. There are a great number of vendors that accept them and the number is increasing. I have £130 worth of bitcoin in my account that I use for purchasing various things.

Just like other currencies (USD, YEN etc) it can be traded. If you're trading Bitcoin the idea is you buy when it's low, the prices go up, and you sell high.

Don't get involved in trading, or schemes that promise to get you rich.
Pamplemousse
10-02-21, 14:23
It also consumes a planet-harming amount of energy maintaining the monumentally-inefficient blockchain.
WiredIncorrectly
10-02-21, 14:28
It also consumes a planet-harming amount of energy maintaining the monumentally-inefficient blockchain.

0.21% of the worlds energy apparently. Which is a lot.
Noivous
10-02-21, 14:36
0.21% of the worlds energy apparently. Which is a lot.

Can you imagine the whole world going to such a system?
WiredIncorrectly
10-02-21, 17:35
Can you imagine the whole world going to such a system?

Potentially yes, realistically no. The money makers wouldn't allow it.
Pamplemousse
10-02-21, 19:42
Potentially yes, realistically no. The money makers wouldn't allow it.

Given the tiny number of people who use Bitcoin are already gobbling up 0.21% of the planet's energy sources, entire populations wouldn't leave any energy for anything else.

Edited to add: https://www.bbc.co.uk/news/technology-56012952


The online tool has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).


The energy it uses could power all kettles used in the UK for 27 years, it said.


However, it also suggests the amount of electricity consumed every year by always-on but inactive home devices in the US alone could power the entire Bitcoin network for a year.
Lencoboy
10-02-21, 21:47
The other week nearly everyone seemed to be harping on about that GameStop craze. Has that now started to die down?
WiredIncorrectly
11-02-21, 10:28
Nope they just moved to another stock :roflmao: ... https://www.reddit.com/r/wallstreetbets/comments/lh4oj6/800_10800_tlry/

If you follow wallstreetbets they literally tell you what to put money on and they make the stock rise.
Lencoboy
11-02-21, 10:42
Nope they just moved to another stock :roflmao: ... https://www.reddit.com/r/wallstreetbets/comments/lh4oj6/800_10800_tlry/

If you follow wallstreetbets they literally tell you what to put money on and they make the stock rise.

Trouble is, once these crazes start, they're virtually unstoppable.

Bit like the toilet roll mania last year, where nearly everyone feels compelled to jump on the bandwagon.
Pamplemousse
11-02-21, 11:39
Trouble is, once these crazes start, they're virtually unstoppable.

Tulips, anyone?

https://en.wikipedia.org/wiki/Tulip_mania
Lencoboy
11-02-21, 13:09
Tulips, anyone?

https://en.wikipedia.org/wiki/Tulip_mania

So shall we stampede into garden centres and places like B&Q en masse and panic-buy tulip bulbs from tomorrow then?

That will certainly end up being bloomin' lovely!!