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New Mind video- Bitcoin mining, global co2 emissions??
- Thread starter Janderso
- Start date
- Joined
- Jan 25, 2015
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- 2,558
Gold is actually a fairly rare element, which drives a lot of it's value. for example:
That's not a lot of gold compared to how many other minerals we have extracted from the earth. Platinum is even rarer.
now, out of that limited supply of gold, 49% is used up in jewelry and then investors are the next biggest demand, both together making up 85% of the usage of gold in today's world.
A lot of the "perceived" value in the mineral is about it's scarcity, with the rest being mostly about the near cultish following that society has somehow bestowed upon it.
I just see a whole lot of foolishness around a stupid yellow rock.....
That's not a lot of gold compared to how many other minerals we have extracted from the earth. Platinum is even rarer.
now, out of that limited supply of gold, 49% is used up in jewelry and then investors are the next biggest demand, both together making up 85% of the usage of gold in today's world.
A lot of the "perceived" value in the mineral is about it's scarcity, with the rest being mostly about the near cultish following that society has somehow bestowed upon it.
I just see a whole lot of foolishness around a stupid yellow rock.....
- Joined
- Feb 27, 2014
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- 2,131
Bitcoin’s just a joke for people blinded by greed who think it’s possible to make money endlessly. It’s clear that a currency that’s not backed by anything is not going to end well. People pay money and buy stuff that doesn’t even exist! It’s terrible.
That’s why I never invested in this thing – it makes no sense. I prefer trading because it’s more predictable and connected to reality than this. This android trading platform helps me keep my finger on the market's pulse and make the right moves in time. It’s really not as difficult as some might think.
That’s why I never invested in this thing – it makes no sense. I prefer trading because it’s more predictable and connected to reality than this. This android trading platform helps me keep my finger on the market's pulse and make the right moves in time. It’s really not as difficult as some might think.
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- Joined
- Aug 13, 2020
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- 1,342
You've all heard the story about American settlers buying Manhattan for a handful of buttons. What is left out of the story is that those natives used shiny shells as money/jewelry and saw a lot of value in them, but had no concept of land ownership. This is no different than renting a house for gold or diamonds. One person sees some shiny rocks and the opportunity to live in a nice house. The other sees riches, while retaining ownership of the property.
Diamonds are worth a lot because DeBeers (sp?) convinced women that is was their best friend, and that a suitor was a jerk if he didn't spend a months salary on a ridiculously small rock. I've heard, but can't confirm, that there are places in Russia where these same rocks can be picked up off the ground. Diamonds are now so cheap to manufacture that we can buy grinding wheels made from them at Harbor Freight of all places. To keep the price up, jewelry companies have taken to microscopically enscribing serial codes on the little rocks dug up by child labor in Africa.
It is all worthless, and just a way for us to have a more efficient society than straight bartering allows. The opening paragraphs to "Hitchhiker's Guide to the Galaxy" is really appropriate here. When it all comes crashing down in a few years, the only thing that will really be worth anything is bullets. Even then, only if you have the means and will to use them.
Diamonds are worth a lot because DeBeers (sp?) convinced women that is was their best friend, and that a suitor was a jerk if he didn't spend a months salary on a ridiculously small rock. I've heard, but can't confirm, that there are places in Russia where these same rocks can be picked up off the ground. Diamonds are now so cheap to manufacture that we can buy grinding wheels made from them at Harbor Freight of all places. To keep the price up, jewelry companies have taken to microscopically enscribing serial codes on the little rocks dug up by child labor in Africa.
It is all worthless, and just a way for us to have a more efficient society than straight bartering allows. The opening paragraphs to "Hitchhiker's Guide to the Galaxy" is really appropriate here. When it all comes crashing down in a few years, the only thing that will really be worth anything is bullets. Even then, only if you have the means and will to use them.
- Joined
- Jul 29, 2014
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- 2,746
In any event, I do feel bad for my friends who bought a few bitcoins for $400 long ago. When it hit around $60K, they were planning their ”$100K” party. Now at $20K, they are decimated, forgetting somewhat that they went from $400 to $20K, still a reasonable return. 
But I really don’t think they will ever see it that way.
But I really don’t think they will ever see it that way.
- Joined
- Feb 9, 2017
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- 5,274
Very dark, but I agree. It's funny people talking about worth and what they have tied their reality to. I've always thought WallSt. was just smoke and mirrors and 08 proved that. But for the first time in my life people were putting out books about the whole thing that made sense. The supposed mainstream economists didn't. Stuff like Flash Boys, The Big Short and others was a look I'd never thought about as I was working hard just trying to keep from going under. Worth is all relative, period. And currency is all fiat at this point. All Bitcoin was trying to do was bypass the banksters, then WallSt and other crooks decided to get in on the action and of course it all went schwangle.
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- Feb 9, 2017
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Yeah, that’s true with any online transaction though. Use your credit card, PayPal, venmo whatever. At least crypto has blockchain, nothing else does. No I don’t do crypto but have been watching it. And it’s definitely not for dummies like me.