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JamesIG

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A very interesting article passed my way and maybe interesting for other Community members. Really helps explain the actual hashing process and puts a few things into context. 

 

https://gizmodo.com/mining-bitcoin-with-pencil-and-paper-1640353309

 

Also an absurd but hilarious sign off... 

 

"A Reddit reader asked about my energy consumption. There's not much physical exertion, so assuming a resting metabolic rate of 1500kcal/day, manual hashing works out to almost 10 megajoules/hash. A typical energy consumption for mining hardware is 1000 megahashes/joule. So I'm less energy efficient by a factor of 10^16, or 10 quadrillion. The next question is the energy cost. A cheap source of food energy is donuts at $0.23 for 200 kcalories. Electricity here is $0.15/kilowatt-hour, which is cheaper by a factor of 6.7 - closer than I expected. Thus my energy cost per hash is about 67 quadrillion times that of mining hardware. It's clear I'm not going to make my fortune off manual mining, and I haven't even included the cost of all the paper and pencils I'll need."

 

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  • 1 month later...

as an FYI with immediate effect the starting margin rate on Bitcoin and Ether for professional clients has been dropped to 20%.

Margins for retail clients remain at 35%, and all other cryptocurrencies remain unaffected.

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  • 3 weeks later...

What!  yes, that was the reaction on twitter too. But it turned out to be just a promotion for 50 years of the big mac. It was in the 80's that the Economist started the big mac index, be interesting to review the first one and check which countries weren't on it compared to today.

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I may have to change my thoughts on crypto, If Paul Krugman thinks they're a terrible idea then perhaps I should be loading up on them after all. The problem remains which one, I still think that there will be one eventual winner and that 'the one' may not even be here yet.

https://www.fxstreet.com/cryptocurrencies/news/ethereum-price-analysis-eth-usd-eys-critical-440-as-paul-krugman-lambasts-crypto-201808010525?utm_source=twitter&utm_medium=post&utm_campaign=socialmedia&utm_content=generic-news

 

cry1.PNG

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interesting @Caseynotes. I actually wrote something similar to this which was posted on IG.com regarding ether and the network effect of metcalfe's  law. That looks at the network effect rather than the actual transactional network effect, but the principles are the same. 

Are these the new EPS / EBITDA's of the crypto world? 

https://www.ig.com/uk/forex-news/using-metcalfe_s-law-to-value-cryptocurrencies-180410 

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  • 3 months later...
Guest Bluepowder

Why can't i get a simple answer to what a Bitcoin is?   It's so frustrating - all I seem to get is a history on who invnted it, blockchain, wallets and the like - what IS a bitcoin??

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