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Thread: Who buys Bitcoin

  1. #61

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    Quote Originally Posted by yellowsnow View Post
    Hahahaha,
    more proof gold is way more energy intensive than btc. All those manpower related to gold sales force was excluded in the energy accounting where as energy consumed by crypto mining servers are ALL inclusive of ALL crypto activity. I bet there are double counting too since many miners mine alt coins but get COUNTED as bitcoin mining energy consumption.

    Since gold must be extracted and transacted using physical labor, gold will foster and sustain the slave - master relationship

    Wow, you are pulling number out of ...., like the indirect employment of 20 million.
    Can you read that coinbase alone, DIRECT account holders, is 56 million.
    I can pull number out too, how about ~200 million bitcoin account holders? And i'm not even counting people working in crypto industry, the chip makers like AMD, Nvidia and other mining equipment makers
    .
    India is a backward country. Gold is security for them as their road, rail, telecommunication, healthcare, basically all infrastructure are broken and can't get back up. There are indians** going into sewage tunnels scraping up sludge just to sell them to other sludge processor to get gold. Did u count those workers in the gold employment statistic?

    ** i couldn't find that video. What they do is going from street to street sewerage opening. One guy, wearing only a short, go down the sewer hole head first, with his buddy holding his feet at the ground level so he can be pulled back up the hole. Using his hands to scoop up sewer sludge, body covered with sludge. Then they bagged the sludge and sell them to sludge processor on the street, and take whatever price the sludge processor offer them.
    Sorry, I wasn't clear enough. How many people does bitcoin trade directly employ? I am only referencing actual global energy costs on a per capita basis. Your mention of 200 million bitcoin account holders is wrong. There are only currently 21.5 million bitcoin account holders. Of those, ones that total more than 1 bitcoin total comes to 500k accounts. There are a close to a billion bank account holders that have more than $100 in the bank. So 21 million bitcoin users use same amount of energy as 500 million bank account holders. To put it another way, there are 330,000 bitcoin transactions a day, but 14 trillion bank transactions a day. Yet bitcoin transactions of 330,000 equals the energy used by banking industry processing 7 trillion transactions (half of the BIS figires of daily 14 trillion transactions.) To break that down, every bitcoin transaction costs 22 million times more than every bank transaction.

    No wonder Elon Musk disavowed bitcoin usage, as a currency substitute. Now that the greenies put a crosshair on him, as more became aware of the insane energy use needed for every transaction, he is trying to quietly exit.

    It was estimated that if every current bank transaction were switched to bitcoin based, we would need 9 times the entire current global electricity use, just to validate those daily transactions. Along with literally hundreds of millions times more proceasing power than currently is globally existent.
    Last edited by shades; 05-17-2021 at 04:58 PM.

  2. #62

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    Quote Originally Posted by shades View Post
    Sorry, I wasn't clear enough. How many people does bitcoin trade directly employ? I am only referencing actual global energy costs on a per capita basis. Your mention of 200 million bitcoin account holders is wrong. There qte only cirrently 21.5 million bitcoin accpunt holders. Of those, ones that total more than 1 bitcoin total comes to 500k accounts. There are a close to a billion bank accpunt holders that have more than $100 in the bank. So 21 billion bitcpin users use same amount of energy as 500million bank account holders.
    ok, i misquoted 200 million wallets as acct holders but are still ~ 100 million btc account holders.
    I did not claim there are 21 billion bitcoin users.

    Please provide article or link to your statistics
    Last edited by yellowsnow; 05-17-2021 at 04:52 PM.

  3. #63

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    Very easy, jist used google, averaged top ten matching statistics published from such sources as govt statistics, Bank pf International settlements, Chase NA, Deutchbank, JP Morgan, CNet, Statista, buybitcoinnow.com, bitcoinist.com, bitcoin.com

    Using their own published numbers

  4. #64

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    Quote Originally Posted by shades View Post
    Very easy, jist used google, averaged top ten matching statistics published from such sources as govt statistics, Bank pf International settlements, Chase NA, Deutchbank, JP Morgan, CNet, Statista, buybitcoinnow.com, bitcoinist.com, bitcoin.com

    Using their own published numbers
    Unavailable data = No proof
    All you provided are shades of data
    Last edited by yellowsnow; 05-17-2021 at 05:19 PM.

  5. #65

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    Quote Originally Posted by yellowsnow View Post
    poor research = unconvincing proof
    How about this: There is constant news reporting undisputed current energy use of bitcoin larger than many scandanavian countries. For ONLY 330,000 DAILY TRANSACTIONS.

    If the current global 14 trillion financial transactions are forced to be bitcoin, thats 42 billion times more electricity use needed per transaction. First grade math. Sorry your not convinced by easily verified numbers posted by consensus global statistic entities.

    Do you live somewhere where govt censors the news, like china? Would explain why you are not aware that current global reporting is angry at bitcoin because unargued energy use estimates put daily energy use higher than Norway. For only 330,000 transactions. To put it into proper perspective, there are over 35 million grocery store sales every day, just in US alone. 330,000 bitcoin transactions using same energy as 14 trillion bank transactions, according to the sources quoted in YOUR OWN GRAPHIC.

    Your refusal to open your eyes and do simplest research, using Cryptos OWN PUBLISHED DATA is embarassing
    Last edited by shades; 05-17-2021 at 05:23 PM.

