Gold collapsing. Bitcoin UP.

Justus Ranvier

Active Member
Aug 28, 2015
875
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Wait, so Bitcoin Classic swallowed the social justice poison pill?

https://bitcoinclassic.com/codeofconduct.html

They are opening themselves up for in infusion of toxicity even worse that what we've already seen.

FWIW, here's what an codes of conduct from people who are actually interested in protecting communities from bad actors (rather than pushing unstated social agendas) look like:

http://hintjens.com/blog:108
 
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sickpig

Active Member
Aug 28, 2015
926
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@cypherdoc

great mind think alike, they say :)

we could arrange a mutual knowledge exchange. win-win situation
 
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cypherdoc

Well-Known Member
Aug 26, 2015
5,257
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hold on boys. we are there:


[doublepost=1452878491][/doublepost]BOOM!!!

 
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cypherdoc

Well-Known Member
Aug 26, 2015
5,257
12,995
$DJI -492

$DXY dropping
[doublepost=1452878816][/doublepost]DXD ramping:


[doublepost=1452879080][/doublepost]-500 coming right up
[doublepost=1452879173][/doublepost]this means the $DJI will eventually drop below it's August low too. very bad:


[doublepost=1452879302][/doublepost]$DJI -523

no one could've seen this coming...
[doublepost=1452879595,1452878745][/doublepost]Financials, bottom dropping out:


[doublepost=1452879705][/doublepost]Bottom line: ALL the charts are sick. that ugly top left to bottom right look.
 
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AdrianX

Well-Known Member
Aug 28, 2015
2,097
5,797
bitco.in
On second thought Mike is going to get the spotlight for a bit, that's going to give him a megaphone to highlight the issues at play.

I hope he does us proud.

These market conditions I hope bring a new tech focused investor who feels comfortable with Moore's law and simple scaling.

Other than that Mike's take is realistic I'm just surprised he is not in touch with the changes he's initiated.
 

cliff

Active Member
Dec 15, 2015
345
854
A little flattered today, NK censored me: https://www.reddit.com/r/Bitcoin/comments/413q9d/interesting_so_with_the_above_said_we_will_be/

Many folks say that miners have popped in China due to cheap electricity. The Paris climate talks resulted in a commitment from China; an example of a prior - but related - commitment can be viewed here: http://www4.unfccc.int/submissions/indc/Submission Pages/submissions.aspx (*)
If accurate and if there is follow through, it seems like electricity prices may rise quite dramatically for a lot of folks.

QUESTION - Has anyone in bitcoinland written about the collateral affect international deals on climate change may have on miners in China? Is their reign as having the largest concentration of miners inevitably on the way down?


*See Also:
  1. http://thediplomat.com/2015/12/china-celebrates-paris-climate-change-deal/
  2. https://www.washingtonpost.com/politics/obama-administration-will-announce-halt-on-new-coal-leases/2016/01/14/469b4b40-bb2c-11e5-85cd-5ad59bc19432_story.html
 
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cypherdoc

Well-Known Member
Aug 26, 2015
5,257
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rocks

Active Member
Sep 24, 2015
586
2,284
A little flattered today, NK censored me: https://www.reddit.com/r/Bitcoin/comments/413q9d/interesting_so_with_the_above_said_we_will_be/

Many folks say that miners have popped in China due to cheap electricity. The Paris climate talks resulted in a commitment from China; an example of a prior - but related - commitment can be viewed here: http://www4.unfccc.int/submissions/indc/Submission Pages/submissions.aspx (*)
If accurate and if there is follow through, it seems like electricity prices may rise quite dramatically for a lot of folks.

QUESTION - Has anyone in bitcoinland written about the collateral affect international deals on climate change may have on miners in China? Is their reign as having the largest concentration of miners inevitably on the way down?


*See Also:
  1. http://thediplomat.com/2015/12/china-celebrates-paris-climate-change-deal/
  2. https://www.washingtonpost.com/politics/obama-administration-will-announce-halt-on-new-coal-leases/2016/01/14/469b4b40-bb2c-11e5-85cd-5ad59bc19432_story.html
Korea and Japan have sky high electricity rates, Korea was around $1 per KWh, that makes California look crazy cheap. Actually they were tiered, electricity started very cheap but only for very little usage, one or two lights plus a little TV would easily put you over, then it was absurdly expensive. I only ran the AC sparingly in the summer while there, a friend didn't and he had a monthly bill over $1,100 one month, no joke.

Basic summary, if China moves to the tiered pricing Korea or Japan have then we will see mining leave China.
 

albin

Active Member
Nov 8, 2015
931
4,008
The electricity consumption objection is very frustrating because almost nobody actually understands that it's just a rehash of an argument that Keynes made against gold, and in my experience it's too difficult for people to be willing to listen to the reality that fiat money issuance causes exactly the same resource consumption, but whose cost is socialized for the benefit of the first recipient of the issued money, as opposed to commodity money where under free market conditions the party seeking out the commodity incurs those costs in exchange for a normal economic rate of return.
 
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Richy_T

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Dec 27, 2015
1,085
2,741
Many people are also unable to understand and comprehend a dynamic situation. Huge amounts of electricity *are* being squandered right now but that is because the block reward is so high. We (by which I mean those that do) have to stop thinking like it will be there forever.
 
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cypherdoc

Well-Known Member
Aug 26, 2015
5,257
12,995
The electricity consumption objection is very frustrating because almost nobody actually understands that it's just a rehash of an argument that Keynes made against gold, and in my experience it's too difficult for people to be willing to listen to the reality that fiat money issuance causes exactly the same resource consumption, but whose cost is socialized for the benefit of the first recipient of the issued money, as opposed to commodity money where under free market conditions the party seeking out the commodity incurs those costs in exchange for a normal economic rate of return.
i'm sure you're aware of this report that implies legacy financial system cost and environmental impact to be much larger than Bitcoin mining:

http://www.coindesk.com/microscope-economic-environmental-costs-bitcoin-mining/
 
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Zarathustra

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Aug 28, 2015
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Richy_T

Well-Known Member
Dec 27, 2015
1,085
2,741
I become more convinced that we will need bigger blocks by the halving and that 2mb will not be enough. Even if you accept the artificial scarcity based fee market, the halving could result in a *significant* reduction in available block space as miners switch off until the next difficulty adjustment. Rather than 6mb per hour being availble, it could be 1.5 or less depending on circumstances. This would result in an unprecedented squeeze on the price.

A temporarily lower block rate could be somewhat compensated for by users increasing their fees to make up for some of the lost block reward and bring miners back on line but restricted block space will compound the pressure on fees. If fees are too high, people just won't transact and the incentive for miners becomes worse.
 

JVWVU

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Oct 10, 2015
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