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Bitcoin Approaches $10,000 a piece

bbc.co.uk

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Re: Bitcoin Approaches $10,000 a piece

#71

Post by soVeryTired »

jstanley wrote: post #42
sensecall wrote: post #38

I get the feeling a lot of people are going to get a very nasty shock in the not too distant future. Other than buying purely for speculation, does Bitcoin really have any purpose right now, at scale? Geniunely curious.

Bitcoin is the world's first way to send money to anybody else, anywhere in the world, almost instantaneously, without asking permission from anybody, and without trusting any intermediary. That's huge. Bitcoin is to money what the internet was to communications.

But I do trust intermediaries. Intermediaries are fine. And I think it's appropriate that large international transactions should be scrutinised by authorities.

Re: Bitcoin Approaches $10,000 a piece

#72

Post by shp0ngle »

knocte wrote: post #16
shp0ngle wrote: post #7

Nobody actually uses bitcoin for payment. There is more or less the same places where to spend it as there was 4, 5 years ago. And they all have about the same traffic, which is nearly zero. Most people only use it for speculation. This can't end well.

I disagree, I use it for booking flights and hotels everytime I travel (e.g. Expedia, Destinia; 9flats, CryptoCribs). Smooth experience, much better than paying with {credit|debit} cards. I also get paid in bitcoin thanks to bitwage. It's easier to get good (figurative) raises this way instead of depending on your boss x-) If you're wondering how the hell I'm so crazy to "bet" my salary on this, check this shower tho…

That's great, but the availability of services accepting bitcoin and the general usage as a payment didn't increase nearly as much as the value did. There is a minor usage, but that doesn't explain the rise in value.

Re: Bitcoin Approaches $10,000 a piece

#73

Post by justifier »

panarky wrote: post #69
justifier wrote: post #68

Earlier quoted context omitted.

Can you point me to comprehensive and conclusive discourse on each of these; or even just: > 20) If the cryptography gets broken the whole thing goes to zero I bring it up often here and each time I am met with a similar argument that you are making, but loudly ignoring is different from discussing It's like going to a doctor and each time saying 'ugh, the tired old cancer conversation..can we just talk about somethi…

That's the thing - there's no "comprehensive and conclusive" answer to these arguments, just a never-ending parade of the same discussions repeated ad infinitum. As for breaking the cryptography, it's been nearly 10 years now, with all the code in the public domain and massive incentives to find a flaw. That's why some people call Bitcoin "anti-fragile" since it seems to get stronger the more it's attacked. But of co…

But your reply only covers a small aspect of a single possible perspective on the question: 'a bug in only sha256 was disclosed publically'

Perhaps you are having 'the same discussions repeated ad infinitum.' because of your input stead the actual subject matter

> I guess that's the beauty of financial assets defined by open-source software. Bugs and exploits happen, they get fixed, and we move ahead on a new version.

I am unconcerned with the 'move ahead' bit

My concern is with the assets currently in the blockchain

When I warn those that ask me if they should 'get Bitcoin' that the technology is propped up on unsolved math problems

It is to protect their finances stead attempt to disparage Bitcoin

If the cryptography is broken then the entire blockchain is suspect and needs to be discarded along with the record of any assets locked in it

Re: Bitcoin Approaches $10,000 a piece

#74

Post by cwkoss »

zby wrote: post #43
189723234 wrote: post #25

I feel that bitcoin is unstoppable. It offers massive, tangible benefits. Money that is not controlled by corrupt institutions completely changes the game. There is an entire industry being built around it. Thousands of engineers are creating new businesses as we speak. It has different properties to stocks. The more people that convert their money to bitcoin, the more use it has. This is a basic property of currency…

The problem is that bitcoin cannot be a currency - because it cannot facilitate more than 7 transactions per second, this is many orders of magnitude not enough for a currency. It can be something similar to gold - mostly a value store. But personally I have doubts - first of all the energy costs are crazy. I think it will be eventually replaced by a POS coin - proving that the value store function of something that…

Bitcoin is more of a competitor to ACH/wire transfers than Apple Pay.

Re: Bitcoin Approaches $10,000 a piece

#75

Post by cwkoss »

paulus_magnus2 wrote: post #67

To people who believe it's not a bubble. Please explain what wasn't priced in yesterday that warranted +17% today.

In 20 years, Bitcoin will either be worth $0 or $350k. (Stability and history to become a safe-haven asset something like gold.)

People don't think that the network today is +17% more valuable, but rather that the chance of Bitcoin going to zero in the next 20 years is 17% less.

Institutional investors building positions in Bitcoin makes a strong case for long-term viability, because if the govt tries to mess with something in everyone's mutual fund, the financial lobbyists will push back strongly.

Re: Bitcoin Approaches $10,000 a piece

#76

Post by cwkoss »

sreyaNotfilc wrote: post #37

I feel its too late for me to buy in and to get any value out of Bitcoin. 3 years ago (when it was around $350 per coin) I asked my friend about buying one up and I received a pretty good reason not to jump in. 3 years later and it looked like I made the wrong choice. I don't have $10,000 just hanging around to buy into one whole coin. Oh well...

If you think there is a chance that Bitcoin will continue gaining value long term:

- Decide what you think a bitcoin could be worth in X years

- Multiply that by the probability that outcome occurs

- That's your 'fundamental' price

Ex. if you think bitcoin has a 10% chance of being worth $100k in the future, it is rational to buy at prices up to $10K.

(some time-value of money handwaviness, but can be a useful way to look at things. ideally should be compared against other investments)

Re: Bitcoin Approaches $10,000 a piece

#77

Post by rpmcmurphy »

tomconte wrote: post #8

I think most people buy Bitcoin for its speculative value but never use it as a currency to actually buy or sell stuff.

I bought some Bitcoin over five years ago, totally forgot about it, and then remembered I had bought some. I sold it and bought an SLR camera to photograph the total eclipse this summer. It felt like the time I won a few hundred bucks at the slots in Nevada.
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