BurtW
Legendary
Offline
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 31, 2015, 01:34:05 PM |
|
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
|
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
|
|
|
Miracal
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 01, 2015, 05:55:51 PM |
|
Your theory is very exciting, and I really wish that happens soon. I think there are certain social factors and economical factors in a few countries withing a few people which limit the accessibility of bitcoin. once that problem is overcome, there can be more concentration as to increasing use of bitcoin around us and educating about bitcoin to substantially multiply its use which will in the end benefit bitcoin users.
|
|
|
|
oblivi
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 01, 2015, 10:44:35 PM |
|
Your theory is very exciting, and I really wish that happens soon. I think there are certain social factors and economical factors in a few countries withing a few people which limit the accessibility of bitcoin. once that problem is overcome, there can be more concentration as to increasing use of bitcoin around us and educating about bitcoin to substantially multiply its use which will in the end benefit bitcoin users.
It's bound to happen sooner or later. All the indicators are aiming for a total fiat collapse and the scam will be finally unveiled. If we can get through the blocksize crisis thing and start planning things for the next 20 years to scale up the system we'll get there. Bitcoin is the only thing that can save us from failing into the same traps from the past, this is bigger than most here realize.
|
|
|
|
NorrisK
Legendary
Offline
Activity: 1946
Merit: 1007
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 10:01:03 AM |
|
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
Where did they take your coins from? An exchange that they took offline? How long did it take to get it back?
|
|
|
|
BurtW
Legendary
Offline
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 12:07:52 PM Last edit: August 03, 2015, 01:17:58 PM by BurtW |
|
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
Where did they take your coins from? An exchange that they took offline? How long did it take to get it back? They took them from my safe when they raided my home. 9 months and $284,373.00 later. More information here: www.jmwagner.comwww.burtw.comhttps://bitcointalk.org/index.php?topic=1086852.msg12026075#msg12026075Or, an entire thread on the subject here: https://bitcointalk.org/index.php?topic=934268.0
|
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
|
|
|
ingiltere
Legendary
Offline
Activity: 3080
Merit: 1532
BITCOIN
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 12:16:38 PM |
|
Got (most of) my Bitcoins back from Homeland Security. I would be happy with just $1,000 per BTC so I could pay all my legal fees and still have some left over.
Glad to hear you got your coins back BurtW. I hope we can see thousand dollar coins in one year.
|
Professional gambling analyzer / Signature space for rent
|
|
|
NorrisK
Legendary
Offline
Activity: 1946
Merit: 1007
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 01:33:45 PM Last edit: August 03, 2015, 05:47:56 PM by NorrisK |
|
Wow that is really insane.. When reading about this I am so happy I do not live in the USA with their patriot act shit..
|
|
|
|
OmegaStarScream
Staff
Legendary
Offline
Activity: 3570
Merit: 6270
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 01:48:01 PM |
|
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest . Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
|
|
|
|
BurtW
Legendary
Offline
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 03:03:27 PM |
|
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest . Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
$50,000 in this era would cause the mining to attempt to consume about 3% of all the electricity produced on the planet. So, I think not. Maybe in the next era or the one after that. You can see my calculations a few pages back, here: https://bitcointalk.org/index.php?topic=720179.msg8135635#msg8135635
|
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
|
|
|
OmegaStarScream
Staff
Legendary
Offline
Activity: 3570
Merit: 6270
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 03:09:49 PM |
|
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest . Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
$50,000 in this era would cause the mining to attempt to consume about 3% of all the electricity produced on the planet. So, I think not. Maybe in the next era or the one after that. You can see my calculations a few pages back, here: https://bitcointalk.org/index.php?topic=720179.msg8135635#msg8135635First of all , welcome back I saw the topic that theymos made about you months ago so ... You said this (not sure if you meant 50k or actually 500k) : So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so.
In my opinion , that's more then perfect , I have now 18 years old so I guess I have time and I have no problem on waiting another 18 years if I will become rich but as I said maybe after 18 years that amount in USD won't have the same value as now at all .
|
|
|
|
BurtW
Legendary
Offline
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 03:30:10 PM |
|
All are my estimates: $500,000 in this era -> 30% of all electricity produced. $50,000 in this era -> 3% of all electricity produced. So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so. Also true.
|
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
|
|
|
BurtW
Legendary
Offline
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 03:36:34 PM |
|
Wow that is really insane.. When reading about this I am so happy I do not live in the USA with their patriot act shit..
For those that might be country shopping, what country do you live in? Does your government condone civil asset forfeitures? Does it allow US homeland security and FBI to raid citizens in your country - like New Zealand did/does?
|
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
|
|
|
smooth
Legendary
Offline
Activity: 2968
Merit: 1198
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 03:57:11 PM |
|
Interesting , It's probably possible to reach that price 50,000$ however we need to know when , when is what matters to be honest . Because if it takes too long then 50000$ won't worth anything by that time and it would be useless .
