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Can governments not step in and put an end to the cryptocurrency madness?

Discussion in 'General Discussion' started by 4k4uNuNu, 6 Jan 2021.

  1. 4k4uNuNu


    Joined: 6 Nov 2018

    Posts: 138

    Location: UK

    Heavy fines for anyone caught using a cryptocurrency, that should sort it.

    As far as I can tell, this currency based on nothing tangible and only serves to benefit a few while causing misery for millions. It causes massive scarcity in computer equipment, uses up valuable resources when we are supposed to be conserving energy and seems to be the main currency for criminal activities such as drug deals.

    Is everyone making millions from this mining stuff? It seems everyone is taking a **** on gold toilets and wiping their arse on fifty pound notes just for leaving their PCs on 24/7. I feel like an idiot for just wanting to use my graphics card for gaming. Like I am Fry in that episode of Futurama when all he wants to do is eat the can of anchovies.

    Remember when people left their PCs on 24/7 for medical research, or helping find ET. Those seemed like simpler times and a nicer society.
  2. dirtychinchilla


    Joined: 2 May 2011

    Posts: 10,243

    Location: Woking, Surrey

    I think you should research what cryptocurrency is and why it's useful. It also gets taxed, so it's not necessarily as dark as you seem to think it is.
  3. Desmo


    Joined: 18 Oct 2002

    Posts: 6,597

    Location: Chillin' on the Boat

    Would guess many more people these days are just trading and not mining. Just a gut feeling though, nothing to substantiate that.
  4. Puzzled


    Joined: 9 Jul 2003

    Posts: 7,807

    The computing power wasted on mining is ridiculous though, why not use all that processing power for something useful?
  5. esmozz


    Joined: 24 Oct 2013

    Posts: 201

    tulip mania..........
  6. Rids


    Joined: 30 Sep 2008

    Posts: 6,624

    Can see the environmental impact of mining becoming a factor soon, doesn't mining already account for more electricity use than some small countries?

    I have no issue with cryptocurrency in principle and it has proved useful for me many times.
  7. krooton


    Joined: 9 May 2004

    Posts: 26,943

    Location: Leafy outskirts of London

    Poor baby!
  8. Hades


    Joined: 19 Oct 2002

    Posts: 25,678

    Location: Surrey

    What do you think "real" currency is based on? Britain left the Gold Standard in 1931. Since then what do you think sterling is based on?

    EDIT: In fact take a look at an actual sterling note (e.g. a £5). It is a promissory note rather than actual currency. It states "I promise to pay the bearer on demand". If you went to the Bank of England and asked to cash in that note for actual currency what do you think they would give you in exchange?
    Last edited: 6 Jan 2021
  9. [email protected]

    Wise Guy

    Joined: 5 Jul 2006

    Posts: 2,191

    Get a grip
  10. Theophany

    Perma Banned

    Joined: 1 Sep 2010

    Posts: 11,227

    Location: Bell End, Worcestershire

    Tbh gold only has value because we all agree it has value. It's a fairly useless metal.

    When this government reaches its logical conclusion tinned goods and can openers will be more valuable than gold. :p
  11. Hades


    Joined: 19 Oct 2002

    Posts: 25,678

    Location: Surrey

    That is true :)
  12. dan958

    Wise Guy

    Joined: 14 Oct 2012

    Posts: 1,246

    And that is when Bean Dad will shine.
  13. sprite1275

    Wise Guy

    Joined: 9 Jul 2013

    Posts: 1,876

    How much power and carbon footprint does it take? In this day and age it seems pathetic to be using so much power for something that seems pointless.
  14. touch


    Joined: 28 Oct 2006

    Posts: 11,899

    Location: Sufferlandria

    It's only useless because it's so valuable and costs too much to use.
    It's a good conductor of electricity, it doesn't corrode, it doesn't react with many other things, it doesn't need much processing (it's mined in raw form, not an ore or something).
    If it lost all the value we attach to it, it'd probably have thousands of other uses.
  15. esmozz


    Joined: 24 Oct 2013

    Posts: 201

    The complete answer to this question would be very complex and I'm not going to pretend I could do it justice, but ultimately Sterling is based upon the economic output of the U.K. and the percieved ability of the U.K. to pay it's debts. I can see no such support for Bitcoin and to me at least, it gives every appearance of being a bubble. A lot of people are going to make a lot of money off it in the coming months but a lot more are going to burned (In my opinion)
  16. Ayahuasca


    Joined: 23 Apr 2014

    Posts: 22,870

    Location: Dream, Damage

    Certainly wasn't useless for crinkleshoes :p has he left the forum or changed name?

    Also, some didn't HODL!

    Last edited: 6 Jan 2021
  17. Zeeflyboy

    Wise Guy

    Joined: 21 Jan 2016

    Posts: 2,179

  18. Efour


    Joined: 8 Sep 2005

    Posts: 26,609

    Location: Norrbotten, Sweden.

    Agree with some of it. Not knowledgeable enough to argue a reasonable case sadly.
    It's just a commodity now.
    If someone can link me to to a reason why we should all switch to it how its really beneficial, other than us young tech freaks pray that it increases in value in a get rich scheme way?
    Really why? Globalization? Waste electric?

    There are so many farms here making use of cheap hydroelectric and subzero free cooling...

    Honestly why reaally? :p
  19. sanaxe1


    Joined: 7 Nov 2006

    Posts: 5,679

    Location: Nottingham

    Don't agree with OP but it would of been better if the equations done for bitcoin were actually something meaningful like protein folding so some good was also being done at the same time.
  20. Bluecube

    Wise Guy

    Joined: 20 Feb 2011

    Posts: 2,280

    In what way does it cause misery for millions? That's complete crap.