Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://futurism.com/future-society/bitcoin-crashing-miners-unplugging-equipment

I thought the price automatically adjusts higher when there are fewer miners, or the solution gets easier using less electricity?

Ha ha where did you hear that?

DP. Yes, that's how bitcoin works. That is, the work to mine the next blocks gets easier if there are fewer miners.

Electricity is MUCH more expensive now, as is the hardware, will compute power eventually fall enough it would work on a phone for mining or is the base level algorithm still require enough horsepower that expensive electricity and hw could make it unsustainable?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://futurism.com/future-society/bitcoin-crashing-miners-unplugging-equipment

I thought the price automatically adjusts higher when there are fewer miners, or the solution gets easier using less electricity?

Ha ha where did you hear that?

DP. Yes, that's how bitcoin works. That is, the work to mine the next blocks gets easier if there are fewer miners.

Anonymous wrote:

Anonymous wrote:https://futurism.com/future-society/bitcoin-crashing-miners-unplugging-equipment

I thought the price automatically adjusts higher when there are fewer miners, or the solution gets easier using less electricity?

Ha ha where did you hear that?

Average joe folks like me do not understand it and have no use for it. Also why would the average joe want their money in a noninsured account?

No thanks

Anonymous wrote:https://futurism.com/future-society/bitcoin-crashing-miners-unplugging-equipment

I thought the price automatically adjusts higher when there are fewer miners, or the solution gets easier using less electricity?

Anonymous wrote:It has been tanking and now the press claims it's because there is "pessimism in crypto's function".

Growing investor caution comes as many of the sensationalized claims about bitcoin have failed to materialize. The token has largely traded in the same direction as other risk-on assets, such as stocks, particularly during recent geopolitical and macroeconomic flare ups in Venezuela, the Middle East and Europe, and its adoption as a form of payment for goods and services has been minimal.

To this day, I still don't really understand the practical utility except for a couple of specific instances:

- Sending money internationally much cheaper than through the normal banking system...but the recipient usually just turns it into the local currency immediately upon receipt;
- Paying for digital items like say you want to license somebody's photograph, well now you can use the blockchain to pay for the item and you receive a specific "locked" copy. Again, for the most part, the recipient takes the Etherium and just converts into $$$s or whatever basically immediately.

Neither of these are massive actual use markets.

So, there is some utility for a "digital" currency...but few using it in real life are speculating on its value. They would probably prefer it didn't fluctuate in value.

Exactly. From the standpoint of buyers and sellers, the most valuable currency is the one that maintains a consistent value.

Once mining shuts down it's all over. This isn't some useful metal or edible commodity. I think BTC was ultimately the experiment of a genius with no defined outcome, but expectations were a massive round turn back to zero eventually.

Anonymous wrote:

Anonymous wrote:Crime and speculation are the primary use cases at the moment.

It does have some value for those who do not trust the banking system and its ability to handle electronic payments. It also has value in third-world countries with poorly managed national currencies and/or weak banking systems. It can make carrying "money" across national lines possible (one can, in principle, memorize a Bitcoin wallet key, and cross a national border with nothing to confiscate and nothing to trace).

The primary barrier to its use for daily transactions is the transaction time (minutes or longer) and the failure to agree on which cryptocurrency to use.

I personally see it as a dumb "investment," but it does have some valid use cases.

This. But don't underestimate speculation -- that defines the stock market as well to a much larger extent than most understand.

100000%. Once I truly understood the stock market, I was much more receptive to adding crypto to my portfolio as well (all about balance).

Inherent value is zero. Nobody will mine at these levels. Get ready for a quick ride back to 25k.

There has been some interesting bits in the Epstein files about Israel and Bitcoin that could be playing into it.

Anonymous wrote:Crime and speculation are the primary use cases at the moment.

It does have some value for those who do not trust the banking system and its ability to handle electronic payments. It also has value in third-world countries with poorly managed national currencies and/or weak banking systems. It can make carrying "money" across national lines possible (one can, in principle, memorize a Bitcoin wallet key, and cross a national border with nothing to confiscate and nothing to trace).

The primary barrier to its use for daily transactions is the transaction time (minutes or longer) and the failure to agree on which cryptocurrency to use.

I personally see it as a dumb "investment," but it does have some valid use cases.

This. But don't underestimate speculation -- that defines the stock market as well to a much larger extent than most understand.

Crime and speculation are the primary use cases at the moment.

It does have some value for those who do not trust the banking system and its ability to handle electronic payments. It also has value in third-world countries with poorly managed national currencies and/or weak banking systems. It can make carrying "money" across national lines possible (one can, in principle, memorize a Bitcoin wallet key, and cross a national border with nothing to confiscate and nothing to trace).

The primary barrier to its use for daily transactions is the transaction time (minutes or longer) and the failure to agree on which cryptocurrency to use.

I personally see it as a dumb "investment," but it does have some valid use cases.

It’s overwhelmingly used for criminal activity. See Guthrie random request.

It has been tanking and now the press claims it's because there is "pessimism in crypto's function".

Growing investor caution comes as many of the sensationalized claims about bitcoin have failed to materialize. The token has largely traded in the same direction as other risk-on assets, such as stocks, particularly during recent geopolitical and macroeconomic flare ups in Venezuela, the Middle East and Europe, and its adoption as a form of payment for goods and services has been minimal.

To this day, I still don't really understand the practical utility except for a couple of specific instances:

- Sending money internationally much cheaper than through the normal banking system...but the recipient usually just turns it into the local currency immediately upon receipt;
- Paying for digital items like say you want to license somebody's photograph, well now you can use the blockchain to pay for the item and you receive a specific "locked" copy. Again, for the most part, the recipient takes the Etherium and just converts into $$$s or whatever basically immediately.

Neither of these are massive actual use markets.

So, there is some utility for a "digital" currency...but few using it in real life are speculating on its value. They would probably prefer it didn't fluctuate in value.