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Merged Bitcoin - Part 3

Samson said:
There are fewer than a thousand.
I haven't met mine yet. However I take Tippit at face value, and am happy to hear more about this blessed individual.
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I take them all at face value, which means that BC billionaire population must really get around.
 
psionl0 said:
When is the last time that proved to be bad advice?

ETA I first read this as "Lol brisco lol". What makes you think that this is a bot spammer?
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Good question. I just ask a question and he said i am a bot. Why do you think that?
 
brisco said:
Good question. I just ask a question and he said i am a bot. Why do you think that?
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A troll might pose the question you asked just to generate heat.

This thread is more than 10 years old with many a heated argument about whether it is worth spending any money on bitcoin. Even today, there are still those here who still maintain that bitcoin is about to fade into obscurity.
 
psionl0 said:
A troll might pose the question you asked just to generate heat.

This thread is more than 10 years old with many a heated argument about whether it is worth spending any money on bitcoin. Even today, there are still those here who still maintain that bitcoin is about to fade into obscurity.
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Obscurity is fading faster than the coin right now. It reminds me of the jockey who saw the gap, but lamented the gap was moving faster than his horse.
 
Newsweek: Tesla Sells Bitcoin, Elon Musk Denies Pumping and Dumping Crypto to Make 'Fortune'
Elon Musk has hit back at a critic who claimed he pumped and dumped Bitcoin to "make a fortune" after Tesla reported first quarter earnings that surpassed market expectations. ...

But the company's profits do not just come from the sale of cars. Tesla also owns a significant amount of the cryptocurrency Bitcoin, worth $1.5 billion at the time of purchase.

The company appears to have sold 10 percent of its Bitcoin portfolio in the first quarter, which it said had a "positive impact" of $101 million on revenues.
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How convenient.
 
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Samson said:
There are fewer than a thousand.I haven't met mine yet. However I take Tippit at face value, and am happy to hear more about this blessed individual.
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According to what I've seen on the web, there's less than 100, and maybe less than 50. Do you have a link to a higher number?
 
trustbutverify said:
According to what I've seen on the web, there's less than 100, and maybe less than 50. Do you have a link to a higher number?
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Intended more as a theorem, fewer billionaires than market cap in billions.
Currently 1027 billion.
 
trustbutverify said:
According to what I've seen on the web, there's less than 100, and maybe less than 50. Do you have a link to a higher number?
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There was a bitcoin whale list that was published a few years ago, which included public keys. He was ranked #17 on that list. I know another HNW bitcoiner from Efnet IRC (although not personally) who is worth tens of millions of dollars. These people exist, and some of us know them. The BTC market cap is close to one trillion now. I don't know how many billionaires there are, but it seems that more are being minted.
 
A service provider's take on cryptocurrency

I think this guy nails it.

https://drewdevault.com/2021/04/26/Cryptocurrency-is-a-disaster.html

Cryptocurrency is one of the worst inventions of the 21st century. I am ashamed to share an industry with this exploitative grift. It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created shortages and price hikes for consumer hardware, and injected perverse incentives into technology everywhere. **** cryptocurrency.
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Great rant. Lot's of salient points that our resident crypto defenders will try to hand wave away.
 
But other than that, it's awesome.

Seriously, though, I'm baffled by the whole phenomenon.

I did make money off of it, though. I bought a substantial amount of Nvidia stock just before the Bitcoin mining craze took off.
 
Meadmaker said:
But other than that, it's awesome.

Seriously, though, I'm baffled by the whole phenomenon.

I did make money off of it, though. I bought a substantial amount of Nvidia stock just before the Bitcoin mining craze took off.
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Some time ago my brother was sharing an apartment with two guys who were bartenders but they were building mining rigs and mining bitcoin because their apartment was "utilities included". They had taken over the whole dining room with computer and cooling hardware, and moved it all onto the patio in the winter.

I think he said that bitcoin was about $400 at the time.

He first bought into bitcoin himself about two weeks ago without any sense that he may have joined the party a bit late.
 
Tippit said:
There was a bitcoin whale list that was published a few years ago, which included public keys. He was ranked #17 on that list. I know another HNW bitcoiner from Efnet IRC (although not personally) who is worth tens of millions of dollars. These people exist, and some of us know them. The BTC market cap is close to one trillion now. I don't know how many billionaires there are, but it seems that more are being minted.
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The get any real currency out they would need to sell their bitcoin, when these whales sell their bitcoin the price drops lowering the value of bitcoin. Kind of a vicious cycle where only a few people can get their supposed earnings out and make a profit in real money.
 
lomiller said:
Great rant. Lot's of salient points that our resident crypto defenders will try to hand wave away.
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No no, he's absolutely right on all counts. The problem is that he's yelling at clouds. Crypto is here and it's never going to go away. We need to work out ways of dealing with its problems, not just pretend that we can put the hissing, spitting, clawing cat back into the bag.
 
arthwollipot said:
No no, he's absolutely right on all counts. The problem is that he's yelling at clouds. Crypto is here and it's never going to go away. We need to work out ways of dealing with its problems, not just pretend that we can put the hissing, spitting, clawing cat back into the bag.
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But I like yelling at clouds.
 
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