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

[Mysterae_]

Poor little child can't have a new graphics card to play games (let's face it, pointless in the scheme of all things) because all the bad men with torches on their heads took them all away. You poor little soul. Wishing ill and loss for others just because you can't get your new shiny shiny is pathetic. Grow up.

The idea of raising the cost of electricity over a certain amount will go down well with the ever increasing amount of electric car drivers and businesses.

You're understanding of crypto, economics and the current world shortage situation is so lacking you must be trolling.

 

[FishFluff]

If they ban crypto, then what am I supposed to use to buy my drugs online? Answer me that OP

 

[Theophany]

Of all the places to read such a statement I never thought I'd see it on a forum about computers
You won't mind if I strip all the gold from your PC will you? I'm sure it'll function just swimmingly after the fact

Go for it, though you'd have to pretty much melt down £2.5k worth of parts for around £10 worth of gold. It would be incredibly dumb. :/

Have you ever applied? you seemed quite the character back in your video posting days.

Could imagine you being good in something like Big brother

You'd all hate me even more than you already do!

 

[chroniclard]

If they ban crypto, then what am I supposed to use to buy my drugs online? Answer me that OP

 

[stuman]

The difference is that like gold, BTC is not linked to a countries performance but is still a “currency” not a commodity.

 

[Frubeling]

Go for it, though you'd have to pretty much melt down £2.5k worth of parts for around £10 worth of gold. It would be incredibly dumb. :/

I was thinking more along the lines of how useful it is if I'm honest

 

[fez]

If they ban crypto, then what am I supposed to use to buy my drugs online? Answer me that OP

"But Black Dynamite, I sell drugs in the community."

The argument of the OP is akin to asking why the government allows people to do banger racing, go on long haul flights for holidays etc.

If you start deciding what is a good use of time or money or whats damaging to the environment there are very few things that are essential or even not really luxury. There are plenty of legitimate reasons cryptocurrency is a good thing.

 

[bm_999]

Guys to those that havent got any crypto (yet) like me. Would you initally buy this or normal company shares?

 

[Narj]

I think many are now seeing this as a hedge against governments and central banks printing money at a rate of knots. That's my thinking anyway at the moment.

Even if you're pretty risk averse, having BTC/Crypto as 1-2% of your investment portfolio might not be a terrible idea. I've got a small percentage of mine in crypto and if it all goes to hell then it'll not be terrible as hopefully other stuff should cover it.

 

[mmj_uk]

I'd rather invest in something physical, if currency collapses due to years of lock downs, WW3, Civil War or a Communist revolution occurs you aren't going to be able to trade Bitcoin for food and other necessities. It's like now with people panic buying, imagine there hasn't been any stock on shelves for 3mths and you're desperate for something to eat, do you think anyone is going to take Bitcoin as an exchange? gold will always be valuable because it's a precious metal whereas a coronal mass ejection or societal change could wipe out the value of all cryptocurrency tomorrow.

 

[touch]

The argument of the OP is akin to asking why the government allows people to do banger racing, go on long haul flights for holidays etc.

I thought his argument was more akin to burning books in a "I don't understand this therefor it must be bad and should be made illegal" kind of way.

 

[Disco_P]

This thread was a fun read whilst my 3080 chews out some Ethereum. A fiver a day keeps the monthly expenses away!

 

[G-MAN2004]

Somebody sounds mad that they didn't buy the dip and have missed out on the tendies.

 

[DeliciousStorage]

I'd rather invest in something physical, if currency collapses due to years of lock downs, WW3, Civil War or a Communist revolution occurs you aren't going to be able to trade Bitcoin for food and other necessities. It's like now with people panic buying, imagine there hasn't been any stock on shelves for 3mths and you're desperate for something to eat, do you think anyone is going to take Bitcoin as an exchange? gold will always be valuable because it's a precious metal whereas a coronal mass ejection or societal change could wipe out the value of all cryptocurrency tomorrow.

Are they going to eat the gold? Gold has some uses but the vast majority of its value is what people have placed on it due to its rarity, which is no different to Bitcoin.

