Looks like the Bitcoin ponzi scheme is collapsing

[Default0ptions]

I can’t see much of a future for any digital currency as we move into an energy poor future

Bitcoin’s value is zero in a power cut

Bitcoin’s value is zero without huge and hungry data centres up and running all the time

Bitcoin is worthless when the wind doesn’t blow or the sun isn’t shining

Bitcoin is ultimately worthless

[UndercoverElephant]

I can’t see much of a future for any digital currency as we move into an energy poor future

Bitcoin’s value is zero in a power cut

Bitcoin’s value is zero without huge and hungry data centres up and running all the time

Bitcoin is worthless when the wind doesn’t blow or the sun isn’t shining

Bitcoin is ultimately worthless

There is something deeply paradoxical about bitcoin. On the one hand its appeal and its main selling point is that it is independent (allegedly) of any sort of governmental interference. But on the other hand, the only context in which it makes any sense at all is that of the modern hi-tech, energy-hungry world which can only continue to exist so long as governments keep it going. A bet on bitcoin in therefore a bet that the world as we know it will continue to exist at the time you need to sell it, and market mechanics dictates that the moment a crisis develops that is serious enough to threaten the continuation of the world as we know it, everybody will want to sell their bitcoin in order to buy gold, land or something else that is more likely to retain some value.

[clv101]

New all time record of $69k!

[adam2]

I can’t see much of a future for any digital currency as we move into an energy poor future
Bitcoin’s value is zero in a power cut
Bitcoin’s value is zero without huge and hungry data centres up and running all the time
Bitcoin is worthless when the wind doesn’t blow or the sun isn’t shining
Bitcoin is ultimately worthless

Can not agree.
Bitcoin may be temporarily unavailable during a power cut, just like funds in a bank and accessed electronically, when the power comes back on it can be accessed again.
Bitcoin mining uses a lot of energy, probably as bad as gold mining, processing transactions that use existing bitcoin should be no worse than processing credit or debit card transactions.
I am not aware of any sudden devaluation of bit coin at night during calm weather.

[northernmonkey]

I can’t see much of a future for any digital currency as we move into an energy poor future

Bitcoin’s value is zero in a power cut

Bitcoin’s value is zero without huge and hungry data centres up and running all the time

Bitcoin is worthless when the wind doesn’t blow or the sun isn’t shining

Bitcoin is ultimately worthless

I agree with this. But, it logically follows that all modern digital FIAT is ultimately worthless since its value, too, is zero without huge data centres up and running all the time. People are likely to accept a bit of plastic with about as much enthusiasm as a they would accept bitcoin for payment if the card readers go down.

[Default0ptions]

I don’t see a future that can keep the lights on forever.

No grid, no internet, no bitcoin.

But you’re quite right in the short term Adam; and there probably are investment opportunities in bitcoin for the moment.

northernmonkey: in the absence of anything else, and especially given its current scarcity, I expect that physical coins and notes will continue to have some value for a while.

[northernmonkey]

FIAT physical notes and coins, yes, i agree. But only to an extent for even they are ultimately backed by nothing other than confidence backed by coercion.

Gold and silver coinage, however, is a different matter. They have an exchange value that is based on real scarcity and although their exchange value is still also based on an agreed confidence, that confidence is millennia old and does not require coercion to maintain.

[Forever_Winter]

BTC was at record highs, but has retreated a little bit.

I bought a small amount of BTC (some Satoshis) back in 2013, when you could mine the coins yourself (I didn't, but I know someone who did), before bitcoin miners got serious with ASIC chips, and the rest is history. There was also the collapse of Mt.GOX, which collapsed in 2014 causing loads of people to lose their BTC holdings. Apparently that issue is still ongoing.
Short of the worldwide electricity grid collapsing (which is certainly possible), I think BTC is here to stay, for the time being. My holding has been by far my best appreciating asset, vastly outstripping anything else I own. I'm waiting for the next 'crypto winter' to arrive, and I might get some more.

The other one is Ethereum. I consider that one has much more potential, as it has a network framework behind it, plus an actual use for decentralised finance, for example. Also, the consensus protocol is much less energy intensive, as it relies on a different metrics to get transactions on the blockchain.

[kenneal - lagger]

Recent events with Windows show that non physical money has its limitations and they aren't just electricity supply. Quite a few institutions have caught a cold by relying on electronic transactions. I suspect that a lot more people will be looking at a physical cash reserve.

[Mark]

The first Crypto Carbon Credit coming soon......
https://www.linkedin.com/feed/update/ur ... er_desktop

[adam2]

I see no indication of any collapse, Bitcoin recently reached a new high relative to paper dollars.https://www.bbc.co.uk/news/technology-68423452