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Post by Roger on Nov 17, 2022 22:23:12 GMT
Government controlled single Crypto currencies will probably eventually replace our current ones. However, that's a very different prospect to the uncontrolled Worldwide Crypto currencies we have now. There's nothing fundamentally wrong with this as long as the bloated blockchain problem can be solved, but that is a big if. Governments controlling their currency is fundamental to the way economies work, and that is what Crypto today is trying to circumvent. Frankly I'm surprised that all governments haven't just banned them.
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JonL
Elder Statesman
WWSME (Wiltshire)
Posts: 2,907
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Post by JonL on Nov 18, 2022 10:08:22 GMT
I suspect it would be a difficult thing to ban. Most of it is happening away from the eyes of those who could control it.
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Post by Roger on Nov 18, 2022 10:34:24 GMT
I suspect it would be a difficult thing to ban. Most of it is happening away from the eyes of those who could control it. Well, it would be hard to have widespread use of a Crypto currency if it was underground. Even with it being readily available, you can't buy many things on the high street with Bitcoin. How many retailers would accept it if it was illegal?
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jem
Elder Statesman
Posts: 1,065
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Post by jem on Nov 18, 2022 17:29:55 GMT
So the bottom line is, you're possibly trusting crooks like these instead of governments.
I am sorry Roger, I meant what is the difference between crooks and Government , aren't they all crooks, one way or another?
best wishes
Jem
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Post by Roger on Nov 19, 2022 13:23:29 GMT
So the bottom line is, you're possibly trusting crooks like these instead of governments. I am sorry Roger, I meant what is the difference between crooks and Government , aren't they all crooks, one way or another? best wishes Jem Personally I'm not that cynical. Others may disagree.
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SteveW
Elder Statesman
Posts: 1,395
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Post by SteveW on Nov 21, 2022 2:17:37 GMT
I find it really really hard to believe the power consuption involved in these transactions. How can it be for what is as far as I know, just internet useage. There is nothing physical involved, like in real mining is there? Was reading of complaints on some new wizzy video card. The thing uses around 450 watts to generate 4K video at very high frame rates necessary to keep gamers off the streets. The problem was the thing was drawing a lot of power and getting so hot it was cooking then melting its connector to the host computer. Maybe go check your own video card.
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dscott
Elder Statesman
Posts: 2,438
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Post by dscott on Nov 21, 2022 2:31:11 GMT
Hitting the alternative News is FTX and the company's set up by, and FTT the currency dreamed up by the MOB running it... From the Bahamas of course. Massive mes as all the rules were broken of course. Reminds me of the Guy who lost his hard drive with Bitcoin on it. It is in the landfill.
David and Lily.
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SteveW
Elder Statesman
Posts: 1,395
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Post by SteveW on Nov 21, 2022 11:08:31 GMT
Reminds me of the Guy who lost his hard drive with Bitcoin on it. It is in the landfill. David and Lily. Think I saw somewhere that lad was trying to Crowd Source a fund to go mine his favourite land fill to find his old hard drive. May not be worth the return very soon.
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Post by Roger on Nov 21, 2022 12:44:27 GMT
Reminds me of the Guy who lost his hard drive with Bitcoin on it. It is in the landfill. David and Lily. Think I saw somewhere that lad was trying to Crowd Source a fund to go mine his favourite land fill to find his old hard drive. May not be worth the return very soon. Possibly. It certainly highlights the fragility of keeping Crypto. It's worse than putting your money under the bed.
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SteveW
Elder Statesman
Posts: 1,395
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Post by SteveW on Nov 23, 2022 11:05:45 GMT
Just watching TV News and it seems Manchester United Football Club might soon be up for sale. Any takers here?
It occurs to me that the value is mostly contained with the players making a purchase as risky as any Crypto Currency.
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Post by Roger on Dec 2, 2022 11:02:39 GMT
This guy does some really good analysis on economics, especially the effects of Russia's invasion of Ukraine. This episode examines what's going on in the Crypto space, drawing parallels with the DotCom bubble.
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Post by Roger on Dec 2, 2022 15:18:19 GMT
This guy is quitting Bicoin mining after five years of wasting vast amounts of electricity, and didn't recoup all his costs. This sort of activity needs to be stopped if we're serious about reducing Carbon emissions.
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