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treeswarper
Alleged Sockpuppet!



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PostMon Mar 19, 2018 9:43 am 
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I believe Chelan and Okanogan and Douglas Counties now have moratoriums on the mining.  They've been after the illegal hookups and compare it to finding Indoor pot growing operations.

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Freeski
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PostMon Mar 19, 2018 10:38 am 
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boot up wrote:
Freeski wrote:
he whole idea seems to be to make money for the sake of making money without producing anything that benefits a community.

It is a pyramid scheme, plain and simple.

admittedly I don't know much about cryptocurrency but I find the subject interesting.

I post on a music site where we were discussing this topic and at first glance to me it also looks like a pyramid scheme.

I posted this link at that site so I thought I'd post it here also.

It seems one of the Bitcoin Developers is not so keen on bitcoin.

https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7

"From the start, Iíve always said the same thing: Bitcoin is an experiment and like all experiments, it can fail. So donít invest what you canít afford to lose. Iíve said this in interviews, on stage at conferences, and over email. So have other well known developers like Gavin Andresen and Jeff Garzik."

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treeswarper
Alleged Sockpuppet!



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Alleged Sockpuppet!
PostTue Mar 20, 2018 6:27 am 
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Copied from the Wenatchee World facebook page:

The Chelan County PUD on Monday flipped the off-switch for bitcoin mining hopefuls by immediately halting applications for power to new cryptocurrency operations.

Effective Monday, the moratorium on applications will continue through at least May 14, when PUD commissioners will hold a public hearing on Mondayís action. Applications already approved and paid for will continue through the evaluation process.


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Bedivere
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PostWed Mar 21, 2018 1:21 am 
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If this whole thing comes crashing down there'll be a lot of high end computer hardware for sale cheap.

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RandyHiker
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PostWed Mar 21, 2018 7:52 am 
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Quote:
There are also stockpiles of inactive coins that are held around the world, the largest supply of which belongs to the person or group who founded Bitcoin, Satoshi Nakamoto. Perhaps this supply, consisting of roughly one million Bitcoins, is intentionally being saved for a time when the global supply is facing increased levels of demand.

I think this is key to understanding Bitcoin and that IMHO was never intended to be "the currency of the future"
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MtnGoat
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PostWed Mar 21, 2018 11:55 am 
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It's an interesting idea for sure. It takes into account the chief problem with other fiat currencies via the mechanism of it requiring effort and $$ to create the coins, and the limited supply. People arguing there's just nothing there which is real are of course, correct, but the same issue exists with the US dollar, which is now nothing more than promises to pay. And ledgers which can be altered for quantity at will, as we saw most blatantly with reinflating the bubble after the crash in '07 by creating trillions via nothing more than a few keystrokes and the will to create some money out of nothing.

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Diplomacy is the art of saying 'Nice doggie' until you can find a rock. - Will Rogers
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Freeski
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PostThu Mar 29, 2018 6:51 am 
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Bitcoin explained.

https://youtu.be/YHjYt6Jm5j8

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'' what did you dream, it's alright we told we told you what to dream....so welcome to the machine'' David Gilmor (pink floyd)
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joker
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PostThu Mar 29, 2018 1:49 pm 
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My understanding is that  the cost to actually *use* these currencies (you know, for  actually buying or selling something) is such that they are to a very large extent currently used by criminal enterprises of one sort or another. All the rest  of the  current value is explained by speculation.

I'm not ready to just dismiss crypto-currency out of hand - as MtnGoat notes it's not wildly  more fictitious than our own dollar. But I think  there's  no question  that that current  value is  based more on belief and  associated speculation  than  on currently-demonstrated value. If I  were to invest, I'd only do  so with a  small slice of my nest egg, viewing  it as a "black  swan" sort of investment. FWIW I know one very renowned economist who is enough  of a fan as to be on  the board of one of the companies pushing an alternative to  BitCoin.

As for the energy use, I'm not happy to see this even though I do get why they came up with  such  a scheme. And even if they're merely tapping a supply  that's a bit overbuilt for current  local usage patterns, it nonetheless WILL impact overall rates - that's pretty basic economics. But it's not like they're otherwise reducing availability of power to  anyone.

I'm guessing  outlawing  of mining operations will be challenged in courts. I wonder on  what  basis such  laws will  be  defended.
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WalkAbout Wally
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The Kununurra Kid
PostSun Jul 01, 2018 10:26 pm 
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Canada ahead of the Curve...Trying to make Legit?
Anyone dabbled with small amount and created Wallet yet?

Best CoinSquare commercial out there ...
https://youtu.be/3iipb_DvFv4
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MtnGoat
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PostSat Aug 18, 2018 12:37 am 
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Bitcoin mining now consuming the annual energy consumption of Ireland.

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RandyHiker
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PostSat Aug 18, 2018 6:55 am 
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Bitcoin was trading at $20,000 back in December and now at $6,500  -- I suspect that interest in new mining operations may have peaked.
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Schroder
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PostSat Aug 18, 2018 9:05 am 
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Early in the year my desktop graphics card bit the dust and I discovered that a replacement was hard to find. My $300 card was selling in the $1500-2000 range because the miners use fast graphics processors.  I managed to get by with an old one until they became available again and prices dropped.
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Bootpathguy
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PostSat Aug 18, 2018 10:18 am 
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Schroder wrote:
Early in the year my desktop graphics card bit the dust and I discovered that a replacement was hard to find. My $300 card was selling in the $1500-2000 range because the miners use fast graphics processors.  I managed to get by with an old one until they became available again and prices dropped.


"For almost a year, cryptocurrency miners have snapped up all the graphics cards they could get their hands on. That was a financial windfall for Nvidia and AMD, the leading makers of consumer graphics cards. Both reported soaring profits their last two quarters.

But on Thursday, Nvidia reported its financial results for its second fiscal quarter, which ended on July 29. The results were pretty good overall, with strong demands for Nvidia products for AI and data center applications. However, cryptocurrency-related demand has cratered"

https://arstechnica.com/gaming/2018/08/the-blockchain-bonanza-is-over-for-graphics-card-makers/

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RandyHiker
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PostSat Aug 18, 2018 10:31 am 
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The Nvidia GeForce GTX 1070 is one of the top rated GPUs for Bitcoin mining -- pricing on Amazon is currently around $340.

Article on Bloomberg indicating that with Bitcoin pricing dropping below $8000 that "dorm room" miners will no longer be profitable.

https://www.bloomberg.com/news/articles/2018-04-18/bitcoin-miners-facing-a-shakeout-as-profitability-becomes-harder
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JimmyBob
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PostFri Aug 24, 2018 2:57 pm 
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I wish Bitcoin (or any other data mining) was banned.

It does nothing but help pollute the planet.
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