Bitcoin: Energieverbrauch beim Mining bedroht das Klima ...

Taking a huge risk while young with no kids. If it fails, FIRE target through traditional work in 6-8 years. If it works, FIRE before 30. Anyone else with a similar story, like starting a business or something?

Hey ladies and gents, they say goals are best acomplished if you tell others, so here is my story, and my plan. This is going to be a wildly unpopular opinion, but rest assured I researched my decisions carefully, have the traditional FIRE plan in place should my gamble fail, and it will not impact any children. The FIRE plan is pretty general, so I'll spare you the details. Ill be saving my usual 60% of each paycheck, and I'll keep enjoying inexpensive hobbies, like mountain biking, hiking, and camping. The question is, how to invest the savings for the best return? The method I decided on will seem very controvertial, so let me be clear, I know it may not work. Actually, it likely will not work the way I plan out. But the possible benefits are an extra 10 years of life without waking up to an alarm clock.
I am young, as in 25. I am a family medicine intern. My wife is 24, a resident optometrist. We both grew up almost poor. Like, "always had a roof, but in a cramped house; always got a few christmas presents, but had parents that could barely get to the next paycheck, and sometimes racked up credit card debt to do so" kind of poor. We also graduated from high school into the teeth of the Great Recession. Between that and our combined 15 years of college/professional school, we are experts at surviving off nothing and delaying purchases until we absolutely need them. We do not want kids, so we do not have to be as financially secure as a normal family. We are doing well now, with combined incomes of $5000 and $2000 per month for myself and my wife, respectively. This is more money flowing in than we have ever had. And we are so frugal, we usually only spend 30-40% of each paycheck.
*Plus, I was a vandweller for a while, so I know have a Plan C as well*
So, since we are so young, and yet toughened, we can take risks now and still have a decent length working life to make up for the likely failure of those risks. However, should the risk pay off, we could possibly FatFIRE within 1-2 years. I'd say the chance of that success is... maybe 1 in 3. It was good enough for Sean Connery and the Red October. And to have some time in our 20s back from the hellhole that is professional education... oh my god so worth the risk.
So, in the hopes that people will recognize we did not make this decision lightly, and we are simply trying to go out of the box, even the normal FIRE box, to attain freedom. Here is our story, and here is our plan.
Learning how to invest
Back in 2016, I had read some of the MMM blogs, and a few thousand dollars saved up. I was looking for anything that had decent returns, and a friend showed me how the Dow had tanked on news about China, and how he wished he had cash when the price was lower. At the time, I questioned the wisdom of buying when the market was going down. He looked at me, smiled, and told me it was just on sale.
So I got a Wealthfront account and put a few hundred in at 90% stocks. The market recovered within months and I had a pretty good return. I then took some funds out. I tried timing things using the "FeaGreed Index" and Warren Buffets "be greedy when others are fearful" advice. I wasn't a day trader, more of a week trader. Then the stock market went down a little, and I bought more. I was just super lucky, but I thought I had a good stomach for risk at that point.
Finding... (Dare I say it...) cryptocurrencies
Here I may lose some of you, if you hate the idea of cryptocurrencys, and I respect your opinion. They are almost all speculation at this point, so I don't blame you.
Anyway, I went looking for other, more volatile markets to apply Buffets advice after stocks flattened out in 2016. My sister's boyfriend told me he played with cryptocurrencies. So, I took some money off Wealthfront and I dabbled a bit on Gemini with Bitcoin ($600 at the time) and Ethereum ($12 at the time). I did my best to sell high, and buy in when FUD went around. I had put in maybe 1/2 of all my savings at that point. In total, my savings was only $15k then, but that was literally my life savings. Most was in Ethereum since it was cheaper. I started researching Bitcoin and Ethereum, and I liked Eth better.
Naturally, Ethereum took a 30% dump to $9, and I realized that "volatile" meant down as well as up. Feeling a little stung, I pulled most of my remaining funds from Ethereum to even out my stock gains to avoid capital gains tax headaches (since I had no idea how any of that worked back then either.)
Equally naturally, Ethereum then went off the rails to $40 before I could get my cash back in. The FOMO was strong, and I'm still kicking myself for missing that huge first leap. Luckily, it went from $40 to $400 in the span of a year. I had gone from $15k to $150k. I was in vapor lock for most of 2017 over this. I had never built up so much, so fast, and especially as it went higher in Autumn. At that point, I decided to pull from Ethereum and diversify in the cryptos, thinking the other shoe must be about to drop.
XRP and the New Years 2018 Ripple Pump
My sister's boyfriend again gave me some advice. He casually mentioned Ripple might be picked up by some big companies. My first thought was, "What the heck is a Ripple?" So I did some digging, and managed to get on the Kraken exchange, and glitched my way to a few hundred thousand XRP, while saving some of my precious Ethereum. Then XRP had that massive speculative pump, and I suddenly had over a 7-figure net worth within weeks. I was giddy. Then the market slumped. No big deal, I told myself. Then XRP took an 80% dump. *80. FREAKING. PERCENT.*
I lost over $800,000 on paper from the high. I consoled myself on still having a mid 6-figure net worth, even to this day, but that didn't help much. As to why I did not withdraw at the peak, it was because I was simply astonished, a bit greedy, and I had no idea how such massive capital gains would impact my taxes, since they would be short term gains. At the time, I remember deciding not to decide and just roll with it. I knew I was young enough to deal with the volatility. So Im still holding on, even as the cryptocurrency market stumbles along.
The Gamble
