Bitcoin Sees Wall Street Warm to Trading Virtual Currency

Post by jMyles » Tue, May 08, 2018, 5:38 AM UTC

hndamien wrote: post #11

hudon wrote: post #9

This seems like good news for speculators (disclosure: I still hold Bitcoin and worked at a Bitcoin exchange). Having said that, "Wall Street" should be wary of enabling the use of a system that is using more electricity than the country of Switzerland [0] without any productive output. The energy consumption is rapidly rising too. Furthermore, Bitcoin's transaction throughput is dismally low compared to existing pay…

You are focusing on the wrong thing. Energy production is the issue, not energy use. There is an equilibrium to be found in the free market based on the value of BTC that is provided and the economic expenditure to mine it with the cost of electricity used to get there. Oh wait! I found the link in the causal economic chain! We don't put a price on carbon! Put your energy into yelling there and not at yelling at Bitc…

Post by y4mi » Tue, May 08, 2018, 6:14 AM UTC

DINKDINK wrote: post #29

jonny_eh wrote: post #22

Earlier quoted context omitted.

Has the growth in popularity of BTC affected the perceived value of gold? You seem to be asserting that crypto-coin popularity will save the planet by reducing gold mining, I'm very skeptical.

Advantages of gold over bitcoin: If there's a total internet && computer && electricity apocalypse, a physical barter exchange with gold is more trustless than bitcoin. You can still transact bitcoin but there's trust involved. Advantages of Bitcoin over gold: No trusted third party (If you're moving sizable sums of gold, you're doing it with a trusted third party[TTP)) 99.99226%[1] transaction uptime (Your TTP keep…

Post by TeMPOraL » Tue, May 08, 2018, 6:23 AM UTC

mrb wrote: post #15

hudon wrote: post #9

This seems like good news for speculators (disclosure: I still hold Bitcoin and worked at a Bitcoin exchange). Having said that, "Wall Street" should be wary of enabling the use of a system that is using more electricity than the country of Switzerland [0] without any productive output. The energy consumption is rapidly rising too. Furthermore, Bitcoin's transaction throughput is dismally low compared to existing pay…

Don't refer to the Digiconomist BECI for electricity consumption figures. The author makes fundamentally flawed assumptions, causing him to overestimate the consumption by 1.5× to 2.8×, and likely by 2.2×. BECI starts with calculating average mining revenues based on a 439-day (variable) moving average of the Bitcoin and Bitcoin Cash prices. Then BECI assumes a fixed 60% share of these revenues are spent on electrici…

Post by zby » Tue, May 08, 2018, 6:35 AM UTC

DINKDINK wrote: post #12

hudon wrote: post #9

This seems like good news for speculators (disclosure: I still hold Bitcoin and worked at a Bitcoin exchange). Having said that, "Wall Street" should be wary of enabling the use of a system that is using more electricity than the country of Switzerland [0] without any productive output. The energy consumption is rapidly rising too. Furthermore, Bitcoin's transaction throughput is dismally low compared to existing pay…

>I [...] worked as an engineer at a well-known Bitcoin company). >Having said that, "Wall Street" should be wary of enabling the use of a system that is using more electricity than the country of Switzerland [0] without any productive output You worked at a Bitcoin company and don't understand the value of proof of work? Being able to trustlessly settle shared stated across the entire globe is unproductive output? Th…

Post by VMG » Tue, May 08, 2018, 7:17 AM UTC

mvindahl wrote: post #42

DINKDINK wrote: post #29

Earlier quoted context omitted.

Advantages of gold over bitcoin: If there's a total internet && computer && electricity apocalypse, a physical barter exchange with gold is more trustless than bitcoin. You can still transact bitcoin but there's trust involved. Advantages of Bitcoin over gold: No trusted third party (If you're moving sizable sums of gold, you're doing it with a trusted third party[TTP)) 99.99226%[1] transaction uptime (Your TTP keep…

Further advantages of gold over bitcoin: 1) Has been used for millennia. Bitcoin was invented ten years ago. 2) Accepted as valuable by most of human population. Bitcoin mostly as valuable within internet echo bubbles. 3) Although price fluctuates, it's more stable than that of bitcoin, thus better suited as store of value. 4) Has applications for industrial uses or for jewelry, guaranteeing that your gold retains at…