Is anyone else starting to become a bit worried? mod note in first post

cnocbui

Who is being defrauded?

kerplun k

cnocbui wrote: »

Who is being defrauded?

Peoples morals

cnocbui

I'm unfamiliar with the term. What do they look like - do I really need them - where can I get some - do they cost much?

Kickstart1.3

JohnnyFlash wrote: »

Tether’s volume is higher than Bitcoin. Extraordinary. Bitcoin has a supposed market cap of 88 billion and a 24 hour volume of 21 billion. Tether has a market cap of 2 billion and a 24 volume of 26.1 billion. Every Tether was traded 13 times. This is fraud on a truly extraordinary scale.

Tether is being traded by traders, investors and speculators as a means of going in and out of bitcoin and the other Alts as it is a trading pair with most.
Not all of the Tether in existence needs to be held, it just needs to exchange hands for it to have a trading volume greater than the Market cap.

Having said that, I do think the amount of manipulation within crypto's is frightening. Its the pure wild west stuff, little governance with plenty of crooks and scammers

kerplun k

Im in the same boat as you and I would also like the answers to these questions.

el diablo

kerplun k wrote: »

Im in the same boat as you and I would also like the answers to these questions.

Are you an investigative journalist?

Truckermal

Every thing in the red now I'm glad I sold..

Dohnjoe

Truckermal wrote: »

Every thing in the red now I'm glad I sold..

Indeed and very well timed, but worth reminding of the usual; people bought BTC at $100 and sold at $150 happy with their profits. The reality being that they took tremendous opportunity cost losses

In my personal experience, and this may differ for others, but those that dabble with the buying/selling for 30% here or 40% there are nowhere close to the those who just bought early and held through all the bull**** and now have immense stacks (even in this bear)

crushproof

Truckermal wrote: »

Every thing in the red now I'm glad I sold..

Not as bad a fall as expected so far. Prob jinxed it saying that

JJJJNR

Went with my gut instinct and held my bag and went back in again. Think there's enough momentum for another pump. Touch wood. Actually touch wood.

q85dw7osi4lebg

BTC back through 5300, bull market confirmed ?

el diablo

Gerald Obedient Manicurist wrote: »

BTC back through 5300, bull market confirmed ?

Let's get past $6,000 and hold it before we can even think about calling this a sustainable bull market.

JJJJNR

There's a couple showing signs of a reversal now.

gctest50

China wants to eliminate bitcoin mining


https://www.reuters.com/article/us-china-cryptocurrency/china-says-it-wants-to-eliminate-bitcoin-mining-idUSKCN1RL0C4?feedType=RSS&feedName=businessNews

Dohnjoe

gctest50 wrote: »

China wants to eliminate bitcoin mining


https://www.reuters.com/article/us-china-cryptocurrency/china-says-it-wants-to-eliminate-bitcoin-mining-idUSKCN1RL0C4?feedType=RSS&feedName=businessNews

They have a pretty valid argument

q85dw7osi4lebg

760,000 people died of air pollution in China in 2007, pre crypto. They should perhaps focus on the wasteful use of resources causing these issues prior to addressing crypto mining. Everything is censored there, so no surprises they want to have their fat fingers on the crypto world too.

cnocbui

Dohnjoe wrote: »

They have a pretty valid argument

Three gorges dam vs crypto: Compare and contrast.

cnocbui

cnocbui wrote: »

Three gorges dam vs crypto: Compare and contrast.

One of them serves a purpose..

Bob24

Gerald Obedient Manicurist wrote: »

760,000 people died of air pollution in China in 2007, pre crypto. They should perhaps focus on the wasteful use of resources causing these issues prior to addressing crypto mining.

I think they are. They are planing to ban/restrict certain industries for which the value added is not considered good enough vs the environmental impact and as I understand it crypto mining is just one of them.

