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Author Topic: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)  (Read 142461 times)
nirvana
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« Reply #1215 on: May 27, 2019, 11:27:56 PM »

especially as EvilPie pointed out all the complete idiots have now been bitten, all that's left now are the purists, how is there going to buy any huge buying volume again?

Unless the secret billionaires club is manipulating again, there must be an influx of eskimos and taxi drivers (again).

No one I know has really bought it for any practical purpose other than pure speculation. That's a dangerous and unsustainable position if that's all its used for.

For practical reasons of course not. You live in good ol' blighty and in 2019 nobody is going to be using bitcoin here practically.

Is there any evidence elsewhere of blockchain being meaningfully useful to people?

Yes. https://www.reddit.com/r/Bitcoin/comments/bqhfzg/venezuela_update_1_btc_is_47000000_bs_last_week/

https://btcdirect.eu/en-gb/banking-the-unbanked

Bitcoin doesn't work as a 'currency' for many reasons... Its more likened to gold.

How can anything with a finite supply be expected to be a currency? A capped supply is a disincentive people from using it as a currency, and is also so contrary to how fiat currencies work. Imagine if every year your employer gave you a cost of living pay cut. Your debts get bigger in real terms every year even though the balance stayed the same.

Slight inflation is an incentive to spend 'money', which drives GDP growth.... Bitcoin does not do this.

People who are accepting Bitcoin for their goods / services SHOULD be doing it purely from a speculative point of view and making sure they're in a financial position to do so.... If this isn't the reason / they aren't in a financial position to speculate with the amounts of Bitcoin they're receiving then they need to educate themselves more. 

There is a fantastic book called the Bitcon standard. Despite the name, bitcoin is only discussed in the last two chapters. Bitcoin is currently mined at a faster rate than Gold, but by 2025 it will be overtaken as it gets closer to its hard cap. The purpose of money is to be sound and if it can be artificially inflated then it becomes quickly unsound. Why would we want to spend bitcoin if we live in a such a consumer hungry world that is promoted by the ever devaulaing scale of our unsound fiat currencies?

The thing most people on earth consider as money is the stuff that is issued by the banks. The concept of money has changed many times over the past thousands of years, with fiat currencies being a blip on that scale. Whenever money has proven itself to no longer be sound due to ease of artificial inflation, we have seen the same story. Almost every single money in history has suffered the same fate, it is foolish to think that fiat currencies will one day not cease to exist in their current form. They break rule number 1: Money has to be sound. The only form of money that has failed to break any of the rules is Gold. Unfortunately, it is not practical in this digital age and even FIAT currencies are a better form of money.

On one hand people say bitcoin is dead, yet at the same time say it cannot work as a currency because of the hard cap- price is expected to continue to rise if it is considered a safe storage of value. It is cognitive dissonance at its finest.



this could literally read.. blah blah blah buy bitcoin.  You're acting as a shill not a visionary
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lucky_scrote
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« Reply #1216 on: May 27, 2019, 11:38:48 PM »

especially as EvilPie pointed out all the complete idiots have now been bitten, all that's left now are the purists, how is there going to buy any huge buying volume again?

Unless the secret billionaires club is manipulating again, there must be an influx of eskimos and taxi drivers (again).

No one I know has really bought it for any practical purpose other than pure speculation. That's a dangerous and unsustainable position if that's all its used for.

For practical reasons of course not. You live in good ol' blighty and in 2019 nobody is going to be using bitcoin here practically.

Is there any evidence elsewhere of blockchain being meaningfully useful to people?

Yes. https://www.reddit.com/r/Bitcoin/comments/bqhfzg/venezuela_update_1_btc_is_47000000_bs_last_week/

https://btcdirect.eu/en-gb/banking-the-unbanked

Bitcoin doesn't work as a 'currency' for many reasons... Its more likened to gold.

How can anything with a finite supply be expected to be a currency? A capped supply is a disincentive people from using it as a currency, and is also so contrary to how fiat currencies work. Imagine if every year your employer gave you a cost of living pay cut. Your debts get bigger in real terms every year even though the balance stayed the same.

Slight inflation is an incentive to spend 'money', which drives GDP growth.... Bitcoin does not do this.

People who are accepting Bitcoin for their goods / services SHOULD be doing it purely from a speculative point of view and making sure they're in a financial position to do so.... If this isn't the reason / they aren't in a financial position to speculate with the amounts of Bitcoin they're receiving then they need to educate themselves more. 

