Bitcoin is still early

[Nash22]

and also to be clear, bitcoin mining doesn't emit any carbon

https://twitter.com/RiotPlatforms/st...004892162?s=20

I’m confused if this is a joke.

[Nash22]

Bitcoin mining uses less energy than clothes dryers in the US. And your statement suggesting that it's energy usage is "mostly burning coal and gas" is factually incorrect.

A couple questions you need to ask yourself: 1. What problem does Bitcoin solve? 2. How much energy is currently used to address the problem Bitcoin solves?

Continuing to offer up the answers doesn't seem to help after 244 pages. So I will try to mostly ask questions and lead you to the answers if you decide to actually learn them.

But in short, if you decide that Bitcoin does not solve any problems, then any energy it uses is a complete waste of energy.

I could say the same for many things. I think the Kardashians and Proof of Stake are complete garbage. So any energy spent producing a television show or a poopcoin is a complete waste of energy. Unfortunately for me, others find some sort of value in them being produced. Therefore energy is spent producing that garbage. I can't control it. Good luck fighting the energy expenditure of Bitcoin. If others find value in it, then as Jaco points out, the energy expenditure is not only necessary, it is vitally important. Incidentally it is a fraction of the energy that is spent at this time.

Bitcoin proposes to be a currency. But the problem is that it can never be a currency. People buy it with currency in hopes they can sell it for more currency later. This is a security.

Gold is not a currency because it is scarce. It gets hoarded. Things that can be hoarded are not effective currencies.

The other issue is with what money is and how it’s created. Money is created when banks create loans out of thin air. It’s an IOU. You can’t do that with gold or bitcoin. There is no promise of payment with these. It’s there or it’s not. You can’t make more of it through lending.

So it can never be what it purports its purpose is therefore yes I believe the energy wasted on it is pointless. At least tulips turned into flowers and could make more of themselves.

Also please show me the data showing that it’s energy useage is not more than the country of Argentina as that would mean I heard something completely false. Energy useage is a measurable knowable finite number. Not something you can spin.

[jacoavlu]

You can’t make more of it through lending.

another feature, not a bug

[xraygoggles]

Bitcoin network is finally being used for things - unfortunately for the maxis, the things are casino type speculative behavior in NFT derivatives (Ordinals). It's also causing massive slowdown in network speeds, and increase in fees.

It's also showing how the scaling aspects of Bitcoin are nowhere near Ethereum, because they do not have all the requisite L2s and shards and all that crap that Eth has access to.

[NapoleanDynamite]

Attacks on the Bitcoin Network are expected. Higher fees will eventually occur over the long term. However, filling the block space with JPEGS is not sustainable for anyone to pay for over the long term. So that will eventually pass as the idiots run out of money. And it is factually incorrect to say that there is a "massive slowdown in network speeds". Blocks are still being produced about every 10 minutes just like they always have.

But block space will likely become a high priced thing over the coming decades.

Ethereum is still and has always been garbage. No need to mention it here.

Many good things will come from the high fee issues going on right now. Just give it some time. Moving fast and producing garbage is not the underlying problem that Bitcoin solves. But the Layer 2 and 3's will continue to develop to continue to address these problems that arise from people trying to attack the Bitcoin Network.

[xraygoggles]

Attacks on the Bitcoin Network are expected. Higher fees will eventually occur over the long term. However, filling the block space with JPEGS is not sustainable for anyone to pay for over the long term. So that will eventually pass as the idiots run out of money. And it is factually incorrect to say that there is a "massive slowdown in network speeds". Blocks are still being produced about every 10 minutes just like they always have.

But block space will likely become a high priced thing over the coming decades.

Ethereum is still and has always been garbage. No need to mention it here.

Many good things will come from the high fee issues going on right now. Just give it some time. Moving fast and producing garbage is not the underlying problem that Bitcoin solves. But the Layer 2 and 3's will continue to develop to continue to address these problems that arise from people trying to attack the Bitcoin Network.

Except for the fact that there is exponentially more developer activity on Eth, more people using it, more investment, etc etc.

