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Bitcoin Surges Past $7,000 to Extend Record Rally

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Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#271

Post by bpicolo »

russelldc wrote: post #251
bpicolo wrote: post #193

Earlier quoted context omitted.

> Their focus on gpu mining is a boneheaded mistake Better to leave random warehouses in China to control the entire pool? How does supporting asics matter in the least other than making it less accessible?

If any government wanted to take down a CPU or GPU based cryptocurrency, they could accomplish a 51% attack in no time. Gathering or manufacturing ASICs would be a longer, harder, more obvious process.

I'm not convinced that's true. The government can get ASICs produced more easily than they can produce quality GPUs. GPU procurement at the scale necessary seems like it would be very hard.

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#272

Post by john_alan »

nikcub wrote: post #155
joefourier wrote: post #31

Notice 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…

> boasting much faster and cheaper transactions and real anonymity Cost me over $4 to send Monero transactions last month. Cost me about $3 to send a Bitcoin transaction this morning. The average and median transaction fees between the two networks have been pretty close for a while I like Monero but it has some way to go - it needs a light client, multisig completed, and hasn't really had to confront any scaling iss…

A) XMR Tx set to low priority will usually ship in next block (within 2 mins) with 5 ring size at fee of 30cent. Not sure what you were doing.

B) ZKSnarks will never deprecate XMR, they bring the caveats of trusted being required, inability to audit coin supply and inherently DO NOT provide fungibility.

It’s no wonder xmr price is in the doldrums. Even the smart guys on HN are misinformed about it.

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#274

Post by nikolay »

joefourier wrote: post #31

Notice 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…

Yeah, imagine using Netscape in 2017 and not Chrome - that's pretty much how I look at Bitcoin.

The anarchists say how important Bitcoin is, yet, all they care is its fiat exchange ratio as all they care about - cash out their stash in fiat just right before it starts dropping in a get-rich-quick pipe dream.

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#275

Post by turkeytotal »

joefourier wrote: post #31

Notice 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…

> Notice 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.

Citation needed.

>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.

Citation needed.

> it has little uses outside of being worth a lot of money.

Citation needed.

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#276

Post by cloudhead »

mcv wrote: post #237
slg wrote: post #226

Earlier quoted context omitted.

>Bitcoin's value is given by the trust people put in it. Just like with the fiat currencies as a matter of fact Except fiat currencies also have that fiat behind them that gives them value. If you want to do business with the US government, you do it in USD. If you are one of the millions employed by the US government, you are paid in USD. If you manipulate USD, you have to answer to the US government. Those things a…

> With Bitcoin you only have trust in value of Bitcoin. More specifically, you have trust in the continued trust that others have in it. It's a self-fulfilling prophesy: as long as people continue to trust it, it continues to be valuable, but as soon as people start to doubt that others will continue to trust it, it's instantly worthless. There's no real value backing it up. This makes it very vulnerable to hype and…

What currency doesn't operate this way?

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#277

Post by nikolay »

nikcub wrote: post #155
joefourier wrote: post #31

Notice 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…

> boasting much faster and cheaper transactions and real anonymity Cost me over $4 to send Monero transactions last month. Cost me about $3 to send a Bitcoin transaction this morning. The average and median transaction fees between the two networks have been pretty close for a while I like Monero but it has some way to go - it needs a light client, multisig completed, and hasn't really had to confront any scaling iss…

I see hundreds of my friends sending money free with Venmo each month. I know nobody having any slightest interest in Bitcoin or the likes. Once in a while, somebody would ask me if it makes sense for them to invest some cash into Bitcoin as they've heard about some crazy growth, but when I explain to them some, they all decide it's too risky, and those who are the anarchist type stick to gold.

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#278

Post by subterfudge44 »

People are ignoring scale effects of Bitcoin. Bitcoin currently like wild west. Only crazy, brave, adveturers or stupid are entering this land. $7000 is bloody nothing. Bitcoin will reach $100K sooner or later and very tightly integrated with our life. Buy it now or regret it later.

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#279

Post by john_alan »

tudorconstantin wrote: post #201
joefourier wrote: post #31

Notice 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…

Bitcoin's value is given by the trust people put in it. Just like with the fiat currencies as a matter of fact, because I don't know of any of them to be backed by anything else than trust. Of course, the US dollar has the whole US economy and the biggest army in the world as its plus, but it also has its minuses: the US treasury can and does print as many as it wants, in the detriment of ALL USD holders. Bitcoin's p…

Monero is not a bitcoin fork. This place is worse than Reddit. It’s a completely different codebase based on Cryptonote.

Re: Bitcoin Surges Past $7,000 to Extend Record Rally

#280

Post by SippinLean »

zanny wrote: post #178
buchanaf wrote: post #121

Earlier quoted context omitted.

A pyramid scheme involves some form of active (fraudulent) recruitment to help increase the price of the asset. Bitcoin doesn't have this. From what you described above, every single speculative/overinflated asset would be a pyramid scheme. That's not the case.

It is a bit of a fraud to claim bitcoin can ever replace fiat currencies, though. Its deflationary, has a fixed coin limit, is incredibly centralized, and its tx rate is awful and costs a ton to move any of it around the chain. The only value in bitcoin is in how much it exchanges for at this point, and that is definitionally a pyramid scheme, because current buy-ins need more adoption to drive the price up so they p…

What you said still falls quite short of a literal pyramid scheme, which has a pretty specific definition. There is no central organization to recruit new members. People that buy bitcoin receive a real, usable product. Every person holding bitcoin profits when the price goes up. This is all in stark contrast to a true pyramid.

The way specific ICOs are structured, I could see an argument for some kind of pyramid; but "bitcoin is a pyramid scheme" is easily proved false.

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