What's up with Bitcoin?

[Noivous]

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/arti...elling_us.html

[whispershadow]

i still dont understand what bitcoin is??????????

[Noivous]

😂 maybe that's the idea they don't want us to!

[ankietyjoe]

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]

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]

It also consumes a planet-harming amount of energy maintaining the monumentally-inefficient blockchain.

[WiredIncorrectly]

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]

0.21% of the worlds energy apparently. Which is a lot.

Can you imagine the whole world going to such a system?

[WiredIncorrectly]

Can you imagine the whole world going to such a system?

Potentially yes, realistically no. The money makers wouldn't allow it.

[Pamplemousse]

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.