Post APRjppuhvTGRNt963c by WhirledPeas@social.quodverum.com
 (DIR) More posts by WhirledPeas@social.quodverum.com
 (DIR) Post #APRftI3fLHR1j0jA0W by Debradelai@social.quodverum.com
       2022-11-10T01:31:53Z
       
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       @WhirledPeas Well, well, well...
       
 (DIR) Post #APRh8XGhAoOhCEeghE by darulharb@social.quodverum.com
       2022-11-10T01:45:51Z
       
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       @WhirledPeas The "difficulty" is not a constant, and changes depending upon the number of nodes. Fewer nodes, lower price, the "difficulty" gets easier. The mining reward is designed to decrease over time, at regular, somewhat predictable intervals as a disinflationary measure.
       
 (DIR) Post #APRhaiwFNSfhV0X2VU by darulharb@social.quodverum.com
       2022-11-10T01:50:56Z
       
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       @WhirledPeas The "difficulty" is not a constant, and changes depending upon the number of nodes. Fewer nodes, lower price, the "difficulty" gets easier. The mining reward is designed to decrease over time, at regular, somewhat predictable intervals as a disinflationary measure.  The next "halving" of the mining reward for $BTC is predicted to occur in April 2024.
       
 (DIR) Post #APRjo3sn1CN085P0nQ by WhirledPeas@social.quodverum.com
       2022-11-10T02:15:46Z
       
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       @darulharb Right, if course - but I intended to discuss this from the utility/commodity perspective.The utility as a medium of exchanging value decreases with a slowing network, and the network slows as miners exit the market due to increasing costs of electricity plus decreasing rewards (halving)Are the costs of "mining" a Bitcoin around $24,000 right now (asking in my ignorance) - compare that to the value of a Bitcoin. Extrapolate fewer miners as costs continue to rise.
       
 (DIR) Post #APRjppuhvTGRNt963c by WhirledPeas@social.quodverum.com
       2022-11-10T02:16:03Z
       
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       @darulharb Right, of course - but I intended to discuss this from the utility/commodity perspective.The utility as a medium of exchanging value decreases with a slowing network, and the network slows as miners exit the market due to increasing costs of electricity plus decreasing rewards (halving)Are the costs of "mining" a Bitcoin around $24,000 right now (asking in my ignorance) - compare that to the value of a Bitcoin. Extrapolate fewer miners as costs continue to rise.
       
 (DIR) Post #APRpfAJQLLuZBn09lA by darulharb@social.quodverum.com
       2022-11-10T03:21:23Z
       
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       @WhirledPeas The most recent estimates I could find say that $BTC mining costs average ~$13,000/coin with costs less than half of that in countries where energy is comparatively cheap, as in the Arabian Gulf.  With the current price >$16K it's still profitable.  The slump in recent days has more to do with the troubles of the FTX exchange than other factors, but the overall decline this year correlates with the recession.
       
 (DIR) Post #APRpptBcMDnZG9SoPw by darulharb@social.quodverum.com
       2022-11-10T03:23:19Z
       
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       @WhirledPeas I can remember when market cap crossed $1 trillion on the upside.
       
 (DIR) Post #APRqAJBjOQ7lh7FmMK by darulharb@social.quodverum.com
       2022-11-10T03:27:01Z
       
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       @WhirledPeas Yeah, I bought the Bitcoin "death spiral" back in December 2018, so I'm still 300% to the positive... but "your basis may vary."
       
 (DIR) Post #APRqgC0lbz3KhcKRFI by darulharb@social.quodverum.com
       2022-11-10T03:32:46Z
       
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       @WhirledPeas The interesting aspect of that is that "BTC dominance" (the % of the total crypto capitalization that's in BTC) is a lot less than it used to be.    I view it as a "standards war," and someday there will emerge a winner (probably not BTC itself, for the technical reasons you referred to).
       
 (DIR) Post #APRrNtvUDH3zM0hUG0 by darulharb@social.quodverum.com
       2022-11-10T03:40:41Z
       
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       @WhirledPeas So here's what happened to "BTC dominance" of the market in the last 5 years...https://www.tradingview.com/symbols/BTC.D/
       
 (DIR) Post #APRsW1ZrkXH5M41cDA by WhirledPeas@social.quodverum.com
       2022-11-10T03:53:21Z
       
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       @darulharb Soooo many prototypes - I am onboard with decentralized crypto currency, but like anything else it's 5000 bluesky moonshots, 500 venomous snakes, 50 Rube Goldberg contraptions, and maybe 5 viable conceptsCentral bank cryptos seem creepy, but then again, we already use serialized paper currency - not that hard to track individual bills from point to point, if TPTB aren't alreadyIn the end, all currencies are just IOU debt chits 😄 gold silver and big stones with holes included
       
 (DIR) Post #APRt3eBVELemeHf6Cu by darulharb@social.quodverum.com
       2022-11-10T03:59:25Z
       
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       @WhirledPeas That guy's direct from Milton Friedman's "Money Mischief" 😀