Don't get me wrong - all crypto is speculative drivel which is only good for making money in bubbles - but to say ETH is trash when BTC is even worse in every aspect is kinda weird.

[NapoleanDynamite]

Ethereum is simply re-creating all of the problems that the legacy financial system already has and putting it on a blockchain.

Your statement that there is "exponentially more developer activity on ETH, more people using it, more investment" is again factually incorrect. Your love of Ethereum is pretty gross IMO.

To state that "BTC is worse in every aspect" is 100% incorrect. Bitcoin is better in the only way that it needs to be better. It is the hardest money that has ever existed. Ethereum can do whatever it wants...but it cannot be argued that it is hard money at this point. That argument went by the wayside when "The Merge" occurred and they moved to proof of stake. Ridiculous statements you are making. Have a good day ser.

[xraygoggles]

Ethereum is simply re-creating all of the problems that the legacy financial system already has and putting it on a blockchain.

Your statement that there is "exponentially more developer activity on ETH, more people using it, more investment" is again factually incorrect. Your love of Ethereum is pretty gross IMO.

To state that "BTC is worse in every aspect" is 100% incorrect. Bitcoin is better in the only way that it needs to be better. It is the hardest money that has ever existed. Ethereum can do whatever it wants...but it cannot be argued that it is hard money at this point. That argument went by the wayside when "The Merge" occurred and they moved to proof of stake. Ridiculous statements you are making. Have a good day ser.

I don't "love" any cryptocurrency - what a weird thing to say. It's all a grift.

It's quite obvious you however do love bitcoin - and seem to be coping b/c bitcoin is being used for things you don't like.

[NapoleanDynamite]

I don't "love" any cryptocurrency - what a weird thing to say. It's all a grift.

It's quite obvious you however do love bitcoin - and seem to be coping b/c bitcoin is being used for things you don't like.

Ser...Let's be honest here. In 12/2021 you were shilling Uniswap. You have promoted trading poop coins since I started this thread. You continue to spout off incorrect statements about Bitcoin. I assume this is because you are like most people that trade and shill alt coins including ETH, in that you have a vested interest in doing so. Maybe this is an incorrect assumption. But you are making statements in a dishonest fashion and I will continue to correct them so people know.

You are correct that I think JPEGS on the Bitcoin network is a complete waste of time, money and space. But I recognize that it can happen and don't really care. If you want to think about it from a self serving first principles perspective, it actually helps increase the value of my Bitcoin. I should probably like the people doing it.

But either way, my dislike of what people are doing on it is not financially motivated. I also recognize that someday we may legally be inscribing Wills, Home Titles and other contracts on the Bitcoin Network. I don't know. And I don't really care. But I do love Bitcoin yes. That should be pretty obvious 250 pages and >3 years in.

What I don't love are falsehoods and lies. Which is what you seem to be providing and have provided many times over throughout this thread.

[Lordosis]

Can someone explain. "sec memo leak xrp failed howey test" and why this is good for crypto

[xraygoggles]

Ser...Let's be honest here. In 12/2021 you were shilling Uniswap. You have promoted trading poop coins since I started this thread. You continue to spout off incorrect statements about Bitcoin. I assume this is because you are like most people that trade and shill alt coins including ETH, in that you have a vested interest in doing so. Maybe this is an incorrect assumption. But you are making statements in a dishonest fashion and I will continue to correct them so people know.

You are correct that I think JPEGS on the Bitcoin network is a complete waste of time, money and space. But I recognize that it can happen and don't really care. If you want to think about it from a self serving first principles perspective, it actually helps increase the value of my Bitcoin. I should probably like the people doing it.

But either way, my dislike of what people are doing on it is not financially motivated. I also recognize that someday we may legally be inscribing Wills, Home Titles and other contracts on the Bitcoin Network. I don't know. And I don't really care. But I do love Bitcoin yes. That should be pretty obvious 250 pages and >3 years in.

What I don't love are falsehoods and lies. Which is what you seem to be providing and have provided many times over throughout this thread.