Thank you for reading along this far. Before going any further, allow me to clarify that I don't want to sound like a gambler who can make his losses back with "just one more good hand..." which this will certainly sound like. My calculated risk is this: We will pour every extra cent that we can into XRP until we are 30 or have $6-8 million, whichever comes first. We would never do any leverage trades, as buying on margin is as stupid as essentially burning money in such volatile markets. If XRP has not taken off by the time we are 30, we will re-evaluate it against other cryptos with use-cases or stocks. Meanwhile, we will remain as frugal as we have always been, and continue to save at least 60% of each paycheck. The idea is this: plenty of people discover the FIRE movement in their 30s, after having terrible financial habits and no savings. If those people can FIRE in a few years, we would be able to do so as well if the Crypto market collapses. Its been around since 2009, so I bet it will be around at least another decade.
The reasoning
There is a finance quote that goes something like, "diversification protects, concentration grows," and right now we need our funds to grow, quickly, to reach FIRE. I have researched Bitcoin, Bitcoin Cash, Ethereum, and XRP. I chose XRP because it serves a very useful purpose already. Ethereum does as well, but currently mostly in theory. I agree with MMM on Bitcoin, in that it is a "greater fool" game. Bitcoin is also the first. So was MySpace.
Anyway, XRP could easily become highly prized by banks for global money transfers, and in providing an actual service, behaves more as a "natural resource" than a security. And it is wise to buy natural resources before the demand grows for it. Imagine buying land in West Texas before the automobile was invented.
Also, while I hate to depend on speculation, rampant speculation made me a momentary-millionaire on paper over the course of weeks earlier this year. Even if having a good use-case isn't enough, I bet the speculators will return to the cryptosphere within the next year because it could be very useful. Call that my "Hail-Mary."
Discussion on Ripple and XRP, and why most people hate it. Skip if you don't want the technical talk
So there are currently a lot of risks. XRP could be ruled a security of the Ripple Company, and it would not be listed on certain exchanges. XRP could be abandoned by Ripple. XRP could grow more slowly than Ethereum, Bitcoin, Bitcoin Cash, or the myriad of other cryptocurrencies like EOS, Litecoin, or Cardano. Additionally, XRP uses a Ledger protocol, which is different from the Proof of Work "mining" required for Bitcoin or Ethereum. So it may technically not actually be a real cryptocurrency in the traditional sense. This makes it understandable why so many people do not like it, since they don't understand it compared to what they're used to. That doesn't mean it can't have value.
I have an answer to those concerns listed above. Ripple is doing its best to conform to SEC rules, and wants to be regulated as a currency. XRP likely won't be ruled a security, even though Ripple is selling the technology to utilize them. Currently XRP and its ledger system operate independently from Ripple, and can scale to demand, using tiny fees taken from each transaction. As far as growth, XRP does tend to lag, however, last time Bitcoin was $6k, XRP was $0.20. Now Bitcoin is $6k, and XRP is $0.45. I'll take 100% growth any day. And with some nudging from the Ripple Company, I think XRP is most likely to increase in value, and stay increased, where something else more popular may get pumped faster, then quickly dumped. That happened to XRP already, so I like to think it "got it out of it's system."
To digress a moment on the security/currency/natural resource thing, imagine XRP as a lump of iron. Now imagine you're in the bronze age. Ripple found and mined the iron, and had a lot of it. It was found to be valuable, so Ripple had to carefully manage how it interacts with the Iron supply. Now the lumps are being released by an escrow, so Ripple doesn't control such a large suppy any more. (Ripple is also decentralizing their control of the XRP ledger, with more 3rd party nodes coming online.) So, these lumps of iron are sitting there, and Ripple had an idea. Rather than use horses to carry sacks of gold, they could build a rail system out of the iron. Ripple would control the rail system. The iron could be made into mine carts. So, Ripple doesn't control the carts, just the rails, and so doesn't have to have the carts regulated as portions of the company. Kingdoms can easily transfer their gold to other kingdoms on the rails in the carts that they own. Buy the iron, and you can move value with it. That inherently gives value to the iron, since there is a finite supply. The cool thing is though, what else can iron be used for besides carts? I don't know, but someone like Jeff Bezos might.
Historical Comparison
Jeff Bezos came up with a book sales program. He focused it, got really good at it, and customers loved it. It became super popular, then it branched out and is involved in nearly everything. Anyone who invested in early Amazon is extremely wealthy.
Ripple the Company is getting really good at one thing, global payments. And they may be decentralizing, but Ripple can still nudge XRPs future. In the future, Ripple will certainly find other uses for their programs and for the global XRP supply. For example, imagine if it became the standard Xbox Live or PS4 Online token. Good golly miss molly, everyone and their grandmother would be trying to buy them.
So, with so many unknowns, XRP is unpopular now, and thus cheap. But IF it is ruled not a security, and IF it is used in global remittance markets, and IF the Ripple developers don't get stolen away by other blockchain teams, and IF another coin doesn't come out and do XRPs job better... then this might be a very dirty, balled up, golden ticket. We shall see. If you have questions, please comment, and I will try to better explain what I have found in my research.
So, being young and able to stomach some epic risks, (really, does the stock market count as risky if everyone intends to be able to have a 4% SWR after inflation?) I am going to put all my eggs in one basket. My life savings in XRP. At least til Im 30. If the gamble fails, I work 8 years as a frugal physician and FIRE before Im 40. If XRP (and a few Eth for good luck) go crazy, I may FIRE before 30. That extra 10 years is, like Tom Hanks says in Joe vs The Volcano, "gold in my hand."
Since there are a lot of ways to get to FIRE, please let me know if anyone else is trying the "eggs in one basket, concentrate wealth to grow" strategy. Or if you took a similarly huge risk that worked out, what is your story?
***I would love to answer any questions, but please also do your own research, and only invest what you can afford to lose. We have income, so we can afford to lose a good chunk of our life savings. We watched our parents survive that in 2009.
submitted by TiredOfRatRacing to financialindependence [link] [comments]

