Buying bitcoins

Source ?

Kuva wrote: »

https://www.google.com/search?q=edit+blockchain&ie=utf-8&oe=utf-8&client=firefox-b

Accenture^

Thanks for the link. Getting back to your point, is it not a case that specific centralised blockchains can be set up so as they are editable. How does this make blockchain generally pointless? Perhaps I'm misunderstanding something...

rottie 11 wrote: »

Are the bitcoin fees still high ? Last time i used it the fees were 20euro+ even for 10euro orders

No. Extremely cheap now.

I'm confused lads. Ye are all well aware that I'm a cynic when it comes to cryptocurrencies. And I'd like to think I've become someone who has developed a basic understanding about the whole scene. Genuinely find it interesting.

The volumes over the past few days have been chronic (talking about Bitcoin, as it's the only one that really fascinates me). GDax reporting volumes of 3900, with much of that being the usual bot 'painting the tape' sort of activity. Tether created another 250 million worth of USDT during the week which quickly found its way to Binance, Okex, Bitfinex etc. So that's free money to go wild on the spot market.

Where's the fresh money coming from though? Is that free Tether money just like getting credit from the house so exchanges can play 'war games' amongst one another? Where's the liquidity coming into the market? The punters firing money into bitcoin from their credit card or bank transfer have very few avenues to do so. Who is paying for the electricity bill, and how are they turning bitcoin into cash?

I can't work it out, but I'm not very good at this sort of stuff.

Punters may have few entry points but those entry points still exist, not sure where the confusion lies there? OTC markets are responsible for larger cash flows in and out than casual exchanges - minimum buy-ins of $200k+ are the standard for OTC and the average buy-in over at Circle OTC is apparently $1m, so there's plenty of real money swimming around which probably confounds you.
Not sure what you mean about electricity - the miners pay their bills by selling some of their stack?

JohnnyFlash wrote: »

(talking about Bitcoin, as it's the only one that really fascinates me)

Ok, but it fascinates you because you believe its rubbish. Does that mean that other crypto's are not?.....

smacl wrote: »

What's your source on that Johnny? Digiconomist has it at 0.3% which is still an entirely unacceptable waste of energy IMHO. As for the ice caps, worth remembering that electricity amounts to less than 40% of the energy we consume. I suspect the other 99.88% of the energy we consume may be having some effect on those ice caps too. Maybe consult with your smarter brother and come back to us on that one?

Sorry, I was full of porter last night, and got my figures mixed up. The figure is 1.8% by the end of next year.

https://grist.org/article/bitcoins-e...se-than-usual/


“A single bitcoin transaction is so energy intensive that it could power the average U.S. household for a month”.

“A fluctuating bitcoin price, along with increases in computer efficiency, has slowed the cryptocurrency’s energy footprint growth rate to “just” 20 percent per month so far in this year. If that keeps up, bitcoin would consume all the world’s electricity by January 2021”.

“By late next year, bitcoin could be consuming more electricity than all the world’s solar panels currently produce — about 1.8 percent of global electricity, according to a simple extrapolation of the study’s predictions. That would effectively erase decades of progress on renewable energy”.


The argument that well other things are causing pollution so what does it matter about Bitcoin is such a morally and intellectually lazy argument that the only rationale response is :rolleyes:

grindle wrote: »

People are still ploughing money in. You keep assuming the PoV that the market's been abandoned by the average punters, you keep ignoring the billions of OTC sales per day which show nowhere on CMC. You keep ignoring any points made to anything you say and then reiterating your own points again.
I get your point about electricity cost per tx, it's wasteful and one of many reasons I'm not a huge BTC bull, but you seem to think the wider market should rationalise BTC's value downwards based on this despite the profit motive inherent in buying the most deflationary asset with the biggest brand attached?
Normal markets aren't that rational, the crypto market is orders of magnitude less rational.

Where’s the proof that average money is still being ploughed into the market? The trading volumes would indicate that this simply isn’t the case. When did any of the speculators around here last buy bitcoin for example?

All I can see at the moment is bots pretending to trade, Tether moving between Bitfinex and Binance, and Tether being printed to keep some stimulus in the market. Might all look very busy on the surface, but there’s fûck all happening in reality.

JohnnyFlash wrote: »

Where’s the proof that average money is still being ploughed into the market? The trading volumes would indicate that this simply isn’t the case. When did any of the speculators around here last buy bitcoin for example?

I've been buying more ETH and others recently, don't really care about BTC for my portfolio. Same for the group of friends in our Telegram group, we've all been pushing more cash into oversold magic beans.
You're fixated on BTC whatever the case. How come billions in OTC sales mean nothing to you?
Also, not all bots are working together in unison - they're owned by hundreds of parties interested in scraping an extra 1-2% of whatever coins they're set to trade in. I get the feeling you think they're all owned and run by the exchanges?

grindle wrote: »

I've been buying more ETH and others recently, don't really care about BTC for my portfolio. Same for the group of friends in our Telegram group, we've all been pushing more cash into oversold magic beans.
You're fixated on BTC whatever the case. How come billions in OTC sales mean nothing to you?
Also, not all bots are working together in unison - they're owned by hundreds of parties interested in scraping an extra 1-2% of whatever coins they're set to trade in. I get the feeling you think they're all owned and run by the exchanges?

I’m fixated on bitcoin because it’s the biggest, the oldest, and the most written about. The rest of them are just scams and shïtcoins. Ethereum’s only usage at the moment appears to be a platform for launching other coins - a never ending stream of hype, badly written white papers, conferences attended by fat men, pump and dumps etc.

No, I’m aware bots are used by various parties. Your own bot isn’t worth a curse though if the Bitfinex and Binance bots are up to their trick. Finally, I hear so much about this otc market. But don’t see any evidence to support it. Large moves between wallets should be happening at least occasionally. Yet everyone shïts their pants when MtGox dude moves 4K coins. Nah. All is not right in the kingdom of Crypto.

The skeptics thread might be best for some of this perhaps?

JohnnyFlash wrote: »

I’m fixated on bitcoin because it’s the biggest, the oldest, and the most written about. The rest of them are just scams and shïtcoins. Ethereum’s only usage at the moment appears to be a platform for launching other coins - a never ending stream of hype, badly written white papers, conferences attended by fat men, pump and dumps etc.

So there isn't one good project out there? There isn't one project that builds on bitcoin and improves upon it? Your current hard on is for energy consumption and yet there are legitimate projects out there using PoS and close to zero (significant) energy consumption. Go figure...

Whelo79 wrote: »

The man by his own admission is as thick as two planks of wood. Why keep engaging him in conversation? As already stated by numerous posters, he takes nothing on board he is told and continually returns spouting the same nonsense over and over again. He has his opinion and is not interested in being educated on the positives to come from blockchain and crypto specifically. The conversations should end here!

Name the positives of crypto over conventional payment and transfer systems? Name one practical wide scale implemented so far and why it offers advantages over an existing technology and business in that area. Describe how it offers advantages using a trustless model, and how the extremely high cost per transaction is economically viable.

I’m the one posting links from research and industry experts. Not the one relying on emotion, gut feeling, and getting sarky cause someone dares question their beloved crypto coins.