HoagiesDad t1_izbq84j wrote
Reply to comment by Encid in Ethereum’s energy switch saves as much electricity as entire Ireland uses | The success of The Merge concept may now serve as a roadmap to enable a switch from Proof of Work to Proof of Stake in Bitcoin. by chrisdh79
I already have card from my bank that negates the need of actual cash. This pretty much negates your argument.
Encid t1_izby1jq wrote
OMG! I don’t even know where to begin, look up QE and QT, function of central banks, friction in the financial system, what inflation does to people’s savings, then look up the actual energy use of bitcoin and at that point we can engage meaningfully.
Good luck til then.
HoagiesDad t1_izc4qup wrote
What has Owning Bitcoin done to anyone who invested at $69k and is still holding at $17k. My savings has certainly taken a hit but HOLY SHIT, I’m so happy it wasn’t in any of these other options.
Encid t1_izcbbp5 wrote
Dear god, you understand that bitcoin has appreciated 17000% in 14 years right? While the dollar devalued 28% and increasing by the month, that means that a dollar only buys 72.244% of what it could buy back then.
Sure it is a new asset and there is volatility, but guess what, that volatility has consistently for 14 years trended upwards! And news to you, but any investment, a house, a business, gold, a god damn pokemon card will have ups and downs based on demand.
You have Financial myopia, honestly read a financial book and understand the system you play in, your family will benefit .
HoagiesDad t1_izcfoxn wrote
Ha. Nice try. The number is 5k percent from zero. I just checked . It’s actually down 15% from this day 5 years ago and 67% from one year ago. Your comment is as good as your facts. Bullshit
Encid t1_izckjg2 wrote
Hahahah did you finish elementary school? 0 to 17k is not 5k% gain, again no critical thinking, also you are focused on cherry picking and forget the bigger picture, what you should look at is the over all trend, same as the with the stock market, if you look at the last year yeah sure bad, then zoom out and look at the past 10 year in the s&p 500 trend, last year is nothing less than a blip and nothing to be worried about.
In 10 years you will look back and think the same and never understand the impact bitcoin already has had.
HoagiesDad t1_izcld34 wrote
You don’t like being fact checked and looking like an idiot. You also don’t understand trends, obviously. Someone can come out with Butthole coin tomorrow. If it gets the hype it makes Bitcoin worthless. The $ has proven durability and is backed by the most powerful nation in the world. You suck BTW
Encid t1_izcmn2t wrote
Dude! Go back and read your replies you have no idea what you are talking about.
I love to engage and have productive discussion and fact checking is important, but you are not equipped for it.
Just drop it and look back in 10 years. I would love to see your face when you realize you could not see the forrest for the trees, that might be the story of your life already.
Good luck.
HoagiesDad t1_izcnj6i wrote
The vast majority of people see it as a PONZI scheme but you, you are the smartest guy in the room. You are equipped with the insults and all the facts because you understand blockchain technology. You think those invested in Bitcoin are the future and the US Government can’t squash it at any moment. So naive.
The party was over the moment it crashed.
Blockchain technology may be the future but any form of investment that uses it now will be the AOL of the future.
Encid t1_izcp65h wrote
Hahah the best part Bitcoin doesn’t care what US does, Bitcoin is like gold as long as people tread it has value, scarcity is an added bonus.
Also look up Ponzi scheme dude, Bitcoin does not even match the description. Comparing apples to water.
Crazy how entrenched you are in your opinion with so little knowledge, normal people read and understand before they form opinions, give it a try.
HoagiesDad t1_izcpon9 wrote
Ouch. True believers in this one also
https://coinmarketcap.com/currencies/feathercoin/
There are 90 pages of crypto currency’s and I’m not gonna bother counting how many per page. Bitcoin is number #1 through hype. That can change in a day.
Encid t1_izctntg wrote
Bitcoin is #1 due to POW, nobody controls it and there can only be 21m no dilution ever that is why it is proposed as a store of value, like gold.