Back to levels before the planned Segwit2x hard fork and when bcash started becoming an annoying nuisance

I remember those days in the fall of 2017 when fees and transaction times were proclaimed as the long term negatives of bitcoin and that Segwit2x and bcash would the the new kings of the realm. Segwit2x failed... and bcash is, well, bcash. And I remember the day this happened and we cracked 8000 for a few minutes and then bitcoin started going down... to 4800 I believe. And then it went on to new highs DESPITE the growing fees and lagging confirmation times.
Wasn’t like everyday we saw someone post how their transaction had been taking days, weeks, a month even, to get confirmed? Did we forget those? Where are they now?
The current state of things would have pushed the price to 30k IF they had been a reality in the fall: increased segwit usage, lightning network going online, regulators taking a wait and see approach. Those are real things.
The factors causing it to go down haven’t been real. Classic FUD. S Korean crackdown... mmm not so much. China banning miners. Mmmmm network is still working fine. Bcash taking mining share.... lol yeah ok. Ripple becoming the latest fad.... rrrrrriiighhtttt. And a few greying senators who are in the pockets of fiat money institutions who don’t understand decentralized networks.
The ICO scams are a real thing and perhaps this price decline will weed them out. But the long term picture remains sound.
We WILL overtake visa. If we weren’t a threat, their CFO shouldn’t have anything to say. Him going public was the textbook equivalent of a central banker going on tv and saying “your fiat is safer with us. Don’t trust or transact that other evil stuff”.
HODL on everyone. HODL on
submitted by Ttatt1984 to Bitcoin [link] [comments]

Thoughts on the current state of Bitcoin from someone who participates in much of the ecosystem [and tipping thread ;) ]

