Earlier quoted context omitted.
A logarithmic scale is the proper way to show an exponentially increasing value.
But nowhere as impressive looking as a hockey stick graph.
Guess that depends on exactly how you understand the log-scale graph.
Bitcoin hits $10,000
181–190 of 389 posts
Re: Bitcoin hits $10,000
#182“Rosenstreich at online trading firm Swissquote said bitcoin’s surge harks to the surprises of the U.K. referendum on European Union membership and President Trump’s election. “We have underestimated the populist movements,” he said. “There is growing unease on how central banks and governments are managing fiat currencies. Ordinary people globally understand why a decentralized asset is the ultimate safe haven.”” Th…
Gold is used in electronics. It's actually a good conductor. Bitcoin is not even good for transactions, its supposed primary purpose, right now.
I think you might have it the wrong way around. Gold is valuable despite being used in electronics.
Unlike most other metals, gold is suitable as a currency partly because it doesn't get 'used up' in industrial processes in any significant way (where it is used its malleability ensures only tiny amounts are necessary - one gram of gold is enough for a square metre of gold leaf). Similarly, its use as jewellery is not so much to create beautiful objects, but as small portable stores of wealth[1] - in the world's biggest gold jewellery market (India) the price of jewellery is pretty much the same as the price of the raw materials (i.e. gold).
[1] Funny story. I once had a colleague who married an Indian woman in India. He came back to work wearing a lot of gold jewellery (watch, bracelets, rings, necklace or two, etc). Even he thought it was ridiculous, but he felt obliged to wear it. I had to explain to him that he wasn't given all of it with the expectation that he'd actually wear it - it was basically his wife's family's way of giving them money.
Re: Bitcoin hits $10,000
#183Earlier quoted context omitted.
It's theorised they have ~1m bitcoins, at 10k each that's a 10 billion net-worth. Presumably that's enough for people to want to hunt them down and coerce them into giving up private keys https://bitslog.wordpress.com/2013/04/17/the-well-deserved-f...
There are plenty of billionaires in the world. Are they kidnapped with great frequency?
None of their wealth is solely controllable by a private key and 24 words.
Re: Bitcoin hits $10,000
#184Unlike gold a BTC has absolutely no use beyond whatever its current use is. The only way for a BTC to be ever in demand is if enough people trust each other that nobody will start selling it in large mass and therefore entirely flooring the value of it. However trust is not exactly a great foundation for a currency's value. Gold has at least has some useful applications outside of banking. For a start it looks beauti…
What percentage of the value of gold do you think is due to its “inherent” value in jewelry or electronics? I’d wager it’s incredibly tiny, and I don’t understand your argument that gold is a reasonable store of value only because it has some tiny bit of “inherent” value.
Re: Bitcoin hits $10,000
#185I'd love to force disclaimers on bitcoin ownership prior to commenters trying to convince us how decentralized currency will change the world and hit $1M eventually. It's called talking your book, which isn't illegal, but wildly disingenuous. FOMO is why the number keeps going up, these other reasons are window dressing for utter nonsense.
I bought a laptop with BTC a few months ago. Also MDMA.
Re: Bitcoin hits $10,000
#186From the outside, as nonuser, I cannot understand how this currency price surge helps the currency as a medium of exchange. Wouldn't this signal everyone to hold on their bitcoins? Doesn't this hurt the adoption in the long run?
It can also signal that you have enough money to buy what you wanted to buy in the first place... while encouraging saving. Maybe not super bad. You're right that if its function is as a currency then it should be used but it's hard to make that case for Bitcoin. For Monero, it's very clear: Monero's anonymity is strongest when it is actually used – when there are more transaction outputs from which to choose, and so usage of it is to be encouraged – especially when the alternative is the influx of hordes of speculators who merely hold or trade and don't contribute to the technology nor community in any way. Well, except perhaps in providing comedy material…
Re: Bitcoin hits $10,000
#187Earlier quoted context omitted.
That is not correct. Gold actually has uses in manufacturing all kind of goods. In many manufacturing processes its irreplaceable. It has historical significance that is ingrained in virtually every culture (i.e. everyone grows up thinking gold as valuable thing due to stories you hear as kid). Jewelry made out of gold looks great, doesn't get rusty and you can keep it for centuries without needing any technology. Ev…
This is not accurate. The once useful properties of gold have now been replicated using other (cheaper, alternative, and even synthetic) materials that perform better.
Gold industrial demand has virtually remained unchanged (probably because there is higher volume of goods produced even though lower usage per item)[1].
Gold usage %:
- Jewelry: 52%
- Govt holdings: 18%
- Investment: 16%
- Industrial: 12%
- Unaccounted: 2%
[1] https://blogs.thomsonreuters.com/answerson/gold-industry-dev...
Re: Bitcoin hits $10,000
#188How do you transfer Bitcoin into fiat currency? There was a Bitcoin ATM in Portland, OR a while back but I'm not sure how it worked and haven't really heard of other ways to liquidate BTC.
You can use a Bitpay Visa card and just send bitcoin to it like loading up a debit card. It has my name on it and my employer can pay me in bitcoin if they like this way as well, it's very easy actually.
Re: Bitcoin hits $10,000
#189Earlier quoted context omitted.
I don't follow. By themselves means? If he wants a billion dollars he still needs someone to trade it from somebody willing to trade with Bitcoin. How is that different from Bill Gates?
Meaning that he hasn't employed anybody.
Makes sense. Completely failed to understand that.
Re: Bitcoin hits $10,000
#190Earlier quoted context omitted.
They ban exchanging Bitcoin for fiat currencies, which completely disconnects Bitcoin from the traditional financial system. Underground and in-person exchanges would continue but at much lower volumes with higher friction and fees, and the value of Bitcoin would crash. This is diffrerent from file sharing because file sharing does not need a connection to the traditional financial system to be useful for most people…
Why would the value crash? Typically, artificially restricting supply raises prices, like with drugs and other contraband.
Drugs are inherently valuable -- you can ingest them! Bitcoins are not. A bitcoin that is harder to buy or sell is a bitcoin that is necessarily worth less.