Bitcoin just broke it’s all time high

comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 2 hours, 4 minutes ago
comment by FootyMcfootfoot (U21853)
posted 4 hours, 37 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 3 hours, 32 minutes ago
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
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Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.

A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
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Exactly. Gold and bit coin have set resource level and are a haven when countries just start printing money to avoid a recession and people are worried about inflation.
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Bitcoin is also subject to inflation. It's just a controlled inflation.
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I believe the comparison still stands. Predictable levels of controlled inflation aren't what people worry about. The money printers going into overtime is something that worries investors massively. Bitcoins swings aren't for the faint hearted but I think it's actually a steady long term investment at a time many markets look volatile over the same time frame.

comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 16 hours, 21 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 8 hours, 3 minutes ago
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
-----------------
Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.

A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
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Short-term that doesn't seem to have been a problem.

Beyond that the coin will retain value only if people are still mining, which is becoming a more expensive enterprise. Apparently it now costs more to mine Bitcoin (financially *and* environmentally) than it does to physically extract gold.

The only really viable way to make mining more (financially) affordable long term is for the currency to circulate and transaction fees to be generated.
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People will always be mining.

If the price isn't worth it... less people mine, the difficulty drops and it becomes worth mining again. This was built in from the start.

I don't think this is the issue you think it is.

comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 1 hour, 18 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 16 hours, 21 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 8 hours, 3 minutes ago
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
-----------------
Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.

A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
----------------------------------------------------------------------
Short-term that doesn't seem to have been a problem.

Beyond that the coin will retain value only if people are still mining, which is becoming a more expensive enterprise. Apparently it now costs more to mine Bitcoin (financially *and* environmentally) than it does to physically extract gold.

The only really viable way to make mining more (financially) affordable long term is for the currency to circulate and transaction fees to be generated.
----------------------------------------------------------------------
People will always be mining.

If the price isn't worth it... less people mine, the difficulty drops and it becomes worth mining again. This was built in from the start.

I don't think this is the issue you think it is.
----------------------------------------------------------------------
The only people who can afford to mine BTC for profit nowadays are people with farms of ASIC based mining rigs.

There are some nice little rigs here.
https://miners.eu/buy-miners/

Probably the best value rig. 90 TH/s - 3.4kw @ 12v dc. https://miners.eu/product/canaan-avalon-1246-90th-bitcoin-miner/

BUT it will only be profitable if you have a really, really cheap electricity supplier ant BTC remains over $13k.

comment by פlǝuƃɥᴉs (U19365)
posted 12 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 1 hour, 18 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 16 hours, 21 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 8 hours, 3 minutes ago
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
-----------------
Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.

A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
----------------------------------------------------------------------
Short-term that doesn't seem to have been a problem.

Beyond that the coin will retain value only if people are still mining, which is becoming a more expensive enterprise. Apparently it now costs more to mine Bitcoin (financially *and* environmentally) than it does to physically extract gold.

The only really viable way to make mining more (financially) affordable long term is for the currency to circulate and transaction fees to be generated.
----------------------------------------------------------------------
People will always be mining.

If the price isn't worth it... less people mine, the difficulty drops and it becomes worth mining again. This was built in from the start.

I don't think this is the issue you think it is.
----------------------------------------------------------------------
The only people who can afford to mine BTC for profit nowadays are people with farms of ASIC based mining rigs.

There are some nice little rigs here.
https://miners.eu/buy-miners/

Probably the best value rig. 90 TH/s - 3.4kw @ 12v dc. https://miners.eu/product/canaan-avalon-1246-90th-bitcoin-miner/

BUT it will only be profitable if you have a really, really cheap electricity supplier ant BTC remains over $13k.
----------------------------------------------------------------------
Exactly why China is dominating the mining sector atm.
That is a huge problem I think.

comment by פlǝuƃɥᴉs (U19365)
posted 18 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 1 hour, 18 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 16 hours, 21 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 8 hours, 3 minutes ago
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
-----------------
Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.

