221–230 of 309 posts
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We live in a world where the near-ish future could bring us asteroid mining. Something that could devastate the rarity of abundance of gold.
That is true, and this should really factor in the decline of gold in the future, but this does not help Bitcoin against it's e-coins rivals. And isn't Bitcoin hackable in a near-ish future with quantum computing?
I have been hearing that for last 15 years.
A Bitcoin fortune on paper. It remains to be see if anyone will come out of this with real money. I'm sure they'll still be rich. But $1.65 billion rich? Probably not.
Plenty of people already have. Even if they come out with only 10% of the value of their holdings that is still a Huge return for what they initially put into it
Sure, by selling to greater fools. Every dime they made came out of some other fools pocket. Eventually the music is gonna stop playing and some fool is going to be left holding the bag.
is it liquid in the way gold is ?
Liquidity problems are an issue with exchanges, not Bitcoin itself. I can email you a Bitcoin instantly. Good luck doing that with a gold bar.
Where by "instantly" you mean "takes at least an hour and costs a fortune"?
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On 1) the exchanges may be unregulated, but there's dozens, if not hundreds of exchanges. Implying that exchanges are manipulating the spot price across the board is ludicrous. There's also exchanges like EtherDelta, which are entirely run by a smart contract on the Ethereum block chain, so it's independently verifiable that the trades are fairly executed. 2. BTC is being used as the reserve currency for almost all e…
1) Unregulated exchanges are likely operating as fractional reserve pools. Also notice how historic charts show steep, often 90° falls in spot price? Low liquidity and high latency allows exchanges to take in new deposits and delay withdraws while they shuffle funds from new deposits to pay withdraws. EtherDelta is only compatible with Tokens generated within the Ethereum network, i.e. digital "assets" produced not b…
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That's quite a balony. - Both are in fixed quantity so none is more rare than other. - Gold has practical use in industry which puts lower bound on its value. BTC has no lower bound. - Gold is exchangeable virtually in any country and any culture regardless of how technologically advanced that society is. - Thousands of years of history has proven that humans have almost natural lust for this shiny metal and it gets…
Bitcoin has >200k [1] unconfirmed transactions in the mempool, summing up 4.3m us$ of fees alone. fee to get your transaction into the next block is around 22$ [2] right now. Starting to look less and lesser like a currency, becoming more and more a security. edit add links: [1] https://blockchain.info/unconfirmed-transactions [2]: https://bitcoinfees.earn.com/
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By allowing you to double spend, it reduces confidence in coins you buy to zero, which reduces the value of all coins to zero. You still have your coins, but they aren't worth anything.
Which is exactly why no one would spend the crazy amounts of money it takes to execute a 51% attack. It would be like self-immolation. Billions of dollars in equipment and energy and you'd have 51% of a worthless network. In practice, you would have to control much more than 51% of the network, because you'd have to catch up to the 49% that are still hashing away.
There was a recent paper shared here on an article about new type of currency or exchange system. Although I don't understand details, it explained that since 51% of coins are already mined by just a few pools, if these pools orchestrate together, then can break the chain. But unsure how true this is (cannot find the post anymore, sorry)
Earlier quoted context omitted.
On 1) the exchanges may be unregulated, but there's dozens, if not hundreds of exchanges. Implying that exchanges are manipulating the spot price across the board is ludicrous. There's also exchanges like EtherDelta, which are entirely run by a smart contract on the Ethereum block chain, so it's independently verifiable that the trades are fairly executed. 2. BTC is being used as the reserve currency for almost all e…
1) Unregulated exchanges are likely operating as fractional reserve pools. Also notice how historic charts show steep, often 90° falls in spot price? Low liquidity and high latency allows exchanges to take in new deposits and delay withdraws while they shuffle funds from new deposits to pay withdraws. EtherDelta is only compatible with Tokens generated within the Ethereum network, i.e. digital "assets" produced not b…
If you can point to 90° drops on GDAX, I'd be interested to see them.
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Which is exactly why no one would spend the crazy amounts of money it takes to execute a 51% attack. It would be like self-immolation. Billions of dollars in equipment and energy and you'd have 51% of a worthless network. In practice, you would have to control much more than 51% of the network, because you'd have to catch up to the 49% that are still hashing away.
Unless they are a government, shorted bitcoins, or own a massive stake in a competitor etc. PS: Remember the value of Bitcoin is limited as a function of the cost of that 51% attack. If the price increases by 10x the transaction fees need to also increase by 10x or Bitcoin becomes less secure.
1. They have BEP printing press; instead of stealing or brute forcing into bitcoin and then selling the loot for $, the might as well ask Bernanke to print few thousands more sheets of 100 dollar bills (of course not legally but i'm sure there is some overprint like in any business).
2. screwing people out of bitcoins would mean screwing US citizens as well. Why would any part of government do that just to upset Congress and get themselves in front of bunch of congresspeople for grilling? Doesn't make sense.
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Liquidity problems are an issue with exchanges, not Bitcoin itself. I can email you a Bitcoin instantly. Good luck doing that with a gold bar.
> I can email you a Bitcoin instantly Where by "instantly" you mean "takes at least an hour and costs a fortune"?
No. I could email the private keys for any amount of bitcoin to anyone on earth instantly. Or do it with morse code over a telegraph...or smoke signals, it doesn't matter. Transactions on the blockchain are a different issue entirely.
>> They said they might look at selling when the value of all the Bitcoin in circulation approaches the value of all gold in the world — some $7 trillion or $8 trillion compared with the $310 billion value of all Bitcoin on Tuesday — given that they think Bitcoin is set to replace gold as a rare commodity. But then Tyler Winklevoss questioned even that, pointing out the ways that he believes Bitcoin is better than go…
That's quite a balony. - Both are in fixed quantity so none is more rare than other. - Gold has practical use in industry which puts lower bound on its value. BTC has no lower bound. - Gold is exchangeable virtually in any country and any culture regardless of how technologically advanced that society is. - Thousands of years of history has proven that humans have almost natural lust for this shiny metal and it gets…
I have nothing to say about bitcoin, or cryptocurrencies, but this statement is currently false because (AFAIK) bitcoin has not been made illegal by any government, whereas gold has: