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| Pjay |
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Pjay
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| Ste |
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Ste
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 Posted: 19:06 - 29 Dec 2017  Post subject: |
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The CHinese bitcoin mining monopoly doesn't seem to be too bothered by China-style outlaws.
Other coins aren't doing much harm to the increasing total number of bitcoin transactions per [unit of time]. https://blockchain.info/charts/n-transactions-total?timespan=all
I'm not disputing that it can can rapidly lose value. You're claiming that it's going to become valueless but your only explanations are for why the price will fluctuate.
Bitcoin won't be king forever. When one of the many alt coins gets very well established then the use of bitcoin will decline but that'll take a lot of time. If / when bitcoin has had its day, everyone behind the bitcoin network will use their hardware for whatever coin has risen become king.
In an attempt to stop you continuing screeching about irrelevant stuff, go and read out about 51% attacks. |
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Pjay
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| Im-a-Ridah |
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Im-a-Ridah
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Pjay
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Ste
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| Lord Percy |
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Lord Percy
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| Posted: 20:20 - 29 Dec 2017 Post subject: |
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| Pjay wrote: | | Im-a-Ridah wrote: | Most Bitcoin buyers are only interested because the value is going up and they want to make some easy money without doing any work. |
Source? |
No need for a source, it's laughably obvious. Look at the charts, look at the peak. Where has the value come from?
| Quote: | There are currently $247,888,519,140 worth of Bitcoin circulating. |
You think 247 billion dollars has been chucked into it entirely by people who just hope, with eagerness, that it'll become the next big thing and change the world?
Think of all the gofundme pages, activism campaigns and other things which have proposed quite successfully that they'll change the world with their ideas and products. At very best they may see a million dollars or two.
And now you're saying bitcoin just happens to have raised the bar by several orders of magnitude with the amount of investment it has received, for no reason other than it being a blindingly better idea than anything else that has ever come before, and all these investors don't care at all about what their funds become. They just want to change the world. That phenomenally huge amount of global investment is nothing to do with people thinking they can withdraw the investment later and get some free winnings out of it at the end.
No you surely don't believe that. So why else has that much money been chucked into it? All signs are still pointing to Ponzi  |
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Pjay
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M.C
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| Lord Percy |
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Lord Percy
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Pjay
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Ste
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| Im-a-Ridah |
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Im-a-Ridah
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| Posted: 21:08 - 29 Dec 2017 Post subject: |
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| Lord Percy wrote: |
No need for a source, it's laughably obvious. Look at the charts, look at the peak. Where has the value come from?
You think 247 billion dollars has been chucked into it entirely by people who just hope, with eagerness, that it'll become the next big thing and change the world?
Think of all the gofundme pages, activism campaigns and other things which have proposed quite successfully that they'll change the world with their ideas and products. At very best they may see a million dollars or two.
And now you're saying bitcoin just happens to have raised the bar by several orders of magnitude with the amount of investment it has received, for no reason other than it being a blindingly better idea than anything else that has ever come before, and all these investors don't care at all about what their funds become. They just want to change the world. That phenomenally huge amount of global investment is nothing to do with people thinking they can withdraw the investment later and get some free winnings out of it at the end.
No you surely don't believe that. So why else has that much money been chucked into it? All signs are still pointing to Ponzi |
Most Bitcoin investors are only waiting for it to go up to a certain point at which they will withdraw most of their investment. This will ultimately cause the correction as people cashing out will be interpreted as a run on the currency and become self-fulfilling. Nothing has been created, the value is only what hard currency has been pumped in, so it is a Ponzi scheme in all but name. |
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Pjay
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| Rogerborg |
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Rogerborg
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dydey90
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Ste
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| The Artist |
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The Artist
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| The Artist |
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The Artist
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| Posted: 02:44 - 30 Dec 2017 Post subject: |
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| Pjay wrote: | | Im-a-Ridah wrote: | Most Bitcoin buyers are only interested because the value is going up and they want to make some easy money without doing any work. |
Source? |
I think you underestimate how many people truly believe crypto will have a future in society. I don't know what form it will take and making money is obviously a massive bonus but the real money going in is not a quick gamble. The guy who heard ripple sounds good and wants to put a few hundred £ in is the guy who wants to gamble. The institutions buying millions of $ of various cryptos's are not gambling in the same sense, they are investing like you would with any company/idea that you think has the potential to change how things are done.
