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EBGuy says

Greenidge says it will use expertise developed at its current power plant to expand to at least 500 MW of mining capacity by 2025.

That's the most important line I think. They see money for THEMS!

just_passing_through says

500 MW of mining capacity

This is insane, a burning of resources for what, exactly?

I propose an alternate crypto-currency system of simple promises between public key holders. Not exactly sure how it would work, but if it takes more money to build up a good credit rating than one could get from defaulting on it, then it would be stable.

Patrick says

This is insane, a burning of resources for what, exactly?

For bitcorn? An ethereal lump-o-gold that is highly secure and transferable
For the others? Programmable contracts and DiFi

Patrick says

I propose an alternate crypto-currency system of simple promises between public key holders. Not exactly sure how it would work, but if it takes more money to build up a good credit rating than one could get from defaulting on it, then it would be stable.

Awwww! Someone is thinkin about Patcoin!

Patrick says

This is insane, a burning of resources for what, exactly?

Honestly, nothing really makes much sense anymore. Not just bitcoin. Covid shut downs and paying people to stay at home. Masks. A senile old man winning an election while not even campaigning and getting the most votes in history.

It's like you can just make shit up now, market it or fear monger and people will buy it. There are good humans out there, but I'm convinced that 80-90% are pure morons and since they're the majority, the thinking people get fucked over. They also have to do all the heavy lifting for those losers in the form of taxes. Hey, let's tax productivity and give it to the unproductive. Makes total sense.... not.

Ping.. Was there anything to my statement about bitcoin falling in value and don't get suckered in? Further warning: at $30k, bitcoin is still priced far higher than its fundamental value (There IS some value there, but its tiny!) If you aren't buying it for its value (you need something recorded on a distributed ledger) . Don't feel bad though if you did buy, I'm still taking idiot FIAT dollars as payment, every single day at work! They are rapidly depreciating, and I'm only saved by being able to readily trade them for other assets.

BTW, you may laugh at one of my diversification modes.. It's highly non-portable (extremely heavy and bulky), and only moderately well suited for storage. Metal, but not precious metal.. cast iron! But not just any cast iron: mildly used non cnc machine tools in functioning condition. As CNC comes online more and more places, and manufacturing is offshored to china, old american cast iron can be found at under scrap prices. On the flip side, even an industrious thief wouldn't be able to readily steal my machine tools.

Great buying opportunity on our way to 100k Bitcoin. I remember when bitcoin haters where cheering "bitcoin will never reach 20k again!" lol
Some even suggested on this blog that Bitcoin will go down to 1.2k ROFL.
I love how Bitcoin slaps the haters. over. and. over. again.

"Slaps the haters."
That's rich.
I don't know who the "haters" are, but the only thing that can "slap" me is an asteroid hitting Cupertino.

Zak says

BTW, you may laugh at one of my diversification modes.. It's highly non-portable (extremely heavy and bulky), and only moderately well suited for storage. Metal, but not precious metal.. cast iron! But not just any cast iron: mildly used non cnc machine tools in functioning condition. As CNC comes online more and more places, and manufacturing is offshored to china, old american cast iron can be found at under scrap prices. On the flip side, even an industrious thief wouldn't be able to readily steal my machine tools.

The question is: with Idiocracy rapidly approaching how many people would be able to understand what these machines even do, let alone be able to do something useful with them. I mean, we're already in the era of manual transmission being a pretty good car theft deterrent ...

Eric Holder says

I mean, we're already in the era of manual transmission being a pretty good car theft deterrent ...

Haha so true! I only own cars w/ manual transmission.

clambo says

"Slaps the haters."

countless times too. Again. and. again. How many times have these clowns come out when Bitcoin corrects and cheered momentarily? Just to be disappointed over and over again. To be continued.

Eric Holder says

we're already in the era of manual transmission being a pretty good car theft deterrent ...

And cursive writing being secret code.

Onvacation says

Eric Holder says

we're already in the era of manual transmission being a pretty good car theft deterrent ...

And cursive writing being secret code.

Of course, some people prefer dirty coins in their wallet and like to pick up the landline for the scam calls. I hear there are still silver bugs out there. lol. Thats just a small group of people though. Most people advance....
We live during amazing, great times. Money, music, books have been digitalized. Even gold:

It seems to me Crypto currency is only sexy when it's just starting out and is only valued at a fraction of a fraction of a penny.
You buy up several tens of thousands of them (or a couple hundred dollars worth) and you hang on to them. Until the day they are worth over 30 cents. Then you cash out and take you millions and run the very minute it does.

Everyone else is just suckers.

mell says

Eric Holder says

I mean, we're already in the era of manual transmission being a pretty good car theft deterrent ...

Haha so true! I only own cars w/ manual transmission.

me too...don't need to lock my car

and just like that.....

https://www.foxbusiness.com/markets/bitcoin-tops-40000-after-musk-says-tesla-could-use-it-again

"Bitcoin tops $40,000 after Musk says Tesla could use it again"

that's why i keep saying, haters cheering about dips in a bull market get slapped....

dont cheer too early for the bear market....

