Bitcoin Energy Usage and Futures Contracts Now Trading
Jimmy Song, Bitcoin Developer joins me this week to shares his thoughts on the overall energy usage and future usage for Bitcoin. We also discuss the CBOE futures that are now trading. With ETFs on the horizon that investment narrative around Bitcoin is changing.
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Check out Hashgraph. Bitcoin & Blockchain may be yesterday’s news already.
Pie in the Sky at the moment.
6,500 Credit Unions are using Hashgraph. They beat out IBM for the contract.
I was wrong, you, JLG, are correct;
FINALLY you got one of my Bitcoin boys on the line! Need to get Charlie Lee, Tone Vays, et al on here and soon!
The problem with futures trading is that it will allow big money to manipulate the BTC price. COMEX futures at 5 BTC is too large.
The nice thing about CBOE and COMEX is that they are limited to just a couple of cryptos, so sane and intelligent people will migrate to better lesser-known cryptos, which are not contaminated by futures exchanges.
What do you guys think of ETH? It’s been running very nicely and there is no futures trading around them – yet.
I understand the COMEX is considering ETH futures.
Oh, that’s just great…
So this is gradually turning into a crypto-bug forum…
I am skeptical as to how far THEY will allow BTC to run. If it becomes a threat to the system of the elite, THEY will find a way (if they don’t already know exactly how they will do it) to put an end to the magic.
All of this seems to be paving the way to the global cash-less society. Bitcoin is probably simply a prototype of what THEY are working on – government issued crypto money. Except we should expect this “sovereign” crypto money to be inflatable at will by THEM.
In the past there were parallel currencies in the US until they disappeared – there might be parallel crypto currencies in the world until they are replace by “order-restoring” TPTB-sanctioned cryptos. Except, I doubt these will be cryptos in the way we understand the term now.
Thoughts well worth considering.
So the price of gold just can’t rise….we know why.
What we need is gold that is backed by Bitcoin. Maybe then it could rise, when there is real intrinsic value backing it up.
Right after the Fedbabble I couldn’t believe my eyes as Silver miners had a Green day:
> Symbol / #Silver #Producers % change today
$SVM Silvercorp Metals Inc. +12.01%
$SCZ Santacruz Silver Mining Ltd. +11.76%
$AG First Majestic Silver Corp. +11.10%
$EXK Endeavour Silver Corp. +10.10%
$USAS Americas Silver Corporation +9.37%
$EXN Excellon Resources Inc. +8.97%
$GPL Great Panther Silver Limited +8.64%
$ASM Avino Silver & Gold Mines Ltd. +7.44%
$FSM Fortuna Silver Mines Inc. +6.22%
$HL Hecla Mining Company +5.71%
$SSRM SSR Mining Inc. +5.61%
$IPT IMPACT Silver Corp. +5.56%
$CDE Coeur Mining, Inc. +4.60%
$PAAS Pan American Silver Corp. +4.49%
$TAHO Tahoe Resources Inc. +3.60%
$FRES.L Fresnillo PLC +1.09%
__________________________________________________________________________
>> Symbol / #Silver #Developers & #Explorers % change today
$SVG Silver Grail Resources Ltd. +16.67%
$GNG Golden Goliath Resources Ltd. +14.29%
$BBB Brixton Metals Corporation +11.54%
$RYO Rio Silver Inc. +11.11%
$SVB Silver Bull Resources, Inc. +10.71%
$AUMN Golden Minerals Company +6.68%
$AXU Alexco Resource Corp. +6.30%
$MAG MAG Silver Corp. +5.68%
$SIL SilverCrest Metals Inc. +6.11%
$LVN Levon Resources Ltd. +4.92%
$GRG Golden Arrow Resources Corporation +3.66%
$CLZ Canasil Resources Inc. +4.76%
$BHS Bayhorse Silver Inc. +4.76%
$VML Viscount Mining Corp. +4.29%
$SMI.AX Santana Minerals Limited +3.85%
$SSV Southern Silver Exploration Corp. +3.77%
$PSL Prospero Silver Corp. +3.70%
$MMG Metallic Minerals Corp. +3.33%
$KTN Kootenay Silver Inc +2.56%
$DEF Defiance Silver Corp. +2.04%
$BCM Bear Creek Mining Corporation +2.03%
$SVE Silver One Resources Inc. +1.49%
$SVL.AX Silver Mines Limited +1.27%
Okay Ex, Matthew called USA yesterday, are we finally out of the doldrums or is this a head fake or a Santa rally. DT
I forgot to mention the HO, HO, HOE! LOL! DT
DT – funny. Thanks for putting the Merry back in Christmas.
