Earlier quoted context omitted.
Bitcoin wouldn't have any value if there wasn't demand for it.
In the short term price and value don't have to align.
Bitcoin has existed for 9 years. While you are waiting we are reinventing how money works.
Bitcoin Surpasses $4,000, Reaches Another Milestone
81–90 of 92 posts
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#82Earlier quoted context omitted.
Do the current owners of capital principally hold their money in cash? If they're holding their money in ownership of companies and things, then their wealth wouldn't be destroyed as (current) monies became displaced by bitcoin.
No they mostly own assets, but they need control over the money supply to ensure they don't lose control of the assets. How would the GFC gone if they did not have control of the money supply?
I'm not convinced. If I own a row of houses, bitcoin displacing dollars won't change that.
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#83Earlier quoted context omitted.
No they mostly own assets, but they need control over the money supply to ensure they don't lose control of the assets. How would the GFC gone if they did not have control of the money supply?
I'm not convinced. If I own a row of houses, bitcoin displacing dollars won't change that.
If you just own a row of houses you are not part of the 0.01% who are in control of the money supply.
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#84Earlier quoted context omitted.
Not, but you have to be prepared for not touching your investment for 5 years because of the high volatility (which means the price could go down to $1000 for a year temporarily, than back up to $10000). Here's a logarithmic graph of the price over the last few years, the slow price drop from $1000 to $200 was painful for most investors: https://bitcoincharts.com/charts/bitstampUSD#tgSzm1g10zm2g25...
> which means the price could go down to $1000 for a year temporarily, than back up to $10000 I'm bullish on Bitcoin, but you should also acknowledge the price could go to down to $1000 or $100 or $0 and stay there.
It could go to $0 instantly, if ECDSA + RIPEMD160 would be cracked. I don't see any other way currently.
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#85Earlier quoted context omitted.
I'm not convinced. If I own a row of houses, bitcoin displacing dollars won't change that.
If you just own a row of houses you are not part of the 0.01% who are in control of the money supply.
If I own so many houses (or other such assets that aren't simply a pile of dollar bills) that I'm part of the 0.01% (since you've changed the argument from "owners of capital" to "0.01%"), the dollar being displaced by the bitcoin as currency of choice doesn't change that.
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#86Earlier quoted context omitted.
You can't profitably mine Bitcoin with GPUs. It has been this way for 3-4 years.
scroll down and look at the pricing history of the rx 470: https://www.videocardbenchmark.net/gpu.php?gpu=Radeon+RX+470 and the 480: https://www.videocardbenchmark.net/gpu.php?gpu=Radeon+RX+480 Notice what happened during the alt-coin bubble? Now go look at nvidia's stock price around that time. Everything went bonkers in May. So I understand what you are saying, but there is clear historical evidence for my claims.…
The cyptocurrencies that can be mined with video cards are different from bitcoin. Ethereum is probably what you are thinking of being mined by GPUs.
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#87Earlier quoted context omitted.
scroll down and look at the pricing history of the rx 470: https://www.videocardbenchmark.net/gpu.php?gpu=Radeon+RX+470 and the 480: https://www.videocardbenchmark.net/gpu.php?gpu=Radeon+RX+480 Notice what happened during the alt-coin bubble? Now go look at nvidia's stock price around that time. Everything went bonkers in May. So I understand what you are saying, but there is clear historical evidence for my claims.…
The cyptocurrencies that can be mined with video cards are different from bitcoin. Ethereum is probably what you are thinking of being mined by GPUs.
obviously it's for the less valuable coins with lower difficulties.
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#88Earlier quoted context omitted.
In the words of Roger Ver - it's never too late. 5 years from now people will be kicking themselves for not getting into bitcoin when it was at $4000.
Ver is a convicted felon. He's also the guy who posted a video saying he'd looked at Mt. Gox's records and they had all the assets they said they had.
And what does his background have to do with the logical statement that it's never too late to get into Bitcoin? When Bitcoin crosses $5000 are you still going to bring up his background?
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#89Earlier quoted context omitted.
The cyptocurrencies that can be mined with video cards are different from bitcoin. Ethereum is probably what you are thinking of being mined by GPUs.
obviously it's for the less valuable coins with lower difficulties.
It's not obvious if you call them bitcoin when that isn't their name. That's like calling 7-UP a coke.
Re: Bitcoin Surpasses $4,000, Reaches Another Milestone
#90Earlier quoted context omitted.
If you just own a row of houses you are not part of the 0.01% who are in control of the money supply.
If I own so many houses (or other such assets that aren't simply a pile of dollar bills) that I'm part of the 0.01% (since you've changed the argument from "owners of capital" to "0.01%"), the dollar being displaced by the bitcoin as currency of choice doesn't change that.
It does when the interest rate you have to pay on the mortgages you have over the properties can no longer be controlled. If you were the owner of many houses in 2007 and we used bitcoin rather than dollars you would have been in for a world of pain.