Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus who wrote (137029)	12/8/2017 1:03:59 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 217557

Bitcoin and blockchains are hopelessly inefficient. Currently each Bitcoin transaction requires enough electricity to power nine homes in the U.S. for one day! Just to power all of the computers which each have to update that transaction. The current $7 to $15 charge for each Bitcoin transfer actually doesn't even come close to covering the cost of the total power used to update that transaction! Even more electricity goes into Bitcoin "Mining" operations, totaling an estimated 31 terawatt-hours per year. This is more electricity than 150 individual countries in the world use to power their entire productive economy. Coinbank has now set-up a bank which can instantly transfer ownership of Bitcoins from one person to another, by not actually transferring the BitCoin ownership - But this requires you to initially transfer ownership of your BitCoins to Coinbank, and requires you to trust Coinbank to be a safe custodian of your BitCoin value. A number of similar major BitCoin banks have already failed such as Mt Gox in Japan after losing at the time $450 million in BitCoins allegedly due to theft. At current value that would have been loss would have been $15 billion- en.wikipedia.org The IRS now won a lawsuit requiring CoinBank and other BitCoin banks to report all transactions and soon issue 1099 reports to the IRS for each one. Some say in time cheaper more energy-efficient computers will reduce this cost, but this lower cost will attract more miners creating more BitCoins and each of these increased numbers of miners will also have to update each BitCoin transaction.

To: Lazarus who wrote (137029)	12/8/2017 8:09:25 PM
From: TobagoJack	Read Replies (1) \| Respond to of 217557

of all the crazy stuff people have dreamt up crypto takes the top-prize so far block-chain is certainly useful, but so is the atomic bomb. the difference being block-chain shall progressively take over our lives, from real estate to cash and in between find shares and bonds, and at the extreme end would be crypto-gold, the chaining of people would commence from moment of birth to long after they are dead, and the next generations are chained. this is not good. useful. govt-crypto shall presumably replace private crypto, else government is over, unless govt can 'regulate' (control) private crypto, in which crypto is just a chain. not good whichever way. only good if private crypto is not regulated (complete free market) and monitored, but only live or die on its own specific merit (anonymity, gold-backing, wide adoption, etc etc) let's watch