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Bitcoin after the energy crash

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  • Thu, Feb 09, 2017 - 02:21pm

    #1
    jdoyle

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    Bitcoin after the energy crash

Hey, newbie here.  I think Bitcoin has so much potential and am really interested in buying some, but I worry about the stability of the electric grid, the internet, cellular communication, and the availability of replacement electronic devices; basically all of the things required to keep Bitcoin going in a low-energy post peak oil future.  It seems like a good buy to grow short term wealth though.  Any advice on dealing with these challenges?  Thanks.

  • Thu, Feb 09, 2017 - 11:21pm

    #2
    skipr

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    everything after the energy crash

I'm not too concerned about BTCs after an energy crash.  If it happens it will kill everything digital, including the war on cash, bankster fraud, one world government (as described by daddy bush in the UN on 9/11/91, exactly 10 years before 911, what a coincidence), etc etc.  Maybe you should get some physical in-your-hands gold and silver as well as some cash and BTCs and put in under your "mattress."  Though it's pretty expensive, I have some "junk" silver (pre-1964 90% silver coins) since it's legal tender.  I think the price of BTCs and other altcoins will explode long before an energy crunch happens.

  • Fri, Feb 10, 2017 - 07:19am

    #3
    reflector

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    the wrong risks

hi jdoyle, and welcome.

but i think you may be worrying about the wrong risks.

your concerns about peak oil and finding replacement electronics are more longer-term issues. if your goal is short term speculation (next 1-3 years) like you said, these issues won't start to crop up yet.

if you are thinking longer term, i believe the internet is too valuable to people and to companies, for it to go away permanently, though there may be outages. satellite internet (such as hughes) might be a consideration here.

as far as electricity, you should have some backup sources, like solar power or wind, and a generator. using and sending bitcoin doesn't take a lot of electricity, only mining it does.

recognize that the bitcoin price is very volatile, bitcoin isn't a steady store of value, so don't speculate with more than you can afford to lose.

with all the currency chaos going on, such as war on cash, capital controls, bail ins and FATCA, BTC is becoming a refuge for wealth and can potentially go much higher, i believe it's worth the risk.

i was fortunate enough to pick up a bunch of BTC on the first dip in 2014, i was buying from $650 all the way down to $250. 

 

  • Fri, Feb 10, 2017 - 05:51pm

    #4
    MJB

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    Wish I would have known!

Nice reflector! I wish I had known about BTC back then. I can't complain though my $ cost average is about $800/BTC, what a difference getting in just a few months ago makes!

Jdoyle, where will you purchase from? Coinbase has been around for a while, charge 1.49% fee if you provide a bank account. I think it's around 5% for a credit card. I have found buying through them to be fairly straight forward and easy. 

 

  • Wed, Feb 15, 2017 - 05:50am

    #5
    mrees999

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    RE Bitcoin after the energy crash

Bitcoin would be fine without much energy. I would say – blockchains in general. If electricity gets more expensive and the transaction processors can't afford to 'mine' anymore – they will drop off the network and the bitcoin program self-adjusts the difficulty every two weeks so it will throttle back to account for it.

Right now, the computer power maintaining the network is equal to the top 500 supercomputers combined…times 125,000.  And growing exponentially. 

 

The real mind-trip is with Ethereum though – they are creating an entirely new internetweb structure called "Mesh Networking" which will require no servers, no Internet Service Providers, no DNS servers or the group that maintains them (ICANN)  which the USA just gave up. They dub it Web3 and they've got thousands of companies doing work on it. Amazing stuff and it will protect your identity like you won't believe. Distributed hash tables are the future – Think BitTorrent swarms of information scattered worldwide and unstoppable, uncensorable on millions of devices. 50 – 100 billion "Internet of things" devices that all communicate with each other to create a new web – and using a new data communication system to pass information so the internet infrastructure of today won't be needed.

Smart contracts will automate much of what accountslawyers stockbrokers auditors and many other white collar jobs that will go the way of the horse buggy. Bitcoin may be the decentralized currency of the future, but ethereum is the decentralized internet and the principle law of the future.

If you are technically minded – check out youtube videos on Ethereum Swarm, "Interplanetary File System", "Web3" and you'll start to get the idea.  Oh, and invest in ethereum tokens. IMO they will be worth many times bitcoin's value. (And I love bitcoin)

I'm teaching a 10 part series on blockchains and video recording it – I might share if there is interest here.

 

 

  • Wed, Feb 15, 2017 - 06:07am

    #6
    mrees999

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    No more electrical grids with blockchain to the rescue

Ethereum blockchain is already being used to chain a solar-panel enabled smart-grid in a proof of concept Brooklyn neighborhood.

 

https://cointelegraph.com/news/blockchain-to-track-solar-power-production-ethereum-to-utilise-the-data

Efficient energy tracking and value transfer will reward energy conservation and penalize energy wastefulness. Neighbors might try to 'out-conserve' their neighbors to make a profit.  This aligns incentives correctly. It also removes the need for power transmission lines and our entire energy infrastructure as it was designed a century ago. 

Read more about Ethereum and you will discover why it's digital token "ETH" is the "oil" of the next generation. 

Here is a bit more to get you started:

https://medium.com/@ConsenSys/blockchain-community-solar-the-value-of-a-renewable-energy-reputation-ca9aed24cf9#.dxbryghoi

https://www.newscientist.com/article/2079334-blockchain-based-microgrid-gives-power-to-consumers-in-new-york/

  • Wed, Feb 15, 2017 - 07:14am

    #7
    reflector

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    please do post a link

[quote=mrees999]

I'm teaching a 10 part series on blockchains and video recording it – I might share if there is interest here.

[/quote]

please do post a link, if you'd be so kind, i would check it out.

  • Wed, Feb 15, 2017 - 08:46am

    #8

    Locksmithuk

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    Blockchain vid

[quote=reflector]

please do post a link, if you'd be so kind, i would check it out.

[/quote]

 

+1

  • Wed, Feb 15, 2017 - 02:03pm

    #9
    ecb

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    video link

I would be interested as well.

  • Sat, Feb 18, 2017 - 06:26am

    #10
    skipr

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    mrees999 video

That video sounds really interesting.  Maybe it will become part of the next Crash Course update.

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