Bitcoin, Altcoin and Cryptocurrency Thread
- Thread starter PocketZeven
- 405 comments
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- 28,432
- Glasgow
- GTP_Mars
I don't actually remember, but in terms of verifying your identity, I would guess not.
You may be able to register on an app or for an account, but unless you verify your identity, you won't (legally) be able to convert any profits into actual cash into your own currency.
In most countries, any profits you make over the tax threshold will need to be declared and taxed. You can probably make money on these exchanges without revealing your identity, but undeclared profits over the tax threshold would be illegal. As such, most major exchanges require real ID to stop them from falling foul of regulatory bodies, and if your address doesn't match with the address tied to your registered bank account, then you will probably have some problems.
You may also want to ask in the other trading thread about ID verification, but I'd imagine the same things will apply... i.e.. it's possible but not advisable.
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- 11,337
- Marin County
Man. I just did some back of the envelope calculations based on some public data. At present, Bitcoin consumes an eye-popping 707kw/h of electricity per transaction. So just imagine a Bugatti Veyron running at maximum load for an hour on a dyno for a single transaction. So lets extrapolate.
According to google, there are 370bn financial transactions per year, so around 1bn transactions per day. If you were to ignore the scaling problems with bitcoin and say that bitcoin was universally adopted...that would equate to 707bn kw/h per day of electricity consumption. The entire world used 23,398bn kw/h of electricity for the entire year of 2018. That equals 64bn kw/h per day. So if Bitcoin was universally adopted, we would have to figure out how to produce ten times more energy, globally, just to meet the demands of financial transactions.
This is not even getting started on the massive environmental toll this would inflict. I honestly think that Bitcoin may be one of mankind's more dangerous inventions, full stop. Can somebody check my math? And this is assuming that each new mined Bitcoin does not require more energy to mine than the last, which I'm not sure is true.
According to google, there are 370bn financial transactions per year, so around 1bn transactions per day. If you were to ignore the scaling problems with bitcoin and say that bitcoin was universally adopted...that would equate to 707bn kw/h per day of electricity consumption. The entire world used 23,398bn kw/h of electricity for the entire year of 2018. That equals 64bn kw/h per day. So if Bitcoin was universally adopted, we would have to figure out how to produce ten times more energy, globally, just to meet the demands of financial transactions.
This is not even getting started on the massive environmental toll this would inflict. I honestly think that Bitcoin may be one of mankind's more dangerous inventions, full stop. Can somebody check my math? And this is assuming that each new mined Bitcoin does not require more energy to mine than the last, which I'm not sure is true.
- 28,432
- Glasgow
- GTP_Mars
- 31,122
- Hilversum
- Dennisch
I'm almost at 2000%
VolkswagenX
(Banned)
- 1,532
- Netherlands
I don't know what you've invested in but if I'ts Dogecoin, then please take some profits. I started taking small bits of profits in the summer of 2020. Paid out 25% of my initial investment in 4 rounds. and took some more profit after that.
Edit: deleted last part because it sounded to much like a brag.. I'm sorry.
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- 31,122
- Hilversum
- Dennisch
If I get to be a Dogecoin millionaire, I'm traveling the world to fill the Pics of yourself thread with pictures of me with other members.
Also. 2500%
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- 9,401
- Western Sydney
- mustafur
VolkswagenX
(Banned)
- 1,532
- Netherlands
I really hope you guys sold near the top..
VolkswagenX
(Banned)
- 1,532
- Netherlands
How far do you expect it to go? It was almost 35 cents (€) yesterday and I'm not sure how long people can meme the price to the moon with almost 15 million new Dogecoins created each day. I don't hold any but I hope for you guys it keeps going. Personally, I would have reinvested the profits into something less of a meme. Something stakeable with %APY or earn 7% interest on some stable coin.
Edit: looks like it's going back up again
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- 405
- A house
- AbsoluteBarstool
- AbsolutBarstool
DOGE really highlights a bit of regret on my part. When I had £1000 aside to invest in January, I really should have planted it on DOGE instead of whittling it away on GME, AMC and TSM. From that I could have easily made it up to £150,000 by now. That said, hindsight is always 20/20, and I have managed to use it to make back pretty much all of my losses now.
