PartSkeptic
Illuminator
I may be wrong but I think that much of the money paid to the exchanges does not properly get into the bitcoin block and give the person confirmed direct ownership. Too cumbersome - a major weakness.
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I may be wrong but I think that much of the money paid to the exchanges does not properly get into the bitcoin block and give the person confirmed direct ownership. Too cumbersome - a major weakness.
PartSkeptic
Illuminator
Bubble, bubble, toil and trouble...
https://www.cnbc.com/video/2017/12/07/bitcoin-could-be-the-biggest-bubble-in-history--heres-how.html
https://www.cnbc.com/video/2017/12/07/bitcoin-could-be-the-biggest-bubble-in-history--heres-how.html
psionl0
Skeptical about skeptics
You are. Once a transaction has been confirmed, it is in the blockchain for ever. Otherwise, it's still in your wallet.
What these "experts" ignore is that bitcoin has had many such bubbles but they insist on comparing it to investments that had only one bubble.
Multiple peaks, with earlier ones mistaken for the final bubble, are not unprecedented. Here's a famous one from 1929.
March 25, 1929, after the Federal Reserve warned of excessive speculation, a mini crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Despite all these economic trouble signs and the market breaks in March and May 1929, stocks resumed their advance in June and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September).
https://en.m.wikipedia.org/wiki/Wall_Street_Crash_of_1929psionl0
Skeptical about skeptics
So now you are comparing bitcoin with the NYSE?
how much more often do I have to say what I'm comparing? Yourself referred to "many such bubbles" and I'm comparing the Tulip Bubble with the Railway Bubble, the Stock market Bubble. I'm not saying that the NYSE in 1929 intrinsically resembled a tulip.
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PartSkeptic
Illuminator
I get it but some refuse to.
A bubble has two parts. The rapid speculator rise and the frantic fearful fall. We are still in the first part. If people thought it could be a bubble they would not invest in it, or they think they can get out in time.
Psion10 is relentlessly promoting bitcoin. Has he said how much he has bought so far? One should buy in by averaging - a portion every week or so. And then sell in the same way to collect the profit. By now he should have made a very handsome profit. Psion10 - is that right?
Some bubbles have a third part - they disappear, never to be seen again.
Here is someone recommending that people prepare to get out fast. By keeping their money in a exchange. After advising them not to do that because they are unreliable - just what one needs when the market is plummeting like a lead balloon.
psionl0
Skeptical about skeptics
I am only on a mission against BS.
This thread (and the previous one) is full of the graves of "knowledgeable" posters who confidently predicted the end of bitcoin every other week. We may not know what the future holds for bitcoin but you can be sure that the knockers will be parroting the same epitaph for years to come.
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"Knockers parroting the same epitaph" sounds like good fun. But an epitaph is an inscription on a tombstone. Do you think BTC is about to pop its socks?
psionl0
Skeptical about skeptics
Twisting words is the hallmark of a loser.
What on Earth are you talking about? The word "epitaph" means what I said it means. I only have my opinion at stake in this discussion.
Don't tell me you're puffing Bitcoin so vigorously because you've been dabbling in it, and have a substantial holding acquired at speculation-inflated prices? That would be sad. My commiserations if you're in that position! Because here is what the coindesk site is telling us:
The price of bitcoin is down more than 25% percent from the all-time high of nearly $20,000 reached this past weekend, market data shows.
Prices fell to as low as $14,502 during today's trading session, according to CoinDesk's Bitcoin Price Index (BPI), about 25 percent from the all-time high of $19,783 reported on Dec. 17.
You've been telling us that bitcoin's new and unprecedented, but this is typical bubble instability, not unprecedented at all.Prices fell to as low as $14,502 during today's trading session, according to CoinDesk's Bitcoin Price Index (BPI), about 25 percent from the all-time high of $19,783 reported on Dec. 17.
The digital currency had hit a record high of $19,666 on Sunday ... At 8:50 am (3:20 UTC), Bitcoin was trading at $13,366 on the exchange.
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Yep the crash is full on. It will seem so obvious after the event.
Bitcoin's true value is zero.
psionl0
Skeptical about skeptics
I'm "talking about" people who post as if bitcoin were dead and buried long before the price at the time peaked.
It may not die, as I have stated many times. Railways didn't die in 1846. But the bubble will burst and people who bought at bubble inflated prices will suffer irretrievable loss. That is very much the most probable outcome.
psionl0
Skeptical about skeptics
The highlighted part you are just making up. It has never happened in the life of bitcoin and your repeated assertion otherwise ad-nauseum is just a "stopped clock" philosophy.
South Sea peaked at £1000. People who bought it there lost a great deal of money, but the big pop only happens once in each bubble episode. Sometimes a previous small movement is mistaken for the big one, as was March 26 1929 on the NYSE. The big one came in October.
Is the current Bitcoin price fall the Big One? I don't know. Could well be. Hindsight will tell us. Prediction in detail is impracticable, but the general pattern of these events is recognisable.
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BStrong
Penultimate Amazing
psionl0
Skeptical about skeptics
BStrong
Penultimate Amazing
And as anything other than a semi-untraceable method of moving money, bitcoin has more minuses than pluses.
psionl0
Skeptical about skeptics
You're wrong.
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