it will easily reach $10k...don't ask why
I'll sell when it goes $50K.
Bitcoin Surges Past $7,000 to Extend Record Rally
101–110 of 437 posts
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#102Earlier quoted context omitted.
They're actually democratic, the majority wins. Majority of what? Not the demos, I bet; not so democratic. Majority of bitcoins? Majority of processing power?
Majority of participants in the network. I run a full node, I don't mine, but my voice counts. Of course I don't like the weight of huge mining farms, and I hope there will be viable alternatives to proof of work, to make BTC more democratic. In the meantime, not a single country controls BTC, and even heavy weight miners can't decide unilaterally...
Is it the majority of nodes, then? If I run ten nodes and you run one, I get ten times as many votes as you?
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#103Earlier quoted context omitted.
Ultimately that's true of any non-backed currency (and those too I suppose) isn't it, it's just the bet looks far safer for a country/region wide fiat currency. I wonder if much of the medium term success of Bitcoin has been because the money put in couldn't be laundered readily in any other way, so whilst Bitcoin is a relatively high risk the alternative was just to dump the money without a way to use it?
No. People actually use other currencies as a medium of exchange first, and store of value second (usually they purchase assets to store value long term). Bitcoin is the other way round (at present at least).
Most currencies suffer from inflation: it's more interesting to buy now than later because your wealth will go down with time.
BTC with its fixed supply works the opposite direction, devoid of inflation: you'd rather keep your BTC as a store of value that will increase, than spend it on goods you can still buy later for fewer BTC.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#104I'm willing to bet that this is happening because people are trying to get coins before the fork happens on November 16th.
There are many factors. November stands to be the most eventful month in Bitcoin's history. Educate yourself on the moving parts before making any big decisions.
The biggest factor for me is that the miners are pissed off that both SegWit chains are meant to cannibalize the core tenets of Bitcoin with the goal of privatizing fees. This post explains it way better than I ever could:
https://theflippening.github.io/open-letter-to-bitcoin-miner...
I've moved 92% of my BTC -> BCH, and I've grabbed my popcorn. It's going to be an interesting month.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#105To all the naysayers in this thread, I suggest you watch "Banking on Bitcoin" on Netflix, which is a great introduction to Bitcoin. It might change your thinking. Also check out Andreas Antonopoulos' videos on YouTube, which are easy to digest and very informative. Here's the place to start: https://www.youtube.com/watch?v=l1si5ZWLgy0
Naysayers? Does that mean you are a yes sayer? Bitcoin is a question?
Seems more like an overpriced valueless commodity controlled in majority by Chinese miners who have ASIC rigs only a couple companies in the world can produce. So its basically centralized even if the protocol isn't.
How much stake do you have in Bitcoin? (Technical people can understand what Bitcoin is and yet despise the blatant canvasing by owners of Bitcoin.) I find the blatant tarlipping to be offensive. Just admit when you have the asset if you are going to try to get people to part with their hard earned money for what amounts to a global ponzi scheme.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#106I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing. I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well. (Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the…
There's no pyramid scheme. It's a hyped asset, to say the least, but there's no pyramid. Like a hyped startup, it doesn't do much yet, but it is promising, so people buy it. It may be "worth" much or zero in the end, it all depends on the final outcomes. It's also the easiest/cheapest/most open asset to trade (depending on where you trade). In the long term, Bitcoin can be seen as a safe heaven in case of economic ch…
It's like a pyramid scheme in that so long as people keep buying in on the hope of a profit you'll keep making more and more. As soon as people say "hang on this is a con" and convert to another currency then this factor of the supposed value of Bitcoin could deflate to zero. It's not formalised like a pyramid or MLM scheme but it has some of the same structure.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#107Notice how almost all news of Bitcoin now are about its price. Bitcoin used to be exciting in both technical and economical aspects, but has now become just a store of value entirely driven by speculation. Other technically superior cryptocurrencies (e.g. Monero, Ethereum) have replaced most of its usecases, boasting much faster and cheaper transactions and real anonymity in the case of Monero. Bitcoin takes more tha…
> (e.g. Monero, Ethereum) have replaced most of its usecases
I use Bitcoin from time to time to order food and buy other stuff online (sometimes through gift cards bought with Bitcoin). It's tough enough to find sites that accept Bitcoin, but I don't think I've ever seen one that accepted Monero or Ethereum. Maybe Litecoin a few years back. I admit that I haven't searched, but I would have expected a correlation with Bitcoin-accepting sites.
So if it's not buying stuff, what use cases do you have in mind?
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#108To me an asset that moves 15% in a day, and which no-one knows what it's truly worth, isn't great as a store of value. I'm not going to speculate about where bitcoin will be trading when it becomes a stable, useful asset, but in order to justify a market cap anywhere near this high it will eventually need to generate actual utility for its users. Can someone explain where that will come from? Cheap currency conversio…
Gold, art and wine all have a utility value that's way below their "store of value" value. Bitcoin is just a more convenient store with an equally insignificant utility value. Whether Bitcoin can persist while offering so little value I don't know, just saying these valuations are not unheard of in the asset world.
Just look at what people pay for mediocre Van Gogh paintings I wouldn't hang in my toilet..
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#109What scares me is the amount of people investing all their life savings in this. Somebody will get hurt, sooner or later.
Well, if they invested their life savings in January they could've had 1 lifesaving back and still had 6 more in bitcoin.
Obviously it's stupid to invest anything in something as volatile as bitcoin unless you can afford to lose it.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#110Is any reasonable good and current analysis available showing what Bitcoins and other cryptocurrencies are actually used for and in what volume?