|
Post by Roger on Jul 13, 2021 22:31:58 GMT
Well, Farms have land which has an intrinsic value that won't ever go to zero. The same goes for a factory. The products of a business, or more liquid assets such are tools, equipment or livestock, are more volatile, but usually retain their value as long as the business is running. However, Crypto is just bytes of data, nothing more.
I don't dispute that there are thousands of people trading Crypto currencies, but what is that actually doing? It's not making any products, it's not adding any value to anything. All it's doing it creating excitement about it being 'worth' more tomorrow than it is today. I'm not sure where that leads. To me, it just seems like each new coin that's mined, each person who spends hard cash on Crypto is just pumping up the balloon nearer to breaking point. If you're smart enough to play the game an take your profits before it bursts, then that's great. However, I can't see how this is inexorable rise in Crypto value can be sustainable in the long term. If you've not put much money in, and it's gone up massively, you're likely to be fine. Those who are late to the party and pay a lot of hard currency for Crypto are taking a massive gamble if the bubble bursts. There's no safety net with Crypto, no reserve, no Government to shore it up. When it pops, it's popped, and good luck to anyone holding coins they've paid a lot of hard currency for.
I'm not against Crypto in principle, and I'm certainly not knocking what your Son is doing. However, it's hard to see a stable long term future for any of them. There are just too many of them vying to be the next big thing, for that to happen. Make hay while the Sun shines, but be prepared for storms later.
|
|
|
Post by Shawki Shlemon on Jul 17, 2021 9:41:10 GMT
Roger to me it seems like the old pyramid schemes , some winners and a lot of losers at the end . I block all the emails that I get to sell me Crypto coins . Good luck for those who are participating in it .
|
|
|
Post by Roger on Jul 20, 2021 8:32:33 GMT
I just saw this today, I guess the Malaysian Government doesn't like Bitcoin. That's certainly a novel way to neutralise these devices! Mining seems to be mostly done on an industrial scale, not by individuals. It would be interesting to see the spread of how many coins have been mined by ordinary folk, compared to these massive setups. My guess is that the average man in the street is quickly squeezed out of mining in any of these Crypto Currencies. If the aim is to give power to the people, it certainly seems to favour the few well heeled once mining starts in earnest.
|
|
|
Post by Deleted on Jul 20, 2021 8:39:06 GMT
Old news...this was about electricity theft...they just happened to be using it to mine bitcoin..🤣
|
|
|
Post by Roger on Jul 30, 2021 7:31:20 GMT
Here's another interesting piece about Bitcoin Mining. They claim it's Carbon Neutral, but they don't say how that's done. Persumably they're using a scheme that claims to be planting trees? Who knows. Personally, that seems fanciful.
|
|
|
Post by keith1500 on Jul 30, 2021 7:50:45 GMT
Yes, I saw that news feature and wondered. Interesting that have put to good use an old power station and fitted it out with banks and banks of computers. Clearly the gas power station can not be carbon neutral. I couldn’t believe they didn’t venture into solar/ wind energy combined with mass storage and even think outside the box by powering the computers direct from a dc battery source rather than wasting energy converting to ac , ac to dc etc.
All very bizarre
|
|
|
Post by Roger on Jul 30, 2021 11:04:09 GMT
Yes, I saw that news feature and wondered. Interesting that have put to good use an old power station and fitted it out with banks and banks of computers. Clearly the gas power station can not be carbon neutral. I couldn’t believe they didn’t venture into solar/ wind energy combined with mass storage and even think outside the box by powering the computers direct from a dc battery source rather than wasting energy converting to ac , ac to dc etc. All very bizarre They admit the power station isn't carbon neutral, but they claim that overall it is. Considering how much CO2 they're greating, someone would have to be planting trees at an astonishing rate. Personally, I don't think there's a viable way to offset the emissions. Even if you're planting trees, you're using machines to do that, you're having to pay staff to go out and do it etc. It's just a con in my opinion, trying to justify unjustifiable activities. Frankly, it's madness, and it's got to stop.
|
|
|
Post by Roger on Aug 30, 2021 22:12:08 GMT
Here's yet another hack on one of the Crypto exchanges that seem to keep happening. Obviously Banks get hacked too, but the difference is that they are backed up with much more cash and customers won't lose their money. It will be interesting to see how this plays out in the long term. The more money there is in the exchanges, the greater the reward for criminals who target them.
|
|
|
Post by Roger on Sept 29, 2021 11:52:30 GMT
|
|
|
Post by Roger on Jun 11, 2022 9:57:43 GMT
|
|
|
Post by Roger on Nov 14, 2022 17:50:17 GMT
|
|
|
Post by simplyloco on Nov 14, 2022 18:24:40 GMT
Why am I not surprised. If you can't see it, touch it, melt it, bend it, stretch it or store it where you can see it then it's all a fantasy!
|
|
|
Post by chris vine on Nov 14, 2022 19:16:22 GMT
The other good axiom is: If you don't understand it, don't invest in it.
Chris.
|
|
|
Post by Deleted on Nov 14, 2022 20:16:33 GMT
The other good axiom is: If you don't understand it, don't invest in it. Chris. Spot on Chris My son made his money...he still mines, made 2 chia yesterday but he doesn't buy anymore, mining costs little with the right equipment, in fact, his costs nothing... Pete
|
|
JonL
Elder Statesman
WWSME (Wiltshire)
Posts: 2,907
|
Post by JonL on Nov 14, 2022 20:40:49 GMT
Doesn't it cost a bit of electricity? I know that sounds trivial but a few of these machines mining away and suddenly the costs are not so trivial.
|
|
|
Post by Deleted on Nov 14, 2022 21:58:11 GMT
Doesn't it cost a bit of electricity? I know that sounds trivial but a few of these machines mining away and suddenly the costs are not so trivial. Depending on setup it can cost an awful lot of money in electricity. My son built an elaborate setup that was costing a fair bit and also heating the loft more than desirable. Solution was to move it all, lock stock and barrel to somewhere where electricity was free. Answer was to set it up at his big brothers company where all service costs are covered in the rent... Pete
|
|
abby
Statesman
Posts: 925
|
Post by abby on Nov 14, 2022 22:10:50 GMT
Isn't that like stealing from work ? electricity isn't free , somebody is footing the bill. Dan
|
|
abby
Statesman
Posts: 925
|
Post by abby on Nov 14, 2022 22:15:47 GMT
It also begs the question that if a business claims tax relief on it's costs , ie electricity ,then surely the "mining" should be also taxeable income. Dan.
|
|
|
Post by Deleted on Nov 14, 2022 22:19:05 GMT
Isn't that like stealing from work ? electricity isn't free , somebody is footing the bill. Dan Stealing...no....some budiness get free services within their rent and rates...there is no limit on this. It is however rare to find this these days, all so I believe. Not just my son's premises, all units on the industrial estate are so entitled
|
|
SteveW
Elder Statesman
Posts: 1,395
|
Post by SteveW on Nov 15, 2022 0:18:47 GMT
Isn't that like stealing from work ? electricity isn't free , somebody is footing the bill. Dan Stealing...no....some budiness get free services within their rent and rates...there is no limit on this. It is however rare to find this these days, all so I believe. Not just my son's premises, all units on the industrial estate are so entitled Seems to me that this meets all the criteria for taking the piss.
|
|