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  1. #141
    Quote Originally Posted by PackMan97 View Post
    The biggest issue I see right now with cryptocurrencies and maybe blockchain is the power needs of mining and transactions. They simply aren't sustainable. I believe the current estimated transaction cost is something like 400 kwH of energy to calculate. That's enough to energy to power 14 homes for a day. As bitcoin is used more, that cost can only increase. I just don't see how it can survive under it's own weight.

    I don't know if this is an issue to bitcoin, cryptocurrencies, or blockchain in general but it's definitely a problem.
    I think that issue is a cryptocurrency issue...blockchain itself does not inherently have those problems (that I can see). Blockchain is used, as an example, in Google docs and other applications where changes are automatically saved.

    And you may certainly be right about the sustainability issue. I quickly checked, and it's at 3420 USD now...down from double that just a couple months ago, and down from the high of 20 thousand. It could be eroding itself right out of relevance.

  2. #142
    Join Date
    Sep 2007
    Location
    Undisclosed
    Bttt

  3. #143
    Since I'm trying to get a crypto thread going, I elected not to include this in the NIL threads. I haven't seen this story posted elsewhere yet. The Kentucky men's basketball team has gotten an NIL deal with a U.S. regulated crypto exchange. I feel like I'm starting to see crypto sponsorships somewhat regularly. UFC is sponsored by crypto, when I watch NFL games there are crypto commercials, and the last time I saw Floyd Mayweather in the ring he was sponsoring some Ethereum knock off I believe. Just some observations.

    https://www.aseaofblue.com/2021/11/3...rency-exchange

    "FTX.US is a cryptocurrency exchange that is US-regulated. The team will join the companies FTX Champions program. Alongside that, FTX already has partnered with some of the biggest names in sports to be ambassadors for their brand, including Tom Brady, Steph Curry, Trevor Lawrence, and David Ortiz among others.

    Through this deal, each player will have an FTX debit card, which is where they will be paid individually each month. The players also the option to create non-fungible tokens or NFTs on the FTX marketplace, which they will then receive most of the revenue from the sale of their NFTs."

    If I were a player, I would love the idea of creating my own trading cards and other NFT's. I'm not sure how it will actually play out though and I don't know the specifics. Seems kind of cool to me.

  4. #144
    Join Date
    Feb 2008
    Location
    New Bern, NC unless it's a home football game then I'm grilling on Devil's Alley
    Quote Originally Posted by HereBeforeCoachK View Post
    And you may certainly be right about the sustainability issue. I quickly checked, and it's at 3420 USD now...down from double that just a couple months ago, and down from the high of 20 thousand. It could be eroding itself right out of relevance.
    So much for that.

    Today's value = $66,215.30
    Q "Why do you like Duke, you didn't even go there." A "Because my art school didn't have a basketball team."

  5. #145
    Join Date
    Sep 2007
    Location
    Undisclosed
    Thanks to the Mod for the name change!

  6. #146
    Potential stupid question - for NIL/nft deals paid in crypto I assume that counts as "income" from the IRS perspective and it's supposed to be declared? Or is the money not connected to anyone really (and what's the correct "exchange rate" to USD?) I would assume the IRS wants to get its share but has probably not figured out all the mechanics yet perhaps and thus is a bit more wary of it.

  7. #147
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by Bluedog View Post
    Potential stupid question - for NIL/nft deals paid in crypto I assume that counts as "income" from the IRS perspective and it's supposed to be declared? Or is the money not connected to anyone really (and what's the correct "exchange rate" to USD?) I would assume the IRS wants to get its share but has probably not figured out all the mechanics yet perhaps and thus is a bit more wary of it.
    As I understand it, Bitcoin is considered a digital “property” asset by the IRS, so it should be declared. There is no tax when they receive it, but there is a capital gains tax applied when they transfer to another individual or to an exchange to sell their Bitcoin. The “exchange rate” is at whatever the price of Bitcoin is at the time of sale.

