A bitcoin transaction wastes as much electricity as it takes to power an American home for a week, and legendary coder Bram Cohen wants to fix that. And considering he invented the ubiquitous peer-to-peer file transfer protocol BitTorrent, you should take him seriously.
Cohen has just started a new company called Chia Network that will launch a cryptocurrency based on proofs of time and storage rather than bitcoin’s electricity-burning proofs of work. Essentially, Chia will harness cheap and abundant unused storage space on hard drives to verify its blockchain.
And if btc in six months is $40K, say, will you naysayers issue some kind of Statement of Stupidity?
Cryptocurrency is here to stay insofar as the internet is here to stay. BTC appears to be emerging stronger than ever as the historical flagship. How much is history worth?
Is there anyone on this forum that was stupid enough to invest a lot of money in this stuff?
If memory serves, back in 2014 (edit: 2013) when I got into it - after a sh#t load of due diligence by the way - AT MOST at THAT time I claimed it was an innovation fun to play with. And it WAS fun to play with.
I had a good time. Both (1) as a minor but serious speculator for while and (2) as a spender (when transaction fees were ZERO and I felt sorry for the miners so I'd tip them).
QT Do YOU know what "due diligence" is? Does Pete? lol
Maybe slip back into your hole now?
....
I do have a personal prediction, now that I'm beyond the frivolous distraction above ...
In time BTC might become the go-to transaction medium for the filthy rich on the DL. This certainly seems the way the system is evolving (esp projecting beyond the point all coins are mined) and transactions are paid for by tipping.
I was trying to learn how to invest by making a virtual portfolio
Believe it or not we did that in high school. These days most kids can’t even balance a checkbook. If they can even spell investment they prolly think it is something a cardinal wears.
And that level of dishonesty is why I never ultimately took the job. If they tell you to buy, they are selling. If they tell you to sell, they are buying. You are just a rube to be taken advantage of by smarter and richer men that actually have knowledge.
There is a book titled "Liars Poker" written by the great Michael Lewis, that describes in great detail his time as a stock trader, in which the above is described, exactly.
One thing that seems to be misunderstood about cryptocurrency is privacy.
If you use greenbacks to pay for something, there is no record of the transaction, unless you create one.
However, by the nature by which these new tools work, there must be a computer record of the transaction, or else there is no transaction. So a record IS created, automatically.
Moose, the level of research required to make sound investments in equities is beyond any private investor.
Well, yes and no. If yer in it for the long run it isn't that hard to buy
quality and hold it. We have a nice amount of Procter & Gamble stock that
my wife's father bought when it was around $1/share. It is now over 90.
Let us know!