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Merged Bitcoin - Part 3

Mycroft said:
My understanding, and I am not an expert, is that mining bitcoin plays a role in verifying and recording bitcoin transactions, so continued mining is necessary to the utility of bitcoin.
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Correct but nowhere near as much as you might think.

You would only need a few thousand PCs around the world dedicated to mining to verify transactions and keep the blockchain going because bitcoin can only store a few thousand transactions per block. The rest of it is just super computers competing with each other to get the next block and wasting an incredible amount of energy in the process.
 
Cryptoblivion

This is the end pending.
Technical pictures point to the standard 85% decline in bitcoin.
 
"People always say bubbles are going to burst, ergo that's proof this bubble is never going to burst!"
 
It's been a little over a month since Elon gave bitcoin a 20k value haircut through ****-posting on twitter, and the new price of ~35k seems to be the new normal.

What a wonderful thing for society. Feeding petrochemicals into my black box hoping the value of my internet fun money doesn't tank 40% because some celebrity said something mean on social media.
 
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Belz... said:
But it's not even that. It's some sort of prediction but I don't know what he means.
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There were 85% price declines in 2014 and 2018. This looks like a similar event underway.
And bright guy Taleb suggests true crypto value is zero, as many others do.
 
The true value of all money is zero. Most money these days is nothing more than variations in a magnetic field on a piece of rust that is spinning around.
We just agree for the sake of convenience that it contains value.
 
a_unique_person said:
The true value of all money is zero. Most money these days is nothing more than variations in a magnetic field on a piece of rust that is spinning around.
We just agree for the sake of convenience that it contains value.
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Rapidly being replaced by a cluster of excess or deficit of electrons trapped in silicon.
 
Samson said:
There were 85% price declines in 2014 and 2018. This looks like a similar event underway.
And bright guy Taleb suggests true crypto value is zero, as many others do.
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In 2014 and 2018, China wasn't shutting down the giant mining warehouses that were mining the most significant number of coins. That's why I'm saying that this one different. I don't know how it's going to be different, but there are different forces underlying it this time.
 
JoeMorgue said:
"People always say bubbles are going to burst, ergo that's proof this bubble is never going to burst!"
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Every doomsday prediction is incorrect except the last one.

Keep saying that bitcoin will collapse permanently (this time it's different) and who knows? Maybe one day you might be right!
 
psionl0 said:
Every doomsday prediction is incorrect except the last one.

Keep saying that bitcoin will collapse permanently (this time it's different) and who knows? Maybe one day you might be right!
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My issue is when I see Bitcoin supporters talk about holding Bitcoin.

Shouldnt they be constantly selling Bitcoin for goods and services if they believe in it?
 
BobTheCoward said:
My issue is when I see Bitcoin supporters talk about holding Bitcoin.

Shouldnt they be constantly selling Bitcoin for goods and services if they believe in it?
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You mean like the guy who paid 10,000 BTC for a pizza in 2009?

It's not a matter of faith but what is profitable. Bitcoin is not especially suitable for transactions because it is highly deflationary, there are fees associated with every transaction and it can't process transactions fast enough to be a currency.

The best (profitable) uses of bitcoin are as an instrument of speculation and for transferring large sums across the globe within minutes without interference from any authority.
 
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