Bitcoin briefly rises to record high over $70,000

www.reuters.com /markets/currencies/bitcoin-rises-record-high-over-70000-2024-03-08/

84 comments

This is institutional investors driving up price and then pulling out. Bitcoin is propped up by absolutely nothing other than betting. It has no use outside holding a value. Someone will be a bag holder. It’s just a matter of time.
- Its propped up by gambling AND drugs
- It has no use outside holding a value.
  So... same as fiat then, ey?
  I begrudgingly hold BTC, waiting for the halving in 38 days when all my coins double.
  At least Monero (which is actually private like cash - sender, receiver, and amount aren't known to anyone viewing the blockchain) has a valuable function.
  
  I can't wait to see companies like Visa and Mastercard become obsolete. I think it will really help out my aunt's family business by cutting crazy high transaction fees she has to pay as a vendor.
- That's a paraphrase of what they said in 2010 mate.
  Thanks to people like you I'm not a bitcoin millionaire.
  
  So you were saved from being a colossal asshole? You should be thanking them.

It's estimated that Bitcoin uses the same amount of energy as the entire Internet. Just to put that in perspective that's roughly 2% of all the energy generated by America every year.
America produces roughly 14,000,000,000,000 pounds of greenhouse gases in a year and 2% of that is 280,000,000,000 pounds...
- I did some maths back on another thread here: https://feddit.nl/comment/6632730
  The internet is around 40 times bigger than crypto as a whole. Feel free to check it and tell me if I missed the mark.
  However, Buttcoin still eats a disgusting amount of electricity, being 2.5% of the whole internet. All the while, its only utility has so far been to create a completely unregulated commodity market that is unsurprisingly dominated by private equity doing pump and dumps.
  The interesting thing someone brought up in that discussion though is that half of all consumer internet traffic is ads. Which is scary, and I don't know (or rather do exactly know) why we don't talk about that.
- It’s estimated that Bitcoin uses the same amount of energy as the entire Internet.
  I checked out of the bitcoin hype years ago but is there a source for this? On it's face, it sounds outlandish.
  
  It's not outlandish if you know that mining Bitcoin basically means to waste electricity. The more electricity you use, the more Bitcoin you mine.
  Bitcoin mining consists one brute forcing the inverse of a function that doesn't have an inverse. You just try every number and if you're lucky you get paid.

At least tulips exist...
- And don't waste ridiculous amounts of electricity.
  
  Like AI?
  
  How much electricity does the world banking system use? (Answer: a whole lot more)
  How much of that electricity could be used to simultaneously run the banking system AND turn incredibly ambitious renewable energy project ideas from absurd pipe dreams into economic no brainers? (Answer: none)

Isn't crypto dead yet?
- Fiat is
  
  Weird, my landlord only takes fiat. So does my grocer. And in a funny coincidence I had to pay fiat to my government this year or face legal consequences. But at no point has anything I’ve wanted required me to use a highly volatile or deflationary cryptocurrency such as bitcoin. Oh well I guess I might get in trouble tonight when I go out with my wife and get told they don’t take fiat because it’s dead.
  
  lol

So what is blowing up the bubble this time?
- People not selling since before the crash. There will be a fall of about 10% from people wanting to get out after being scared by the last crash, then it will rebound and climb as FOMO sets in with the confidence climb after the dip.
  
  I bought $276 on the cash app for fun. It's now worth $1200. Should i cash it out or wait? I really have no idea. I feel bad that I'm part of a super weird system of fake money, but I'm also happy to see an extra $k.
- The halving soon.

There’s a sucker born every minute
- And some of them got rich!

This thread has been great for identifying and blocking cryptobros.

84 comments