 

[Angilion]

I'd rather invest in something physical, if currency collapses due to years of lock downs, WW3, Civil War or a Communist revolution occurs you aren't going to be able to trade Bitcoin for food and other necessities. It's like now with people panic buying, imagine there hasn't been any stock on shelves for 3mths and you're desperate for something to eat, do you think anyone is going to take Bitcoin as an exchange? gold will always be valuable because it's a precious metal whereas a coronal mass ejection or societal change could wipe out the value of all cryptocurrency tomorrow.

Gold's value is not caused by it being a "precious metal". It's the other way around.

Although gold does now have some practical uses, that's a very recent thing. For at least as long as recorded history, gold has been treated as precious because it's pretty, impossible to make(*), rare and doesn't decay. If there was the sort of collapse you refer to, gold would again be utterly useless. But it would still be rare, pretty, impossible to make and not decaying. So it might be used as currency again. Or maybe not. It would have no inherent value at all.



* It's now possible to make gold from lead, but it requires a particle accelerator and produces miniscule amounts of gold a few atoms at a time for a very high cost and the gold produced is radioactive. So not relevant in this context.

 

[200sols]

Maybe not this one in particular, but in the past it has.

There is massive demand from miners right now the astronomic rise in crypto prices has started another boom. The GPU shortage will continue now until mining hash power and prices reach equilibrium again.

 

[Theophany]

Gold's value is not caused by it being a "precious metal". It's the other way around.

Although gold does now have some practical uses, that's a very recent thing. For at least as long as recorded history, gold has been treated as precious because it's pretty, impossible to make(*), rare and doesn't decay. If there was the sort of collapse you refer to, gold would again be utterly useless. But it would still be rare, pretty, impossible to make and not decaying. So it might be used as currency again. Or maybe not. It would have no inherent value at all.



* It's now possible to make gold from lead, but it requires a particle accelerator and produces miniscule amounts of gold a few atoms at a time for a very high cost and the gold produced is radioactive. So not relevant in this context.

If you grind out your alchemy skill to 300 you'll be able to transmute gold bars from lead bars

 

[Pho]

I believe Bitcoin only uses so much electricity as a way to prevent people from doing fraudulent transactions, as it would cost more to dupe the network than what you'd gain, however people are well aware of this and I think other currencies have solved the problem.

Bitcoin was created as a way to shake up the banking system so you don't need banks to prove you own £x. In principal it makes perfect sense. Goverments etc don't like it as it's a way to hide money, however Bitcoin isn't actually anonymous unlike other currencies such as Monero. You can trace a bitcoin all the way back to the original bank account that funded it technically.

An insult to crying babies.

GPU shortage has nothing to do with miners. Even a baby can understand that

This guy has 78 3080s!

https://videocardz.com/newz/this-geforce-rtx-3080-ethereum-mining-rig-now-makes-20k-per-month

 

[Narj]

I'd rather invest in something physical, if currency collapses due to years of lock downs, WW3, Civil War or a Communist revolution occurs you aren't going to be able to trade Bitcoin for food and other necessities. It's like now with people panic buying, imagine there hasn't been any stock on shelves for 3mths and you're desperate for something to eat, do you think anyone is going to take Bitcoin as an exchange? gold will always be valuable because it's a precious metal whereas a coronal mass ejection or societal change could wipe out the value of all cryptocurrency tomorrow.

The problem with gold is storing it and the associated costs unless you're buying Krugerrands and hiding them under your floorboards or burying them in the garden. Have fun getting a contents insurance payout on a significant amount of gold in your house (also I'd be nervous with a company's employees knowing I'm storing gold at home).

If it's in a vault, who's to say you will be able to get access to it in the event of a significant world event?

If people are selling off gold to invest in BTC and the gold price drops a fair bit then tbh I'd be tempted to buy some and store it pirate style myself long-term.

 

[Nasher]

They cant stop it otherwise they would already. Even the ones which are "banned" in some countries you can just use a VPN to trade the coins abroad.

It isnt a centralised system, so no one really has control over it.