Can governments not step in and put an end to the cryptocurrency madness?

Associate
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Heavy fines for anyone caught using a cryptocurrency, that should sort it.

As far as I can tell, this currency based on nothing tangible and only serves to benefit a few while causing misery for millions. It causes massive scarcity in computer equipment, uses up valuable resources when we are supposed to be conserving energy and seems to be the main currency for criminal activities such as drug deals.

Is everyone making millions from this mining stuff? It seems everyone is taking a **** on gold toilets and wiping their arse on fifty pound notes just for leaving their PCs on 24/7. I feel like an idiot for just wanting to use my graphics card for gaming. Like I am Fry in that episode of Futurama when all he wants to do is eat the can of anchovies.

Remember when people left their PCs on 24/7 for medical research, or helping find ET. Those seemed like simpler times and a nicer society.
 
Soldato
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The computing power wasted on mining is ridiculous though, why not use all that processing power for something useful?
 
Soldato
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Can see the environmental impact of mining becoming a factor soon, doesn't mining already account for more electricity use than some small countries?

I have no issue with cryptocurrency in principle and it has proved useful for me many times.
 
Man of Honour
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Heavy fines for anyone caught using a cryptocurrency, that should sort it.

As far as I can tell, this currency based on nothing tangible and only serves to benefit a few while causing misery for millions. It causes massive scarcity in computer equipment, uses up valuable resources when we are supposed to be conserving energy and seems to be the main currency for criminal activities such as drug deals.

Is everyone making millions from this mining stuff? It seems everyone is taking a **** on gold toilets and wiping their arse on fifty pound notes just for leaving their PCs on 24/7. I feel like an idiot for just wanting to use my graphics card for gaming. Like I am Fry in that episode of Futurama when all he wants to do is eat the can of anchovies.

Remember when people left their PCs on 24/7 for medical research, or helping find ET. Those seemed like simpler times and a nicer society.
What do you think "real" currency is based on? Britain left the Gold Standard in 1931. Since then what do you think sterling is based on?

EDIT: In fact take a look at an actual sterling note (e.g. a £5). It is a promissory note rather than actual currency. It states "I promise to pay the bearer on demand". If you went to the Bank of England and asked to cash in that note for actual currency what do you think they would give you in exchange?
 
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What do you think "real" currency is based on? Britain left the Gold Standard in 1931. Since then what do you think sterling is based on?

Tbh gold only has value because we all agree it has value. It's a fairly useless metal.

When this government reaches its logical conclusion tinned goods and can openers will be more valuable than gold. :p
 
Man of Honour
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Tbh gold only has value because we all agree it has value. It's a fairly useless metal.

When this government reaches its logical conclusion tinned goods and can openers will be more valuable than gold. :p
That is true :)
 
Associate
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How much power and carbon footprint does it take? In this day and age it seems pathetic to be using so much power for something that seems pointless.
 
Soldato
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Tbh gold only has value because we all agree it has value. It's a fairly useless metal.

It's only useless because it's so valuable and costs too much to use.
It's a good conductor of electricity, it doesn't corrode, it doesn't react with many other things, it doesn't need much processing (it's mined in raw form, not an ore or something).
If it lost all the value we attach to it, it'd probably have thousands of other uses.
 
Associate
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What do you think "real" currency is based on? Britain left the Gold Standard in 1931. Since then what do you think sterling is based on?

The complete answer to this question would be very complex and I'm not going to pretend I could do it justice, but ultimately Sterling is based upon the economic output of the U.K. and the percieved ability of the U.K. to pay it's debts. I can see no such support for Bitcoin and to me at least, it gives every appearance of being a bubble. A lot of people are going to make a lot of money off it in the coming months but a lot more are going to burned (In my opinion)
 
Caporegime
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Certainly wasn't useless for crinkleshoes :p has he left the forum or changed name?

Also, some didn't HODL!

hodl-2.jpg
 
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Caporegime
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Agree with some of it. Not knowledgeable enough to argue a reasonable case sadly.
It's just a commodity now.
If someone can link me to to a reason why we should all switch to it how its really beneficial, other than us young tech freaks pray that it increases in value in a get rich scheme way?
Really why? Globalization? Waste electric?

There are so many farms here making use of cheap hydroelectric and subzero free cooling...

Honestly why reaally? :p
 
Soldato
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Don't agree with OP but it would of been better if the equations done for bitcoin were actually something meaningful like protein folding so some good was also being done at the same time.
 
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