To be honest it makes sense knowing that it is a very electricity hungry activity and a very large part of China’s electricity comes from super polluting coal power plants. Basically the reason crypto mining is so prevalent in China is that to maintain affordable electricity rate for the population and industries they are operating a cheap because dirty electricity production infrastructure. While this is questionable I understand why they are doing that, and when you do so it does make sense to be careful with how you use that electricity.

Bob24

cnocbui wrote: »

Three gorges dam vs crypto: Compare and contrast.

Easy.

One off of them produces a s*** load of electricity.
The other ones consumes a s*** load of electricity.

cnocbui

Bob24 wrote: »

One off of them produces a **** load of electricity. The other ones consumes a **** load of electricity.

Over 1.5 million people uprooted and moved and the Chinese claim over 100 workers died in it's construction, so it was probably over 1,000. It has caused hundreds of landslides and sits atop 2 geological fault lines and is responsible for hundreds of tremors. https://www.scientificamerican.com/article/chinas-three-gorges-dam-disaster/

Pintman Paddy Losty

I'm not normally a fan of authoritative regimes like China, but this is a great move. Hopefully other nations use their environmental protection legislation to ban mining.

Dohnjoe

cnocbui wrote: »

Three gorges dam vs crypto: Compare and contrast.

There isn't much to compare.

Mining PoW coins just consumes electricity and produces waste - and doesn't produce anything. All it does it create an artificial scarcity to give digital trading coins some "value" on a secondary market

In the long-term, especially with environmental concerns, I would be worried about PoW coins

Bob24

cnocbui wrote: »

Over 1.5 million people uprooted and moved and the Chinese claim over 100 workers died in it's construction, so it was probably over 1,000. It has caused hundreds of landslides and sits atop 2 geological fault lines and is responsible for hundreds of tremors. https://www.scientificamerican.com/article/chinas-three-gorges-dam-disaster/

Sure, I am well aware of this and Jia Zhangke documented this topic very beautifully in Still Life back in 2006.

But this is a vastly different topic from crypto mining and particle emissions in 2019, hence why I trivialised both defining them by their energy input/output.

q85dw7osi4lebg

How much electricity is "wasted" via banking / transactions / physical transportation / minting of traditional FIAT? Not saying it's more, genuinely curious.

Gerald Obedient Manicurist

Gerald Obedient Manicurist wrote: »

How much electricity is "wasted" via banking / transactions / physical transportation / minting of traditional FIAT? Not saying it's more, genuinely curious.

Oh, for God's sake...

q85dw7osi4lebg

[Deleted User] wrote: »

Oh, for God's sake...

Great input cheers.

Dohnjoe

Gerald Obedient Manicurist wrote: »

How much electricity is "wasted" via banking / transactions / physical transportation / minting of traditional FIAT? Not saying it's more, genuinely curious.

The electricity isn't being wasted because it's being put to use in what is an essential service (for everyone)

The mining in crypto is largely an artificial exercise, there's no real reason for that method to exist anymore, especially since we have much "greener" alternatives now (PoS and other hybrid variants)

q85dw7osi4lebg

China is the world's LARGEST coal miner / producer. It's largely out of date given the cleaner ways to now produce energy. Are they outlawing coal mining ?

Bob24

Gerald Obedient Manicurist wrote: »

China is the world's LARGEST coal miner / producer. It's largely out of date given the cleaner ways to now produce energy. Are they outlawing coal mining ?

I largely explained why not in a previous post.

It is a developing country which feel it needs cheep electricity for its population and its industry. They are moving towers nuclear and renewables, but it is a lot more expensive to operate and migrating takes time when you are replacing an infrastructure serving over 1 billion people. They (both governments and population) very well know coal is bad but it is an - arguable - compromise they are making to keep electricity affordable for hundreds of million of poor people and to give national industries a competitive advantage so that the economy keeps growing. If they feel some industries are not delivering enough value for the economy to be worthwhile of this compromise, it is understandable to have a will to restrict them.