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Very Hot Topic (More than 25 Replies) - anyone follow bitcoin? (Read 526 times)
Vypr
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Re: - anyone follow bitcoin?
Reply #40 - Aug 12th, 2017 at 3:56pm
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BowHunter wrote on Aug 12th, 2017 at 3:41pm:
I am still puzzled about the energy it consumes. Real money doesn't consume any energy, does it?

The energy consumption guarantees the integrity of the transactions and creation of the coins. The mathematical problems solved make it non-trivial for someone to interfere with or co-opt the process. Because, at least for bitcoin, it was envisioned to be distributed and decentralized and apart from govt or central bank control, significant efforts were needed to ensure the integrity of the currency. Some coins do NOT have this cost. They employ other models to guarantee transactional security. Not all coins have this energy consumption issue.

"Real" money historically, before we had paper money, had a significant energy cost. Either way, energy cost per se is no indicator of real vs not real on how people perceive value. The energy cost for Proof of Work (bitcoin algorithm) is simply a by-product of the verification process.
  

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Re: - anyone follow bitcoin?
Reply #41 - Aug 12th, 2017 at 3:57pm
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Vypr wrote on Aug 12th, 2017 at 3:07pm:
I just went into Neo at $30. I would have gone sooner but I didn't have a Bittrex verified account and I had that money tied up on Bitfinex. Funny, I finally bought BTC to transfer and made like $15K on BTC price appreciation during the period when it transferred from Bitfinex to my wallet to Bittrex.


Holy sh*t!

That's awesome man.

Is getting a Bittrex verified account easy or does it take a few days like Coinbase?
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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Re: - anyone follow bitcoin?
Reply #42 - Aug 12th, 2017 at 3:58pm
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BowHunter wrote on Aug 12th, 2017 at 3:56pm:
But not when it's stored in a safe.


Well you don't have to mine these coins. You could store them in a hardware wallet, which is like a safe, and have none of the energy expense associated with mining.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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Re: - anyone follow bitcoin?
Reply #43 - Aug 12th, 2017 at 4:01pm
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TowardLiberty wrote on Aug 12th, 2017 at 3:57pm:
Holy sh*t!

That's awesome man.

Is getting a Bittrex verified account easy or does it take a few days like Coinbase?


Looks like the two of you should get a room. Grin

(j/k)
  

Non sequitur:

Do You Eat Carrots wrote on Mar 2nd, 2017 at 4:30am:
... that has less power than a hair dryer used by a eunuch.



Rabbit_Reborn wrote on Feb 5th, 2017 at 5:40pm:
...that makes me a moron.
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Vypr
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Re: - anyone follow bitcoin?
Reply #44 - Aug 12th, 2017 at 4:01pm
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BowHunter wrote on Aug 12th, 2017 at 3:56pm:
But not when it's stored in a safe. It seems that bitcoin money consumes energy ALL THE TIME! Without it just disappears into nothingness.

You can say that about almost all the money in the world. Most wealth is electronic zeros and ones, not paper or gold.
  

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Re: - anyone follow bitcoin?
Reply #45 - Aug 12th, 2017 at 4:07pm
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TowardLiberty wrote on Aug 12th, 2017 at 3:57pm:
Holy sh*t!

That's awesome man.

Is getting a Bittrex verified account easy or does it take a few days like Coinbase?

It was fast. Coinbase was a nightmare to get fully verified. They had shut me down for a month even after I had six figure wire transfers because I couldn't take a f**king selfie that their computer recognized. Coinbase support is pure shit. It's just non-existent. I ended up calling their bank and complaining and posting complaints on all of their twitter feeds (they had a wire transfer held hostage). Turned out the Coinbase bank in Manhattan had a special complaint dept just for Coinbase.  Roll Eyes  With Bittrex I could just upload and go. Mostly I was dreading it, but it turned out quicker than expected. I now use Gemini for getting fiat into the system but with Coinbase verification finally complete I could probably use them if I had to.
  

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Re: - anyone follow bitcoin?
Reply #46 - Aug 12th, 2017 at 4:31pm
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Vypr wrote on Aug 12th, 2017 at 4:07pm:
It was fast. Coinbase was a nightmare to get fully verified. They had shut me down for a month even after I had six figure wire transfers because I couldn't take a f**king selfie that their computer recognized. Coinbase support is pure shit. It's just non-existent. I ended up calling their bank and complaining and posting complaints on all of their twitter feeds (they had a wire transfer held hostage). Turned out the Coinbase bank in Manhattan had a special complaint dept just for Coinbase.  Roll Eyes  With Bittrex I could just upload and go. Mostly I was dreading it, but it turned out quicker than expected. I now use Gemini for getting fiat into the system but with Coinbase verification finally complete I could probably use them if I had to.

Good to hear that Bittrex is more reasonable. I've heard of the nightmare stories with Coinbase and all the selfies they want you to take. lol.

It's almost like they don't want your money.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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Re: - anyone follow bitcoin?
Reply #47 - Aug 12th, 2017 at 4:39pm
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TowardLiberty wrote on Aug 12th, 2017 at 4:31pm:
Good to hear that Bittrex is more reasonable. I've heard of the nightmare stories with Coinbase and all the selfies they want you to take. lol.

It's almost like they don't want your money.

The problem is that their automated system could not successfully verify my selfie was the same as the picture on my driver's lic. No matter what I did. I even took a selfie of a photo of myself.  Roll Eyes  Their total lack of support was the killer though. Drove me nuts. They DID eventually handle it, but that was after I posted on every single twitter post for them, GDAX and what's-his-face that owns them. Gemini verification by comparison took a day. Bittrex was an hour or so. Coinbase systems are a joke. Don't trade there. They always crash during run-ups and sell-offs. Almost as bad as Poloniex, but Poloniex is more concerning for the risk of imploding.

You can trade a LOT of money on Bitfinex without being verified, btw. And apparently no limits on withdrawals from what I can see. I have pulled a lot at a time. But you can't put fiat in or take it out. Don't tell them you are a US citizen if you sign up. Log in with a VPN or something. I think they are going to start denying US citizens because of the PITA factor with US authorities.
  

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Re: - anyone follow bitcoin?
Reply #48 - Aug 12th, 2017 at 4:44pm
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Bitcoin $3740 on bitfinex pretty quick just now, from over $3900. That's a significant drop. Maybe it corrects a little now before $4K.

This is where money is made.
  

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