"Bitcoin tops $40,000 after Musk says Tesla could use it again"

Pump, dump, rinse, repeat.....

Donald says

This is great news for everyone who bought Bitcoin at 62,000

nothing goes up in a straight line....people who bought at 20k are now geniuses.....but back then, haters made fun of them after a dip.
Always the same story with the bitcoin haters.....they dont think long term.....

Eric Holder says

"Bitcoin tops $40,000 after Musk says Tesla could use it again"

Pump, dump, rinse, repeat.....

its a great store of value....i bought it at 15k.....now its at 40k....imagine i would have sat on cash....that would have sucked....

Bitcoin is a great inflation hedge!

@Bitcion Here's a better selling point: Bitcoin gives independence from government.

My FLSW is chugging along.

By all means, don’t buy it. You are better off “hating it”, and “investing” $65,000 to make (-$26,000) in a few months.

Or, buy a house in Capitola for $1500/square foot and pay for the pensions of county employees and health care for the Mexicans with your property taxes.

Patrick says

Bitcoin gives independence from government.

How did that work out for all those people in China who were mining bitcoin "independent" from government?

Currency has to be backed by something, even FIAT currency (backed by guns of police/feds). What good is bitcoin if you are prohibited from buying or selling anything with it? I mean, you could say the same thing about gold, but it's a bit harder to monitor something in no way connected to the internet :)

Patrick says

Bitcoin gives independence from government.

It doesn't though. It's valued in fiat. To make gains you have to put it on a computer, internet, exchange, etc. That's all traceable and the government can issue a warrant to access your devices or the exchange to see what you traded. There is no privacy on the internet.

Unless we get a draconian dictatorship administration, 99% of people are fine using the internet without protection. And I'm not saying don't protect yourself, but if you're not using it to commit illicit activities, I'd chill with the paranoia. Government is very inept at most things, so there's not much to fear. Most government workers just knew someone to get the job and just collect a paycheck and a pension. Basically they work 20% of the time.

Otherwise BTC and other cryptos are a pure marketing scam. It's no different than MLM scams. You sucker someone into the system and they become little bitches of the system and you make money off them. The more you get to buy into it, the more you make. Until no one wants it anymore. Which always happens. Always.

WookieMan says

It doesn't though. It's valued in fiat.

there a a number of Bitcoin pairs as previously mentioned.

BTC to Litecoin, BTC to USDC (USD Coin), BTC to USD, BTC to ETH, etc.

WookieMan says

That's all traceable and the government can issue a warrant to access your devices or the exchange to see what you traded. There is no privacy on the internet.

Yes, Blockchain transactions are traceable. However, the government has no idea who is behind the bitcoin address. Unless you store your Bitcoin on an exchange. As mentioned many, many times, its not recommended to store Bitcoin on an exchange.

There is a saying: Not your keys not your Bitcoin. Keys means private keys. These private keys need to be stored on a hardware wallet/cold storage device. That device is not connected to the internet. Unless you move your funds.

Zak says

What good is bitcoin if you are prohibited from buying or selling anything with it?

You can buy anything with Bitcoin. All you need is a seller who accepts Bitcoin.

Bitcoin is not intended to buy your coffee with. However, People have bought Tesla and houses with it. Its a store of value / digital gold.

You wouldnt walk around with a brick of gold to buy gum.

The intrinsic value of Bitcoin can be found in this comparison:

So, it compares favorably with belly button lint.

“That men do not learn very much from the lessons of history is the most important of all the lessons that history has to teach.”
― Aldous Huxley, Collected Essays

China cracks down on Buttcoins due to immense power draws Crypto causes, esp. in this time of rising commodity prices.

Bitcoin continued its dramatic plunge to $32,281 Monday morning, down 17.65% from a week earlier as some of China’s largest bitcoin mining farms were shut down over the weekend. The bitcoin mining facilities of Sichuan Province received an order on Friday to stop doing business by Sunday, according to Chinese state media outlet the Global Times.

https://www.msn.com/en-us/money/markets/bitcoin-plunges-as-chinas-sichuan-province-pulls-plug-on-crypto-mining/ar-AALgTV8

When governments sneeze, Buttcoins get the Wuhan Virus.

But not before CoinDesk could take notice. The punishments outlined are "termination of customer relationships" as well as being reported to Chinese authorities.

According to the Wall Street Journal, what’s going on now is an uptick in intensity.

“The financial firms were also instructed to go through their systems to investigate and identify customers with accounts at virtual-currency exchanges or that trade cryptocurrencies in the over-the-counter market. In such cases, the institutions have to cut off the accounts’ ability to send or receive money for transactions, the central bank said.”
https://thepostmillennial.com/bitcoin-and-crypto-markets-feel-whiplash-amidst-ongoing-chinese-crackdown

Donald says

Now Bitcoin is at $29,000. That's it. I am selling my Bitcoin and investing in safer assets based on solid fundamentals: Meme stonks, SPACs, and NFTs.