I also was shilling Dogecoin and Luna at one point (maybe - I don't recall), but not because they are the future of finance or a long-term hold, but because when there is a speculative frenzy, you wanna ape into memes and cult-like things - & SELL them (which you seem loath to do).

But because you are a maxi - ie a cultmember - it's hard to take criticism of what you believe in (in this case BTC) because your entire identity is built around the cult. It's the same with Tesla ppl, Dogecoin ppl, etc.

[NapoleanDynamite]

Can someone explain. "sec memo leak xrp failed howey test" and why this is good for crypto

There is an ongoing lawsuit between Ripple (XRP) and the SEC. Some are using this case as a precedent case for all other poop coin cryptos. If the SEC believes that XRP failed the Howey Test, then it should not be a "security" and therefore not under the regulation of the SEC. So the SEC would likely lose that lawsuit and it would set the precedent for most other cryptos as they wouldn't fall under the jurisdiction of SEC regulation.

$hitcoins do not want to be regulated as securities, because they want to be able to continue to steal money without regulation. It's actually a pretty simple business model. It's called Pump and Dump. Others might call it fraud or theft. Poopcoin promoters call it the future. But whatever...semantics.

I have not seen the message you are referring to. I would doubt it's authenticity, but anything is possible.

[Lordosis]

There is an ongoing lawsuit between Ripple (XRP) and the SEC. Some are using this case as a precedent case for all other poop coin cryptos. If the SEC believes that XRP failed the Howey Test, then it should not be a "security" and therefore not under the regulation of the SEC. So the SEC would likely lose that lawsuit and it would set the precedent for most other cryptos as they wouldn't fall under the jurisdiction of SEC regulation.

$hitcoins do not want to be regulated as securities, because they want to be able to continue to steal money without regulation. It's actually a pretty simple business model. It's called Pump and Dump. Others might call it fraud or theft. Poopcoin promoters call it the future. But whatever...semantics.

I have not seen the message you are referring to. I would doubt it's authenticity, but anything is possible.

Thank you for the info and opinion. I have not seen the message and taking it on word from poopcoiners I know.

Is bitcoin different in this respect?

[NapoleanDynamite]

Thank you for the info and opinion. I have not seen the message and taking it on word from poopcoiners I know.

Is bitcoin different in this respect?

As of right now Bitcoin is classified as a commodity and does not fall under the regulation of the SEC. It fails the Howey test. So yes, as of right now Bitcoin is different than every other poop coin including Ethereum. The Ethereum foundation and Vitalik Buterin literally on video stating he is raising money and investors should expect to turn a profit, are just a few reasons why Ethereum would pass the Howey Test. The Ethereum move to Proof of Stake just made the job of the SEC easier.

Here is the definition of the Howey Test in case you are wondering:
Accordingly, the Howey four-prong test to be used in determining whether an “investment contract” exists is: (1) an investment of money, (2) in a common enterprise, (3) with the expectation of profit and (4) to be derived from the efforts of others.

With Bitcoin, there is no one group or person to prosecute or control. It is a truly globally decentralized project run and validated by tens of thousands of nodes across the world and miners securing the network globally.

[Panscan]

As of right now Bitcoin is classified as a commodity and does not fall under the regulation of the SEC. It fails the Howey test. So yes, as of right now Bitcoin is different than every other poop coin including Ethereum. The Ethereum foundation and Vitalik Buterin literally on video stating he is raising money and investors should expect to turn a profit, are just a few reasons why Ethereum would pass the Howey Test. The Ethereum move to Proof of Stake just made the job of the SEC easier.

Here is the definition of the Howey Test in case you are wondering:
Accordingly, the Howey four-prong test to be used in determining whether an “investment contract” exists is: (1) an investment of money, (2) in a common enterprise, (3) with the expectation of profit and (4) to be derived from the efforts of others.

With Bitcoin, there is no one group or person to prosecute or control. It is a truly globally decentralized project run and validated by tens of thousands of nodes across the world and miners securing the network globally.

Bitcoin is also a security IMO. You are buying it with the hope of its value appreciating due to the network expanding and it actually having use cases. I fail to see how it doesn’t meet those 4 points.