Bitcoin - Part 2

[PartSkeptic]

Fascinating. Bitcoin is doing a slow climb.

Like watching a movie. The plot twists and turns. The monster just will not die.

 

[Samson]

Fascinating. Bitcoin is doing a slow climb.

Like watching a movie. The plot twists and turns. The monster just will not die.

I can say that it is one of the most predictable markets I have found for my simple algorithm. Extremely well behaved, almost worth marrying...

 

[kayle]

and I ve never said one cant make money on it. but it is pointless, useless and baseless

 

[Dr.Sid]

and I ve never said one cant make money on it. but it is pointless, useless and baseless

Seems like a contradiction to me. How can it be pointless, useless and baseless ? You can make money on it !
Also loose .. btw. do you know somebody who actually lost money on BTC ?

 

[Samson]

This is a serious short squeeze that could end as high as 14,000. All traders see it, short and caught!

 

[psionl0]

Researchers find that one person likely drove Bitcoin from $150 to $1,000

MtGox???? That reeks of desperation even for you. Hacking a vulnerable bitcoin exchange with serious security flaws certainly doesn't demonstrate that anybody is controlling the production of and distribution of bitcoin.

Your quote says that cryptos with a "thin" market are more subject to price manipulation than those that don't have a thin market (DUH). It is even more desperate to suggest that the bitcoin market is "thin".

Nobody knows who or what is behind the entity calling itself Satoshi Nakamoto. What we do know is:-

1. From the moment of inception Bitcoin was hyped up as the answer to 'worthless' fiat currencies, in an attempt to suck in deluded libertarians and anarchists.

Pure fairy tale! I believe in your ability to read the minds of faceless strangers about as much as I believe in Casper the friendly ghost.

2. 'Satoshi Nakamoto' then proceeded to get in on the ground floor and mine ~1 million bitcoins for himself - which are now 'worth' over $10 billion.

In 2013 Sergio Lerner (https://bitslog.wordpress.com/2013/04/17/the-well-deserved-fortune-of-satoshi-nakamoto/) examined the ExtraNonce fields from Block 1 onwards and deduced that a single entity successfully mined 19,600 blocks (earning 960,000 BTC) in 2009 when a PC could still mine as much as 1 block per hour.

What a diabolical way to use a PC! Let the invasion of the world commence!

3. Bitcoin was designed to be extremely deflationary, virtually guaranteeing that the price would rise exponentially if enough people bought into the hype. Only an idiot couldn't see that this would happen - and I think we can all agree that 'Satoshi Nakamoto' was no idiot.

The same people who say that bitcoin is worth "zero" simultaneously say that because of the hard limit to its supply, the price will rise for evermore! Make up your mind!

The conclusion is obvious. The individual or individuals who invented bitcoin knew exactly what they were doing - creating a classic Ponzi mining bitcoins.

ftfy.

 

[Samson]

Capitulation. 10,000, 10,700 let us see. This market is due a catstrophic decline.

 

[kayle]

The same people who say that bitcoin is worth "zero" simultaneously say that because of the hard limit to its supply, the price will rise for evermore! Make up your mind!
----
read the quote above this and note the subordinate clause starting with 'if'...

 

[psionl0]

read the quote above this and note the subordinate clause starting with 'if'...

Is that supposed to prove something?

"Satoshi Nakamoto" was able to mine 960,000 BTC without needing a super computer. That meant that it was at least a year before anybody took bitcoin seriously. Did he plan for that as well?

Posters have been making up this same CT nonsense for years. Where is the proof that what happened was anything other than serendipitous? When am I going to see an original argument?

 

[rayheno]

I can say that it is one of the most predictable markets I have found for my simple algorithm. Extremely well behaved, almost worth marrying...

Samson 'This is a serious short squeeze that could end as high as 14,000. All traders see it, short and caught!'

'Capitulation. 10,000, 10,700 let us see. This market is due a catstrophic decline.'

Is it just me or do these posts make any sense?

 

[rayheno]

I've been reading some posts from the beginning of this thread, made me wonder, is it a rule or a law of this site that no one can admit to ever being wrong bout something?

 

[psionl0]

I've been reading some posts from the beginning of this thread, made me wonder, is it a rule or a law of this site that no one can admit to ever being wrong bout something?

This thread takes its rules from the CT section.

 

[Tippit]

The same people who say that bitcoin is worth "zero" simultaneously say that because of the hard limit to its supply, the price will rise for evermore! Make up your mind!

For anything of value with a hard limit to its supply, the price (in fiat US dollars) will tend to rise "for evermore", because there is a never ending supply of US dollars, thanks to the Federal Reserve's perpetual counterfeiting racket. As for whether or not bitcoin is "hype", that is yours and Roger Ramjet's opinion.

 

[Craig B]

For anything of value with a hard limit to its supply, the price (in fiat US dollars) will tend to rise "for evermore", because there is a never ending supply of US dollars, thanks to the Federal Reserve's perpetual counterfeiting racket. As for whether or not bitcoin is "hype", that is yours and Roger Ramjet's opinion.

If there is one agency which is not capable in principle of "counterfeiting" Federal Reserve fiat dollars, that is the Federal Reserve itself.

 

[kayle]

For anything of value with a hard limit to its supply, the price (in fiat US dollars) will tend to rise "for evermore", because there is a never ending supply of US dollars, thanks to the Federal Reserve's perpetual counterfeiting racket. As for whether or not bitcoin is "hype", that is yours and Roger Ramjet's opinion.

for anything of value...