| Lord Percy wrote: | You think 247 billion dollars has been chucked into it entirely by people who just hope, with eagerness, that it'll become the next big thing and change the world? |
No, that is not how market capitalisation works.
| Lord Percy wrote: |
And now you're saying bitcoin just happens to have raised the bar by several orders of magnitude with the amount of investment it has received, for no reason other than it being a blindingly better idea than anything else that has ever come before, |
It is a new invention/development that IS better than a LOT of other systems. The idea of having a monetary supply that doesn't rely on trust is appealing to a lot of people.
| Lord Percy wrote: |
They just want to change the world. That phenomenally huge amount of global investment is nothing to do with people thinking they can withdraw the investment later and get some free winnings out of it at the end. |
No one is saying the investment is about not making money but people are investing because they believe the technology will succeed. If I see a stock rising and rising but don't believe in the company behind it, I wouldn't invest. Same with crypto. How do you not see the link?
| dydey90 wrote: | Apparently you can sign up for a return of 1% per day, although most of the companies that offer the service seem to be new age Ponzi schemes. |
Plenty of scams around the crypto space, doesn't mean the underlying protocol is a scam. |
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Omega
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Triton Thrasher
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Im-a-Ridah
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M.C
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| Lord Percy |
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Lord Percy
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Posted: 17:47 - 30 Dec 2017  Post subject: |
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| Im-a-Ridah wrote: |
Most Bitcoin investors are only waiting for it to go up to a certain point at which they will withdraw most of their investment. |
Precisely. The charts already show that this is exactly the case. Mania, rapid buying of the 'stocks', then a crash when one too many people decide they want to withdraw.
Only reason the crashes recover is because, thanks to this being the first internet-based and therefore global phenomenon of its kind, there are still so many people available to join in and prop up the scheme.
Also because each bubble requires more human and financial input than the last, I would predict that the bubbles and crashes will start to be further apart, until too much input is required and the world is wise to how much a joke it is.
Just look at the space between the previous bubbles.
Bubble 1: April 2013, price increases from $13 to $230, that's a 1700% rise, then crashes to the $100 mark
Bubble 2: November 2013, price increases to $980, that's a 900% rise, then crashes to the $450 mark
Price then slowly drops to $200, before a slow recovery to $400ish, then grows to about $1000
Bubble 3: November 2017, price increases to $17500, that's another 1700% rise
(How can people think this isn't even remotely similar to classic commodity bubbles one must despair at the blind arrogance of the people who believe in this! )
Future prediction?
Bubble 3 will (slowly) crash to about $1000-$2000 per coin, bitcoin will be the same borderline useless novelty item that it has always been, and it will either fizzle out into nothing, or perhaps an active bitcoin fanboy community will continue to trade with it, thinking it's something special when really it's no different from using tokens to buy things in world of warcraft which only have value because they were pre-bought with real-world money. There may also be another bubble but I doubt it. If there is, it'll crash again and we're back to the original prediction of it living on as a 4channer novelty coin for playing with online. Oh and the people who made big bucks from the bubble will continue being dicks championing bitcoin just because it 'worked' for them.
| The Artist wrote: | No one is saying the investment is about not making money but people are investing because they believe the technology will succeed. |
Bollocks, it's classic speculation and bubble territory. Tell enough people that a commodity is a hot asset to own and they'll flock to it. The one and only difference with bitcoin is that you only need to put a couple of quid in to get started, and as long as you have an internet connection you can have a go, so it balloons a thousand times more than any other bubble because it's so accessible to joe public.
Actually no you're right, they do believe it'll succeed. But that's what bubbles are usually about. |
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| Ste |
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Ste
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| Posted: 18:02 - 30 Dec 2017 Post subject: |
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Nobody is disputing that the price is at least for now going to continue with massive fluctuations.
Your predictiction that the bubbles and crashes will start to be further apart is another way of saying that the price will become less volatile.
"it's no different from using tokens to buy things in world of warcraft which only have value because they were pre-bought with real-world money"
Ignoring the huge differences between bitcoin and world of warcraft money, you are correct about bitcoins being no different from using tokens to buy things. |
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Old Thread Alert!
The last post was made 7 years, 211 days ago. Instead of replying here, would creating a new thread be more useful? |
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