Hey guys,
So this is something I've been looking at for a while now, and kind of seeing some things die and other things be born. Some things are getting easier, and other things getting more difficult. I want to take this time to outline the last few months and how my sentiment is reflected towards the market. I have to say, the market generally matches how my "emotions" playout towards the ecosystem as a whole.
I'll outline just a few short things on both the bearish and the bullish sides of my sentiment, even if things don't effect the overall sentiment much (at least according to most traders and people) I'd like to point them out because I view them as notable.
Some of the not so good things that have been happening:
Anyway, in many respects it feels like a lot of the bitcoin ecosystem is dying, and maybe we should all panic, cry, and shit our pants, but a few things haven't been going badly, and in fact, I'm looking optimistic that the next time a surge of new users enters the market for whatever reason, there will be a much more developed and kind ecosystem to take part of. No one is going to be touting the next 5 second confirmation coin, no more of the ubiquitous "investment" opportunities that await the uninitiated.
Other than my love for bitcoin in general, this is what makes me not panic sell, and what keeps me optimistic about the bitcoin future:
Alright guys, thats my sentiment overview, and I hope it wasn't tl;dr for most of you. But one last thing I want to point out in terms of user growth. We need to break out of our comfort zone. We need to help people get into it. That btctipping dude? He has the right idea, except, it does kinda feel like he's promoting his own website? I dunno? Anyway, Changetip some newbies. Just the other day in the reddit lounge I tipped a guy a coffee, and he then said "Man that was evil, now I have to spend the next hour learning all about bitcoin"... who knows, maybe his sentiment that the media helped paint is one shade lighter now just from a a couple millibit tip. You can do that too, and I'm here to help you get started. I've got some millibits to give away, give me some awesome feedback, criticism or build your own thoughts on this thread. I tip you, then you go pay it forward. Lets do this!!!
submitted by googlemaster1 to Bitcoin [link] [comments]

Skull Fucked Magazine sits down with Elvis James Skullonavich to get his take on the new ATH.

As I await in Mr. Skullonavich's receiving wing, I am unsure what to expect - A middle aged captain of industry? Child prodigy? Cialis fueled madman two weeks into a month long coke bender? The receiving wing is lined with Big Game Trophies of all sorts - lions, tiger, zebras - One specimen catches my eyes in paticular. I wonder out loud - "Where the hell did that come from?" A voice behind me speaks
Skully: Brazil.
I had no idea he was standing behind me. Wearing only a deep tan and a set of Dong Suspenders, the powerfully built Elvis James Skullonavich stares uncomfortably into my right Eye Socket.
SFM: Mr Skullon...
Sk Please just Skully.
He motions back to his latest Big GameTrophy
Sk: I bagged him in Brazil, coming out of his Computer Science Class right when we hit the ATH - He had been a hell of an adversary. It took a while to realize with no-slip work boots I would never catch him - Jorge was too fast-...too cunning. Once I switched backed to the ole Chuck Taylors never had a chance.
Skully then takes a moment to almost lovingly realign the over sized leather eyepatch on Jorge's freshly stuffed cadaver.
SFM: So is it true you stole your whole Skull Fucking Identity or "schtick" so to speak from the "Crypto_King"?
Sk Look there has been a lot of confusion about that, but basically yes. I saw massive potential in Crypto. I mean when your welcoming address to an entire sub is calling them "Spineless Faggots"...well you get the drift - pure aggressive genius. Identity theft is a problem on the internet...everyone knows that.
SFM: Anything you would like to say to Crypto?
Sk: Of course..."Sorry for your loss."
SFM How did you get into Bitcoin and why have you stuck with it? Especially during the down cycle?
Sk I needed Provigil for an upcoming pre-algebra test in oh around 2013. I went over to bitcoin to ask a few questions and was quickly banned. After a few weeks of trial and error I received my Provigil and an unknown "complimentary sample bag" of goodies and it was off to the races. How could you not see the beauty of Bitcoin? A majority of the worlds computing power dedicated to mining it...China unable to ban it.... but mostly easily accessible cheap drugs. I quickly realized it would capture a trillion dollar market cap by 2020.
SFM: Why spend so much time on this sub?
Sk: Well you'll have to remember this sub had a very brief time of relevance. There was a certain amount of denial coming out of the Bitcoin camp and for a glorius moment this sub had genuinely funny moments - I think Big Lam said it best "buttcoin, come for the devils advocate...stay for the reverse trolling."
SFM Why does sietemeles continue to deny the fact that you own any coins?
Sk Partially due to losing all his coins on Mt. Gox but mostly because he sucks. A lot of people don't know it but Siet and I went to primary school together and he was constantly getting the shit kicked out of him for wearing Dodge Coin t-shirts - Between those beatings and the ass whipping he took via Karpeles, its going to fuck with a kids know kind of turn him into a a bit of a cunt.
SFM: u/JeanneDOrc and u/beer__warrior have been critical as of late due to the fact you claim to have sold half your stash, any words for them?
Sk Lets get to the brass tacks on these two goofs. JD has a combined 6 years of Reddit time and somewhere in the neighborhood of 40,000 posts. Can you imagine if he had put that much time into say...Match dotcom? He could of actually maybe gotten laid by now instead of being the angriest man on the internet. As far as beer worrier goes...who puts two fucking underscores in their screen name? A guy like that is never going to understand the beauty of a decentralized public ledger, how to talk to girls or take a piss standing up.
SKM u/robot_slave , u/happyscrappy and u/coinday had claimed earlier in the current rally that you had either sold your coins or had fallen down a flight of steps and hopefully died on impact. Any words?
Sk (laughing) If there are three particular twats on this sub that can fuck up the rhythm of a perfectly good circle jerk its those guys. I'll just say this.. guys you can tighten those chinstraps as hard as you can and do as much hot yoga and 40 yard dashes as you want...this skull fuckings coming no matter what...the first foggy night you hear the flat slap of my Chuck Taylors on the wet asphalt and the hollow thud of my dong bouncing off my chest...only then will you realize how hopelessly skull fucked you truly are.
SFM thisismynamefornow u/theirmoss and barkey_mcbuttstain Claim once the Chinese exchanges allow withdrawals a price collapse will occur - any thoughts?
Sk: (laughing) Dude McCumstainzs is so dumb his fellow shills had him convinced the glory hole in his cubicle was a breathalyzer set up by Rick at Corporate to see if he was drinking on the job, so yeah fuck that guy. As far as the other ones they just parrot whatever Jorge tells them like that MMM ponzi bullshit and well they ran with that so well bitcoin went to a grand.
SKM Any final thoughts?
Sk Yeah big shout out to all the counter shills that ran the price to the ATH- Especially biglambda this guys been trying to help you out for years so the least you can do is carry his bags to Rocket. Thanks guys and have a great week - Skully
submitted by Skullfukd to Buttcoin [link] [comments]

