Thanks for this calculation. It was indeed sounding strange such an enormous figure. Your estimate is much more reasonable. However, so some extent the problem remains, even though not that big.
1. my calculation was using ONLY residential electricity (peoples homes) where compared to ONLY peoples homes bitcoin uses 0.029-0.1%.. if i included world corporation and industrial. the bitcoins use would be even further lower % (making even better results for bitcoin). 2. bitcoin mining is done in regions of china that use hydro. in iceland that use geothermal and also in area's of america that do hydro. so although media says "CHINA electric is only X% hydro...".. thats just chatter about china the country.. however bitcoin is using the hydro supply. 3. unlike gold. think about it. there are no electric excavators, they are diesel based. there are no solar powered sluice machines, again thats diesel. and same for the dirt trucks. diesel. bitcoin is high majority renewable and gold is very high diesel. |
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bitcoin mining is done in regions of china that use hydro iceland that do geothermal and now even america using hydro GOLD mining is done. using DIESEL excavators DIESEL sluice machines DIESEL trucks anyway. other articles say bitcoin uses 1% of world electric. sorry but no its actually somewhere between 0.029-0.1% of.. wait for it. of just residential level of electrictybitcoin only uses between 0.029(new 7nm asics) or 0.1%(old 14nm asics) meaning ignoring industrial, corporate worldwide electric. and just taking average electric just used by 1 billion homes. the entire bitcoin mining process of the whole network only uses 0.029-0.1% of world residential electric math: https://bitcointalk.org/index.php?topic=4976730.msg45263751#msg45263751 |
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(below should be read in a humour mindset)
1. bitcoin is currency. anything is currency. prison cigarettes are currency. sex is currency. pleasure partner to get somethin in return
2. bubbles just means price inflated. bubbles are temporary but the asset is permenant. housing had a bubble, housing is real.
3. bitcoin wont be universally recognised. but on planet earth it will be
4. the more things a country makes illegal. the more it traps people doing illegal things. thus increasing crime. not reduce it
5. investing 'in' bitcoin is not profitable. you only make a profit.. or loss when you finally get 'out' and sell your investment
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Look I usually get annoyed by that too, but you just have to take into account that some people just don't know enough about it to use those terms correctly.
I usually don't bother correcting people when they use one of those terms wrong in a conversation. It just makes you an annoying person to them, if you do it repeatedly.
When journalists do it, I would take a little bit more offense though, there's just no excuse for insufficient research before publishing an article.
So, sure, educate people, but don't do it in a way that you're constantly correcting regular people who just have a basic interest in crypto.
Being a know-it-all usually isn't appreciated too much and you'll put the whole crypto community in a bad light.
there are hundreds of thousands of people on this forum just acting like sheep, repeating what others say and kissing ass.. im just being.. frank. (its why i chose my pseudonym) as for correcting people. i only make harsher corrections to those at hero/legend levels who should know better. as for newbies i do restrain myself and act as a teacher by just giving the facts im happy to mention the bad side of developers paid by bankers who are trying to ruin bitcoin. im happy to have people attack and try to defame my pseudonym (it doesnt hurt /defame my real identity). but people need to know the harsh truths so they can make better decisions by understanding the reality. rather than the poorly buzzworded utopian dreams |
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So in the end it becomes more like a ponzi scheme, where the person who exits last suffers the most? It is like the seller that sold at the last moment ended up being the victim. And if you are saying the sellers end up buying more btc at lower price, then they actually aren't "panic" sellers. They are more like the pumpers and dumpers.
a ponzi is where the unit of measure has no function. and is just used as a "store of value" and where there is no cost to creating it. in short the PoS crapcoins that dont do anything are ponzi. but bitcoin 2009-2013 had both a cost of creation (PoW mining) and had the best utility.. but now those that are developing bitcoin core roadmaps and paid by corporate investment (most know their names by now, even if they dont wanna admit they know) are saying that the bitcoin core network has no utility ("it cand scale, yo cant buy coffee, etc etc") thus trying to undermine the utility of the network. and push people onto other networks. EG, lock btc into LN factories (golds fortknox) and then route to your channel(account) that credits you with value. that you can then credit back when you spend it. if you want to close and still have credit. you will just close channel and the balance goes back to the factory on the LN network and reopening a new channel on the network. (yep thats their latst 2018 concept).. anyone smell how similar that sounds like the dumb crap that happened a century ago with banking/gold and yes FIAT is a big ponzi.. hyperinflation proves it (research: zimbabwe dollar) they are also proposing to change from PoW to PoS... thus effectively removing utility(trying to move function off network) and backing of value(removing mining)... thus they are trying to make bitcoin become a ponzi.. and thats what we need to fight against now with all that said. im holding btc and hav done since 2012 and have not paniced or set a exit price. but im dfintly fighting against those that want to restrict bitcoin network utility and as long as we stick with PoW that value of bitcoin will grow (imagine if bitcoin went from a mining cost of $6k-$7k down to a penny cost of PoS... the value would tank) so yea lets kep bitcoin functional(onchain use) adoptable(cheap fees) and backed(by mining).. then value will go up |
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READ SMALL PRINT: "this example assumes 7% returns"
LOL.. bank account offering 7% interest.. pfft
dare you to open excel and do a chart with REAL interest rates.
ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years Firstly, $200,000*(1.0005^40) = $204,039, so your maths is wrong. Secondly, if your bank account is only offering 0.05%, you are getting ripped off big time. You can easily find accounts of 2-4% at the moment. Thirdly, pension savings are not that same as bank accounts. The average pension fund last year returned 10%: https://www.yourmoney.com/retirement/average-pension-fund-returned-10-2017/firstly this topic is about bitcoin terminology.. i tried to just mention bank interest and then bring the topic back inline.. secondly its not invest $200k and hold $200k.. its invest $5k every year.. EG year one $5k interest = $2.50 your math is year one $200k, interest $100 so your math is trying to assume $100 * 40 =$4k extra) thats not interest of actual deposits and balances. and its not compounding that interest either.. and thirdly the guy that meandered about how he thought people not saving was stupid because they dont understand compounding.. he never mentioned retirement. he just said 'save'. anyway fiat saving/investing/retirement. is stupid. put $5k into any fiat investment. and after fiats hypr inflation that will happen once the FIAT government bond bubble bursts and they are demanded to repay the contract rather than the minimal payments.. hypr inflation will make the $5k only buy a loaf of bread for the whole $5k (research zimbabwe dollar) thats why im sticking with crypto. to hedge the fiat debt/hyperinflation events of the future lastly. end VALUE of pension can be less than you put in. (use the "how many loaves of bread will that buy me" whn thinking of the future of FIAT savings/retirement plans) |
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I think that everyone here has a bias in favor of Bitcoin which makes them blind towards reality. Guys, all top scientists are talking about how we should reduce carbon footprint since we are facing a catastrophic global warming process. Bitcoin's network is already adding 1% of total electricity consumption to the echosystem so that we can gamble it on exchanges. I point to everyone's attention that even though Bitcoin swallows 1% of the world's energy it still cannot be used to pay for 99.999+% of the world's products.
1%,,, did you do the math... average home uses 0.3kwh 1.2bill homes =4,246,575,342kw/h (~4.25billion) 14nm asics are 14 terra hashrate this week is 50,000,000 terra =3,571,428 asics each asic is 1.3 kwh =4,642,857kw/h (~4.6million) bitcoin uses 0.109% using 14nm rigs now with 7nm 50 exa with 28terrahash rigs = 1,785,714 asics each asic is 0.8kw/h =1,428,571kw/h (~1.23mill) bitcoin uses 0.0289% using 7nm rigs yep we are somewhere in the area of between 0.029%-0.11% no where near 1% and as i said the 0.029% is the next gen electric usage at this weeks hashrate. so the electric per hash is going down. now imagine how much electric would be wasted if we stuck with GPU.. but the hashrate was still 50exahash ill give you a hint. it would be 1177% of household electric .. back 5 years ago yea the hashrate was 250000x lower.. but the kw per hash was higher using GPU .. anyway over all we are at 0.1% household use if we use the old ASIC measure and if we transition to 7nm rigs. we could go upto a hashrate of over 150exa and still be at 0.1% household electric. this means we can go to 1500exa and finally get to the 1% of household electric this topic is at.
