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Merged Bitcoin - Part 3

blutoski 36 hours ago said:
So, like, later this afternoon, I guess.
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Well that was a terrible guess. The price hasn't done much of anything for at least 36 hours (although it is down from the $40K+ of last week).

Mind you, a quick study of the price history shows that the odds were massively against such a prediction. Although the price has been in free fall several times in its history, I can't find any instance of a 50% price drop in a single day.

The current bubble may still have some time to go before the price comes crashing down again.
 
A man in the UK accidentally threw away a hard drive containing his Bitcoins back in 2013, which would now be worth about $273 million. He's offering the town $70 million to let him excavate the landfill looking for it, the payment depending on him finding the drive and the data being recoverable. The town is saying that the excavation would have a significant environmental impact and could cost millions, with no guarantee of him being able to pay.
 
blutoski said:
So, it's volatile, like gambling, and you can win if you have a time machine to go back to a few hours/days earlier. Got it.
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I just checked with my time machine and it says: "Have bets placed before Jan 29,2021. Insert 10 BTC for more info". ;)
 
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I will consume an appendage if bitcoin does not see 20,000 shortly.
 
Samson said:
I will consume an appendage if bitcoin does not see 20,000 shortly.
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I hope and pray you're right. But not because of the appendage thing. I would suggest a pickled pigs foot though. If you've never tried one, and most people have not, you may be pleasantly surprised if you don't think about it too much.
 
psionl0 said:
Have you got any data that shows that transactions for illegal purposes outweighs speculation?
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Apologies, I didn't make clear that I'm talking about purchases of goods.

In terms of what's actually purchased via Bitcoin, there aren't any numbers available because criminals tend not to report the value of their dug deals are, but I'd be amazed if it turned out that more than 5% of market purchases made were legal usage.
 
The Atheist said:
Apologies, I didn't make clear that I'm talking about purchases of goods.
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If you eliminate the most common reason for buying bitcoins (speculation) then I guess that purchasing illegal goods and services would be the next most likely reason but I suspect that this would be well down the ladder.
 
psionl0 said:
If you eliminate the most common reason for buying bitcoins (speculation) then I guess that purchasing illegal goods and services would be the next most likely reason but I suspect that this would be well down the ladder.
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If the only measure of worth of an object it's speculation before, it's not a good sign.
 
One man's (person's) reversal pattern is another man's continuation pattern.
This is what bedevils technical analysis of trends in free markets.
I can report that bitcoin is a beautifully behaving technical market, which is exactly to be expected in a theoretical construct devoid of intrinsic value.
 
a_unique_person said:
From a technology point of view it's failure. In the 21st century it can take days to do a simple transaction.
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Yeah, bitcoin is a complete failure if you evaluate it on either the basis of what it tried to achieve. It's not a functional currency and never will be.

Even without the failure of the technology itself bitcoins failure to become a functional currency was easily predicable. It attempted to solve a problem that didn't exist and viewed strengths of the established monetary system as problems to be "fixed"
 
a_unique_person said:
From a technology point of view it's failure. In the 21st century it can take days to do a simple transaction.
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After all these years and thousands of posts on bitcoin you still don't know how it works? :eek:

It takes 10 minutes to get a transaction confirmed and 1 hour for 6 confirmations after which forking can't touch the transaction. It's on the blockchain forever. Of course you have to offer a transaction fee or no miner will touch your transaction but it was never meant to be a free service. On the most recent blocks, the average transaction fee is of the order of about 0.0005 btc or $15.

For transferring large amounts of wealth around the world without interference from a third party or the need to justify your transaction to financial authorities, crypto currencies can't be beaten. That is its "intrinsic" value.

lomiller said:
It's not a functional currency and never will be.
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Who said that bitcoin has to be a "functional currency" (whatever that means)? michaelsuede?
 
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