Any other cryptocurrency has developers behind it, POS and unlimited amounts of coins become available if the devs want it, Bitcoin and all the others are not in the same realm.
after having read and research many coins perhaps there is one nobel technology idea that may have real applications the rest are bad investments/scams.
HoagiesDad t1_izcvt8l wrote
Listen kid. Take some advice and invest in what Warren Buffet says. Your get rich quick schemes are stupid. Berkshire Hathaway has set me up for a nice retirement.
Encid t1_izcwxk7 wrote
Hahah I’m probably older than you think and in track to retire in 9-10 years, Bitcoin is 3% of my well diversified portfolio.
I understand a technological advancement when I see it, you sound like the people that thought the internet was for chatting in the early 90s.
No rich quick scheme here, compound interest and hard work pal.
HoagiesDad t1_izcztnh wrote
I’m 57, retired at 55. I put my money in real estate and Berkshire Hathaway and my partner is a nerd computer guy. Trust me when I says he’s smarter than you. My partner and I aren’t really risk takers but we certainly have done very well. He’s still working because he loves his job. He plans to retire in two years and we are off to live in Palm Springs. My partner before him was a stock broker so I do know a thing or two about investment.
So, while I may not fully understand blockchain technology, I know it’s still in its infancy and will take possibly decades to fully implement. Investing in early technology is risky as fuck. It’s not for people who have money to lose. Stop trying to sell Bitcoin. If it’s going to emerge it needs to be stable. That, it certainly is not the case now.
Encid t1_izd2lly wrote
I think you lost track, this was a conversation on energy use, POS vs POW, I’m not selling anything I’m expressing my educated opinion on a matter you seem to not understand, and blockchain has nothing to do with it, the benefits to the financial system are endless but you don’t see because you don’t understand the friction in the financial system.
Imagine Bitcoin as the rails of a public train own but people all over the world with nodes, and anybody can then transfer money in a frictionless manner. Visa built the same using billions of dollars and it cost retailers 2-3% per transaction, western ion built the same and they charge up to 13% per transaction that paired up with no inflation and store of value is the technological advancement.
Parroting BRK talking points shows how little you understand of the financial system, it is honestly sad, lastly did you know BRK was a textile company? Companies/tech needs to evolve or they will slowly wither.
What worked for you at 55, is not going to work for younger people just think about that for a second.
HoagiesDad t1_izd32hz wrote
Meh. You just seem like a dick. You don’t have to restate you think I’m an idiot. I’m just happy I didn’t buy bitcoin in the last year. You can’t even admit it was a good move on my part.
Encid t1_izejx6z wrote
You just don’t like people probing that you have lack of critical Thinking and that you play in a financial system you know nothing about.
And I do think not buying bitcoin and balancing your risk portfolio and using it is a huge mistake. Your sort term thinking is beyond belief. Look back in 10 years and tell me if buying bitcoin at 60k was a mistake. Also most people buy bitcoin DCAing same as the stock market, buying all at once at an all time high is not even advised your BKR.
Sad that a 55 year old is so closed up and ignorant.
Encid t1_izcof1k wrote
To find the appreciation percentage, you divide the change in value (bitcoin at $17000) by the original value (bitcoin at $1 even though it started at 0 just for comparison sake) which equates to 17000. If you multiplying this number by 100, we can determine the price bitcoin has appreciated by 1,700,000% yeah that is right 1.7m
I made a mistake with my mental math and missed 3 zeros. Again if you had critical thinking you would know 5k% does not make sense when your read on google.
Don’t believe me? do it on your house, it might be easier for you to understand how appreciation works mathematically, you certainly have given me a good laugh…. 5k hahaha.
HoagiesDad t1_izcoki9 wrote
Ha, you accused me of cherry-picking. This is hilarious. I can explain that 5k number, but I won’t. If you are so smart. Tell me how I arrived at that number….genius.
Also, I’m so happy for you that you have something to focus on other than anything else I’ve said.
Encid t1_izcpahn wrote
I did, I responded to your message with the actual math.
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