In July 2010, when Bitcoin began trading, one Bitcoin was worth up to $0.08

X-Files

X-Files

2
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Ray Luca

Ray Luca

EOG Master
X-Files said:
"In July 2010, when bitcoin began trading, one bitcoin was worth up to $0.08."

https://blog.mogo.ca/what-is-bitcoin/#.YHP7_OhKiM-

Now it's worth $76,214.80 Canadian Dollars according to:

https://www.google.com/search?q=bit...i57j0i271l3.2654j0j4&sourceid=chrome&ie=UTF-8

If that's correct, imagine how rich you'ld be if you had bought only $1000 worth of Bitcoins at 8 cents each in 2010 & held onto them.

They'd be worth what now, about 1 billion dollars?
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What would you do if u had it and the value was worth 1 million....hard not to sell some ?
 
mrbowling300

mrbowling300

EOG Dedicated
a lot of places only allow you to sell about $10,000 US at a time. I don't think you could ever entirely cash out at once.
 
WildBill

WildBill

2
mrbowling300 said:
I keep reading about how people data mined bitcoin back in the day......how the heck was that done?
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The mining part is the real brilliant side of Bitcoin. That's what allows for all the transactions to be processed, basically you get compensated by the system for providing server processing capacity. But these days the compensation is much lower than it was and it will be interesting what happens in the future when the mining process pays almost nothing, but even more transactions are being processed.

In the meantime, the world is full of people trying to find the cheapest places to operate mining servers creating a more efficient market. There are places today where you can make more from mining than it costs to provide server capacity. In the future that might not be the case, but then again in a way renewable energy is close to zero cost once startup costs are recovered. So bitcoin could be driving the move to renewables as some operators could decide mining today provides enough excess profit to invest in a renewable source that will provide energy in the future that could be viable while a startup mining server using grid electricity is not.

Hard to say if bitcoin creators saw all this coming, but the whole concept is dependent upon continued efficiency being found in energy delivery and computer processing power.
 
M

MrTop

EOG Master
if it gets approved there is software coming out to knock down the transaction costs. Right now visa works better to allow more transfers at one time. Russia is already in the artic using solar to mine
 
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WildBill

WildBill

2
The artic makes total sense to do the mining to keep the servers from needing expensive ventilation and cooling. I'm sure it leads to some sort of ambient warming though that can't be good for maintaining the environment. Like the Russians ever cared.
 
M

MrTop

EOG Master
But crypto fans argue Bitcoin’s energy use is immaterial when placed within a larger context. Many say, for instance, that its carbon footprint is pretty negligible, compared with that of cars, power plants and factories
 
raycabino

raycabino

Long Live Wilson!
Where in the fuck is that idiot everlast that was telling everyone it was a hoax and we were idiots for buying at 300 etc?
 
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