Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin has died 166 times, so far

99bitcoins.com

Post reply on HN
Print view View original

91–100 of 179 posts

Re: Bitcoin has died 166 times, so far

#91

Post by madshiva »

ftw45 wrote: post #70

No, it didn't die and it won't die anytime soon. But dollars, Euro's and all other physical currencies are about to die(soon). Why? Because just like the change from gold and silver coins to almost worthless nickel, this type of currency creates a whole new universe of possibilities. With nickel and paper money, banks can create as much cash as they like, it's virtual value, not real. Crypto currency is just like tha…

No bank can't create cash like they want. There's regulation, authority. Do you know how bank work? Bitcoin and all crypto currency are not secure, a lot of people lose money stole by hacker then why arguing that is secure? because there's some math behind it?

There's no conspiracy with bank or governments, only people that want to be richer and richer, because of this stupid economy. The great democraty, this is the reason, because we failed to put priority about life quality, but about making money = success

Also if people stop looking for conspiracy but start to elect, vote for a more better world where everyone can own the same amount of land (that mean I have right to go to amercia without your passeport because you are not a real amercian, just a Citizen of the World), can have the same access to medecine or wathever, there's no need of money.

We all are little ants.

Re: Bitcoin has died 166 times, so far

#92

Post by dreit1 »

TeMPOraL wrote: post #90
dreit1 wrote: post #78

Earlier quoted context omitted.

There is a sense of victory because millions of people view Bitcoin as a good place to park their money over fiat currency. Unfortunately no one runs news stories on the growth of unique addresses in the bitcoin network

Do they now? I feel people still see Bitcoin mostly as a high-risk/high-reward no-barriers-to-entry alternative to the stock market.

Exactly my point, given the option of storing their money as fiat, or storing their money in BTC. Millions are choosing BTC, everyone's rationale for it will be different, but it is happening.

However yes I agree the past couple of months at least has been filled with rabid noobs, but HODL culture does a decent job of counteracting this

Re: Bitcoin has died 166 times, so far

#93

Post by speedplane »

TeMPOraL wrote: post #90
dreit1 wrote: post #78

Earlier quoted context omitted.

There is a sense of victory because millions of people view Bitcoin as a good place to park their money over fiat currency. Unfortunately no one runs news stories on the growth of unique addresses in the bitcoin network

Do they now? I feel people still see Bitcoin mostly as a high-risk/high-reward no-barriers-to-entry alternative to the stock market.

I understand buying and selling BTC-backed securities that are backed by a trustworthy bank... but keeping your life savings on your laptop is just cray cray.

Re: Bitcoin has died 166 times, so far

#94

Post by notahacker »

fsniper wrote: post #29
dmitriid wrote: post #16

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...

Well for a start half those dead currencies were replaced with new currencies issued by a different authority and their holders compensated, often at parity.

As for the ones that collapsed, they tended to involve dictators and wars rather than people simply deciding they weren't worth wasting time on because nobody was interested in exchanging them.

Re: Bitcoin has died 166 times, so far

#95

Post by lawlessone »

mirimir wrote: post #42

I've followed digital currencies for many years. As I recall, there were two libertarian threads that culminated in Bitcoin. One focused on evils of fiat currencies and central banking. The other focused on rights to private commerce, without state interference. And the potential to starve states, by making taxation impossible. Bitcoin handles both pretty well, in my experience. Except for the transaction-scaling pro…

Thing is, with a public ledger bitcoin is only partially private.

Re: Bitcoin has died 166 times, so far

#96

Post by corford »

aedron wrote: post #31
Laforet wrote: post #12

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…

So annoying to see triumphant declarations of victory of bitcoin, based solely on the price increasing. Speaking as a bitcoin owner and proponent, there is zero (actually negative) market uptake of bitcoin as a payment platform (which I happen to believe is bitcoin's primary use case). This is because no work has gone into scaling up transaction throughput, which has predictably suffered as a result of increased main…

>no work has gone into scaling up transaction throughput

You lost me after this. A huge amount of work is going into scaling across the entire crypto coin space. The issue among the various factions is disagreement over what approach to take and how aggressively to implement it.