summary:
so give it a while. we are not near a 1% household electric barrier yet.. but pencil in 1500exa into your hashrate calender, then the OP can repost and finally be right |
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as for those saying waiting for 40's for a bettr paid job.. well yea. $15k a year mcdonalds job. vs $40k career after training, promotions puts you in a better place than saving a bit of your mcdonalds wage per year Well yes, it's obviously easier to save a percentage of your income when you have a larger income, but you are missing the point that by starting to save earlier, you can make exponential returns on your savings. Look at the following graph: https://i.imgur.com/NKwEpDX.jpgInvesting less money in your 20s gives you a bigger pension at 65 than investing triple that amount in your 30s-60s as it has less time to grow. Everyone should be paying in to some sort of retirement plan as early possibly in your life. READ SMALL PRINT: "this example assumes 7% returns" LOL.. bank account offering 7% interest.. pfft dare you to open excel and do a chart with REAL interest rates. ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years imagine above is chris was on $15k a year for 40 years and put in a 3rd($5k) then imagine he had inflation rate increasing payrise of 3% a year. but didnt start paying a 3rd of salary for first 20 years at the 20th year his salary would be $27k so if he the put in a 3rd of salary. he would have a balance of over $240k compounding bank interest is only good if the interest is better than inflation.. but with banks you wont get inflation beating interest rates. so you wont be better off banking your money anyway we are going off topic we need to educate people better and stop jumping on the unrelated 'memes' EG since when did remote hosting have anything to do with evaporated water in the sky ( the cloud) |
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Your main issue, as I see it, is that what you think is true or right is not necessarily what others may think true or right. In most cases people refer to hodlers as dudes who are keeping their coins for longer periods of time specifically with the purpose of selling them later for fiat, having only their personal financial gains as their top priority. You can claim that this is an incorrect definition of a hodler, but things are as they are. Words once spoken lose their meaning, and right now people use the word in that meaning most of the time around here and elsewhere.
And no, my intent was not to insult anyone as I made clear in the OP, and still less HODLers as you mean them. In a way, we can all be considered parasites in the face of the Earth if that gives you peace of mind. Though you don't seem to be particularly disturbed if fiat lovers were called parasites instead.
those wanting to sell are not thinking about holding. they are thinking about selling, but just cant quite get to their target. holders/hodlers are those not thinking about selling they are thinking about holding. i personally have coins from 2012 that i have not touched. i have not set an exit price. i dont think about the price daily. when i trade i use a separate stash of funds purely to day trade and accumilate more coin. i dont think about prices $. i think in % up or down from last activity that said. in 2012-14 i went around and actually helped others get into bitcoin i helped start different teams and developments. what i find parasitic are invaders that just want to grab what they can and then move onto a new body once they have grown and matured to their desired level. i as a hodler am a symbiote (mutual benefit) fiat investors are a parasite (invador benefits) |
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i was here in 2012.
back then was just as fun as it is now..
trading bitcoin is more fun then stocks and shares. smart people dont hold and risk waiting years for 100%. they prefer to day trade 1% which = 365% a year with less risk
ICO's were not really a thing until 2016+
and are not really part of "bitcoin" but a separate group/community of speculators
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OP needs to stretch the charts display out to the month. because it 'looks' sharp on a daily chart but looks small on a monthly chart.
but if you cant scale the display atleast take the numbers and you'll see its less than 5%. again not big
OP needs to not cry when the price moves down. but to see it as "discount sale" oppertunity to buy more before things move forward.
..
now for some psychology and some tips
for a day trader to have a price that cannot move more than 2% for a few hours, is hell.. its boring. and not profitable. so if a price cant go up then it will move down just to get the markets active.
most people love a 5% movement. they can buy some more at a 5% discount and once it eventually moves forward they get 5% profit. just from geting to yesterdays price again. which is better than any bank account savings interest rate could offer right now even if you held it in a bank for 10 years.
(many banks only offer under 0.5%)
day traders are happy to buy an allotment at 5% discount and then leave it as a sell order at 5% profit
anyway heres my tactic for all you fiat lovers
each time it drops a few % buy some.. obviously dont throw all your fiat stash into an order but just some. and then put it as a sell of profit.
EG (envelope math)
say you had $10k
break it into 10 x $1k amounts
buy $1k at a 5% discount(btc@$7k). and get 0.1428.(0.1424 after fee)
the set to sell 0.1374btc to sell at $7300 that way you get your $1k back after fees.. and keep 0.005btc thats $36 of btc
if the price goes down more and you dont get the $7300 again today. dont worry.. you still have 9 more allocations of profit oppertunity.. while that order just sits there as your profit for another day
if you keep doing this and repeat it. all them small 0.005 build up
and you keep some fiat to keep playing.
thats $36 from one allotment. do that once a day and thats 1.825btc ($13k) a year and you still have $10k to keep playing.. do it with more allotments it multiplies.
even if prices dont go up. dont worry. the price would need to tank down to ~$3-4k before you ran out of fiat reserves. but by that point you have 'averaged down' your cost per coin by buying at the discounts. which you wouldnt get if you put all $10k at $7k.
then its just the waiting game which as i said is much more profitable than bank interest.
i have found taking 2-5% and repeating. occurs makes more profit far far more often than throwing it all in and waiting for 20%-200%
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wasnt shapeshift moved away from america and also away from FIAT to only handle cryptoswaps purely to avoid the AML/KYC mumbo jumbo..
i think they just destroyed their niche now..
oh wait. i see now... greed
" Our increasing interest in the broad phenomenon of tokenization – the ability to “financialize” and bring liquidity to various aspects of business/customer relationships. "
they want to sell their customers data to other companies.
