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bitcoins

FXCLM5 said:
yea, some magical algorithm decides when its gonna get harder

then watch one day that magical algorithm just says bye bye all bitcoin belong to meow

and you will just sit there refreshing your digital wallet going :wow
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Two reasons not to worry about that,

One is that the code is open source, so anyone can check what it is actually doing.

Second is, If the creator ever used a backdoor to steal a chunk of bitcoin he would never be able to sell it because as soon as the algorithm was broken BTC becomes worthless. Trust is critical to the value of any currency.

Someone from the outside breaking BTC is something to worry about. At some point computing power may well be able to crack the level of crytpo used and BTC will be worthless when that happens. Or maybe a flaw exists somewhere in the code, and if anyone finds it BTC is dead.
 
Entoptic said:
Did you read the article and understand why it was banned? I’ll give you a hint, it wasn’t because it’s crypto.
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from the article.

Plattsburgh residents have seen skyrocketing electrical bills — as much as $100 to $200 increases — as a result of commercial cryptomining operations that mine for cryptocurrencies like bitcoin, according to Plattsburgh Mayor Colin Read, who spoke with Motherboard. The city is taking action to protect its citizens from those rising electrical bills that the city of Plattsburgh says is caused by cryptomining operations.

It turns out that commercial cryptocurrency mining operations used up so much electricity that the city of Plattsburgh exceeded its allotted monthly budget of electricity. One single cryptocurrency mining operation called Coinmint used up around 10% of the city's allotted power supply alone in January and February, according to Motherboard.

When its electrical budget was exceeded in January, the city had to buy electricity from the open market at a higher cost, which was distributed among its residents.
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They weren't banned for being Crypto miners per se but because the task they were doing caused the city to use up electricity at an unprecedented rate.

I wonder if a company changes it's name to something generic like ABC holdings and uses a ton of electricity how are they going to know it's a mining outfit other than going into the building and seeing if they are running a lot of servers. Even then how do they know they are not just server farm for a company. Seems like it would be hard to prove what someone is doing with the electricity unless the utility company had some tech savy on staff to check it out. Can you force your way on premises as a utility company? Would they be able to get a court order to do it if they have no statutory rights to do it or can they cut you off with just the suspicion that you are a miner?
 
Sharxfan said:
They weren't banned for being Crypto miners per se but because the task they were doing caused the city to use up electricity at an unprecedented rate.

I wonder if a company changes it's name to something generic like ABC holdings and uses a ton of electricity how are they going to know it's a mining outfit other than going into the building and seeing if they are running a lot of servers. Even then how do they know they are not just server farm for a company. Seems like it would be hard to prove what someone is doing with the electricity unless the utility company had some tech savy on staff to check it out. Can you force your way on premises as a utility company? Would they be able to get a court order to do it if they have no statutory rights to do it or can they cut you off with just the suspicion that you are a miner?
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Seems like a very iffy thing they did. Maybe the city manager lost their butts in crypto.

So long as the energy bill is getting paid...

This made the news so watch, it won't be the last. Use energy use as a reason and bobble heads go up and down.
 
Grab your popcorn I think Bitcoin is about to be voted off the island this week unless he can get immunity in the How Many ASICs can you run before your mom's house burns down challenge.
 
Sharxfan said:
They weren't banned for being Crypto miners per se but because the task they were doing caused the city to use up electricity at an unprecedented rate.

I wonder if a company changes it's name to something generic like ABC holdings and uses a ton of electricity how are they going to know it's a mining outfit other than going into the building and seeing if they are running a lot of servers. Even then how do they know they are not just server farm for a company. Seems like it would be hard to prove what someone is doing with the electricity unless the utility company had some tech savy on staff to check it out. Can you force your way on premises as a utility company? Would they be able to get a court order to do it if they have no statutory rights to do it or can they cut you off with just the suspicion that you are a miner?
Click to expand...

or they accuse you of growing marijuana and kick the doors in :dunno
 
I’m out. Got some bills to pay and would rather not touch my regular savings. Been a good little ride, final value up ~3x since September. I’ll be back.
 
Ah here's the thread. Couldn't find it for a while. It does get awfully quiet when crypto takes a shit.

I'm up a bit but not really checking that crazily. I'm holding for at least a year so the taxes won't kill whatever "profit" I may make.
 
I've just been holding what I have. Currently I've got
BTC
ETH
Nuls
Lend

I'm in the positive from when I first got into crypto.
 
I dont have much in but def not in the black.

Bought:

Ripple, Stellar (XLM) and Tron.

Hoping end of summer they look better. I really should put them on my usb nano things and off their web wallets and exchange.

I havent followed it and been focusing in pot stocks and hoping when Canada goes legal in August I start to see returns.
 
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