There is a fantastic book called the Bitcon standard. Despite the name, bitcoin is only discussed in the last two chapters. Bitcoin is currently mined at a faster rate than Gold, but by 2025 it will be overtaken as it gets closer to its hard cap. The purpose of money is to be sound and if it can be artificially inflated then it becomes quickly unsound. Why would we want to spend bitcoin if we live in a such a consumer hungry world that is promoted by the ever devaulaing scale of our unsound fiat currencies?

The thing most people on earth consider as money is the stuff that is issued by the banks. The concept of money has changed many times over the past thousands of years, with fiat currencies being a blip on that scale. Whenever money has proven itself to no longer be sound due to ease of artificial inflation, we have seen the same story. Almost every single money in history has suffered the same fate, it is foolish to think that fiat currencies will one day not cease to exist in their current form. They break rule number 1: Money has to be sound. The only form of money that has failed to break any of the rules is Gold. Unfortunately, it is not practical in this digital age and even FIAT currencies are a better form of money.

On one hand people say bitcoin is dead, yet at the same time say it cannot work as a currency because of the hard cap- price is expected to continue to rise if it is considered a safe storage of value. It is cognitive dissonance at its finest.



this could literally read.. blah blah blah buy bitcoin.  You're acting as a shill not a visionary

It could. I don't care what people think, I have never lived following the rhetoric that most people in society listen to. What do I benefit from shilling bitcoin? My holdings in bitcoin are fairly minimal because I'm a bit skint right now, not that that's important. I just care about facts and I find the way society zombies it way through life rather fascinating. If you care for a visionary then that is only something or someone that appeases to you.

I only replied to some posts with some simple questions or comments, your post offers absolutely no substance other than comedic value.
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« Reply #1217 on: May 27, 2019, 11:52:33 PM »


A reserve currency in the places with a poor banking infrastructure but an adequate internet infrastructure could be a mainstay of cryptocurrency - but it's still a niche.

Why would it be preferable over using the US dollar as hard currency in the vast majority of these places?

A record of how much cryptocurrency was being used for actual trade rather than as a speculative holding would be a great resource - does anyone keep a record like this?

I knew nothing about money before I discovered bitcoin. What I have learned is that Fiat currency is a farce robbing us blind and it made me passionate about bitcoin. Predominately bitcoin is a wonder, it appeases my adversity towards our current monetary system that is currently draining capital from us. Less obvious for us, more obvious for many others.

I haven't researched how much bitcoin is being traded for speculative holdings vs trading as a currency in Venezuela, you'll have to use your own brain and imagination with what is possibly going on over there, given these people don't have a pot to piss in anymore and volume is so astronomically high.


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Jon MW
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« Reply #1218 on: May 28, 2019, 06:44:54 AM »


A reserve currency in the places with a poor banking infrastructure but an adequate internet infrastructure could be a mainstay of cryptocurrency - but it's still a niche.

Why would it be preferable over using the US dollar as hard currency in the vast majority of these places?

A record of how much cryptocurrency was being used for actual trade rather than as a speculative holding would be a great resource - does anyone keep a record like this?

I knew nothing about money before I discovered bitcoin. What I have learned is that Fiat currency is a farce robbing us blind and it made me passionate about bitcoin. Predominately bitcoin is a wonder, it appeases my adversity towards our current monetary system that is currently draining capital from us. Less obvious for us, more obvious for many others.

I haven't researched how much bitcoin is being traded for speculative holdings vs trading as a currency in Venezuela, you'll have to use your own brain and imagination with what is possibly going on over there, given these people don't have a pot to piss in anymore and volume is so astronomically high.




Well (a) "...What I have learned is that Fiat currency is a farce robbing us blind and it made me passionate about bitcoin. Predominately bitcoin is a wonder..."; that's hilarious - it definitely makes you sound like you're following a cult rather than serious about knowing any actual technical or reliable advantages and disadvantages of the systems.

and (b) that was my point - if bitcoin is good for places like Venezuela and the Congo (for example); then it's not really ever going to have much actual value other than speculatively. These markets are just too small to be worthwhile. Unless bitcoin can open up a major market like being accepted by Disney or Amazon; or Korea or Japan (for example) then it's only ever going to be an interesting sideshow primarily fueled by speculation rather than being a serious monetary device.
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« Reply #1219 on: May 28, 2019, 03:03:11 PM »

f
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youthnkzR
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« Reply #1220 on: May 28, 2019, 03:04:39 PM »

Bitcoin doesn't work as a 'currency' for many reasons... Its more likened to gold.