......financialise various aspects of customer relationships......
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It gets even better. OP's giving an example where he has a specific amount to spend. Like he knows that there are things worth $10, $5, $1 at the store and he takes all of these in the form of qr codes. But what if you're going to a mall, ready to spend a few hundred USD. Are you going to print 3x 100, 5x 50, 10x10 and then juggle these bills around while the clerk scans? This would have to be the slowest and most annoying way to pay at a store. Only a true nerd would choose it.
well the OP hasnt finalised his idea and its not standard to LN so the OP can edit his idea wherby the URI he creates also includes a prompt. so like where my post joked about x12345 being part of the paper QR code.. could instead just have the bit before the ?= as the paper QR code.. which once standardised could then allow the OP to verbally tell the merchant to type in a password into the prompt like "x12345"(switch kettle on) but instead "jamaica512" which the OP programmed his node that morning to allow a payment of upto $600 if jamaica password is received. whereby the 512 is the actual amount below $600 he wants to spend. or like i said before. he can have it that when he says "x12334" it switches on his kitchen kettle at home  |
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it is funny to see how shallow some people think of bitcoin and the market and think just because they have seen some irrelevant data then the price should go up. it is basically them wishing for it and then trying so hard for finding some reason to satisfy their mind about it being true.
there is others opposite of OP who are trying so hard to come up with reasons for drop and justify it for themselves with those irrelevant reasons.
yep. too many people of the FIAT market that think "share" prices only move due to the "shares" corporation making a dramatacal announcement to media. they dont see there are things that are functional and cost based behind the price that can make a price poing supported. and that the dramatical announcements are just speculation that are not sustainable. EG how the drama of "segwitx1 locked segwit2x REKT" mid november caused the spike and correction of november-february yet things like ongoing mining costs has caused the more stable and sustainable rise from pennies to $thousands over the last 9 years. bitcoin wont go to zero because too many bought it for more than zero and wont sell for a penny. and miners have a cost of $thousands per btc so wont sell for less. if the price went down below "value" then people will buy it at discount to bring it back up |
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seems like the OP just made his node open to receive a different API/RPC from other peers.. but that needs programming into a reference version or other peers to understand and send(its not part of lightning). EG coupons QRcode being 01a6074d8ed235affa4bf525a35481d29e17ee82d6b08710473634fd08bfb0968a @111.222.11.11:9735?=x12345 where the part before the ?= is the URI that identifys where to send the code (imagine it being the OP's home node) and after the ?= is what the OP's node receives and is personally programmed to do in response well. here is a thought. connect a wire from a LED on the front panel of your computer. and have that wire connect to the electronic switch of your kitchen kettle. then program your desktop node to light the desktops front panel LED (flick the kettle switch) and now when you want to have a coffee via lightning you can use your system to remotely switch your own kitchen kettle on . .. yep i just informed you on something and can see you replying "OMG lightning can be used to control and create a smarthome" |
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I'm not sure what to make of that. As I see it, you are just suggesting to use calculations based not on just 2 digits (binary calculations) but on a higher base (4, 8, ...). Honestly, I don't see any difference here, as whatever base you use, you can always simplify it to the binary notation without losing anything. Are you certain that your understanding of quantum computing is correct? Personally, I always thought it has more to do with using some physical phenomena (actually, quantum phenomena) to make calculations and get relevant results. In other words, you do not calculate in the usual way like 2+2 but use some quantum effects which kind of do calculations for you, and then you just write down the result.
Briefly, it is very different from using your fingers to calculate a sum, which is what "normal" computing comes down to (no matter what base you use).
