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Bitcoin discussion and news

ddraig said:
Newport Tip bloke still trying!
You binned it dude :facepalm:

Man says his binned Bitcoin fortune now worth £500m​



www.bbc.co.uk

Bitcoin: Newport man says binned hard drive now worth £569m

James Howells believes his lost hard drive, which contains 8,000 Bitcoins, is in a landfill site.
www.bbc.co.uk
Click to expand...

You can actually see his life wasting away through the years in all the versions of the same story over years in the 'More on This Story' section.

The haunted stare in his eyes is deeper every time.
 
I had mined my bitcoin myself. Didn’t need guns or drugs and the bitcoin machine was in the pub. It was worth about 25 quid then.

Pro tip. If you fancy playing with the huge practical joke of crypto, I recommend solana, its price is tied to bitcoin, and if you can’t afford an amount of value, solana seems a trick. Made me 150 quid this month.
 
Boris Sprinkler said:
I had mined my bitcoin myself. Didn’t need guns or drugs and the bitcoin machine was in the pub. It was worth about 25 quid then.

Pro tip. If you fancy playing with the huge practical joke of crypto, I recommend solana, its price is tied to bitcoin, and if you can’t afford an amount of value, solana seems a trick. Made me 150 quid this month.
Click to expand...

How much did you spend on it?
 
www.theguardian.com

Man has ‘finely tuned’ plan to find £500m bitcoin thrown in tip, Cardiff court told

James Howells seeking go-ahead to search for hard drive that was accidentally thrown into landfill in 2013
www.theguardian.com www.theguardian.com

Seems like landfill bellend has his day in court. I'm not clear from this what legal principle he's supposedly appealing to here, beyond 'but it's lots of money.'

If he doesn't pay every penny of the council's costs it's a travesty tbh.
 
AverageJoe said:
El Salvador has.

www.dw.com

IMF warns El Salvador of Bitcoin 'risks' – DW – 02/11/2023

The Central American country became the first worldwide to adopt Bitcoin as a legal currency in 2021. The IMF said the government should be more transparent.
www.dw.com www.dw.com
Click to expand...
No it hasn't.

Bitcoin is legal tender there but that doesn't mean they adopted it as a currency, it just means that if you have a debt then the creditor must accept bitcoin in payment.

But El Salvador's currency js still the US $.

You will not find anything priced in bitcoin in el salvador (or anywhere else). You can for instance pay your taxes using bitcoin but if you ask how much you owe, you'll be given a $ amount, because that's the currency they are using.

Or if you go to a shop that accepts bitcoin - they don't all accept it and being legal tender does not require them to because purchasing something is not paying a debt - it'll be priced in $. They'll say they'll take X bitcoin in payment but if you go back an hour later that amount will have changed, not because the price has changed but because the exchange rate has.

In reality it seems like in el salvador bitcoin acts like a pre-paid debit card except you don't really know how much money you have on it day to day.
 
q_w_e_r_t_y said:
In a fiat economy, very little, as inflation will erode its value over time, eventually rendering it worthless.
However in a bitcoin economy, it grows in purchasing power over time, firstly through the transition from fiat to btc, which acts as a sink, then post hyperbitcoinization through deflation as eventually more btc is lost every year than is mined.

If by "make money" you mean "increase personal purchasing power" then you are right, that is a primary aim of a lot of bitcoiners. But the qualities of bitcoin: permissionless, borderless, immutable, decentralised and censorship-resistant, makes it "better money", even if its purchasing power never increased.

But bitcoin is so much more than just "money", which is what bitcoiners eventually come to realise.
Click to expand...
What's the point of increased purchasing power if you're meant to hold and not use btc to purchase things?
 
Last edited:
moochedit said:
Apparently trump has appointed a crypto nut to run a financial regulator.
Click to expand...

