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  1. #11
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    Update:

    Elon's tweet has changed the crypto market. BTC is now on a different path. It had a chance to stay in one lane and continue to be thought of as the king of digital store of value. However, the BTC maximalists pushed for BTC to be everything and subsume everything. A big overreach. BTC was a powerful force. Now it will take force for it to remain powerful. This usually ends in failure.

    The initial reaction from BTC believers was as wrong. Those that complained about buying cars with BTC missed the point. Those that disparaged Elon missed the point. In fact, I researched popular Youtube/Twitter BTC influencers. What I found was complete admiration and joy and compliments when Elon announced Tesla was buying BTC. Now those same people are discrediting Elon a few months later. Total cons, fakes... Now they will fight to prove BTC doesn't use too much energy. The problem for them is: BTC uses too much energy.

    BTC uses too much energy. Simple as that. I haven't heard a valid argument from the proclaimed BTC champions yet. "Wolf of All Streets" is an example of someone who can provide detailed information about why it doesn't, but never sees the simple answer. (@APompliano also)


    Wolf of All Streets, Scott, tweeted: "Shut up about Bitcoin's environmental impact" and provided a link to a multipage report. This was before Elon's tweet by the way. Scott cites how other things like air conditioning, US military, and clothes dryers use more energy than BTC. True or not, it doesn't matter. That is not what I, and many others are saying.


    The other tactic from Scott, APompliano, Michael Saylor and whoever is to argue about using sustainable and renewable energy. They will cite all kinds of data. In addition, they also argue about how much energy is wasted around the world already. I'm guessing they researched and prepared for hours so their debates would overwhelm their opponents. All of them still do not change the fact that BTC uses too much energy.


    If BTC was our only option for crypto currency, then their arguments make sense. We could then compare the benefits of BTC to the costs of its energy use. BTC is no longer our only option. In fact we have options that are faster, cheaper and use way less energy. That is the point. BTC uses too much energy. Not only does it use too much energy, I'd even argue BTC is no longer needed.


    Scott's report tells me BTC doesn't use too much energy because look at my clothes dryer? To Scott and anyone else: If I had an option to buy a clothes dryer that was faster, cheaper and used way less energy I would. So would everyone. So would Scott. What I wouldn't say is, "Shut up about my clothes dryer. Do you know that making sneakers uses more energy than my clothes dryer?"


    The point isn't that we can't power BTC using various energy sources. Or that BTC uses less energy than "X." Even though people will continue to argue this point. The answer is BTC uses too much energy because we have Hedera and others. To put it another way, BTC is outclassed on every metric by Hedera and others.

    For example, Energy consumption per transaction in kWh:
    1. Hedera = 0.001
    2. Visa = 0.003
    3. Ethereum = 55
    4. BTC = 250
    Hedera is 250,000 times better than BTC at energy per transaction. (Source: Power Transition)

    Be careful of who you choose to learn from. Most influencers are not as intelligent as they believe. I'm convinced that some of them do not read and research the crypto projects for themselves. If they did, I wouldn't catch them in so many repeating mistruths/lies. Also, it's easy to look smart when everything is going up.

    Lastly, I'm here stating my opinion on BTC losing its dominance on the crypto market and I could be wrong. It's my opinion that BTC should have stayed in one lane. It's my opinion BTC is in trouble long term. Metrics are measurable and are not opinion. Good luck.








  2. #12
    Join Date
    Mar 2009
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    Texas
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    Everyone who had bet against BTC so far has lost, hugely. You’re not wrong about the energy consumption; there’s no clear direction for crypto right now with all the options. Proof of work vs proof of stake, ERC20/Ethereum vs others... Many different directions for the market to go.

    I need to read more about Hedera, after some brief research I bought a few hundred bucks worth when you first posted. I’ve read that it’s everything Cardano wishes it could be, but Cardano/ADA is getting all the attention right now.

    Edit: I’m also not a fan of the centralized nature of HBAR. Again, not an expert on it but only Governing Council members can run a node? So no decentralized blockchain network? Seems contradictory to the entire point of decentralized finance.
    Last edited by Captain Ron; 05-16-2021 at 11:23 AM.

  3. #13
    Join Date
    Aug 2010
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    384
    Quote Originally Posted by Captain Ron View Post
    Edit: I’m also not a fan of the centralized nature of HBAR. Again, not an expert on it but only Governing Council members can run a node? So no decentralized blockchain network? Seems contradictory to the entire point of decentralized finance.
    This is what killed EOS, ~2 years ago, but it's coming back $ wise without addressing it that I'm aware:
    https://coinmarketcap.com/currencies/eos/

    https://multicoin.capital/2018/04/25...artists-steal/

    Just having a good EVM competitor & faster transactions does not make this a ETH/ADA killer. Kyle's got some great analogues in the above.
    GFT.

    Try to replace hardware with technique. Technique is free, lightweight, and cannot be lost.
    RGF- Greg Nichols-Milton, WI

  4. #14
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    Edit: I’m also not a fan of the centralized nature of HBAR. Again, not an expert on it but only Governing Council members can run a node? So no decentralized blockchain network? Seems contradictory to the entire point of decentralized finance.
    Hedera will have 39 members for its Governing Council. And then it will have permission nodes followed by permissionless nodes. Which means anyone with a basic computer and decent internet connection will be able to run a node. However, decentralization is a 2 layer concept when referring to blockchain/DLTs.

    Layer 1 = governing body who will maintain and guide the features of the network
    Layer 2 = Node operators - quantity / location / and quantity in those locations

    Remember, every single blockchain/DLT has someone or some limited group controlling the direction of the network. It's the quality of people that will determine how successful the network will become. Layer 2 is where the network needs to really be decentralized. This is what will help prevent bad actors from disrupting the network. Clusters of nodes in one general location is not decentralized. It is not just a matter of how many nodes, but how well spaced. Each investor should find the answers about their network from the leaders of their network. If they can't find exact answers for comparison, why is that? Why is it not easy to find important answers?

