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Merged Bitcoin - Part 3

psionl0 said:
Stop projecting.


Stop creating strawmen. The German Mark was never "volatile" like bitcoin. While bitcoin's value goes up and down (but the long term trend is upwards) the Mark just went down and down because it was being printed at an ever increasing rate - something that is impossible to do with bitcoin.

I think you know this but you want to create a false association between the Mark and bitcoin because "the mentality of people who don't like bitcoin is to compare it to anything bad no matter what it is and no matter how dissimilar the analogy".
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And you probably still wonder why no one takes you seriously.
 
On May 22, 2010, a Florida resident paid 10,000 bitcoins for two pizzas in what was the first commercial transaction using cryptocurrency. That day is now known as Bitcoin Pizza Day.
 
A minuscule .01% of Bitcoin holders control nearly a third of the supply

https://fortune.com/2021/12/20/001-percent-bitcoin-holders-control-nearly-one-third-supply/

Bitcoin advocates have said for years that cryptocurrency is more egalitarian than fiat currency, and that crypto is a way to redistribute financial power that has traditionally been in the hands of banks.
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Folks, here we have the "currency" that was supposed to free us from "THE SYSTEM!!!!!!!!!!!!!!!!!!!!".

Who would have thought that a cryptosystem based on how fast you can calculate something via a fast GPU, would favor those who can afford to build huge mining rigs....
 
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EaglePuncher said:
A minuscule .01% of Bitcoin holders control nearly a third of the supply

https://fortune.com/2021/12/20/001-percent-bitcoin-holders-control-nearly-one-third-supply/



Folks, here we have the "currency" that was supposed to free us from "THE SYSTEM!!!!!!!!!!!!!!!!!!!!".

Who would have thought that a cryptosystem based on how fast you can calculate something via a fast GPU, would favor those who can afford to build huge mining rigs....
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Even that number doesn't account for multiple wallets controlled by the same person or organization.
 
ChrisBFRPKY said:
On May 22, 2010, a Florida resident paid 10,000 bitcoins for two pizzas in what was the first commercial transaction using cryptocurrency. That day is now known as Bitcoin Pizza Day.
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Yes, the fantastic explosion of bitcoin from essentially worthless in the early years to 5 figure value is the magic that every scammer promises to recreate when introducing a new alt-coin which is promptly pumped and dumped on credulous rubes.
 
My first post in this thread. I'm admittedly dense when it comes to the financial and economic sphere.

I just don't get crypto.

- Value based on mathematical calculations?
- A finite limit to the number of coins?

Then there's the fact that so many coins are controlled by so few. To me, these aspects of the thing suggest something resembling an MLM scheme.

A few years ago a renter next to me would frequently extoll bitcoin, as he was mining the stuff himself. But he could never get across to me what was the inherent value of the enterprise. It all seemed so fuzzy to me. One had to buy increasingly more hardware to run these calculations, hoping, I guess, that the expense would pay off. I wonder. Will that final calculation to dig up the last coin require something like a nation's budget in GPUs? :D
 
Lurch said:
My first post in this thread. I'm admittedly dense when it comes to the financial and economic sphere.

I just don't get crypto.

- Value based on mathematical calculations?
- A finite limit to the number of coins?

Then there's the fact that so many coins are controlled by so few. To me, these aspects of the thing suggest something resembling an MLM scheme.

A few years ago a renter next to me would frequently extoll bitcoin, as he was mining the stuff himself. But he could never get across to me what was the inherent value of the enterprise. It all seemed so fuzzy to me. One had to buy increasingly more hardware to run these calculations, hoping, I guess, that the expense would pay off. I wonder. Will that final calculation to dig up the last coin require something like a nation's budget in GPUs? :D
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It's like a Ponzi Scheme, it only still exists because Fanboys are pumping money into it.

Enraged Fanboy in 3,2.....
 
Bitcoin decoupled stylishly which will please the disciples. Nasdaq north, bitcoin south.
hehehehe
 
I think what happened with Bitcoin is that the fanboys jumped on it as some supposed radical new way to pay for stuff and some "anti-establishment" sentiment. Then, at some point, more people took notice of its rising price and saw it as a speculative vehicle. Which attracted more speculation -and the attention of the financial establishment- and drove the price through the roof. The fanboys made a lot of money, which turned them into speculators. And that caused the volatility and basically destroyed it as any kind of actual currency. The whole anti-establishment idealistic "currency" idea just fell by the wayside to be replaced with greed. Who, really, even cares what bitcoin is "used" for?