    In today’s news, Bitcoin’s market cap, (1.275 trillion),is now larger than ,Tesla, Meta(Facebook), and Berkshire Hathaway.
    Bitcoin will very soon overtake Silver and is not far off from overtaking Amazon.

    Thanks to whoever for opening up a crypto thread, I was feeling a little guilty posting a lot of crypto info in the investment thread.

  8. #148
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by PackMan97 View Post
    The biggest issue I see right now with cryptocurrencies and maybe blockchain is the power needs of mining and transactions. They simply aren't sustainable. I believe the current estimated transaction cost is something like 400 kwH of energy to calculate. That's enough to energy to power 14 homes for a day. As bitcoin is used more, that cost can only increase. I just don't see how it can survive under it's own weight.

    I don't know if this is an issue to bitcoin, cryptocurrencies, or blockchain in general but it's definitely a problem.

    Here is a good video which is well worth watching to get a better understanding of Bitcoin’s environmental impact. It was made last May before Bitcoin miners were kicked out of China, where a lot of mining was done with damaging coal powered energy.

    Many of those miners relocated to Texas, where they have captured previously wasted natural gas flares in the oil fields and used to mine Bitcoin.

    El Salvador is now using renewable volcanic energy to mine Bitcoin, and Miami and the State of Florida are currently looking into using excess Nuclear energy for mining.

    Bitcoin is incentivized to seek out cheap, renewable energy. Sustainable energy use is growing every day, and mining equipment is getting more energy efficient all the time.

    The high energy use is what is necessary to secure the network. A small price to pay for a worldwide, fair and deflationary monetary asset.


  9. #149

    CEO Tim Cook owns BTC and ETH (Apple Does Not)

    https://www.cnbc.com/2021/11/09/appl...ocurrency.html

    Tim Cook, Fuqua alumnus, owns BTC and ETH. I don't think this is new news, but I find it interesting. He also mentioned there are no plans for Apple to own crypto anytime soon. However, it makes me optimistic the CEO personally owns crypto and the article mentions that Apple is looking at cryptocurrency technology. Additionally, back in May Apple posted a job opening for a “Business Development Manager - Alternative Payments” to join the teams responsible for payments (Apple pay and Wallet app). The listing is no longer up, but the article states some of the qualifications that were listed: "5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc.”

    https://www.forbes.com/sites/barryco...h=5a6f6f2a23b5

    Even if Apple never ends up owning crypto, I'd love the idea of Apple some day accepting crypto. Maybe I'm just an optimist, but it seems like they are open to the idea. There are already crypto wallets on the app store. One can hope!

  10. #150
    Join Date
    Mar 2007
    Location
    Boca Grande Florida

  11. #151
    Well yesterday was fun lol!

  12. #152
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by thedukeman View Post
    Well yesterday was fun lol!
    Teachable moment: don’t use leverage. Too many trying to get rich quick and got spanked for their exuberance.

    Zoom out. Bitcoin still up well over 100% in 12 months. Invest, don’t trade. That’s how I accept the volatility.

    Eth beginning to look more like the 500# gorilla in the room. Fingers crossed the Eth 2.0 conversion goes smoothly in 2022. High ceiling if all goes well. Bought more on this dip.

    Just last week, Canada approved a spot market Bitcoin ETF. El Salvador announced a billion dollar Bitcoin bond to build a new city….Australian Banks approved to custody Bitcoin to make collateral loans. India to regulate crypto currencies, not ban them.

    Lots of positives for the future. Steady as she goes.

  13. #153

    Former Google CEO Eric Schmidt Joins Chainlink

    https://www.coindesk.com/business/20...tegic-advisor/

    Schmidt was CEO of Google from 2001-2011.

  14. #154
    Join Date
    Jan 2010
    Location
    Outside Philly
    Quote Originally Posted by thedukeman View Post
    https://www.coindesk.com/business/20...tegic-advisor/

    Schmidt was CEO of Google from 2001-2011.
    Well, ain’t that some Schmidt.

  15. #155
    Join Date
    Feb 2007
    Location
    Washington, DC area
    The Register disses crypto.

