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Bitcoin - Part 2

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Mycroft said:
I'm sure it will pick up because of all that money being pulled from world markets that are crashing today. Investors will be looking for a new place to put it.





Okay, just kidding.
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It's a digital gold, man.

It's a safe haven in times of volatility and cannot be destroyed. one thousand years from now, archaeologists will find thumb drives full of Bitcoins and they will rejoice!
 
Oh dear.

I have a colleague who holds quite a lot of Bitcoin. He bought it cheap, but still...
 
I think 2000 is achievable by Xmas. This great and just bear market is a wonder to behold. Correcting history is a noble cause.

Warren Buffet: Rat poison.

Charlie Munger: I like it a lot less than Warren
 
ponderingturtle said:
When will mining it become so remarkably expensive to its value that it will die?
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Mining it must have been way cheaper. I wonder what mining no 21,000,000 will cost.
The whole fiasco is highlighted by the need to ask these questions. Global warming is now mainstream science so the operation should be banned along with tourism and all hedonism.
 
Let's take a look at the whole Crypto market and leave aside that at one point today Bitcoin dropped below USD$3,300:


https://www.coindesk.com/bitcoin-drops-below-3-4k-to-set-a-new-2018-low



Total market capitalization of all cryptocurrencies fell sharply as well, wiping away another $11.5 billion to stand at $110.6 billion on the day, a far cry from $813 billion seen on Jan. 8, CoinMarketCap data shows.
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That seems to show a fair loss of confidence in Crypto technology being a store of value.



Norm
 
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ponderingturtle said:
When will mining it become so remarkably expensive to its value that it will die?
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I think you know that the answer is "never".

As has been pointed out many times, when miners drop out of the race, mining becomes cheaper for the remaining miners. The overriding principle is that the block generation rate is constant regardless of how many miners there are.
 
psionl0 said:
If you go back to the beginning of this thread, you will find exactly the same conclusions being made 4 years ago.
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Yes, but 4 years ago Bitcoin was not as mainstream as it is now, did not have the baggage of being part of a near new Market which has had a capacity drop in the order of $700B in under a year, and is a product which has dropped (forget percentages) $16,500 per "coin" in a year in new money possibly mainly from investors jumping on the latest next big thing bandwagon.


Norm
 
fromdownunder said:
Yes, but 4 years ago Bitcoin was not as mainstream as it is now, did not have the baggage of being part of a near new Market which has had a capacity drop in the order of $700B in under a year, and is a product which has dropped (forget percentages) $16,500 per "coin" in a year in new money possibly mainly from investors jumping on the latest next big thing bandwagon.
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It's ALWAYS different this time.
 
psionl0 said:
It's ALWAYS different this time.
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Sometimes it IS different this time.
It is different this time, the asymptote will go to zero.
50% of something is better than 100% of nothing, cash up now I implore bitcoin holders.
 
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