61–70 of 96 posts
Seems like a significant portion of the capital is coming from Asia, mainly South Korea, with just Bithumb BTC/KRW trades making almost 11% of today's volume. https://coinmarketcap.com/currencies/bitcoin/#markets
I'm in Seoul as we speak, and it's an insane mania here. It has absolutely nothing to do with North Korea. If Koreans want to keep money safe, they can, for example, buy US stocks and bonds. They can buy US Treasuries. Bitcoin they buy out of greed and fear of missing out. Korea is the land of the trend, of bangdwagonning. I feel bad for all of the people who are going to be burned. I saw an ad on YouTube, in Korean:…
I wouldn't consider US securities to be a safe bet, especially considering risks from US's current political uncertainty. US might even cancel their debt, so US Treasuries might even be considered riskier than bitcoin.
If there's something concrete that _causes_ Bitcoin to move majorly, I'd be happy to see that but if I just want to watch the price, I'll look at an actual Bitcoin ticker.
This is a farce. There's only been negative news today and yet prices jump higher than ever. There's no conceivable way this doesn't end badly. I guess people are gambling on being lucky enough to exit before then. Edit: removed unnecessary hostility. If you have money to spare on a high risk gamble like this then by all means. But in general there's just no way everyone jumping in is fully aware of the risks.
Maybe that's part of it. Things seem dire for a lot of folks now (even if they aren't) so a little short-term game or gambling high isn't so bad.
Earlier quoted context omitted.
I'm in Seoul as we speak, and it's an insane mania here. It has absolutely nothing to do with North Korea. If Koreans want to keep money safe, they can, for example, buy US stocks and bonds. They can buy US Treasuries. Bitcoin they buy out of greed and fear of missing out. Korea is the land of the trend, of bangdwagonning. I feel bad for all of the people who are going to be burned. I saw an ad on YouTube, in Korean:…
"If Koreans want to keep money safe, they can, for example, buy US stocks and bonds. They can buy US Treasuries." I wouldn't consider US securities to be a safe bet, especially considering risks from US's current political uncertainty. US might even cancel their debt, so US Treasuries might even be considered riskier than bitcoin.
In any case, Koreans can access safe haven assets from around the globe; they don't need bitcoin for that.
In fact, I wouldn't be surprised if, after the rage of a shakeout, bitcoin were at some point banned in South Korea. Online gambling is banned (there are public service announcement ads in the subway against it, showing gamble-a-holics in handcuffs). They might just have to classify bitcoin as gambling. Once there is a large enough group of people angry at losing their money to bitcoin mania, it could happen.
Earlier quoted context omitted.
The number of transactions is close to nothing compared to credit card transactions. The current blockchain networks have to improve a lot.
To understand what's happening, you have to observe how things have evolved. Bitcoin was advertised as digital cash. Tons of nerds envisioned a future of the whole world buying coffee with Bitcoin. As it became clear that the current network could never fulfill that vision, the whole community evolved its belief system to support the value of the currency, and they did so without any leader to coordinate their action…
There is an interesting historical tidbit: Initially Satoshi didn't have a fixed block size limit. That limit was only added after a DDoS attack where absurdly large blocks flooded the network. But that was a temporary fix, and satoshi had said that limit could easily be changed, maybe using some algorithm that increased size based on demand or that gradually increases with time. He had said large blocks is not a concern because network bandwidth increases exponentially. Unfortunately, the early developers did not proactively address the scaling problem, such as by allowing for increasing block sizes, so we are stuck where we are at today. [1]
Point being, bitcoin could have been a micro-transaction-capable digital cash, and it (or another crypto-currency) still could fix this scaling problem. Not everyone in the community has "evolved their beliefs" about bitcoin (or cryptocurrency in general). I personally feel that bitcoin was and still is experimental, but has simply been a victim of its own success, but that the scaling problems are not insurmountable.
This is becoming a joke. Meanwhile, transactions times in both BTC and ETH are getting ridiculously slow.
This looks promising to improve transaction speeds https://www.youtube.com/watch?v=a73Gz3Tvx3k
"In this video Laolu (co-founder of Lightning Labs) demonstrates a multi-hop payment on Bitcoin's mainnet which travels across the 3 major Lightning implementations. In the demo Laolu (a.k.a roasbeef) sends a payment from our Lightning desktop app (https://github.com/lightninglabs/ligh...) to Starblocks, a coffee payment demo."
"This payment marks the first multi-hop, cross-implementation payment on Bitcoin's mainnet. All transaction performed in the video were performed completely off-chain, instantly, and with virtually zero fees. Lightning allows instant, low-fee payments on Bitcoin, enabling the system to scale further for the next wave of adoption. Additionally, Lightning unlocks a new class of use cases for Bitcoin enabled by the ability to instantly send low-fee payments on the system."
This is a farce. There's only been negative news today and yet prices jump higher than ever. There's no conceivable way this doesn't end badly. I guess people are gambling on being lucky enough to exit before then. Edit: removed unnecessary hostility. If you have money to spare on a high risk gamble like this then by all means. But in general there's just no way everyone jumping in is fully aware of the risks.
I wish I had the time and motivation to go back over the last 6 years and create a timeline of people making the same tired statements as yourself. The same types of statements were made when it hit 10 dollars.
This is becoming a joke. Meanwhile, transactions times in both BTC and ETH are getting ridiculously slow.
As someone that has been in since 2013, I don't even recognize the current scene. The only reason the vast majority of people are getting into it is to get rich. It seems totally unsustainable, but the only incentives for people on the inside are to loudly convince others to join them.
Earlier quoted context omitted.
"If Koreans want to keep money safe, they can, for example, buy US stocks and bonds. They can buy US Treasuries." I wouldn't consider US securities to be a safe bet, especially considering risks from US's current political uncertainty. US might even cancel their debt, so US Treasuries might even be considered riskier than bitcoin.
I'm sorry, but you can't really be saying that you consider bitcoin to be a safer place to park your money than US Treasuries? In any case, Koreans can access safe haven assets from around the globe; they don't need bitcoin for that. In fact, I wouldn't be surprised if, after the rage of a shakeout, bitcoin were at some point banned in South Korea. Online gambling is banned (there are public service announcement ads…
Every asset has some degree of risk. And even something that might be considered somewhat risky might even reduce the risk of a portfolio through diversification if its risk doesn't correlate significatnly with the other assets.