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Bitcoin's vast energy use could burst its bubble

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Re: Bitcoin's vast energy use could burst its bubble

#151

Post by tempestn »

amir734jj wrote: post #136
tempestn wrote: post #89

Earlier quoted context omitted.

I'm curious, did you originally own more than 50? If not, do you have a plan for when you will sell? I know if I'd bought 50 bitcoins back in 2010 I would have sold them, or at least most of them, many times over by now.

There was a YouTube video explaining how to buy bitcoin and I got curious. I bought 50 because I originally wanted to but 5 and I accidentally added 0. I intended to spend 10 dollars but I accidentally spent 100 dollars. I tried everything to get my money back but it was too late. Fast forward to 2015 I remembered bought some bitcoin in highschool and I have my key stored in a flash drive. That flashdrive was like ex…

And you weren't tempted to take some money off the table when your $100 investment hit $100,000, $500,000, $1M, $2M? Or are you saying you've lost the key?

Re: Bitcoin's vast energy use could burst its bubble

#152

Post by reducesuffering »

torgian wrote: post #134
rootusrootus wrote: post #118

Earlier quoted context omitted.

You can definitely buy gold coins. I have one in my desk drawer right now, even.

I wonder how much that is marked up, however. Compared to just buying bare gold, I mean. Obviously even bare gold would have a markup, but probably not as much as coins.

Depends on the weight of the coin, but 1+ oz. can be as low as 1% above spot (bare gold price), where 1/20 oz. can be as high as 10% above spot. So 1-10% markup for most purposes

Re: Bitcoin's vast energy use could burst its bubble

#153

Post by Guzba »

SideburnsOfDoom wrote: post #140
Guzba wrote: post #18

Earlier quoted context omitted.

Who's database?

We all get databases. They're a commodity. e.g. AWS will sell you a DynamoDB table for $cheap.

We should migrate Bitcoin to someone's DynamoDB table? Or did you not read the root comment?

Re: Bitcoin's vast energy use could burst its bubble

#154

Post by SideburnsOfDoom »

Guzba wrote: post #153
SideburnsOfDoom wrote: post #140

Earlier quoted context omitted.

We all get databases. They're a commodity. e.g. AWS will sell you a DynamoDB table for $cheap.

We should migrate Bitcoin to someone's DynamoDB table? Or did you not read the root comment?

Yeah. If you only want to handle around 7 transactions a second, you can buy an of the shelf Db such as a DynamoDB table for that, and it will cost you next to nothing.

Re: Bitcoin's vast energy use could burst its bubble

#155

Post by amir734jj »

tempestn wrote: post #151
amir734jj wrote: post #136

Earlier quoted context omitted.

There was a YouTube video explaining how to buy bitcoin and I got curious. I bought 50 because I originally wanted to but 5 and I accidentally added 0. I intended to spend 10 dollars but I accidentally spent 100 dollars. I tried everything to get my money back but it was too late. Fast forward to 2015 I remembered bought some bitcoin in highschool and I have my key stored in a flash drive. That flashdrive was like ex…

And you weren't tempted to take some money off the table when your $100 investment hit $100,000, $500,000, $1M, $2M? Or are you saying you've lost the key?

I have the key. I was very tempted to sell some when it hits $20k but I have a full-time job so I just sit back and watch the prices rise :)

Re: Bitcoin's vast energy use could burst its bubble

#156

Post by tempestn »

amir734jj wrote: post #155
tempestn wrote: post #151

Earlier quoted context omitted.

And you weren't tempted to take some money off the table when your $100 investment hit $100,000, $500,000, $1M, $2M? Or are you saying you've lost the key?

I have the key. I was very tempted to sell some when it hits $20k but I have a full-time job so I just sit back and watch the prices rise :)

Well, congrats on your wealth! I occasionally kick myself for not buying a few when I got interested in it back around the same time, but I console myself with the certain knowledge there's no way I would have held on to nearly these prices. I would've felt the need to diversify away as soon as it became an appreciable fraction of my portfolio. A bitcoin millionaire, I was never destined to be.

Re: Bitcoin's vast energy use could burst its bubble

#157

Post by muskox2 »

Triv888 wrote: post #130
muskox2 wrote: post #125

Earlier quoted context omitted.

If no more bitcoins were mined, you couldn't move bitcoins around. You can only include new transactions by mining a new block.

Isnt that one thing that the lightning network can solve?

Ultimately, you need to be able to settle lightning transactions on the actual chain.
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