Still astonishing to see that it's managed to almost double its value over the past week, whereas Waves has done the same and then some.
Still astonishing to see that it's managed to almost double its value over the past week, whereas Waves has done the same and then some.
- 28,432
- Glasgow
- GTP_Mars
Well, that's all of my questions about eToro answered!
- 28,432
- Glasgow
- GTP_Mars
I nearly bought some Dogecoin today just for a laugh, but I honestly think the rally will not last much longer - I'll definitely buy some if it crashes though
It has made me realise that my savings are wasting away in a 'Savings' account that is currently paying 0.01%... indeed, with bank charges, I'm actually paying them to store my cash, so I'm moving it out. I'm going to leave some of it where it is, but the rest I'm going to put into a stocks and shares ISA, and use the rest to directly invest in shares, with a bit leftover for a long term crypto investment or two.
It has made me realise that my savings are wasting away in a 'Savings' account that is currently paying 0.01%... indeed, with bank charges, I'm actually paying them to store my cash, so I'm moving it out. I'm going to leave some of it where it is, but the rest I'm going to put into a stocks and shares ISA, and use the rest to directly invest in shares, with a bit leftover for a long term crypto investment or two.
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- 28,432
- Glasgow
- GTP_Mars
I bought some Dogecoin and it has instantly dropped 20% in value*, its biggest drop in history. 
Fortunately, my other penny stock, ETC, has gone up by 30%, so I'm still in profit.
* It increased by over 30% yesterday alone though, so it is still worth more than it was worth yesterday morning even in spite of this drop...
edit: ETC is now up 49% in one day DOGE is back to -10% since I bought it.
Fortunately, my other penny stock, ETC, has gone up by 30%, so I'm still in profit.
* It increased by over 30% yesterday alone though, so it is still worth more than it was worth yesterday morning even in spite of this drop...
edit: ETC is now up 49% in one day
DOGE is back to -10% since I bought it.
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- 28,432
- Glasgow
- GTP_Mars
Well, the ETC that I bought 48 hours ago has doubled in value already 
Shame I didn't invest more, but it's still enough to cover a flutter on Dogecoin!
Shame I didn't invest more, but it's still enough to cover a flutter on Dogecoin!
Dotini
(Banned)
- 15,742
- Seattle
- CR80_Shifty
I nearly bought some Dogecoin today just for a laugh, but I honestly think the rally will not last much longer - I'll definitely buy some if it crashes though
It has made me realise that my savings are wasting away in a 'Savings' account that is currently paying 0.01%... indeed, with bank charges, I'm actually paying them to store my cash, so I'm moving it out. I'm going to leave some of it where it is, but the rest I'm going to put into a stocks and shares ISA, and use the rest to directly invest in shares, with a bit leftover for a long term crypto investment or two.
Elon Musk gets into the conversation:
The self-proclaimed “Dogefather” called dogecoin “the future of currency” and “an unstoppable financial vehicle that’s going to take over the world.”
“So it’s a hustle?” retorted Che.
“Yeah, it’s a hustle,” Musk said with a laugh.
As a result, dogecoin‘s stock dropped nearly 30% from $.65 to $.41 a share.
https://www.latimes.com/entertainme...mets-after-elon-musk-calls-it-a-hustle-on-snl
Opinion:
Bitcoin was created as a revolution. Dogecoin was created as a joke. It may be seen that ALL fiat currencies are a joke, like a castle in the air.
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- 28,432
- Glasgow
- GTP_Mars
I wouldn't be surprised if Elon Musk gets into trouble for his 'comments' on Dogecoin, which are already being investigated as tantamount to insider trading.
He goes on live TV and rubbishes Dogecoin on SNL and the price drops by 30%... then, less than 24 hours later, SpaceX - a company Musk owns - announces that they intend to accept payment in Dogecoin, leading to a sudden rise in value again. Go figure...
He goes on live TV and rubbishes Dogecoin on SNL and the price drops by 30%... then, less than 24 hours later, SpaceX - a company Musk owns - announces that they intend to accept payment in Dogecoin, leading to a sudden rise in value again. Go figure...
