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Bitcoin - Part 2

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Dr.Sid said:
IMHO big part of BTC grow was the fact it was the hottest thing on the market. It's not anymore, so people just move elsewhere. It will return to pre-2017 rate and it will remain what it was .. currency. You will pay with it, you won't invest in it.
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That is the exact opposite of what bitcoin is currently about.
 
Craig B said:
Here's an interesting 2017 analysis of Bitconnect. Want a sure fire prediction from me? There's a lot more of this sort of stuff to come.
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A guy I know who looks for get-rich-quick schemes has invested in bitcoin and is prepared to keep it long term (2-3 years). He also said he has invested in an online scheme that pays him 2% daily interest. Repeat - 2% daily. He has had it for two months. He asked me if I was interested.

So many scams, so much money chasing them. There are so many greater fools.

A huge amount of the "assets" people have are on paper (stock markets even bank accounts and so on). If serious trouble hits, it can be hard to convert those into "real" assets. After the 1978 crash I was told I had $4,000 invested (Boston property). But no-one would buy it at any price. What is the "real" value?
 
Craig B said:
I trust the Santander Bank with access to my account. If they set passwords I would therefore trust them with that information. I trust the Clydesdale Bank and the Bank of Scotland and the Royal Bank of Scotland enough to use the banknotes they circulate. I don't think they'll default on them.

I trust these people not because bankers are essentially honest, but because they're regulated effectively, as far as such activities are concerned, by a government in a democratic country.
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Thanks for the lols!
 
PartSkeptic said:
A guy I know who looks for get-rich-quick schemes has invested in bitcoin and is prepared to keep it long term (2-3 years). He also said he has invested in an online scheme that pays him 2% daily interest. Repeat - 2% daily. He has had it for two months. He asked me if I was interested.

So many scams, so much money chasing them. There are so many greater fools.
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Are you trying to turn me to the Dark Side?
 
Tippit said:
This is actually a good point. In fact, the more I learn, the more I realize that the demonetization of silver by the Coinage Act of 1873, often referred to as the crime of 1873, was perhaps the most devastating blow to sound money in the United States. Silver was known as the "money of the people", and this act at once demonetized it, shrinking the money supply and devastating the economy, as well as concentrating monetary power in the hands of elites (gold, and the "gold standard").
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Take it to Conspriacy Theories, guy....
 
Tippit said:
Thanks for the lols!
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Let me put it this way. Unlike BitConnect, I don't think the Royal Bank of Scotland is going to open up its branches, accept 3bn deposits and then close its doors preventing withdrawals.

Pure swindles of that kind are ruled out by the level of regulation prevalent in this country. And the Scottish private bank notes are sound. Not like the banks in the USA in the early nineteenth century when regulation was lax and scam paper money abounded. But I suspect there will be more revelations of swindles in Bitcoin than in Scottish high street banks.

Time will tell, will it not?
 
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Craig B said:
Let me put it this way. Unlike BitConnect, I don't think the Royal Bank of Scotland is going to open up its branches, accept 3bn deposits and then close its doors preventing withdrawals.
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You are probably right. The bank has millions of taxpayers ready to nationalize its losses should it get into difficulty.

Of course, you purposefully ignored what I said earlier.
psionl0 said:
One of the advantages of a crypto currency is that you don't have to invest effort into securely storing a hard medium or trust somebody else to do so while you carry an IOU instead.
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psionl0 said:
You are probably right. The bank has millions of taxpayers ready to nationalize its losses should it get into difficulty.
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On the other hand the jackasses who get stung by Bitcoin scams or who will be popped when the bubble bursts will be left alone to bemoan their losses. No help will they receive, or do they deserve.
Of course, you purposefully ignored what I said earlier.
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About the advantages of crypto currency? Here's a disadvantage, reported in today's Guardian:
Bitcoin’s electricity usage is enormous. In November, the power consumed by the entire bitcoin network was estimated to be higher than that of the Republic of Ireland. Since then, its demands have only grown. It’s now on pace to use just over 42TWh of electricity in a year, placing it ahead of New Zealand and Hungary and just behind Peru​
 
Craig B said:
On the other hand the jackasses who get stung by Bitcoin scams or who will be popped when the bubble bursts will be left alone to bemoan their losses. No help will they receive, or do they deserve.
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This is as it should be. If you are going to get involved with an unregulated crypto then the onus is on you to keep your wallet secure, avoid sending cryptos to somebody you don't trust or who's compliance can't be enforced and be aware that nobody is propping up the price (or at least, not to your advantage) so it's value as a medium of exchange may be all over the place.