When I saw the headlines I thought Trump must have chosen one of Barron Trump's weird friends or somebody like that - Paul Atkins was commissioner of the same agency under George W. Bush so it seems like one of Trump's less bizarre choices, though he's an advocate for much lighter regulations of crypto so a golden age for scammers lies ahead
 
Yossarian said:
When I saw the headlines I thought Trump must have chosen one of Barron Trump's weird friends or somebody like that - Paul Atkins was commissioner of the same agency under George W. Bush so it seems like one of Trump's less bizarre choices, though he's an advocate for much lighter regulations of crypto so a golden age for scammers lies ahead
Click to expand...

Fair enough. I saw the headline last night but it was an ft article behind a paywall so didn't read it.
 
pbsmooth said:
why won't it stop

www.bbc.co.uk

Bitcoin hits $100,000: what next for the booming cryptocurrency?

The rapid increase in price has been attributed to Donald Trump's election victory - can it continue?
www.bbc.co.uk
Click to expand...
I think it's because there are enough pricks in the world to keep it going.
I haven't done the calculations but if just 1 person in 1000 was a prick, there would be plenty of them to keep this afloat, and there are far more pricks than that. Although the majority are just in it to make money from the gullible. They know it's an elaborate pyramid scheme, and that others will lose money in order for them to make money, but they don't care. They try to pretend they're giving it to the man, but they're every bit as bad as the worst capitalists.
 
kabbes said:
We’re, what, about 16 years in? And still nobody has constructed a use case for this thing beyond bubble speculation.
Click to expand...
There is no use for it beyond wankers speculating that more wankers will buy into the nonsense.
If I buy a cup of coffee with Bitcoin, that single transaction consumes over 850 kWh of electricity. When you consider the average monthly electricity use for a UK household is ~250kWh, it's quite apparent that everyone involved in Bitcoin is a cunt.
I don't know how it has been allowed to continue as long as it has.
 
BigTom said:
What's the point of increased purchasing power if you're meant to hold and not use btc to purchase things?
Click to expand...
You can use btc any way you like. That's the beauty of permissionlessness.

But for those that are seeking to increase their future purchasing power over a >4 year timeframe, it makes sense to save in btc, then convert back to local fiat once the money is needed.
Saul Goodman said:
... the majority are just in it to make money from the gullible. They know it's an elaborate pyramid scheme, and that others will lose money in order for them to make money, but they don't care. They try to pretend they're giving it to the man, but they're every bit as bad as the worst capitalists.
Click to expand...

Yes and no. Bitcoin is a zero sum game, if I have more btc, there is less available for you, so bitcoiners benefit from those who do not understand its properties, and are able to accumulate at a much lower fiat price than its value would be if it was widely understood. Gullible no-coiners, who trust in the benevolence and wisdom of government monetary policy lose purchasing power while holders gain as understanding becomes more widespread and less is available for fiat purchase. Only around 10% of mined bitcoin is available for fiat purchase on exchanges.


Saul Goodman said:
If I buy a cup of coffee with Bitcoin, that single transaction consumes over 850 kWh of electricity. When you consider the average monthly electricity use for a UK household is ~250kWh,
Click to expand...
That would be a very expensive cup of coffee if you are transacting on mainchain. Use lightning.

Saul Goodman said:
I don't know how it has been allowed to continue as long as it has.
Click to expand...

Allowed by who?
Bitcoin is permissionless - it doesnt need anyone to allow it to exist.
You cant just ban maths no matter how much you try.
 
Saul Goodman said:
There is no use for it beyond wankers speculating that more wankers will buy into the nonsense.
If I buy a cup of coffee with Bitcoin, that single transaction consumes over 850 kWh of electricity. When you consider the average monthly electricity use for a UK household is ~250kWh, it's quite apparent that everyone involved in Bitcoin is a cunt.
I don't know how it has been allowed to continue as long as it has.
Click to expand...

Also it will cost you more in fees then the cup of coffee cost.
 
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