bitcoin in 2021

bitcoin in 2021

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varikonniemi
Posts: 451
Joined: 03 Jul 2011, 11:54

bitcoin in 2021

Post by varikonniemi »

how many of you guys did read my previous threads here recommending you invest in bitcoin, i tried to make my contribution to this community but those threads got locked by mods (in off topic category!), but now we are here with general adoption. Has the sentiment changed here and we might get bitcoin-valued tournaments at some point, or is it still non grata?

I hope the mod making the decision to prevent free speech in offtopic section can take a look in the mirror and what disservice they did to every user of this forum. Tournaments with crypto prizes, project&developer tips etc. all snuffed out, preventing 100x increase in value that could have allowed hiring a full-time dev.
Last edited by varikonniemi on 11 Mar 2021, 10:28, edited 1 time in total.
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Silentwings
Posts: 3720
Joined: 25 Oct 2008, 00:23

Re: bitcoin in 2021

Post by Silentwings »

Discussion of bitcoin has never been disallowed per se. As you know, your threads e.g. viewtopic.php?p=583078#p583078 got locked because e.g.
silentwings wrote:is uncomfortably close to being political and "has the only purpose to advertise another website or product".
both of which have always been disallowed. Genuine discussion is fine, repeatedly singing the untold glories of cryptowhatever is spam, regularly "recommending you invest in bitcoin" is advertising. Try to keep on the right side of the line this time.
varikonniemi
Posts: 451
Joined: 03 Jul 2011, 11:54

Re: bitcoin in 2021

Post by varikonniemi »

Don't worry, at this point the knowledge is pretty universal so i don't need to advocate for something i find new and exciting. Now we can just take what i said back then as a fact, and perhaps look forward into how to integrate it's use as it's not so controversial any longer. If arguments cannot sway you, maybe the world changing around you can.
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PicassoCT
Journeywar Developer & Mapper
Posts: 10450
Joined: 24 Jan 2006, 21:12

Re: bitcoin in 2021

Post by PicassoCT »

I had high hopes that bitcoin could become a sort of work-trading currency in a open source internal economy. Didn't get fullfilled.
Idea was, you are good at something (lets call it expert), somebody else is good at something (lets call it expert) and needs your skill, but you dont need his. So if there was currency, people could help people and in return buy something awesome for their own projects.

Need hentai drawings, but suck at drawing - code some game logic for a unity game and then buy the work of a professional artist.
Well idea never worked out..
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zwzsg
Kernel Panic Co-Developer
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Joined: 16 Nov 2004, 13:08

Re: bitcoin in 2021

Post by zwzsg »

I'm sad that every time I see bitcoin or other crypto-money mentioned, people seem to only talk about investment, and never about using it as an actual money, for, you know, exchange of goods or services.
Master-Athmos
Posts: 916
Joined: 27 Jun 2009, 01:32

Re: bitcoin in 2021

Post by Master-Athmos »

Well it is even more "sad" if you plan buying a new GPU in the foreseeable future... :wink:

Personally Bitcoin etc. is still like an Enigma to me. Yes you know what it is and you hear about it but I have no clue on how to use it in any meaningful way so there might be some truth to zwzsg's investment point. I actually would treat it like trading stocks where you have abstract "accounts" for it rather than seeing it as a wallet like I do with Paypal. Maybe this needs some general acceptance in terms of e.g. paying on Amazon with Bitcoin.
raaar
Metal Factions Developer
Posts: 1094
Joined: 20 Feb 2010, 12:17

Re: bitcoin in 2021

Post by raaar »

Despite its valuation growth (so far), the number of daily transactions doesn't seem to have increased significantly in the last few years:
https://www.statista.com/statistics/730 ... nsactions/

atm the energy costs per transaction are ridiculous, which leads to high transaction costs:
https://www.statista.com/statistics/881 ... ison-visa/
The average energy consumption for one single Bitcoin transaction in 2020 was 741 kilowatt-hours. This was significantly more compared to the cumulative 100,000 VISA transactions with only an energy consumption of 149 kilowatt-hours. Bitcoin is more energy intensive per single transaction than 100,000 VISA transactions.
processing transactions is the "mining" part, for which there's a reward in bitcoin which will get progressively smaller until it drops to zero (this will likely increase the transaction cost as whoever's doing the processing needs to get paid).

I still think this is crazy...but inefficient systems that sort-of-work can endure if people believe in them and keep them going. There's a self-fulfilling prophecy to it...

Bitcoin might become a broadly usable currency in the long run if people basically change the rules to work around the energy cost, or just use it for large transactions like buying a tesla car or a house.

