Bitcoin


#1791

Still a lookasillyMOD EditedComment***********. You weren’t pointing out anything just trying to get the digs in.

Some things don’t change. :angry:

Shoul I quote you everyday when it inevitably goes up again.

Because that is bloody childish. But I can do that if you want me to. Goose for the gander.


#1792

Still smarting I see. I was only joking around here but you want to make it personal. Strange fellow.

…(I’m not proud of being rude…I don’t mind if the mods delete it…But just expressing my feelings on the matter )


#1793

You’re making a link with the real world; it wasn’t obvious to me that you were being metaphorical. It wasn’t a dig.

In any case, you’re still making the argument that bitcoin is a “store of wealth”, which it isn’t if the price keeps fluctuating wildly relative to the price of real things.

Wealth is the capacity to buy things in the real world.


#1794

Are you telling me you can’t buy stuff with Bitcoin? Initially it was a favourite of the dark web but fallen out of favour as it is not anonymous.

ccn.com/lingerie-tycoon-sel … s-bitcoin/

Admittedly it’s not the most convenient and it’s better to exchange it first (hence the idea of it being more like a USD bond that floats in value and underpins the whole market…it just happens to be very very volatile which then makes all crypto values very volatile…I admit I did not have a full grasp of that initially ).

Bitcoin is much easier to spend or exchange than a bond actually. There are many exchanges that you can cash out instantly but you need to link your bank account first and it may take time to transfer out.

I’m not a fan of bitcoin really I am waiting for some other cryptos to standalone in value and functionality.


#1795

What now?

Bonds aren’t as such used to store quick cash, so that comparison makes no sense to me. Especially as BitCoins are somewhat pushed as cash alternative. Which it clearly isn’t in a practical real-world sense, as there is no benefit over using cash or a credit or debit card.


#1796

When you exchange bitcoin on an exchange you can do it into cash for a fairly hefty fee of up to 10% in some cases especially if you want more anonymous service.

But some exchanges can take a while to make the transfer off their exchange and into your bank account (although the one I use should be a few minutes possibly as I have a higher trust level approved). Exchanges have different trust levels and limits on fiat transfer out to reduce risk from hacking and control cash flow.

There are many superior payment currencies than bitcoin, none have had mass traction yet. Litecoin had a stab at it but not really succeeded. Monero has traction amongst criminals.
The first mass traction coins could be litecoin, dash, nano etc or they could be something new such as gram (from their 1.7 crazy billion dollar ICO) or a coin issued by Amazon etc. Its all to play for right now.


#1797

No, you said “store of wealth”. Stores preserve things over time. The fact that you can exchange Bitcoin for real things at a point in time doesn’t make it a store of wealth in the normal meaning of those words, any more than a leaky bucket is a store of water.


#1798

All stores of wealth fluctuate in value , even so called rock solid ones such as property or gold.

Not sure what is so controversial about this.
There are many bitcoin holders who see Bitcoin as an amazing store of wealth and will never sell the majority of their holdings. These are the guys who call all the other coins shitcoins with a lot of justification to be honest. They held Bitcoin when it went from 1000 dollars to 150 dollars and everybody called them idiots and criminals. Sometimes for years. They refer to themselves as Bitcoin maximalists, if you ever encounter one you can see that it exactly like meeting a goldbug or a religious fundamentalist. No arguing with em.

You know that Bitcoin has shown tremendous price appreciation in over 8 years in general. Everytime it was knocked down it has recovered to much bigger highs and bitcoin is practically indestructible , unhackable and has a fixed and known quantity (you can’t extract more of it from unknown resources or a new technology, you can not inflate it away). As a store of wealth it has done long term holders proud.


#1799

The world’s financial systems are built on US treasuries, which was the example you gave yourself.

They’re considered equivalent to cash, so much so that they’re referred to as cash. UST prices are very stable w.r.t. prices of real things. As are most currency holdings.

The fact that you think gold is a “rock solid” store of wealth is indicative of a classic libertarian tinfoil-hat mindset.


#1800

I’m saying what most people around the world think of as solid forms of wealth…Property…Gold…Fluctuate greatly in value. In places like China they are used to this volatility somewhat even in safe haven assets .

I compare bitcoin in crypto markets to US bonds or USD and the stock market. It doesn’t mean they share the same volatility profile just similar functions. Trust in the USD underpins the Dow Jones and the whole US and worldwide financial system.
Trust in Bitcoin underpins the whole crypto market.

The USD and government and economy is unusually stable (even if the media say otherwise ) , there are many ‘strong’ currencies that fluctuate in value tremendously (yen and won being two). The US stock market has also been an unusually good story but most stock markets are nothing like that. Bitcoin has appeal for many people around the world. Its more stable and robust long term than developing countries bonds and stocks and currencies for example. It also cannot easily be confiscated or stolen by authorities (most developing countries are kleptocracies ). Basically the world ain’t all about America and the USD although it is still the big boy on the block.

So in the short term and for me I don’t think bitcoin is an ideal choice as a store of wealth but I understand why many think differently. Some folks can deal with the volatility and can hold long term.


#1802

Another day, another hack of a ludicrously unsophisticated crypto, that seems to have neither crypto, nor security of blockchain, not developer expertise going for it. At every point of the process, the touted brilliance of crypto and blockchain failed and failed hard. You could take over 51% of the nodes, you could insert fakes into the blockchain, the devs could fuck up in such a way they pretty much destroyed the blockchain.
theregister.co.uk/2018/04/0 … hemselves/


#1803

Keep it civil.
Count to Ten.
Play the ball, not the man.
Self Moderation is the true path.


#1804

#1805

Boom…biggest trading volume ever for Bitcoin. 1.2 billion USD trading volume in one hour, over 8 billion USD today. Summer is coming. A lot of technical upgrades , big names coming onstream like EOS and dapps coming through. This year is going to be bigger than ever. So much money waiting to move into this space once the basic regulations are in place.
I’m loaded up with lending coins, currencies, protocols, exchange coins, sdk tokens, you name it. 8)
We will see BTC and ETH and EOS and NEO reach new all time highs this year, the big funds will pump money into them and the whole space will rocket up again including the shitcoins.
BNB should do very well also.


#1806

Banksters attack Bitcoin shocker. :unamused:


#1807

Still pumping for suckers, eh?

Meanwhile in bitcoin land, another company steals it’s customers money.
theregister.co.uk/2018/04/1 … an_wallet/

And you chaps worry about banksters? :smiley:


#1808

Some shitty exchange in the 3rd World getting hacked doesn’t concern me. The Bitcoin blockchain itself is virtually unhackable.


#1809

When the sweetshop is robbed does the candy manufacturer get blamed?

Dumbest criticism I’ve ever seen of Bitcoin.

Personally I’ve invested some money in Binance, invest in the right sweetshop and things could turn out pretty well.


#1810

@taipeir @el diablo
what happens to the bitcoins of people who die without leaving behind their decryption keys?


#1811

It’s lost forever and can’t be recovered. There’s probably at least a couple of million Bitcoin already lost due to people losing access to their private keys.