VolkswagenX
(Banned)
- 1,532
- Netherlands
And then he did this...
Not sure how I feel about this. I think it's stupid but he's not forcing anybody to invest in Dogecoin.. But surely he must know how much influence his tweets have on the price of Dogecoin..
GilesGuthrie
Staff Emeritus
- 11,038
- Edinburgh, UK
- CMDRTheDarkLord
Oh, it's a straight pump & dump.
The man is clearly not well, but a lot of people are making a lot of money out of him. It's like a 19th Century freak show.
I'm invested in crypto, in BTC, ETH and Ravencoin. Even though I'm in the two biggest, I'm still regarding it as financially-equivalent to gambling. Anyone investing in the smaller coins really needs to follow that mantra, IMO. People investing in Doge because Elon says it's great are really just putting their money into the cult of his personality. If/when Doge crashes to the ground, those individuals will lose real money and he won't care.
CodeRedR51
Premium
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And then...
It really would be interesting to see Musk's, and his friend's and family's Crypto trades in the 12 hours before he personally makes a public statement.
edit: On the one had, saying that Tesla aren't going to dump their bitcoin helps protect peoples investments, on the other, it helps maintain the value and therefore the impetus for people to mine it extensively. It is a double edged sword, I get that, but at the same time, Musk doesn't need to tweet about bitcoin at all.
It really would be interesting to see Musk's, and his friend's and family's Crypto trades in the 12 hours before he personally makes a public statement.
edit: On the one had, saying that Tesla aren't going to dump their bitcoin helps protect peoples investments, on the other, it helps maintain the value and therefore the impetus for people to mine it extensively. It is a double edged sword, I get that, but at the same time, Musk doesn't need to tweet about bitcoin at all.
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- 11,337
- Marin County
Interesting article including Musk's current stance, similar to above. This bit jumped out at me.
Emphasis added by me.
I could be wrong about my read on this, so please take that into consideration....but
If it's true that "almost none" of the trading is done on the blockchain, doesn't that mean that Bitcoin is not really functioning as intended? My reading is that bitcoins are very slowly being mined and then traded around like baseball cards, but Bitcoin is actually not really doing anything. If it's not tangible and it's not really even doing anything theoretically, how on earth can it have value?
Also the argument that crypto mining uses or even could use renewable energy is kind of disingenuous in my opinion. The fact that it's competing with legitimately useful/productive energy demands on such a large scale is a huge problem, whether or not that energy is produced sustainably or not. Bringing more power plants online to solely serve monetary transactions is so ludicrous it's hard to put to words. It's double-venti bad if that energy is produced with coal, but it's still a monumental waste if it's produced with wind turbines.
I've grown to despise these cryptocurrencies, and the fanatical greed tied to them - you cannot both invest in bitcoin and be even remotely concerned about the environment in good faith. I understand that some of them are less power hogs than others...but at the end of the day it's a wantonly wasteful way to enable arms dealers and pedofiles to move money around with impunity.
Emphasis added by me.
I could be wrong about my read on this, so please take that into consideration....but
If it's true that "almost none" of the trading is done on the blockchain, doesn't that mean that Bitcoin is not really functioning as intended? My reading is that bitcoins are very slowly being mined and then traded around like baseball cards, but Bitcoin is actually not really doing anything. If it's not tangible and it's not really even doing anything theoretically, how on earth can it have value?
Also the argument that crypto mining uses or even could use renewable energy is kind of disingenuous in my opinion. The fact that it's competing with legitimately useful/productive energy demands on such a large scale is a huge problem, whether or not that energy is produced sustainably or not. Bringing more power plants online to solely serve monetary transactions is so ludicrous it's hard to put to words. It's double-venti bad if that energy is produced with coal, but it's still a monumental waste if it's produced with wind turbines.
I've grown to despise these cryptocurrencies, and the fanatical greed tied to them - you cannot both invest in bitcoin and be even remotely concerned about the environment in good faith. I understand that some of them are less power hogs than others...but at the end of the day it's a wantonly wasteful way to enable arms dealers and pedofiles to move money around with impunity.
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CodeRedR51
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