    Instead, it is at the heart of a $20bn a year world-wide extortion racket. Ransomware, that insanely profitable mega-heist, uses many techniques and is constantly developing, but it is utterly reliant on cryptocurrency to be worthwhile...

    Freed of the need for financial edifices such as banks, regulators and financial rulebooks, cybercurrency would have an inevitable Darwinian advantage. But baby, Bitcoin don't scale. With insane market swings, glacial transaction speeds and the miners' gluttonous appetite for energy, this stuff is an environmental and practical disaster.

    Sweden wants to ban it for its power consumption, not because it creates so much carbon dioxide but because it sucks so hard at the teat of renewable energy there's not enough for everyone else...

    If you want a mildly entertaining few minutes, go and search for "successful blockchain projects." You'll find lots of lists of the top 13, or 30, or 56, "most disruptive" or "most promising" or "must-watch" projects, some with big names attached. Most profitable? Most effective? Most indispensable? You must be joking.

    Try running a search for "top crypto scams", though, and you'll find a much healthier market. By some estimates, the total amount of cash abstracted from marks worldwide dwarfs the ransomware haul by a factor of five to one. Even if you discount the headline figures of $100bn because crypto hype is the hypiest hype, the ratio of harm to good is off the scale.
    -jk

  16. #156
    Join Date
    Mar 2007
    Location
    Boca Grande Florida

    “Freed of the need for financial edifices such as banks, regulators and financial rulebooks, cybercurrency would have an inevitable Darwinian advantage. But baby, Bitcoin don't scale. With insane market swings, glacial transaction speeds and the miners' gluttonous appetite for energy, this stuff is an environmental and practical disaster
    .”

    This quote from that Register article shows just how uninformed the writer is. I’ll link several challenging articles.

    Here’s a must read to understand Bitcoin energy use.

    Jack Dorsey, former Twitter and Square CEO, has resigned to focus solely on Bitcoin and the layer 2 Lightning network, which is answering the scalability issues of the Bitcoin main blockchain.

    Here’s a new short video he just put out that is a little goofy but certainly not as creepy as Zuckerberg’s Metaverse video.

  17. #157
    Join Date
    Nov 2020
    Location
    Western NC
    Quote Originally Posted by Wheat/"/"/" View Post
    Teachable moment: don’t use leverage. Too many trying to get rich quick and got spanked for their exuberance.
    And I thought this lesson was thoroughly learned in 1929. I guess the more things change, the more they stay the same.

    Once again, best of luck to all you cybercurrency warriors, I fear you may need it.

    Section 15

    (Aside: I wasn't going to make any more comments about bitcoin, but this one forced me out of retirement. )

  18. #158
    Join Date
    Mar 2007
    Location
    Boca Grande Florida
    Quote Originally Posted by Section 15 View Post
    And I thought this lesson was thoroughly learned in 1929. I guess the more things change, the more they stay the same.

    Once again, best of luck to all you cybercurrency warriors, I fear you may need it.

    Section 15

    (Aside: I wasn't going to make any more comments about bitcoin, but this one forced me out of retirement. )
    It’s all risky enough for me, without using leverage, that’s for sure.

  19. #159
    I love blockchain technology. I dream of the day I can figure out some way to get involved in the industry other than simply owning coins. I'm taking Duke courses in cryptocurrency and fintech next year and hope it can give me some guidance to get my foot in the door. I follow Jimmie Lenz, Duke's director of fintech and engineering pretty closely on twitter.

  20. #160

    General News

    Whatsapp deploys crypto payments

    WhatsApp is a popular messaging app owned by Meta (previously known as Facebook). It has recently launched a new pilot program in the United States to test a crypto payment feature in the application.

    Kickstarter will move to blockchain

    According to a new announcement by the crowdfunding platform, it will soon integrate its main service with blockchain technology. Kickstarter plans to create a “decentralized version of [its] core functionality” that will “live on a public blockchain.” According to the company, blockchain will open up new ways for rewarding participation, and it will allow the mixing of different software components and protocols.

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