You're nobody if you ain't still HODLing beanie babies.

My guess is up from here. Three failed attempts at breaking support (Rule of 3), high probably it was basing and will go higher until it's meets resistance in upper 30's.

Dholliday126 says

My guess is up from here. Three failed attempts at breaking support (Rule of 3), high probably it was basing and will go higher until it's meets resistance in upper 30's.

Would agree. the healthy bottom is in. up, up, up from here on

https://www.cnbc.com/2021/06/28/cathie-woods-ark-invest-files-to-create-a-bitcoin-etf.html?utm_content=Crypto&utm_medium=patrick.net&utm_source=patrick.net&fbclid=IwAR21bI5-ITzsw-n9MgWv4ucR8vcnezFRvTx7t8O8VEZWYUgCQRrGBBCfpoU&utm_campaign=patrick.net#Echobox=1624912604

"Cathie Wood’s Ark Invest to create a bitcoin ETF under the symbol ‘ARKB’"

I will be a buyer if it gets approved .....because you just cant have enough Bitcoin exposure.

YAWN.. where is all my bitcoin pumping today?

Zak says

YAWN.. where is all my bitcoin pumping today?

You should ask, where the clowns that predicted Bitcoin to go to 1.2k?
Or, where are the clowns that said Bitcoin will never reach its previous high (20k)
Or, where the clowns that predicted Bitcoin will go to zero?

I know, I know....when Bitcoin dips, you perma bears feel confident to open your mouth....when its running up, we get silence.
Bitcoin has its way to slap the haters left and right.....just be patient.

Bitcoin says

You should ask, where the clowns that predicted Bitcoin to go to 1.2k?

Still will. Maybe lower. There's no physical or fundamental value. That's indisputable. Present an argument otherwise. You still haven't. It's a ponzi scheme and you're the one paying the whales. In finance, whales get bored and move on. Crypto is worthless.

just_passing_through says

Donald says

Now Bitcoin is at $29,000. That's it. I am selling my Bitcoin and investing in safer assets based on solid fundamentals: Meme stonks, SPACs, and NFTs.

You're nobody if you ain't still HODLing beanie babies.

I know somoeone who has a wall full of beanie's in a plexiglass wall case... and I cannot tell her shit about her decisions... she sells low and buys high... Now she has to sell her $42K car for $31K because of her ass backwards financial decisions. She complains, and I throw an idea out to help, but she cannot think outside the box. A part of me wants to see her go belly up. The old man is loosing his pep in his step... He has no Dough to spend... He let her manage it all..
Their are so many stupid humans out there that think so shallow.

seesaw says

I know somoeone who has a wall full of beanie's in a plexiglass wall case... and I cannot tell her shit about her decisions... she sells low and buys high... Now she has to sell her $42K car for $31K because of her ass backwards financial decisions. She complains, and I throw an idea out to help, but she cannot think outside the box. A part of me wants to see her go belly up. The old man is loosing his pep in his step... He has no Dough to spend... He let her manage it all..
Their are so many stupid humans out there that think so shallow.

I used to bang a chick in SF who lived on Haight and Masonic. Two bedroom place that used to be the 'free clinic' back in the 60s during the hippy thing. Nice place after it was remodeled and she lived in it.. Although instead of crown molding she had her Pez collection all along the ceilings. Yes, those candy dispensers. She believed they would make her rich someday.

Aside from the cat hair the sex was good.

I need to start doxing people around here so I can torture them for their passwords and steal all of their bitcoin.

Seesaw made an astute observation.
On the other hand, if females had their own money they might be harder to bribe into doing a man’s bidding.
Food for thought.

just_passing_through says

seesaw says

I know somoeone who has a wall full of beanie's in a plexiglass wall case... and I cannot tell her shit about her decisions... she sells low and buys high... Now she has to sell her $42K car for $31K because of her ass backwards financial decisions. She complains, and I throw an idea out to help, but she cannot think outside the box. A part of me wants to see her go belly up. The old man is loosing his pep in his step... He has no Dough to spend... He let her manage it all..
Their are so many stupid humans out there that think so shallow.

I used to bang a chick in SF who lived on Haight and Masonic. Two bedroom place that used to be the 'free clinic' back in the 60s during the hippy thing. Nice place after it was remodeled and she lived in it.. Although instead of crown molding she had her Pez collection all along the ceilings. Yes, those candy dispensers. She believed they wo...

Man you're making me nostalgic with all the bang stories. Fact is I mostly did have a great time in SF and certain banged quite a few chicks, and they, like the city, all had their own charm. I'd say SF retained at least some of that charm at least up until the rebound from the 2008 recession started, so really the last 10 years turned it into complete shit with covid, chesa b and the rest of the corrupt fucks as its death knell. The city did harbor some beauties and good sex back then.