Maybe a lot of people want to trade this at the same time for really currency to buy Christmas gifts.
Bitcoin and almost every other cryptocurrency crashed hard today
101–110 of 426 posts
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#102You can call it a crash but bitcoin still up 1000% this year...
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#103Earlier quoted context omitted.
Why is blockchain a pipedream?
People keep thinking it’s going to revolutionize entire industries when really it’s a highly limited and inefficient database technology that no one who isn’t trying to make a buck would suggest using for data storage unless you have the very particular constraints of something like bitcoin. There’s lots of mature, versatile database options out there: Postgres, SQLite, BerkeleyDB, and countless other NoSQL and CQRS…
People "improperly" using block chain tech to replace traditional database storage doesn't make the tech a pipedream.
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#104Re: Bitcoin and almost every other cryptocurrency crashed hard today
#105Earlier quoted context omitted.
They didn't know what they were buying; bits in a database. A very poorly implemented database that was - not scalable - not rare - didn't have any government backing or big institutional backing in case the price dropped from 19,000 to 11,000 - easily hackable (tether, fake trades, scam exchanges, etc) - too expensive to do a single transaction this applies to most crytocurrency
> not rare Interesting. Don't really know how crytos work, but isn't rarity is guaranteed by the BitCoin algorithm itself?
In what context are you using rarity?
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#106Earlier quoted context omitted.
Agreed, it's almost like the asset has no fundamental value, and is driven completely by speculation.
You mean, like the US dollar ?
You can pay taxes with USD. You can pay employees. You can buy millions of different kinds of goods, including any other currency.
Bitcoin can do none of these things.
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#107Earlier quoted context omitted.
They didn't know what they were buying; bits in a database. A very poorly implemented database that was - not scalable - not rare - didn't have any government backing or big institutional backing in case the price dropped from 19,000 to 11,000 - easily hackable (tether, fake trades, scam exchanges, etc) - too expensive to do a single transaction this applies to most crytocurrency
> not rare Interesting. Don't really know how crytos work, but isn't rarity is guaranteed by the BitCoin algorithm itself?
Bitcoin itself is rare, but cryptocurrency as a whole is not because it's easy to create another blockchain.
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#108Earlier quoted context omitted.
They didn't know what they were buying; bits in a database. A very poorly implemented database that was - not scalable - not rare - didn't have any government backing or big institutional backing in case the price dropped from 19,000 to 11,000 - easily hackable (tether, fake trades, scam exchanges, etc) - too expensive to do a single transaction this applies to most crytocurrency
> not rare Interesting. Don't really know how crytos work, but isn't rarity is guaranteed by the BitCoin algorithm itself?
there are hundreds of crytocurrencies. what makes one of them rare?