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Thread: Yet more arguments agin Bitcoin

  1. #1
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    Yet more arguments agin Bitcoin

    I hesitate to post here, but it looks like the most likely place this important comment will be seen and read. Mods may like to move it if required.

    This article sets out what are for me some very cogent and relevant arguments against Bitcoin (and maybe other cryptocurrencies).

    http://insidestory.org.au/bitcoins-zero-sum-game/

    JV
    Agtronix - the home of the Weedswiper

  2. #2
    Senior Member Footsfitter's Avatar
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    Re: Yet more arguments agin Bitcoin

    Another type of Ponzi scheme eventually? We had a program recently where they were explaining how remote countries like China were "loosing" 10-20% of their generated power to huge "bitcoin mines" - warehouses racked out with the hi-tec hi-speed kit needed to compute the calculations and generate bitcoins, all ok while those countries have cheap power but once it rises the miners and their ponzi scheme will have to go somewhere else?
    The best thing about Facebook is the logout button......

  3. #3
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    Re: Yet more arguments agin Bitcoin

    Quote Originally Posted by Footsfitter View Post
    Another type of Ponzi scheme eventually? We had a program recently where they were explaining how remote countries like China were "loosing" 10-20% of their generated power to huge "bitcoin mines" - warehouses racked out with the hi-tec hi-speed kit needed to compute the calculations and generate bitcoins, all ok while those countries have cheap power but once it rises the miners and their ponzi scheme will have to go somewhere else?
    heard of a couple of farms on this side of the pond - Montreal and Vancouver

  4. #4
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    Re: Yet more arguments agin Bitcoin

    I think FF has picked the elephant in the room: the energy needed to keep all the records available in real time. The words "exponential growth" come to mind - or is there a description of something *greater* than exponential growth

    JV
    Last edited by john maddock; 25-01-18 at 02:12 PM. Reason: typo
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  5. #5
    benton
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    Re: Yet more arguments agin Bitcoin

    Know at that time Bitcoins Tax Conformity and Rules in the UK - How to Pay Bitcoins? Taxes and activities relating to bitcoin sales, purchase and profit gains and losses, bitcoin mining, capital gains tax and VAT on bitcoins.https://www.dnsassociates.co.uk/blog...mplications-uk

  6. #6
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    Re: Yet more arguments agin Bitcoin

    Sadly it is a giant Ponzi scheme manipulated by the Winklevoss twins. At some time in the future someone is going to cash in big time and the whole lot will collapse, once one Crypto currency does I cannot see the rest staying long.
    There will be many people who make money out of it, some will make millions but equally there will be some will lose their entire life savings possibly houses too.
    This is the reason the Chinese are trying to put a strait jacket on it. They are concerned of a crash on the lines of 1929 Wall Street.
    Ixworth Solar Farming Ltd.

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