Yea!
But I do wish I bought some.
There is no human being who can explain Bitcoin.
It’s like blockchain.
What can you actually do with a bitcoin?
So we have a currency backed by no government or physical assets now worth a $1 trillion. What did P.T. Barnum say about suckers again? One goofy event shakes the confidence of the people who own this currency and poof, its gone.
Being active in cryptocurrency, here are a couple of observations:
1. In most cases, cryptocurrency is not being used as currency at all.
2. Government regulation is right around the corner, and it is surprising how they are treating this “currency.”
3. Most investing right now are not aware of the tax implications. The IRS treats it as an investment such as stocks, and not as a “currency.“
4. The on-ramp is too steep for the vast majority of Americans right now, preventing it from becoming a widely used currency.
5. As a currency, it has way too much volatility. It is not ready for prime time to take the place of fiat.
A guy in my area here in Maine owns a home heating / plumbing business.
He told me a friend of his in Manhattan urged him to buy Bitcoin when it was only five dollars! He didn’t.
But the home heating / plumbing guy DID jump in when the price reached one hundred dollars. How many he bought, or when he bought them, I don’t know.
I’m guessing the Feds will outlaw it.
I half-understand bitcoin. So far its value swings too wide for my comfort. Maybe as a short-term medium of exchange, but not a storehouse of value.
In other get rich quick news... GME traded at $38.50 today, down from a high of over $500 just three weeks ago.
Bitcoin advocates always point out that there are a fixed number of bitcoins. There can never be any more of them, and therefore the bitcoin supply can never be watered down as it is with Federal Reserve paper.
So how can people be “mining” bitcoins by running some piece of software?
A lot of very happy very wealth Chinese- china where most bitcoins are generated.
Digital Currency = Three Card Monte
Just wait until a town, state, or city decides to issue a bond to buy bitcoins. One company is doing just that. Seems a little 1920s.
I was curious how long it took today to mine a Bitcoin today and this was one of the hits on Google. A very interesting read.
How Long Does it Take to Mine 1 Bitcoin? (Updated 2020)
https://www.exodus.com/blog/how-long-does-it-take-to-mine-1-bitcoin/
This was another interesting article I ran across.
NVIDIA coming out with a specialized mining GPU and also crippling the hash rate on their high end card driver to force miners to lay off of them so more get into the hands of PC users.
https://www.anandtech.com/show/16493/nvidia-launches-cmp-dedicated-mining-hardware
Heads-or-Tales from the Crypt.