Bitcoin, Altcoin and Cryptocurrency Thread

Another question. Is it possible to use a P.O. Box as an address when you register at a crypto selling & buying website?
 
Another question. Is it possible to use a P.O. Box as an address when you register at a crypto selling & buying website?
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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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.
 
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Dogecoin-NASA.jpg
 
Remember us when you are rich @Dennisch

Meanwhile, my portfolio hit 200% of its value for the first time yesterday, meaning I could sell half and recoup my initial stake. Not bad considering it was only worth around 10% about a year ago.
 
Remember us when you are rich @Dennisch

Meanwhile, my portfolio hit 200% of its value for the first time yesterday, meaning I could sell half and recoup my initial stake. Not bad considering it was only worth around 10% about a year ago.
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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Remember us when you are rich

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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Doge is making good money! Gonna buy some more on Monday. My dream is to buy a supercar with Doge!
 
Nope. I'll sell them when I get rich of it. 3-4000 Euro is gone before you know it.
 
Nope. I'll sell them when I get rich of it. 3-4000 Euro is gone before you know it.
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:lol:
 
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No clue. My initial investment in this was 10 euro that I used to play poker with, won a bunch and used 100 to buy the Doge.
I don't feel like watching the markets every other hour to make money.
 
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.
 
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 :lol:

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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I bought some Dogecoin and it has instantly dropped 20% in value*, its biggest drop in history. :lol: :ouch:

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 :lol: DOGE is back to -10% since I bought it.
 
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Well, the ETC that I bought 48 hours ago has doubled in value already :eek:

Shame I didn't invest more, but it's still enough to cover a flutter on Dogecoin!
 
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 :lol:

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:
In advance of his “Saturday Night Live” hosting gig, SpaceX and Tesla CEO Elon Musk tweeted, “Throwing out some skit ideas for SNL. What should I do?”

The billionaire tech mogul’s tweet received more than 55,000 replies, many of which asked him to talk about dogecoin, a meme-inspired digital currency. Musk’s tweets earlier this year catapulted the coin, which started out as a joke on social media, to a veritable currency.

Musk ended up mentioning dogecoin twice on “Saturday Night Live”: during his opening monologue and again on “Weekend Update,” where he discussed it with co-hosts Colin Jost and Michael Che.

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.

Given Musk’s power to influence the price of dogecoin, financial commentators have questioned whether it’s appropriate for him to comment on the currency.

Reviewing Musk’s controversial “SNL” gig, Times critic Robert Lloyd wrote, “The jokes hit a goodly number of Muskean topics and old tweets — Mars, cars, ‘The Matrix,’ smoking dope on Joe Rogan’s show, COVID-19 and cryptocurrency — without digging deep on any of them.”


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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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...
 
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...
And then he did this...
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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..
 
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...

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.
 
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.
 
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Interesting article including Musk's current stance, similar to above. This bit jumped out at me.

On the other side of the debate, bitcoin investors have attempted to push back on the narrative that it’s harmful for the environment.

While it’s difficult to determine the energy mix that powers bitcoin, some in the crypto industry say miners are incentivized to use renewables as it’s getting cheaper to produce them. In China, the province of Sichuan is known to attract miners due to its cheap electricity and rich hydropower resources.

Last month, Jack Dorsey’s fintech company, Square, and Cathie Wood’s Ark Invest put out a memo claiming that bitcoin will actually drive renewable energy innovation. However, critics said they had a vested interest in doing so.

Alexander said the debate around bitcoin’s environmental impact was misguided as most transactions with the digital asset aren’t happening on the blockchain.

“Almost all the trading is not done on the blockchain,” she said. “It’s done on secondary markets, centralized exchanges. They’re not even recorded on the blockchain.”

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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