 

[Samson]

Samson 'This is a serious short squeeze that could end as high as 14,000. All traders see it, short and caught!'

'Capitulation. 10,000, 10,700 let us see. This market is due a catstrophic decline.'

Is it just me or do these posts make any sense?

My point is I don't know where the short squeeze ends but I expect it to. 14000 is the upper limit but it could turn anywhere, maybe it has. Either way I expect it to get under 6000 soon.

 

[Roger Ramjets]

"Satoshi Nakamoto" was able to mine 960,000 BTC without needing a super computer. That meant that it was at least a year before anybody took bitcoin seriously. Did he plan for that as well?

Ponzi schemes can take many years to build up (Bernie Madoff started his in the 1980's).

The same people who say that bitcoin is worth "zero" simultaneously say that because of the hard limit to its supply, the price will rise for evermore! Make up your mind!

I said it was obvious the price would rise exponentially, not its worth. Nobody with any brains thinks that Bitcoin is worth the price it is currently selling for.

But according to some, any commodity is 'worth' whatever it sells for at the time. In that case Bitcoin is still worth zero to me, because I wouldn't buy it at any price.

...when a PC could still mine as much as 1 block per hour.

What a diabolical way to use a PC!

Printing fake money to pass off as real currency could be described as 'diabolical', especially if you were also responsible for wasting more electricity than is consumed by many European countries and caused the price of graphic cards to skyrocket. But it's early days yet - when this scheme finally unwinds I'm betting the damage will be far worse than most people expect.

Does bitcoin threaten economic stability?

But the danger of cryptocurrencies extends beyond facilitation of illegal activities. Like conventional currencies, cryptocurrencies have no intrinsic value. But, unlike official money, they also have no corresponding liability... Instead, cryptocurrencies function based on the willingness of people engaged in transactions to treat them as valuable. With the value of the proposition depending on attracting more and more users, cryptocurrencies take on the quality of a Ponzi scheme.

As the scale of cryptocurrency usage expands, so do the potential consequences of a collapse. Already, the market capitalization of cryptocurrencies amounts to nearly one tenth the value of the physical stock of official gold...

depending on where and when a bubble bursts, the mess could be substantial. In advanced economies with reserve currencies, central banks may be able to mitigate the damage. The same may not be true for emerging economies.

 

[Roger Ramjets]

the Federal Reserve's perpetual counterfeiting racket.

Now you're just being silly.

What's next - Gucci 'counterfeiting' handbags? Rolex 'counterfeiting' their Oyster watches? The Mona Lisa is a fake, 'counterfeited' by Leonardo da Vinci?

 

[PartSkeptic]

Ponzi schemes can take many years to build up (Bernie Madoff started his in the 1980's).

I said it was obvious the price would rise exponentially, not its worth. Nobody with any brains thinks that Bitcoin is worth the price it is currently selling for.

But according to some, any commodity is 'worth' whatever it sells for at the time. In that case Bitcoin is still worth zero to me, because I wouldn't buy it at any price.


Printing fake money to pass off as real currency could be described as 'diabolical', especially if you were also responsible for wasting more electricity than is consumed by many European countries and caused the price of graphic cards to skyrocket. But it's early days yet - when this scheme finally unwinds I'm betting the damage will be far worse than most people expect.

Does bitcoin threaten economic stability?

Totally agree.

The scenario is scary. Today's millenials have no fear because they have never known disaster. They think Mommy and Daddy will always be able to rescue them.

We are living in unusual times, where the norm is not the norm, and many things are way out of balance. But Nature will prevail and the norm will return. It is a matter of how much pain there will be to ordinary folk.

 

[Roger Ramjets]

As for whether or not bitcoin is "hype", that is yours and Roger Ramjet's opinion.

It's not just kayle and me.

The Hype and the Hollowness: Cryptocurrencies’ Over Justified Expectations

From the white paperback in 2008, Bitcoin was heralded as the revolution... Now, some 10 years later... has cryptocurrency changed the world?

The scope and possibilities for Blockchain technology are nearly endless - and the amount of ICOs trying to use Blockchain to solve even the most benign of problems proves that.

However, despite the likes of Microsoft incorporating Blockchain technology, and even banks in the use of Ripple, there has not been any real revolution with the use of Blockchain technology.

Promises, promises

In this ecosystem of hype and grandeur there have been countless promises made along the way; too many to mention. But one thing that needs to be noted is that 2017 saw plenty of people baited onto enticing hooks through shilling or FUD

10 years of hype has produced nothing substantial. In fact Bitcoin is proving less useful every day, and the 'technology' it's built on is really starting to show its warts. The concept of a distributed ledger may be 'revolutionary', but all the current implementations suck. It may even be that they must suck because the concept itself is flawed.

But what's interesting is not the 'technology' so much as who is attracted to it and why. Criminals have an obvious use for anonymous money, but they would probably want to keep their involvement quiet. OTOH libertarians and anarchists are always going on about the evils of governments and regulation, so naturally they would jump at the chance to promote a 'revolutionary' alternative currency. And Bitcoin pushed all their buttons.

For years we watched with amusement as they peddled their claptrap, then finally unscrupulous 'investors' began to notice the potential of Bitcoin's deflationary spiral. That's when the real hype began, but the true believers still have a lot of impact due to their 'sincerity' (as in 'I sincerely believe my worldview will collapse if I don't continue to peddle this claptrap!').