Bitcoin Price Is ‘Like MMM Ponzi Scheme’: Russian Economic Minister

The head of Russia’s Ministry of Economic Development has compared Bitcoin to the infamous Ponzi scheme MMM.
Speaking at the Federation Council, Maksim Oreshkin repeated the theme of “unqualified investors” buying into cryptocurrency being “dangerous.”
“Because if you look at the dynamics of the Bitcoin price, they’re very like the price of MMM,” he said quoted by local news outlet RIA Novosti.
MMM originated in Russia in the late 1980s as the product of serial fraudster Sergey Mavrodi. Law enforcement shut the scheme down and arrested Mavrodi in 2003, but in 2011 MMM resurfaced and is now aggressively targeting consumers in Africa.
“There are very high risks here for those who are interested [in Bitcoin],” Oreshkin continued.
“It’s clear the state cannot protect these people; their actions come entirely at their own risk. I’m simply calling for everyone to be very careful with this issue.”
The minister’s comments continue the increasingly contradictory position Russian authorities have taken on Bitcoin.
A similar offer to restrict Bitcoin to “qualified investors” came from the country’s deputy finance minister Alexey Moiseev earlier this month, while central bank head Elvira Nabiullina said she was “categorically against” allowing it on the Moscow Stock Exchange.
At the same time, state-sponsored efforts to involve Russia in mining continue to gather speed as China’s supremacy seemingly becomes cause for envy.
submitted by ctmediagroup to Bitcoin [link] [comments]

How China became a haven for Bitcoin mining - YouTube Top 5 Biggest Bitcoin Mining Companies - YouTube How to Get Help in Bitcoins in MMM Is Bitcoin Mining Financially Viable in 2019? - YouTube MMM China - Global

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How China became a haven for Bitcoin mining - YouTube

Top 5 Biggest Bitcoin Mining Companies AntPool is run by using Bitmain, a Chinese mining hardware agency established in Beijing. It boasts that its technolog... This video shows you how to Get Help (GH) in MMM with Bitcoins #bitcoin #mining #2019 👉 Starting Mining with Is bitcoin mining financially viable in 2019? This is a question that I asked in 2016... Bitcoin PH (Recorded with This video is unavailable. Watch Queue Queue. Watch Queue Queue