maybe i oversimplified it for too simple an explanation.. kinda hard to ELI-5 and your right you can simplyfy the END RESULT base down. thats why a one qubit can be converted to 2bits. thats IF you were to use quantum for a one directional binary problem. hense why doing a hex/bin SHA problem it requires 4bits per hex but only 2qubits per hex. so "quantum" is only 2x more efficient at doing binary/hex problems. but a binary transistor is only ever a 2base. only ever has been a 2 base. so its never been a 4 or 8 base. as for the "physical phenomena" inside a transistor. well that just stores a value. HOW its stores it is NOT important. its the transportation inbetween transistors. along the mainboard/wires. as that is still electric. imagine binary as 1 direction (1dimensional) stay still or go forward ->[]->1 so 0 is do nothing and 1 is go forward then qubits are 3 directions (3 dimensions) stay still or go forward or left or right 2 | ->[]->1 | 3 so now a 0 is still do nothing. a 1 could be go forward, 2 is go left 3 is go right or they could decide to stay with one dimension but where 0 do nothing 1 switch on transistor 2 do nothing at second transistor 3 switch on 2nd transistor (which takes 1qubit to get to tell the second transistor, or 2 bits to achieve same result) but thats just a waste of possible utility... they are still trying to standardise how the 'switch' of a transister moves onto the next. because it needs standardisation (protocol) so that they can then mass produce consumer PC's that will then know what to do when being given quantum code so they have the hardware but still deciding what to do with it. at the moment they are not going for the one dimension where 3= switch on 2nd transistor. they are instead playing with go left or right (3 dimension) sticking with 1 dimension where doing binary problems is limited.. just to be able to do 4base and convert it down to 2 base is a waste.. but multi option, dimension, choice, direction, vector problems can be easily handled which binary systems couldnt really handle opens up a whole new minefield of oppertunity. rather than just 2x transistor efficiency.
imagine it like this for century you had one bit controling -[]- now you can adjust voltage of one qubit to either control -[]-[] (limited utility as binary could do same with 2bits) or /[] -[]Ξ-[] (imagine the posibilities) \[] |
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I can't say that I'm very well familiar with quantum computing or the science behind it, but as far as I know, quantum computing is only applicable to a rather narrow spectrum of tasks. Well, it seems that breaking encrypting algos falls right into its scope of problem solving,
solving binary problems such as SHA, d-wave is not that great at. quantum is better at non binary things. for instance. instead of just binary(2 option): on off, yes no, stay go, true false quantum can do DNA.. 0 A 1 C 2 G 4 T and can map DNA better and recalculate it easily. mapping 0 north 1 east 2 south 3 west where as in binary it needs 2bits to do a single option like that 00 north 10 east 01 south 11 west basically quantum 'bits' are only 2x efficient than binary bits when it comes to binary problems. but quantum can be more efficient at other things non binary. |
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to all those wondering what quantum is.
if you brush asid all the wishy washy buzzwords of super positioning. multidimensions..
its simply instead of just 1 or 0 (binary) it uses 0 1 2 3
basically in binary 0volt is 0 and 1volt is 1
in quantum its more like
0volt 0.33volt 0.66volt 1volt
and now you'll start to understand it.
those doing quantum are deciding a 'standard'. such as do they call
0volt - bin0 boolean false
0.33v - bin01 boolean maybe not
0.66v - bin10 boolean maybe so
1volt - bin1 boolean true
or some other mixture that becomes standardised for how they use a qubit
secondly they are still figuring out and deciding how many qubits to use together to standardise a qubyte
..
imagine it like morse code. decades of just monotone of . and _ and now they are realising it can be a high-pitch toned . or a low toned . and same for _
they are still trying to work out what to do with 4 options instead of 2 and then deciding how many dots and dashes represent a word.
which is why they say it will be a decade before they have a 'quantum PERSONAL computer' because they are still at the standardising what was a on of switch(binary) to now being a 4 option dimmer switch(quantum)
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a patient can share their information to the only person they want to share.With this, there is no need of central administrator eliminated by cryptography and all the users are in the control. So, Blockchain provides security, scalability, and data privacy to the healthcare industry.
having medical data encrypted using a key only the patient has is bad. imagine your in a coma. you cannot give consent. thus no doctor cant see your medical history because they dont have the key however if the medical records are encrypted purely so its not cleartext. then it's just not readable without using a piece of equipment only supplied to hospitals. helps reduce outside access and where by diagnosis are made immutible/signed off by more than one medical practicioner (lab tech and doctor) ensures the integrity of the data so that insurers cant just shout 'false claim'. thus reducing the auditing and admin. and just get on with funding medical procedures and medications faster |
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I do not know what I see most projects related to healthcare always fail in the ICO even though there are few who achieve success,
opening up a healthcare based ICO will fail to b sustainable after release. this is because ICO's are made by random people looking for more random people to invest. which means it never sees light of day in a actual healthcare establishment because ICO's are aiming their fundraising and promoting at the wrong people however if its a healthcare based blockchain/DLT then the developers should be contacting a) government healthcare authorities to request a R&D grant to develop a prototype b) private healthcare/insurance corporations to invest and then if they succeed in proving its utility. seek a a) government project grant to cover costs b) private healthcare/insurance corporations to continue financing/investing |
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