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Who derives utility from the PoW component of PoW crypto? Is the work doing something useful to you? Is the utility "I feel good about using electricity to do nothing"?
yes it's doing something useful - securing the network and ensuring consensus
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Are you claiming that video games waste more electricity than crypto mining PoW? Do you have evidence to support that? It's a pretty strong claim, since most of the power being used to play a video game is doing something (rasterizing images/synthesizing audio/simulating physics in order to provide the game experience) while most of the power used to do PoW mining is Wasted On Purpose.
Why do games have to use so much electricity? They should be fine with a few kb of storage and maybe some minimal networking. Back in the day games were completely fine and playable in tiny cartridges. Games should be regulated to not consume a certain amount of network and processing power. On the other hand, without the PoW mechanism of Bitcoin, it's impossible to have the properties that bitcoin has - global decen…
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I was thinking the same, but the @SECGov Tweet has now disappeared. What a hack if it's true!
What's interesting is... what did it achieve? A temporary 2% swing in BTCUSD price at best?
I have never looked at BTC as a quick trading rather a long investment, I still have many BTC since 2010 and never sold it.
Considering BTC was at around 10c in 2010 and you have many of them... You must have some of the steeliest nerves and self control the world has ever seen. At what point does a 46.19 MILLION per cent gain become insufficient?
Many hold ethereum and bitcoin because of the utility. It's a permissionless and portable store of value that you can 100% be in control of and not have to worry about your account being locked, funds being frozen, asset seizure, operational hours, etc.
> "Careful what you read on the internet. The best source of information about the SEC is the SEC." https://nitter.net/SECGov/status/1714020932509982771 ...until the SEC's account gets hacked?
> Unless specifically indicated otherwise, social media content expresses the author's views only and not necessarily those of the Commission, other members of the Commission, or other staff. Content posted to social media is not a rule, regulation, or statement of the Commission, and the Commission has neither approved nor disapproved of such content. Retweets, follows, or likes by SEC social media accounts should n…
So whoever is using the account is committing fraud
I love watching crypto people obsess about the fabled Bitcoin ETF. You'd think it was some kind of religious movement. "Oh glorious SEC, once thou bestowest thine blessing, Crypto shall rise a thousandfold! Glory to Bitcoin!"
A lot of people are expecting to get rich off Bitcoin. They still think it's a ticket to financial freedom even though returns since late 2017 have been mediocre. Relative to volatility, they would be better off with 3x tech etfs like TQQQ or TECL, which have more upside and less risk compared to Bitcoin for the same amount of volatility.
The price of BTC initially jumped 3% on the hacked tweet. That's $25bn+ of market cap. The irony is the SEC itself is probably now responsible for the largest crypto pump and dump in history.
Who cares about $25bn? These guys hacked the SEC, made huge announcement tweet, and only got a 3% move from that. More over, they only had a 10 minute window to close whatever positions they had before BTC crashed through it's pre-hack price. There is a fair chance that they actually lost money on this play, lol.
As you say though 10 mins is a small window, but they could have easily set a Conservative stop on doubling their money with only a 1% gain.
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I live in Europe. I don't have a fund manager and I have invested in stocks on a low cost trading platform. Now I also have an account on Coinbase, which is an entirely different beast- different security, different responsibilities. It feels much more like owning physical goods than investing. There is a friction that would undoubtedly be solved by bitcoin ETFs. There's hundred of millions of causal investors who pr…
If you’re in EU, why do you need to wait on a US ETF? There is already a spot Bitcoin ETF on Euronext, BCOIN. (Not rhetorical! I am curious about the mechanics of this)
X's @Safety account just confirmed some details of the compromise: https://twitter.com/Safety/status/1744924042681897343 I'm surprised that the SEC wasn't using 2FA.
POW crypto should be globally banned on ecological grounds.
This is a tired complaint built on a faulty analysis of Bitcoin's power usage. There are a lot of things that use more power than the Bitcoin network, such as all of the idle electronics in the USA. Or christmas lights during the season. In the case of Bitcoin, the power used to mine is often power that would otherwise be wasted. Excess power from hydroelectric damns as well as gas being burned off in the oilfield ar…