If enough people accept a certain crypto as a medium of exchange (as distinct to a store of value) then the third problem may become less of an issue. Bitcoin is unlikely to be that crypto for reasons discussed earlier.

Craig B said:
About the advantages of crypto currency? < ... snip ... >
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Yes, I was discussing the main advantage. "Proof of work" is not a very good way of validating transactions (even though it works) but there are other ways of validating transactions that don't need excessive computing power or electricity consumption.

Maybe a superior validation algorithm will come along soon. This could interest transfer from bitcoin to a superior crypto or even the validation algorithm being adopted by bitcoin (though the latter seems unlikely).
 
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Psion10:

You talk about a currency. One uses that to receive goods or services that are correlated to the goods or services one puts in the system. If the price of the currency fluctuates wildly there is no expectation that one could get an exchange of "value".

As to a "store of value" one would expect that the bitcoin bought would retain its value and could be cashed out at the same price, more or less. The volatility says one cannot expect that.

Bitcoin is a medium of speculation. And it is in a speculative bubble that is about to burst.
 
PartSkeptic said:
You talk about a currency. One uses that to receive goods or services that are correlated to the goods or services one puts in the system. If the price of the currency fluctuates wildly there is no expectation that one could get an exchange of "value".
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That is why I prefaced that with "If enough people ..." and also ruled out bitcoin itself as that medium of exchange (note that I did not use the word "currency").

PartSkeptic said:
As to a "store of value" one would expect that the bitcoin bought would retain its value and could be cashed out at the same price, more or less. The volatility says one cannot expect that.

Bitcoin is a medium of speculation. And it is in a speculative bubble that is about to burst.
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Semantics and baseless fortune telling.
 
Samson 26.5 hours ago said:
Bitcoin 8000 looks a certainty inside 24 hours.
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Oops! You forgot to polish your crystal ball. :cool:

Samson said:
Back in neutral territory from a technical perspective.
20k remains completely unreachable, I will show the proof when I have time.
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Going against you seems to be a good bet so I predict that by the time you have time, the price will already be above 20k.
 
psionl0 said:
Oops! You forgot to polish your crystal ball. :cool:


Going against you seems to be a good bet so I predict that by the time you have time, the price will already be above 20k.
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Except I forecast the collapse fom 14000.
9200 is close to 8000, so why quibble? I make specific predictions, time, price, and get them broadly correct.
But you know this and indulge in the particular variance, in so doing miss the trading ideas that are industrial opportunities.
 
So, does everybody here except Psion10 think that this was the curtain call for Bitcoin (and Crypto)?

I'm sceptical. The growth was too steep to not lead to a correction and the recent drop was probably a combination of jittery new investors who can't deal with losses and get spooked. Then Bitconnect fell on its bottom and at the same time, S Korea made moves against cryptocurrencies.

I say it could rally yet, or chug along in the $9.000 to $14.000 bandwidth.

I'm not invested BTW, just here for the show.
 
Samson said:
Back in neutral territory from a technical perspective.
20k remains completely unreachable, I will show the proof when I have time.
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Please do.

I also don't think it will ever reach $20.000 again. For that, it would need considerable hype.

A lot depends on how the recent dip will be perceived in hindsight. With the swift recovery to above $11.000, it might not be seen as so traumatic after all. It's not the first big dip and volatility is now seen as part of the game.

Well, not if you put your family's life savings in some Ponzi scheme, of which Bitconnect is only one. Then it might be traumatic.
 
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