Yes, for the last 2 months I mentioned we’d get a sell down in the miners and that they’d likely bottom in mid-Dec due to the end of tax loss selling and in front of the FOMC Fedbabble. In addition, I mentioned this was where I was going to be placing my last tranche of dry powder for 2017, as it was the ideal time to buy in Dec of 2015 and Dec of 2016 the last 2 years when the Fed was going to hike rates.
I was actually buying USAS on Friday and Monday along with a number of other Silver and Gold stocks. Most of them were up handsomely today, but it may be see-saw action for the next week or two.
I’ve been very consistent that it would not surprise me at all to see the metals/miners creep up towards the end of Dec and then rally into Jan/Feb/early March as that is a seasonally strong period for the miners. Bring on the Q1 run!
There has been a lot of money camped out on the sidelines that has just started to flow back into the PMs. Most seasoned mining investors know the drill. Buy in Nov/Dec – sell before the PDAC in March. We’ll have to see if that plays out again, but I’ve got my chips on the table….
Often the few days after the rate hikes there are a few false moves and head fakes.
Funny, gold backed by bitcoin.
a bitcoin site..its just one thread, but Im interested, in cryptos.
bitcoin site for beginners maybe.
I want to know how to use them more than invest in them.
I think the same way about a crypto made by governments, maybe each will have their own.
Russia has started one.
Maybe the paper will be local use?
So concerning the boreing gold market, it moved to about 1250 today, is that an indication of “to the moon” again?
or is that the bounce some people have been looking for?
Jordan still figures were headed down, his interview with Greg Weldon says to fear going below 1204. dec 10 i think.
Hilly……starting her own crypto……………bit bleach , but , Billy, says he is going for bit beach, sure to attract some
Just thinking, maybe a crypto specifically designed for women would be popular.
Ones for any scenario could be created, like credit cards, support ur team, or points for airlines etc etc
I can see these point reward programs jumpin all over it.
I think people would fall hook line and sinker.
Get rewarded for your purchases in cryptos – then they can be used at their online store. Yeah, I could see that developing too.
Great news for *URANIUM**
Agree. All this electricity has got to come from a solid baseload power source. Solar and Wind are not going to hack it.
Australia’s central bank is looking into the future of digital currency, and although blockchain-based tokens are being considered, its governor has labelled the current fascination with cryptocurrencies ‘speculative mania’.
Asha McLean
By Asha McLean | December 13, 2017 — 01:19 GMT (17:19 PST)
While the Reserve Bank of Australia (RBA) has accepted the future may be dominated by electronic methods of payment, it isn’t convinced a physical banknote will no longer have a place, or that cryptocurrencies are the answer.
Speaking at the 2017 Australian Payment Summit in Sydney on Wednesday, RBA Governor Philip Lowe said although cryptocurrencies such as Bitcoin are becoming more prominent, they aren’t commonly used for everyday payments and he does not see that changing any time soon.
“When thought of purely as a payment instrument, it seems more likely to be attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions,” Lowe said.
“So the current fascination with these currencies feels more like a speculative mania than it has to do with their use as an efficient and convenient form of electronic payment.”
According to Lowe, a new form of electronic payment method that could emerge would be in the form of electronic banknotes, or electronic cash — an eAUD — noting perhaps this could be through distributed ledger technology (DLT).
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“The case for doing this has not yet been established, but we are open to the idea,” he said.
Lowe explained the issuing authority could issue electronic currency in the form of files or tokens and the tokens could be stored in digital wallets that are provided by financial institutions. The tokens could then be used for payments in a similar way to how physical banknotes are used.
“In principle, there is nothing preventing tokenised eAUDs being issued by the private sector. It is conceivable, for example, that eAUD tokens could be issued by banks or even by large non-banks, although it is hard to see them being issued as cryptocurrency tokens under a Bitcoin-style protocol, with no central entity standing behind the liability,” Lowe explained.
Energy use is not a problem now. It may cause a problem for Bitcoin, but other cryptos will evolve that use much less relative energy. e.g. Cardano and others.