  6. #66

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    Quote Originally Posted by shades View Post
    How about this: undisputed current energy use of bitcoin larger than many scandanavian countries. For ONLY 330,000 DAILY TRANSACTIONS.

    If the current global 14 trillion financial transactions are in bitcoin, thats 14 trillion times more electricity use needed per transacrion. First grade math. Sorry your not convinced by easily verified numbers posted by consensus global statistic entities.
    oh, so you do support fiat over gold as money, ok

    it started out as gold vs btc, but you then switch to fiat banking to fit your narrative
    Last edited by yellowsnow; 05-17-2021 at 05:27 PM.

  7. #67

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    Quote Originally Posted by yellowsnow View Post
    oh, so you do support fiat over gold as money, ok

    it started out as gold vs btc, but you choose fiat banking in the end
    Please show me where I support fiat over anything. I am waiting for quote

  8. #68

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    Quote Originally Posted by shades View Post
    Very easy, jist used google, averaged top ten matching statistics published from such sources as govt statistics, Bank pf International settlements, Chase NA, Deutchbank, JP Morgan, CNet, Statista, buybitcoinnow.com, bitcoinist.com, bitcoin.com

    Using their own published numbers
    Quote Originally Posted by shades View Post
    Please show me where I support fiat over anything. I am waiting for quote
    u sure like to infers their fathom numbers.

    There are also gizillion criminal transaction per day, should we value that industry too?

    Btc has morphed into a storage of wealth, just like gold. Counting # of btc transaction is not indication of its popularity.
    Btc now has 7 to 10% of gold market cap in just ~ 10 years.
    I rather use ltc, eth, xrp, usdt for online transaction.
    Last edited by yellowsnow; 05-17-2021 at 05:42 PM.

  9. #69

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    How does showing that crypto uses 44 billion times more electricity per transaction, translate into your typing that ypu think I support banking?

    Here is a fun statistic. The DCA to mine the physical gold in my posession is currently at about $900. A little of it, about 40 ounces, is what I Personally have sluiced and panned over the last 30 years in the local Northern Montana Rockies. My DCA, after driving to get there, panning equipment, sluicers and vibrators(shared purchase with my gold mining club) possibly is about $3k. Plus perhaps 700 hours of my leisure time. About $80k of fines, pickers, and nuggets, along with some really beautiful seam wire. Once in my posession, I trade for goods and services at mutually agreed rates. I can send in my Dore and fines to DHF, and for $100, I can monetize any amount, to permanently create aunit of value (1 oz 9999 gold coin) which will never, ever cost any more energy production to keep using. Bitcoin, every single time it changes hands, or even gets transferred from offline wallet to another exchange/wallet/buyer for ever and ever, to infinity has electricity cost.

    And the cost does not differ for 1 bitcoin, or for exchanging 1/50,000 bitcoin. Banking is the same. Electricity used by global swift system uses approx 1/50 th of a penny irregardl!ss of transaction is for a grocery store pack of gum, or buying a 500 million dollar cruise ship. Yet, according to current UNDENIED BY ANYONE reporting of current bitcoin per transaction costs being about equal to what typical US household uses in a week for home power, there is no argument that bitcpin is absolutely useless as a universal form of global currency, as there is literally not enough power in the entire globe to service the transaction load need.

  10. #70

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    Quote Originally Posted by shades View Post
    How does showing that crypto uses 44 billion times more electricity per transaction, translate into your typing that ypu think I support banking?

    Here is a fun statistic. The DCA to mine the physical gold in my posession is currently at about $900. A little of it, about 40 ounces, is what I Personally have sluiced and panned over the last 30 years in the local Northern Montana Rockies. My DCA, after driving to get there, panning equipment, sluicers and vibrators(shared purchase with my gold mining club) possibly is about $3k. Plus perhaps 700 hours of my leisure time. About $80k of fines, pickers, and nuggets, along with some really beautiful seam wire. Once in my posession, I trade for goods and services at mutually agreed rates. I can send in my Dore and fines to DHF, and for $100, I can monetize any amount, to permanently create aunit of value (1 oz 9999 gold coin) which will never, ever cost any more energy production to keep using. Bitcoin, every single time it changes hands, or even gets transferred from offline wallet to another exchange/wallet/buyer for ever and ever, to infinity has electricity cost.

    And the cost does not differ for 1 bitcoin, or for exchanging 1/50,000 bitcoin. Banking is the same. Electricity used by global swift system uses approx 1/50 th of a penny irregardl!ss of transaction is for a grocery store pack of gum, or buying a 500 million dollar cruise ship. Yet, according to current UNDENIED BY ANYONE reporting of current bitcoin per transaction costs being about equal to what typical US household uses in a week for home power, there is no argument that bitcpin is absolutely useless as a universal form of global currency, as there is literally not enough power in the entire globe to service the transaction load need.
    Again, you reiterated how proficiency fiat money is (SWIFT), more support of fiat

    btc is so desirable, 5000+ alt coins have spawned from btc algorithm, just to be like bitcoin.

    "as there is literally not enough power in the entire globe to service the transaction load need."
    that was said for oil too, we would run out of oil and yet, we experienced an -37 USD/bbl oil in March 2020.
    if the price is right, there's always be available, including mining of btc or btc for sale
    Last edited by yellowsnow; 05-17-2021 at 06:04 PM.

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