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  #21  
Old 25-11-2021, 03:32 AM
Gem Gem is offline
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It's also bigger that we think in real terms, because since ElSavador legalised Bitcoin as a national currency, the FX should have to include Bitcoin on its register of global currencies. I can't even imagine what that means. But it looks pretty close to being a global 'gold standard' because it's the only peg with a finite cap.

The other point is, Elsalvador is case proving large scale mining as an integration into their renewable energy grid... which has a very high probability of working. Other electricity producers around the world will see how they can capitalise on Bitcoin mines as part of their capital investment structure.

Many electricity producers will integrate mines into their infrastructure and Bitcoin will be a new class of global reserve 'currency'. But not in the sense that trades will happen in Bitcoin... in the sense that hash rate will increase and decrease to keep energy output (base load) steady... I can't imagine what global hasharate tracking would men to global energy markets if Bitcoin is also the currency peg.
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  #22  
Old 25-11-2021, 03:52 AM
BigJohn BigJohn is offline
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Do you plan on moving to El Salvador?
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  #23  
Old 25-11-2021, 03:57 AM
Gem Gem is offline
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Quote:
Originally Posted by BigJohn
Do you plan on moving to El Salvador?
I wouldn't go anywhere near a place like Bitcoin city!
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  #24  
Old 25-11-2021, 04:24 AM
BigJohn BigJohn is offline
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Why not?        
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  #25  
Old 25-11-2021, 05:51 AM
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Quote:
Originally Posted by BigJohn
Why not?
My scene is more like a log cabin in Montana... I'm more flannel than finery.
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  #26  
Old 25-11-2021, 03:49 PM
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Doesn't bitcoin require a huge amount of processing power? I don't quite understand how "bitcoin mining" works. To me, it seems like bitcoin is a cross between a commodity and a credit card. This currency is perfect for criminals, as it leaves no trace. It is ripe for abuse as we see with all the computer hacking/hostage taking and demanding payment in bitcoin. I just don't see the positives outweighing the negatives.
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  #27  
Old 25-11-2021, 11:28 PM
Gem Gem is offline
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Quote:
Originally Posted by Traveler
Doesn't bitcoin require a huge amount of processing power?
yes.
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it seems like bitcoin is a cross between a commodity and a credit card.
that's a good description
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This currency is perfect for criminals, as it leaves no trace.
The ledger is open source so anyone can trace any transaction. It's not good for criminal transactions. Criminals use cash because it leaves no trace.
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It is ripe for abuse as we see with all the computer hacking/hostage taking and demanding payment in bitcoin. I just don't see the positives outweighing the negatives.
There is some crime going on, but most crime is done in cash and all dirty money is laundered through businesses and banks that we accept as 'normal'.
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  #28  
Old 25-03-2022, 12:00 AM
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Remember when I made the outrageous claim in the oil thread that Bitcoin will integrated into and embedded within energy supply? Well I hate to say it, but I told you so.

https://finance.yahoo.com/news/exxon...192552868.html
https://www.bloomberg.com/news/artic...four-countries
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  #29  
Old 25-03-2022, 12:24 AM
BigJohn BigJohn is offline
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One country is thinking about selling their gas and oil via bitcoin payments.
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  #30  
Old 25-03-2022, 02:32 AM
Gem Gem is offline
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Quote:
Originally Posted by BigJohn
One country is thinking about selling their gas and oil via bitcoin payments.
I don't think Bitcoin is liquid enough for huge transactions such as in international energy trade, but it will be one day as small modular nuclear reactors (SMR) coupled with green tech are used to localise energy supply and national energy security, and since Bitcoin mines are already integrating with energy supply chains to generate revenues from wastage and stablise fluctuations on the grid, and because it is the most secure monetary asset known to man, I imagine it will be a quazi-financial energy reserve in decades to come.
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