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And what is the point? Does the price prove that bitcoin has not failed? To me, bitcoin died sometime in 2013 when mining became hopelessly centralised, breaking the economic and security models Satoshi had set forth. The bitcoin thereafter has been a soulness Frankenstein animated by a mixture of ego, greed, and hubris. I don't want to make any predictions, but when the crash comes it will be over before you knew it…
Bitcoin handles both pretty well, in my experience. Except for the transaction-scaling problems, anyway. Price fluctuations just reflect its miniscule capitalization, and movements of capricious investors. When Bitcoin, or more likely, one of its descendants, reaches fiat-currency scale, that won't be so problematic.
100 years from now bitcoin will be around since there is no one entity that defines it and control it. What the community has shown is that they are willing to adapt to the situation. Right now bitcoin has problems but as time moves the code will be modified. What's happening now is that bitcoin is being locked into people's mind as a currency with real value. Whether one can justify it or not is irrelevant. As long as one person is willing to trade goods and services for it will survive. No one throws away a stack of money if they can help it. The community will not let bitcoin die.
The mistake people make is that all the current bitcoin constraints are locked forever. I had the same idea but I finally realized that it is not true. The currency is defined by code and code can be changed. It's very hard to change since the majority of the community has to agree but its possible and people will find a way to keep it going.
One way to think about bitcoin's future is to look at what software was like 40 years ago and then look at what it looks like today. There's a big difference. Bitcoin still has a long way to go before it can be defined as a mature technology. I have no doubt that what we call bitcoin now will not be what we call bit coin 40 years from now. It will evolve in to the currency and store of value people are hoping it should be.
No, bitcoin is not dead.
And what is the point? Does the price prove that bitcoin has not failed? To me, bitcoin died sometime in 2013 when mining became hopelessly centralised, breaking the economic and security models Satoshi had set forth. The bitcoin thereafter has been a soulness Frankenstein animated by a mixture of ego, greed, and hubris. I don't want to make any predictions, but when the crash comes it will be over before you knew it…
The price rising is validation for services on the periphery. Established services that can add a lot of utility for bitcoin.
For example, the volatility problem is completely solved by CME Group and CBOE and the CFTC pursing and allowing hedging instruments on bitcoin.
This opens up the market to many market participants, some of which are much larger markets than cryptocurrency has ever touched yet, and obliterates a primary rebuttal on the bitcoin concept.
The decision makers in those organizations would not have considered bitcoin as more than a toy until the market cap was larger. The CFTC has approved cryptocurrency hedging instruments only a few months ago. In 2017, 9 years into the concept.
So what standard of fail would you even be using? What would ever give you validation for more than a few weeks or months?
> but when the crash comes it will be over before you knew it.
Bitcoin has crashed 70%, 80%, 90% several times before. Most bitcoin holders know that is a possibility.
There are market participants that will use it at a lower price, that will buy it at a lower price, and continue expanding the reach of it.
After hedging instruments are prevalent, many market participants won't even be notice the price fluctuations.
So again, what standard?
Earlier quoted context omitted.
> I don't want to make any predictions, but when the crash comes it will be over before you knew it. I don't want to critique any sentences, but this one is heavy on rhetoric and low on information.
All right, I will be a bit specific for your benefit: - There is a lot of wash trading going on with several exchanges, some of which has had serious accounting issues since 2016. When they fail, the fallout will be far more spectacular than that of the late MtGOX because many traders are heavily leveraged. - Upcoming Segwit2x hard fork potentially splitting the network. - Uncertainty with China where the majority of…
Hand wavy nonsense. Exchanges have failed before and bitcoin is still going strong.
> - Upcoming Segwit2x hard fork potentially splitting the network.
There already was a hard fork, and the network did split, yet bitcoin is still going strong.
> - Uncertainty with China where the majority of hash power resides. The current crackdown on exchanges is pretty well reported. What I am concerned about is what will happen to the network when electricity price goes up in winter as hydro generation winds down, making mining more expensive. Historically miners were able to get favourable deals with remote thermal plants to cover the shortfall, which may be more difficult due to negative press and an ongoing effort to curb smog.
The bitcoin difficulty rises and falls with the ability to mine it. If the number of miners go down, the network remains unaffected. What's your point here?
Original is behind a paywall on Wall Street Journal: https://www.wsj.com/articles/bitcoins-wild-ride-shows-the-tr...
In any other world a change of 30-40% per day in any direction would be a cause of concern. Bitcoin enjoys a reality distortion field that keeps it inflated beyond any reason. It's not that different from any other coin on these lists: http://deadcoins.com , https://magoo.github.io/Blockchain-Graveyard/
In what sense this lists, and bitcoin are different from these? https://trader2trader.co/2012/11/28/list-of-590-dead-currenc...
And what is the point? Does the price prove that bitcoin has not failed? To me, bitcoin died sometime in 2013 when mining became hopelessly centralised, breaking the economic and security models Satoshi had set forth. The bitcoin thereafter has been a soulness Frankenstein animated by a mixture of ego, greed, and hubris. I don't want to make any predictions, but when the crash comes it will be over before you knew it…
Trying to learn something about blockchain: the technology and its applications right now, means wading through masses of hype and parties anxious to 'get into it' before it's 'too late'. In healthcare IT the blockchain is hot right now. Government bureaus are pushing for adoption, care institute executives heard somewhere that this blockchain thing is the bee's knees and well suited for healthcare stuff like insuran…
Perhaps, for a new generation, certs are too old fashioned, or many have never heard of their uses?
Earlier quoted context omitted.
Depends on your OS. For Chrome on macOS, it'll show a chrome-styled square box with an icon and a piece of text in the upper right hand corner, kinda like macOS notifications (but they look nothing like it). In general, web notifications (can) work the same way they do on your smart phone. They can arrive from an active tab as well as from a background service. Safari (on macOS) will use the native macOS notification…
But in either case the browser has to be running I’m assuming? Seems kinda flawed.
Earlier quoted context omitted.
All right, I will be a bit specific for your benefit: - There is a lot of wash trading going on with several exchanges, some of which has had serious accounting issues since 2016. When they fail, the fallout will be far more spectacular than that of the late MtGOX because many traders are heavily leveraged. - Upcoming Segwit2x hard fork potentially splitting the network. - Uncertainty with China where the majority of…
Fair enough, those are all good points. Do you have knowledge of wash trading and accounting issues at at any of the major USD exchanges? I know bitfinex was hacked last year (and paid everyone back?), and there have recently been some strange rumors around bitfinex and Tether, but that is all I have heard. And do you believe this crash/correction will be lethal? Or will Bitcoin "die" and rise again?
My best guess is that it could go through more boom/bust cycles before speculators move on; actual users have already started to move to other cryptos as we speak.