A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
----------------------------------------------------------------------
Short-term that doesn't seem to have been a problem.

Beyond that the coin will retain value only if people are still mining, which is becoming a more expensive enterprise. Apparently it now costs more to mine Bitcoin (financially *and* environmentally) than it does to physically extract gold.

The only really viable way to make mining more (financially) affordable long term is for the currency to circulate and transaction fees to be generated.
----------------------------------------------------------------------
People will always be mining.

If the price isn't worth it... less people mine, the difficulty drops and it becomes worth mining again. This was built in from the start.

I don't think this is the issue you think it is.
----------------------------------------------------------------------
The only people who can afford to mine BTC for profit nowadays are people with farms of ASIC based mining rigs.

There are some nice little rigs here.
https://miners.eu/buy-miners/

Probably the best value rig. 90 TH/s - 3.4kw @ 12v dc. https://miners.eu/product/canaan-avalon-1246-90th-bitcoin-miner/

BUT it will only be profitable if you have a really, really cheap electricity supplier ant BTC remains over $13k.
----------------------------------------------------------------------
In the current climate I thought anyone would be mad to try mining without hundreds/ thousands of ASICs cos 99.9% of the time u get nothing as a reward and only one ASIC can receive the reward every ten minutes. It'd be like winning the lottery with just a couple of them running imo. If your math/price point is right I might have to reevaluate things

comment by FootyMcfootfoot (U21853)
posted 54 minutes ago

In the current climate I thought anyone would be mad to try mining without hundreds/ thousands of ASICs cos 99.9% of the time u get nothing as a reward and only one ASIC can receive the reward every ten minutes. It'd be like winning the lottery with just a couple of them running imo. If your math/price point is right I might have to reevaluate things
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Most people with these single miner setups join a mining pool (or mine alt coins like monero.

comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 4 hours, 4 minutes ago
comment by rosso - it’s not good enough to be right; you have to be effective (U17054)
posted 16 hours, 21 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 8 hours, 3 minutes ago
The point is that it isn’t gold; it doesn’t hold (more or less) a value if the majority of those who buy it then aren’t prepared to use it
-----------------
Well, that's exactly what's happening now and has for a decade. It is very much like gold in that respect.

A tiny % of gold gets used for anything meaningful, yet it holds value because the market gives it value.
----------------------------------------------------------------------
Short-term that doesn't seem to have been a problem.

Beyond that the coin will retain value only if people are still mining, which is becoming a more expensive enterprise. Apparently it now costs more to mine Bitcoin (financially *and* environmentally) than it does to physically extract gold.

The only really viable way to make mining more (financially) affordable long term is for the currency to circulate and transaction fees to be generated.
----------------------------------------------------------------------
People will always be mining.

If the price isn't worth it... less people mine, the difficulty drops and it becomes worth mining again. This was built in from the start.

I don't think this is the issue you think it is.
----------------------------------------------------------------------
I’m not sure it gets cheaper given that it’s taking longer and longer to find unique keys, is it? (As I said, I’m not an investor and far from an expert, so happy to be corrected!)

For me, as a non-invested third party spectator, the electricity use is my primary concern with crypto.

"Bitcoin’s mining difficulty adjusts automatically every 2,016 blocks, which typically takes about 14 days. The difficulty rises and falls based on increases or decreases in hashrate, the metric used to measure mining activity on the network."

If the difficulty decreases, it becomes easier (and cheaper) to mine blocks, therefore easier to find blocks with a bitcoin.

Covered calls could be a way to remove the edge from a future bitcoin investment. You can deposit a bitcoin, or less, at an exchange and offer calls to collect a nice premium which you can automatically reinvest into bitcoin.

Say you offered 100 contracts that bitcoin hits 75k by next July, if it's over that you sell and bank If it doesn't you bank all the premiums and expanded your holding.
Short/mid term I can see some merit in it. Even if it hits 100k plus your still laughing in terms of ROI

comment by Devonshirespur (U6316)
posted on 30/11/20
It will collapse to nothing, because it is nothing!
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