Perhaps it'll be replaced by other digital currencies which are are less energy intensive.
Last edited by raaar on 14 Mar 2021, 23:49, edited 1 time in total.
Master-Athmos
Posts: 916
Joined: 27 Jun 2009, 01:32

Re: bitcoin in 2021

Post by Master-Athmos »

I guess you'd need some states backing such a currency in order to give it momentum as a means of payment. On the other hand this to some extent is what the current cryptocurrencies were established against so this feel a bit like you can't have the good from both worlds...
saturnV
Posts: 107
Joined: 03 Dec 2020, 07:58

Re: bitcoin in 2021

Post by saturnV »

I do not see bitcoin becoming a useful currency anytime soon. To be honest, I am think tradionital money is functioning pretty okay.
Some currencies get their value from being backed by gold.
Some currencies get their value from general trust and acceptance.
Bitcoin currently gets its value because people use it to speculate.
Old money has its obvious flaws but bitcoin does not fix all and introduces other problems.
Especially the decentral aspect is imo not working well because the exchange-sites have so much power.
The wild swings and rapid growth in value is what prevents bitcoin from becoming a useful currency. Stability is needed.

That said, I still played with it and that was the easiest money I have ever made.
I agree with varikonniemi: Some years ago it was pretty much a safe investment for anyone slightly good with computers.
Obviously one should still only invest money that one is prepared to lose.
For me, I had been meaning to buy a car but then ended up not needing a car. I figured that money was basically leftover and got in during the brief dip following the Mtgox troubles and the speculations that China might ban bitcoin. (On todays all-time graphs that dip is barely visible anymore, if at all)
I had no previous experience with the stock market and pretty much just read the top most google results and some reddit.
There are also interesting "alt-coins." Interessting both in that they try to fix some of bitcoin's problems but also interesting in returned investment.

Would I buy BTC in 2021? In general: Maybe. Personally: no. I feel super lucky the way it turned out and do not want to push it. It all seems much less predictable and more big players are in the game.
I still hold some altcoins. (LTC, ETH and DOGE for the lols)
saturnV
Posts: 107
Joined: 03 Dec 2020, 07:58

Re: bitcoin in 2021

Post by saturnV »

For spring there already is/was a BTC wallet but seems not used anymore: http://bitref.com/1Fkh88PPvCYgZxR2gfEGPxNQJ5hZxqVFhn

Also anyone interested in the more complex operations of trading I would strongly suggest to first try with simulated money.
For example on testnet.bitmex.com
varikonniemi
Posts: 451
Joined: 03 Jul 2011, 11:54

Re: bitcoin in 2021

Post by varikonniemi »

saturnV wrote: 15 Mar 2021, 09:35 For spring there already is/was a BTC wallet but seems not used anymore: http://bitref.com/1Fkh88PPvCYgZxR2gfEGPxNQJ5hZxqVFhn

Also anyone interested in the more complex operations of trading I would strongly suggest to first try with simulated money.
For example on testnet.bitmex.com
Where did you find it? Amazing we came this far in the thread before this was pointed out.
zwzsg wrote: 13 Mar 2021, 15:23 I'm sad that every time I see bitcoin or other crypto-money mentioned, people seem to only talk about investment, and never about using it as an actual money, for, you know, exchange of goods or services.
Wasn't this thread specifically started not about the investment (&technology/potential) aspect like previous one, but the usage aspect? When it is unknown and speculative, the investment aspect is more relevant. Now when it is becoming widely known and the perceived risk has dropped, there is an actual userbase for money use. Most people severely underestimate the money use that goes on nowadays, lightning network alone processes probably at least 500 million USD worth of transactions monthly.
Master-Athmos wrote: 14 Mar 2021, 20:16 Well it is even more "sad" if you plan buying a new GPU in the foreseeable future... :wink:
Bitcoin has not been mined with GPU:s for a long time... It's the shitcoins.
saturnV
Posts: 107
Joined: 03 Dec 2020, 07:58

Re: bitcoin in 2021

Post by saturnV »

varikonniemi wrote: 16 Mar 2021, 09:48
saturnV wrote: 15 Mar 2021, 09:35 For spring there already is/was a BTC wallet but seems not used anymore: http://bitref.com/1Fkh88PPvCYgZxR2gfEGPxNQJ5hZxqVFhn

Also anyone interested in the more complex operations of trading I would strongly suggest to first try with simulated money.
For example on testnet.bitmex.com
Where did you find it? Amazing we came this far in the thread before this was pointed out.
viewtopic.php?p=564299#p564299
https://springrts.com/wiki/Donations
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