    For instance:
    1. Through provable math theorems - Does your network ever reach 100% finality. (Not 99.9999, but 100%)
    2. At your highest TPS what compromises are given to security/consensus/fairness?
    3. Provide the names of those who are responsible for maintaining and directing your network (provide minutes from the meetings)

    I'll bet the answers will remain unanswered by almost all crypto investors. Youtube, in general, continues to spread misinformation on this topic. I will repeat, every single blockchain/DLT trying to gain market share has someone/group governing its decisions. It's the quality of the governing body that is important. Another mistruth that is constantly spread is you need a 51% attack to hurt the network. Incorrect. Technically 33% plus one is all a bad actor/s needs to attack a network and cause problems.

    Decentralized/centralized is not about anyone can run a node. BTC has a high concentration of nodes in one area inside China. When they lost power the whole BTC network suffered. But everyone says BTC is a decentralized blockchain. China has a firewall around its internet. If they control the on/off switch on all BTC nodes inside their country, how decentralized is it? BTC has concentrated nodes where power is cheap and temperatures are low. Again, is this decentralized?

    Hedera's plan is to have 39 General Council members from varying industry verticals and spaced geographically and term limits. Right now they have a node on 6 continents. Their plan is to proceed in a manner as to protect the network. Their plan keeps them decentralized over industry, geography and time. Implementing in a manner that protects its network.

    Everyone who had bet against BTC so far has lost, hugely. You’re not wrong about the energy consumption; there’s no clear direction for crypto right now with all the options. Proof of work vs proof of stake, ERC20/Ethereum vs others... Many different directions for the market to go.
    I agree. I don't recommend betting against BTC. I'm just staying away from it and observing.



    Last edited by jbanker; 05-16-2021 at 01:16 PM.

  5. #15
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    Oct 2010
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    Columbia, MO
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    Sorry to bring this up again. I intended on only posting once a month or so.

    Another intelligent and successful investor team are making the same incorrect arguments. ARK lead by Cathie Wood. They have been extremely successful, so this is interesting.

    On Wednesday, roughly three months after its $1.5 billion investment in bitcoin, CEO Elon Musk announced on Twitter that Tesla will not accept bitcoin for the purchase of its vehicles any longer, citing concerns about Bitcoin mining’s reliance on fossil fuels. That said, Tesla is not selling any of the bitcoin on its balance sheet.
    Tesla’s decision seems to have been triggered by private equity firm Greenidge’s plans to revive a coal power plant to mine bitcoin. Elon Musk referenced the announcement in a tweet. Subsequently, Greenidge clarified not only that its plant is powered by natural gas and feeds the grid but also that it bought carbon credits to offset the emissions.
    In our view, the concerns around Bitcoin’s energy consumption are misguided. Contrary to consensus thinking, we believe the impact of bitcoin mining could become a net positive to the environment. With real-world data, we demonstrate how mining could impact the amount of renewable energy provisioned to the grid by transforming intermittent power resources into baseload generation by way of energy storage. We illustrate that renewables would be able to satisfy only 40% of the grid’s needs in the absence of Bitcoin mining but 99% with the commercial “subsidies” associated with Bitcoin mining.
    I'm fascinated to see if they can force BTC adoption. I think it's a losing battle. All of these facts and figures are interesting. BTC still uses too much energy.

    Why don't we use the original incandescent light bulb anymore?
    https://www.energy.gov/articles/history-light-bulb

    These early bulbs had extremely short lifespans, were too expensive to produce or used too much energy.
    Lifespan doesn't really apply, but the other two metrics do. BTC transactions are expensive and use too much energy. The battle for entrenched BTC investors to win/lose the energy argument will take time. I don't expect this to resolve soon.

  6. #16
    Join Date
    Mar 2009
    Location
    Texas
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    BTC’s place will never be everyday transactions. If it maintains its position it will be as a more stable store of wealth. Even Ethereum can’t keep up with everyday use once adoption becomes more prevalent, so some coin or group of coins will eventually take the lead for everyday use. There’s nothing keeping BTC and Ethereum from being the crypto’s version of a stablecoin eventually, though. Not technically a stablecoin but more of a stable “currency” in the pure crypto world.

    On a side note I opened a new wallet and transferred Hedera as somewhat of an experiment. It was there and confirmed before I even switched wallets back to check. That’s a few seconds vs. minutes with Ethereum and potentially an hour or more with BTC.

  7. #17
    Join Date
    Oct 2010
    Location
    Columbia, MO
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    Here I go again. I didn't want to post, but todays action was special.

    Notes:
    People need to understand what they buy. Know your company, leadership and path forward. Hedera is second to none in technology. IMO, second to none in leadership team. And their path forward is incredible. For anyone who has been waiting to buy or buy more, this is an opportunity. (around .20-.21 right now)

    A crypto wash out was always going to come and is necessary to clean out the garbage.

    This may be one of many wash outs or it may just be getting started.

    Every wash out puts the weaker crypto at risk of dying out. (There are many "walking dead" crypto companies right now)

    Listen to the Hedera Town Hall (May 2021)

  8. #18
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    Oct 2010
    Location
    Columbia, MO
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    FYI, buying Chainlink (LINK).

  9. #19
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    Oct 2010
    Location
    Columbia, MO
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    RealVision interview with Mance Harmon (May 2021):
    https://www.realvision.com/shows/the...urity-at-scale


    A good primer for those new/need further understanding of Hedera. It encompasses the beginning to current day. About 1 hour in length.

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