How can anything with a finite supply be expected to be a currency? A capped supply is a disincentive people from using it as a currency, and is also so contrary to how fiat currencies work. Imagine if every year your employer gave you a cost of living pay cut. Your debts get bigger in real terms every year even though the balance stayed the same.

Slight inflation is an incentive to spend 'money', which drives GDP growth.... Bitcoin does not do this.

People who are accepting Bitcoin for their goods / services SHOULD be doing it purely from a speculative point of view and making sure they're in a financial position to do so.... If this isn't the reason / they aren't in a financial position to speculate with the amounts of Bitcoin they're receiving then they need to educate themselves more. 

There is a fantastic book called the Bitcon standard. Despite the name, bitcoin is only discussed in the last two chapters. Bitcoin is currently mined at a faster rate than Gold, but by 2025 it will be overtaken as it gets closer to its hard cap. The purpose of money is to be sound and if it can be artificially inflated then it becomes quickly unsound. Why would we want to spend bitcoin if we live in a such a consumer hungry world that is promoted by the ever devaulaing scale of our unsound fiat currencies?

The thing most people on earth consider as money is the stuff that is issued by the banks. The concept of money has changed many times over the past thousands of years, with fiat currencies being a blip on that scale. Whenever money has proven itself to no longer be sound due to ease of artificial inflation, we have seen the same story. Almost every single money in history has suffered the same fate, it is foolish to think that fiat currencies will one day not cease to exist in their current form. They break rule number 1: Money has to be sound. The only form of money that has failed to break any of the rules is Gold. Unfortunately, it is not practical in this digital age and even FIAT currencies are a better form of money.

On one hand people say bitcoin is dead, yet at the same time say it cannot work as a currency because of the hard cap- price is expected to continue to rise if it is considered a safe storage of value. It is cognitive dissonance at its finest.

I completely understand what Bitcoin is and does, I'm a huge advocate of it + I certainly never said it was dead. Anyway, none of this is the point I was making.

Something with a finite supply surely cannot be considered to be 'money' as this is a huge disincentive for people to spend it + would damage economies. The world's leading economists tend to agree that a small + consistent amount of inflation is a good thing because it makes spending OK.

Others technologies are better placed to be 'money'.
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« Reply #1221 on: June 18, 2019, 01:49:37 PM »

Facebook look to launch a digital currency for use by 2020. Will help the millions who have a mobile phone but no bank account:
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tikay
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« Reply #1222 on: June 22, 2019, 06:31:46 PM »

Ok fess up, who's buying? I thought all the cab drivers and eskimos had bought bitcoin now, so which suckers are BUYING?

No idea, $7,823 last time I looked.

Just in time for the WSOP.

Over $8,000 this morning.

Make that $10,820.

What a ride.
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« Reply #1223 on: June 23, 2019, 09:15:49 AM »

Hello BTC <3
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« Reply #1224 on: June 25, 2019, 10:36:42 PM »

Nice to be back in profit! Should really get around to remembering how to log back into all my crypto exchanges 
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« Reply #1225 on: June 28, 2019, 10:46:22 AM »

Nice little pull back, good chance to get in to ride the bull run
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Jon MW
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« Reply #1226 on: June 28, 2019, 11:20:43 AM »

What is a 'halvening'?

I saw somebody write about this run being due to the halvening coming up.

So - what is it? And does this seem like a reasonable explanation?
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Jon "the British cowboy" Woodfield

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tikay
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« Reply #1227 on: June 29, 2019, 05:14:36 AM »

What is a 'halvening'?

I saw somebody write about this run being due to the halvening coming up.

So - what is it? And does this seem like a reasonable explanation?

Seems like bitcoin production will be halved next year, as it is every 4 years apparently.


https://www.cnbc.com/2019/06/25/bitcoin-how-the-halvening-is-boosting-the-cryptocurrencys-price.html


Halving production, in theory, increases it's value.

Here's a somewhat hypnotic countdown page to it;

https://www.bitcoinblockhalf.com/

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« Reply #1228 on: July 15, 2019, 12:33:04 AM »

But as everyone knows it is coming, it would be built into the price...?
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« Reply #1229 on: September 28, 2019, 05:59:58 PM »

Why has Bitcoin lost so much of its value in September? Seems to have lost 25% in the last month. Any obvious reason?
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