OV9

I'm not sure if you're seeing a different tweet to what I posted? That is about the technical deficiency in using blockchain for a transaction.

Bitcoin will be $250k soon:

https://dailyhodl.com/2022/05/27/billio ... -timeline/

Sundayjumper wrote: ↑Thu Jun 09, 2022 10:15 am Bitcoin will be $250k soon:

https://dailyhodl.com/2022/05/27/billio ... -timeline/

I knew women shopping was a good thing

You have to wonder how many people are seriously crying at the moment

Where does that figure come from ?

2500kw a second is 3,600,000 kw a day.

That’s 300 x 12MW of our largest engines running 100% load, which is a ludicrous amount of money.

Also is Bitcoin very slow for transactions, other crypto can be near enough instant?

Dave!

V8Granite wrote: ↑Sat Jun 11, 2022 3:57 pm Where does that figure come from ?

2500kw a second is 3,600,000 kw a day.

Dave, you work in power and have your units wrong. So forgive me not having a clue what you are on about.

The tweet says 2500kWh for a transaction, which takes about 10 minutes. That’ll be an average based on the amount of power being consumed across Bitcoin servers I assume.

I really don’t understand how this works. Let’s say I transfer 1 pence worth of Bitcoin from one account to another account. Would that really be 2500kw? If we get people en mass to do this would the entire system crumble due to the massive electricity cost?
There’s no transaction fees so whose paying for it?
The energy intensive servers are just mining new coins rather than being used for transactions?

Fairly obviously it’s the total power required to run Bitcoin averaged over transaction numbers and time. That’s a fair calculation since if Bitcoin isn’t used for transactions it has zero purpose.

So at this point Bitcoin is like buying an EV which requires 80,000 miles to break even with a petrol equivalent. But the harm is done as it’s been mined already so you just need transactions to ramp up to reduce the overall cost.

Is this the right thread for an argument? It’s £295 per hour for me to argue.

Jobbo wrote: ↑Sat Jun 11, 2022 6:05 pm Is this the right thread for an argument? It’s £295 per hour for me to argue.

I'll take your £295. Go for it!

Jobbo wrote: ↑Sat Jun 11, 2022 4:13 pm

V8Granite wrote: ↑Sat Jun 11, 2022 3:57 pm Where does that figure come from ?

2500kw a second is 3,600,000 kw a day.

Dave, you work in power and have your units wrong. So forgive me not having a clue what you are on about.

The tweet says 2500kWh for a transaction, which takes about 10 minutes. That’ll be an average based on the amount of power being consumed across Bitcoin servers I assume.

It says 2500kwh per second and that it can handle 7 per second in theory, but also says it takes 10 minutes to complete, which makes no sense at all ?

Dave!

Rich B wrote: ↑Sat Jun 11, 2022 6:17 pm

Jobbo wrote: ↑Sat Jun 11, 2022 6:05 pm Is this the right thread for an argument? It’s £295 per hour for me to argue.

I'll take your £295. Go for it!

It wasn’t ambiguous. I’ll start the clock running and send you the invoice before I begin.

Anyway who is buying this almighty dip ??

I'm still not convinced the dip has finished...

Gavster wrote: ↑Sun Jun 12, 2022 3:16 pm I'm still not convinced the dip has finished...

Finished 3.15pm today when you posted

And that's why I'm not a millionaire

Broccers wrote: ↑Sun Jun 12, 2022 4:04 pm

Gavster wrote: ↑Sun Jun 12, 2022 3:16 pm I'm still not convinced the dip has finished...

Finished 3.15pm today when you posted

And then continued lower again

Gavster wrote: ↑Mon Jun 13, 2022 7:29 am

Broccers wrote: ↑Sun Jun 12, 2022 4:04 pm

Gavster wrote: ↑Sun Jun 12, 2022 3:16 pm I'm still not convinced the dip has finished...

Finished 3.15pm today when you posted

And then continued lower again

Absolute carnage - wen push bike

I’m gonna set a limit buy at $10k BTC