Re: Bitcoin has died 166 times, so far

#97

Post by rajadigopula »

Most analysts from traditional mindset making the mistake of analyzing bitcoin like they do stocks or fiat currency which can rely on a country's economy or political scenarios or a company's decisions to make profits. But, Bitcoin is like anything they have seen before or learnt in their college. Most volatility corresponds to news of it's survival at the moment and due to the reason the market is failing to agree with a fair value as no one knows it's future but is aware of the nobility of the technology and how it skipped the hands of any one controlling it by being decentralized. As the world keeps adopting to it the demand is getting increased. And there is still a lot of geographical terrain to cover.

When a traditional wall-street analyst sees a peak, he was trained to freak out and sense it as an extreme point of the crowd's greed. And shows off his training by telling the world that it's a bubble and it's going to burst, as the peak is occupied mostly by greedy investors who panic on losing their money and sells off double the speed they entered the trade. But this stands true when the value of the instrument surpasses the intrinsic value of the asset way too high. But with bitcoin no one knows hence majority investors still think it cheap and keep piling up.

Re: Bitcoin has died 166 times, so far

#98

Post by geraldbauer »

My humble analysis why blockchains (and bitcoins on the blockchain) are like tulips. Like tulips you can always grow more and with blockchains you can always build / start your own blockchains. Building your own blockchain lets say in Ruby is about 20 lines of code. See the point? It's easy (not rocket sience ;-). See the [Awesome Blockchains](https://github.com/openblockchains/awesome-blockchains) for more (about building your own blockchains in Python, JavaScript, Ruby, etc.) in minutes.

Re: Bitcoin has died 166 times, so far

#99

Post by ringaroundthetx »

Laforet wrote: post #53
ringaroundthetx wrote: post #44

Earlier quoted context omitted.

> And what is the point? Does the price prove that bitcoin has not failed? 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 mu…

>The price rising is validation for services on the periphery. Apart from brand recognition, which application is best conducted on the bitcoin ledger than every other alternative? Please don't say "Store of value". >Established services that can add a lot of utility for bitcoin. How would you go about doing it? Bitcoin was not designed to have side chains and tokens pegged all over it and there is a reason why the I…

Where would you like me to start?

It was unclear whether you were criticism bitcoin as a criticism to all cryptocurrencies, or bitcoin by itself.

Fortunately it looks like it is just bitcoin by itself.

> which application is best conducted on the bitcoin ledger than every other alternative?

Bitcoin has to compete on its own. I'm all for other cryptocurrencies unseating it. In a world where 90% drops are not uncommon or controversial, and in a world where blockchains don't die, in a world where the code is open source, I don't think it is worth entertaining the bitcoin failed idea as it will always be a political mess that can have utility added any time.

> Bitcoin was not designed to have side chains and tokens pegged all over it and there is a reason why the ICO fad universally chose ETH.

This comment and your next comment go hand in hand. Bitcoin had ICOs on it several years before Ethereum was ready or existed. When its network got full it lost its innovative edge as it took over two years to upgrade. In the meantime more fully featured competitors have focused on specific use cases.

An upgraded bitcoin may have irreparably lost some of its network effect advantage, and thats okay. It will have robust scripting for the next wave of ICOs and other organizations, decreasing the point of most altcoins. The top 10 may have differentiating qualities and markets already. Play it by ear, it isn't controversial to notice.

Re: Bitcoin has died 166 times, so far

#100

Post by Laforet »

dreit1 wrote: post #78
aedron wrote: post #31

Earlier quoted context omitted.

So annoying to see triumphant declarations of victory of bitcoin, based solely on the price increasing. Speaking as a bitcoin owner and proponent, there is zero (actually negative) market uptake of bitcoin as a payment platform (which I happen to believe is bitcoin's primary use case). This is because no work has gone into scaling up transaction throughput, which has predictably suffered as a result of increased main…

There is a sense of victory because millions of people view Bitcoin as a good place to park their money over fiat currency. Unfortunately no one runs news stories on the growth of unique addresses in the bitcoin network

How many of these new addresses hold significant funds, i.e. not throwaway change addresses?
Post reply on HN