$50,000 in this era would cause the mining to attempt to consume about 3% of all the electricity produced on the planet. So, I think not. Maybe in the next era or the one after that. You can see my calculations a few pages back, here: https://bitcointalk.org/index.php?topic=720179.msg8135635#msg81356353% of all electricity being used for Bitcoin is not really impossible or even necessarily undesirable. According to the article below, IT uses 10%. Is a very successful Bitcoin important and valuable enough to use 30% of IT's electricity (or alternately to increase IT incrementally from 10% to 13%)? I don't think the answer is obviously no. http://www.theregister.co.uk/2013/08/16/it_electricity_use_worse_than_you_thought/
|
|
|
|
BurtW
Legendary
Offline
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 04:14:01 PM Last edit: August 02, 2015, 08:06:07 PM by BurtW |
|
3% of power production ($50,000 per BTC) is within the realm of possibility but I do not think $500,000 per BTC (30%) is.
|
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
|
|
|
brg444
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 04:31:22 PM |
|
3% of power production ($50,000 per BTC) is within the real of possibility but I do not think $500,000 per BTC (30%) is.
I happen to believe that Bitcoin mining is going to push hardware & energy efficiency technologies to the edges unlike anything out there. For that reason I see 500,000$ coming sooner than 2033 if it does come. Why not aim for 51% of energy consumption ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
|
"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
|
|
|
farfiman
Legendary
Offline
Activity: 1449
Merit: 1001
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 04:48:02 PM |
|
3% of power production ($50,000 per BTC) is within the real of possibility but I do not think $500,000 per BTC (30%) is.
I happen to believe that Bitcoin mining is going to push hardware & energy efficiency technologies to the edges unlike anything out there. For that reason I see 500,000$ coming sooner than 2033 if it does come. Why not aim for 51% of energy consumption ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) You haven't read the whole thread. It doesn't matter how energy efficient the mining gets. https://bitcointalk.org/index.php?topic=720179.msg8141569#msg8141569There definitely are physical restrictions with todays technology on the market cap of bitcoin but all of that can change overnight.... Printable solar cells with ASIC's? ASIC space heaters?
You seem to think that technology and/or efficiency figure in to the system power consumption formula. They do not. It does not matter how efficient the miners become, it does not matter if the ASICs get smaller/better/faster/cheaper. Most importantly it does not matter where you get the power from, assuming the same cost. If you are assuming that printable solar cells are going to bring the average cost of power down under my $0.10 per KWh estimate then that would allow the Bitcoin network to use even more power than the estimate given. If you think that miners can find a profitable use for the waste heat from the mining process then that would allow them to use even more power than the estimates given. By design the amount of power consumed is directly propotional to the average amount of USD available per block (subsidy + fees) as show in the formula given above. Within an era the power consumed is proportional to the price. If the price goes from $500/BTC to a sustained $5,000 per BTC the amount of power consumed by the network will rise to about 10x the former amount independent of efficiency and technology used.
|
"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians." Martin Armstrong
|
|
|
Ibian
Legendary
Offline
Activity: 2268
Merit: 1278
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 06:24:21 PM |
|
So what if we use more power? It's all supply and demand, if it happens it will because it is worth it.
|
Look inside yourself, and you will see that you are the bubble.
|
|
|
farfiman
Legendary
Offline
Activity: 1449
Merit: 1001
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 06:44:26 PM |
|
So what if we use more power? It's all supply and demand, if it happens it will because it is worth it.
I guess you have a magical system to increase worldwide energy production overnight ? And what does "worth it" mean? If a coin is worth 500K people will spend maybe 450K worth of energy to mine it. Is it "worth it"?
|
"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians." Martin Armstrong
|
|
|
brg444
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 06:56:51 PM |
|
So what if we use more power? It's all supply and demand, if it happens it will because it is worth it.
I guess you have a magical system to increase worldwide energy production overnight ? And what does "worth it" mean? If a coin is worth 500K people will spend maybe 450K worth of energy to mine it. Is it "worth it"? If Bitcoin is the tool that will liberate humanity from dependence on centralized authorities then it most certainly is worth it.
|
"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
|
|
|
Ibian
Legendary
Offline
Activity: 2268
Merit: 1278
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 02, 2015, 07:13:46 PM |
|
So what if we use more power? It's all supply and demand, if it happens it will because it is worth it.
I guess you have a magical system to increase worldwide energy production overnight ? And what does "worth it" mean? If a coin is worth 500K people will spend maybe 450K worth of energy to mine it. Is it "worth it"? Don't need to. Supply and demand. The demand for electricity goes up? We will produce more of it, or raise the price.
|
Look inside yourself, and you will see that you are the bubble.
|
|
|
|