Bit Coins

[JeffH]

English police hunting cannabis farm instead uncover Bitcoin mine

[Basilstate]

Am I alone in thinking that these are just another Ponzi Pyramid scam developed by some shady  Yank to fleece the stupid and greedy .

Yes. This is the future of currency. If not BitCoins, then a similar alternative. Cryptocurrencies are not scams. Do some research bro.

Fulvio was correct,at least at this stage,he would have made a Motza with his BitCoins if he didn't sell too early.
I can't help but feel this whole Crypto Currency thing will collapse down the track when Govts. decide enough is enough,it may take a Global Pandemic,War or other disaster to get the ball rolling but i feel it will happen.

As an aside,Trout was lurking here a couple of weeks ago,so it seems he is Ok health wise,i sent him a PM but no reply.

[Unicorn]

Yes Basil, I agree with your perspective on the cryptos. I see China banned the use of them a week or so ago.

[nealeffendi]

Bitcoins have far too many problems to be used as an everyday medium of exchange (speed, transaction fees). They also have no intrinsic value and no government backing them. So their only "value" is for what? Speculation (ponzi, tulips, greater fool), paying off ransomware hackers, black market purchases and getting past border controls. Only takes a few countries to make it illegal for banks to handle it and then how will you be able to cash them in without the risk of prison time?
Plus they are very much not politically correct. The huge amount of electricity that goes into mining them and the resources that are mined to make the bitcoin mining hardware  (including the rare earths mined by slave and child labour in China and turd world countries) makes them an easy target for the cancel culture to both reject them and demand governments ban them.
There are reports that the number of computer chips used in the mining hardware has contributed to the global chip shortage.

[gweidion]

The point is it doesn't matter if countries ban them as long as the population can access them and they are accepted they will have value just like fiat currency. BUT and this is the big BUT

https://www.visualcapitalist.com/visualizing-the-power-consumption-of-bitcoin-mining/

How long can this occur before they are unsustainable and collapse entirely?

[Basilstate]

Interesting to see if the status quo continues without regulation.

https://www.msn.com/en-au/money/other/bitcoin-could-trigger-financial-meltdown-warns-bank-of-england-deputy/ar-AAPtCuG?ocid=msedgntp