This is also the case with almost everything that rode on its coattails. I do believe there is still some glimmer of hope that something more productive than speculative fervor will come out of bitcoin, or at least the blockchain technology it started, but I am beginning to have my doubts.
 
xjx388 said:
I think what happened with Bitcoin is that the fanboys jumped on it as some supposed radical new way to pay for stuff and some "anti-establishment" sentiment. Then, at some point, more people took notice of its rising price and saw it as a speculative vehicle. Which attracted more speculation -and the attention of the financial establishment- and drove the price through the roof. The fanboys made a lot of money, which turned them into speculators. And that caused the volatility and basically destroyed it as any kind of actual currency. The whole anti-establishment idealistic "currency" idea just fell by the wayside to be replaced with greed. Who, really, even cares what bitcoin is "used" for?

This is also the case with almost everything that rode on its coattails. I do believe there is still some glimmer of hope that something more productive than speculative fervor will come out of bitcoin, or at least the blockchain technology it started, but I am beginning to have my doubts.
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Railways, internet, blockchain.
Which is the odd one out?
 
EaglePuncher said:
It's like a Ponzi Scheme, it only still exists because Fanboys are pumping money into it.

Enraged Fanboy in 3,2.....
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That's what trolls live for. They post BS in the hopes of getting somebody mad.

The irony is that many actually believe their own BS and some even think that they are the first to come up with this <bad thing> comparison.

As I have said before, the next major bubble will stop them from posting in this thread.
 
psionl0 said:
That's what trolls live for. They post BS in the hopes of getting somebody mad.

The irony is that many actually believe their own BS and some even think that they are the first to come up with this <bad thing> comparison.

As I have said before, the next major bubble will stop them from posting in this thread.
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"I don't like the facts this guy is posting, better call him a troll"

ETA: Bitcoin under 30k right now, the next "bubble" is right ahead,lol.
 
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EaglePuncher said:
"I don't like the facts this guy is posting, better call him a troll"
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"This guy has outed me, better call him a Fanboy".

EaglePuncher said:
ETA: Bitcoin under 30k right now, the next "bubble" is right ahead,lol.
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Bitcoin has made a monkey out of everybody who ever said that there will never be a bigger bubble than the last one. You might as well start swinging from the trees now.
 
SuburbanTurkey said:
Yes, the fantastic explosion of bitcoin from essentially worthless in the early years to 5 figure value is the magic that every scammer promises to recreate when introducing a new alt-coin which is promptly pumped and dumped on credulous rubes.
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Well to be fair to your point, Bitcoin is not as lucrative an investment as it was 10 years ago. Start ups have always been risky especially new cryptocurrencies. I suppose rubes, city slickers, academics and high school dropouts alike have all been victimized by many scams including crypto but then again, isn't there always someone somewhere trying to figure out the next best way to scam money from others?

psionl0 is always too polite in this thread IMO. I don't spend much time here as I don't suffer fools well. If anyone hasn't made their fortune in Crypto by now, chances are they never will at anything else either.
 
Lurch said:
My first post in this thread. I'm admittedly dense when it comes to the financial and economic sphere.

I just don't get crypto.

- Value based on mathematical calculations?
- A finite limit to the number of coins?
Then there's the fact that so many coins are controlled by so few. To me, these aspects of the thing suggest something resembling an MLM scheme.

A few years ago a renter next to me would frequently extoll bitcoin, as he was mining the stuff himself. But he could never get across to me what was the inherent value of the enterprise. It all seemed so fuzzy to me. One had to buy increasingly more hardware to run these calculations, hoping, I guess, that the expense would pay off. I wonder. Will that final calculation to dig up the last coin require something like a nation's budget in GPUs? :D
Click to expand...

That is true of Bitcoin but it's not true of cryptocurrency generally. Luna, for example, didn't have any cap on the number of coins. That's why there were 350 million of them a couple of weeks ago but there are currently 6.5 trillion of them and why they are worth practically nothing and can never really regain any value. If they were each only worth 1 cent, it would be a market cap of $65 billion which is obviously insane for a coin that nobody would buy in their right mind.
 
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