Bitcoin

GasBandit

Staff member

GasBandit

Staff member
Yeah, this was my thought: with the known heating issues and Texas' complete inability to keep their power grid running, why would you go to Texas?
Well, to undermine my own flippant response, because ERCOT paid the crypto miners to stop pulling power during the crunch.

Which seems kinda stupid to me, they should have been the first cut off.
 
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FUCK TEXAS.
Full-time professional bitcoin mining is a pest and should be abolished. It's the literal version of Captain Planet villains with big powerhungry plants producing absolutely nothing, just creating pollution for nothing. Obviously not surprising that Texas loves it.
 
It creates a win - win for bitcoin miners.
For a regular factory, getting paid a small amount to temporarily slow down or shut down power hungry production lines to help keep the lights on won't always be interesting. For miners... Either you're using energy to create money, or you're being paid not to do it. Score!

I'll happily promise not to use a couple of megawatts myself if they're willing to pay me for it.
 
Full-time professional bitcoin mining is a pest and should be abolished. It's the literal version of Captain Planet villains with big powerhungry plants producing absolutely nothing, just creating pollution for nothing.
Remember the NY plant I mentioned a while back?
"The lake is so warm you feel like you're in a hot tub," said a woman who lives near [the] gas-fired New York plant
Rainbow trout are highly sensitive to fluctuations in water temperature, with the fish happiest in the mid-50s. Because cold water holds more oxygen, as temps rise, fish become stressed. Above 70˚ F, rainbow trout stop growing and stressed individuals start dying. Experienced anglers don’t bother fishing when water temps get to that point. Greenidge has a permit to dump 135 million gallons of water per day into the Keuka Lake Outlet as hot as 108˚ F in the summer and 86˚ F in the winter. New York’s Department of Environmental Conservation reports that over the last four years, the plant’s daily maximum discharge temperatures have averaged 98˚ in summer and 70˚ in winter.
Well there's another one now, also in NY:
123-Year-Old Hydroelectric Plant Sees New Life Mining Bitcoin — Revenue 3x Higher Than Selling to the Grid
Besha said that he would have liked to sell the renewable energy to National Grid, but the multinational electricity and gas utility company reneged on an old agreement. [...National Grid] allegedly said: “We’re not going to honor this contract. And if you don’t like it, take it to the judge.”
--Patrick
 
From the "no shit, Sherlock" department...


So crypto's nothing but a tax dodge for the right-wing super rich?
 
I firmly believe it wasn't built to be nothing but a super rich tax dodge.
But of course once it gets popular the same rich groups and people will flock to it and abuse it. Duh. Anyone thinking they can somehow build the next big thing without the owners of the old big thing getting involved to try and pervert/convert it to their own ends are idiots.
 
I was under the impression that it was created to allow point-to-point cash transfers with less oversight or outside interference than wire transfers/PayPal/Visa&MC, though not necessarily for the purpose of fraud/dodging.
Anyone thinking they can somehow build the next big thing without the owners of the old big thing getting involved to try and pervert/convert it to their own ends are idiots.
I've long since lost track of how many times I've essentially told people this same thing, and I don't just mean about Crypto.

--Patrick
 
"Give me the REAL cryptocurrency."
Following the Security Service of Ukraine's (SSU) recent report that it had shut down a cryptomining operation consisting of 3,800 PlayStation 4 machines, it now appears the consoles were likely being used for farming something else: FIFA Ultimate Team cards.
perfiction.jpg


--Patrick
 
My wife, after I read the Satoshi story to her: “There can be no such thing as a Libertarian Utopia. They tried that <stuff> in New Hampshire…I think they got eaten by bears.”
Me: “So funny thing about the very next post…”

—Patrick
 
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My wife, after I read the Satoshi story to her: “There can be no such thing as a Libertarian Utopia. They tried that <stuff> in New Hampshire…I think they got eaten by bears.”
Me: “So funny thing about the very next post…”

—Patrick
Still need to finish that book. It's pretty funny to me that libertarians hate having a "government name" but also hate anarchists and queer people even more
 
So, when I was in school, and reading about the Wall Street crash of 1929, and the takeaway I had from that was "Rockefeller got so much richer when he bought during this time and then the stocks recovered." And I told myself, "Hey, if I had some disposable income, I'd do that. It seems smart."

Recently, I've seen this on reddit in various investment subreddits as "buy the dip." Now I don't believe in "buy the dip" as an investment strategy as a whole. But I'd never been invested in bitcoin (other than losing my initial stake of like 5 or 10 bitcoins back when it was first introduced..siiiiigh), but when it crashed down to 35K, I thought "I have a couple grand sitting around I'll throw it at bitcoin and other cryptos that have been drug down by this drop. I can afford to lose it."

now I wish I'd dropped more..I'm up 50% ($1k)...which is a hell of a return on investment for the few short months I've had it.
 

Dave

Staff member
I sometimes wish I were single so I could use cheesy pickup lines on Tinder. One that I came up with that I haven't seen anywhere else would work on women who are into history or economics.

"Are you an early 1900's oil magnate? Because your body could Rockefeller."

I mean, it MIGHT work...
 
the takeaway I had from that was "Rockefeller got so much richer when he bought during this time and then the stocks recovered."
punchingdown.jpeg


I have my doubts about whether the recessions are being done on purpose, but no doubts whatsoever that those people who are somehow able to maintain large cash reserves definitely pounce on acquiring discounted assets whenever the opportunity presents itself.

--Patrick
 
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I have my doubts about whether the recessions are being done on purpose, but no doubts whatsoever that those people who are somehow able to maintain large cash reserves definitely pounce on acquiring discounted assets whenever the opportunity presents itself.

--Patrick
I'm pretty sure that I read an article recently that cryptos are being manipulated in exactly this way. So, when I have the cash, I'll definitely buy the dip on cryptos (unless there's some other indication that the drop is a real crash--like plenty of lesser-known pump and dump crypto scams)
 
I'm pretty sure that I read an article recently that cryptos are being manipulated in exactly this way.
The way their numbers are behaving lately, I completely believe it. Crypto is a lot easier to manipulate, too, since it's essentially fueled purely by capital--if not via the purchase and deployment of power and mining equipment, then directly through purchase of the cryptocurrency itself. It's the Hunt Brothers all over again, but with silicon instead of silver.

--Patrick
 
Heh, was just coming to post this here after putting it in Discord.
These were the two posts after it:
First reply: "good lord, the replies are a cesspool; people (rightfully) saying this is a tremendous waste of the environment, materials, etc and others are like 'BuT mOneyZ iz MozT ImpOrtants'"
My response: "The MoNeYz people are the ones who are just upset they didn’t jump on the bandwagon early enough to be a power player like the OP."

--Patrick
 
People need to not use "I got hacked" for "I got phished". Clicking a "seemingly perfect" link and having your password exposed is a you issue, not a software issue.
 
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