GOLD shall destroy FED.
(media.greatawakening.win)
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If you really want to get good answers on how Bitcoin works, I would advise you to listen to Andreas Antonopoulos. He is a master at explaining things:
https://www.youtube.com/watch?v=l1si5ZWLgy0
Yeah, but I only have one question. I have long ago decided that I missed the bus with bitcoin and would not invest (which is a moot point as I have used up my reserves surviving this COVID shit unjabbed).
Does he have a video addressing my question on the exponential nature of it's power usage, or even better, can you address it?
The system is designed in such a way that an equilibrium will be reached. Let's say the world is now entirely running on Bitcoin and it has a price of 1 million dollars per Bitcoin. This will then mean that more miners than we currently have at a price point of 45.000 dolars, will join in and therefore more energy will be used by the network. But more miners also means more computing power and then the network will adjust to the new influx of miners. The network will always make sure a block is generated every 10 minutes.
So if there's only 2 miners in the network: 10 minute block time and low difficulty If there's thousands of miners: 10 minute block time and high difficulty
And at a certain point the difficulty of the network is so high, that miners need to invest a lot of money and at a certain point the investmen is not worth it anymore, even with a Bitcoin price of 1 million dollars. So there will not be an endless joining of miners. At a certain point, miners can't break even anymore.
And this effect will become greater, since every 4 years the reward of mining is halved. Putting even more pressure on mining profits and therefore number of miners joining the network.
Also, I don't think you missed the boat on Bitcoin. Bitcoin can still easily go times 10 or 20. Needless to say, don't put all your money in it :)
First off, thanks for taking a crack at that.
What you said made sense and I feel you have answered my "extreme example" question on runaway energy usage. As for getting in, unfortunately my real wallet is running on fumes.
I have to be honest and say I would favor gold or silver over crypto but I, in actuality, know shit-all about the entire financial side of the great awakening. The financial future is most obfuscated for me and the most foreign. To be honest I feel sketchy holding anything (fiat currency included ATM). My house feels like it will go down in value with the Great Awakening for many reasons, but it will still be a nice house.
Good luck with your coins bro, make some $.
No problem :)
And diversifying is always best. I've already sold a lot of crypto and put it in real estate.
Even when housing prices will go down in the coming years, you will still have a house and when you retire your house will still be worth a lot!
Any recommendations for other cryptos that are less expensive with high upside?
Bitcoin might seem expensive, but do you know you can just buy 0.1 Bitcoin for instance?
I personally only advise people to put money into Bitcoin and Ethereum. There are some other Defi projects that are interesting, but I don't know enough about them to be able to give any advise on them. Also don't just buy Ethereum only. In my opinion, any crypto portfolio should have Bitcoin in it.
With every year that passes it becomes way less likely that Bitcoin will be overtaken by any other coin. Bitcoin has been around the longest and has a very safe and simple base layer with a very small attack surface. This means the Bitcoin blockchain is the most robust, safe and proven blockchain available. Add to that the network effect of Bitcoin (it has the largest ecosystem and most developers working within that ecosystem) and it becomes clear that Bitcoin is the real powerhouse in the blockchain space and that it's going nowhere.
With all the cycles that Bitcoin has gone through it has become clear time and time again that the entire crypto market follows Bitcoin. There are some temporary exceptions here and there, but in the long-run it's always Bitcoin that determines how the crypto market moves. All coins follow Bitcoin's lead. That's why I would always invest in Bitcoin when buying crypto.
If you're looking to have some fun with crypto and gamble on a single crypto rising really fast, than I don't have any specific tips. One tip I do have is this: New coins can temporarily rise to great highs when the developers make sure there is a tremendous amount of coins available from the beginning (pre-mined). If a new coin has 500 billion coins issued (Bitcoin has a cap of only 21 million) then any price movement of a single coin will cause an exaggerated effect when it comes to total market cap. And when the total market cap is high, the new coin will move up in the coinmarketcap list into the top 20 for instance and that's when people will really start to pay attention to a new coin. Not because of it's great programming, but because of the huge price move and the "cheap" price of a single coin.
So if you are going to bet and try to make some money, choose coins with a ridiculously large pre-mined supply. A good example from a few months ago was the Shibu Inu coin. It offers nothing new, it's just a meme coin. But because the pre-mined supply is 549,063,278,876,302 SHIB, and the price per coin is only $0.00003056, it still appears as a top 20 coin and that alone is enough reason for many people to buy it.
So if you're just looking to make some money, try to find the next Shiba Inu and dump your holdings when the price has gone up substantially :)
Most power companies produce excess power that they don't know what to do with. So they have recently started mining operations at many power plants to see a net gain from the excess energy that would otherwise go to waste. I foresee almost every single power plant to hold a mining operation in the future. It's an absolute win for the network and the power company.
Blockchain tech is also constantly evolving and many potential issues we see today are being worked on. For example, Etherium is going to Proof of Stake instead of Proof of Work. They will also implement something called sharding, which will make gas fees pretty cheap and eliminate the costly network transactions. Bitcoin will always remain proof of work though, because it's the most secure.
There are other types of blockchains that will be able to interact with Bitcoin to allow other solutions to send Bitcoin. Crypto is so unbelievably early that we haven't an idea where it will go. We are essentially at the point in crypto now where the internet was at in the late 90's. There were lots of doubters with the internet in the 90's and look where we are today.
Blockchain is an interesting technology with many possible uses going forward.
There was a case recently where peeps at the hydroelectric plant were stealing electricity. It is slightly bizarre that power stations are using crypto coin instead of batteries but I understand the limitations of "batteries" and power grids so whatever works.
"Crypto is so unbelievably early that we haven't an idea where it will go."
So are we, we are still in the dark ages.
My solar system puts 18 kw back into the grid every hour of sun. It's over built for just two of us but my house has 4 bars and someday will have a family here so eventually it will be used up. My bill is 13 bucks a month which is rhe charge for being connected. I should use rhe rest to mine as I'm banking lots of credits.
You don't have to get in on Bitcoin, nor do you have to get in with mining. There are a gadzillion different cryptos out there, and imo many of them have a superior use case to Bitcoin. Stick with ones that have useful utility and avoid meme coins unless you know what you're doing.
Thanks.
I thought about setting up a Raspberry PI miner for shits and giggles (cause it would really just be a learning experience and make no money(it's a raspberry pi FFS).
So many coins to choose from.
Not financial advice
Look into Helium mining. Low entry cost, decently quick ROI so long as you can connect with other Helium hotspots. You could also try to get a Mini Doge miner. Also low cost of entry, but I'm not convinced it's a good investment. Finally, try Unmineable or Nicehash. You might be able to mine something with your GPU or CPU even if it's a little old. The last option would be your lowest cost of entry, and so long as you produce more than how much electricity you use then you'll have profit.