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Bitcoin and almost every other cryptocurrency crashed hard today

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Re: Bitcoin and almost every other cryptocurrency crashed hard today

#311

Post by bogomipz »

apcragg wrote: post #170
bogomipz wrote: post #154

Earlier quoted context omitted.

>"- not rare" Its not a commodity it's a currency. Why does it need to be "rare"? The US dollar is also not backed by anything "rare" and hasn't been since Nixon abandoned the gold standard in 1973. >"didn't have any government backing or big institutional backing in case the price dropped from 19,000 to 11,000" You realize this is the exact reason it was created right? That's the whole point. It's not coincidence th…

The dollar is essentially backed by oil and the fact that it's needed to trade with the largest economy in the world, not to mention the country with the largest military.

>"The dollar is essentially backed by oil ..."

No, the petrodollar system effectively ended with the 2008 financial crisis[1]. The US dollar is just backed by debt now.

EDIT(wrong URL): https://uk.reuters.com/article/uk-usa-bonds-petrodollars/com...

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#312

Post by Retric »

Cthulhu_ wrote: post #121
cocktailpeanuts wrote: post #83

As someone who owns and believes in cryptocurrency, I'm actually glad this happened. I was getting sick of all the get rich quick people who've been driving the price lately, even for the coins that shouldn't be pumping. It was almost as if the entire cryptocurrency space had turned into a huge unregulated casino. I was at a couple of Bitcoin meetups recently and was surprised to find that most attendees were proudly…

> It was almost as if the entire cryptocurrency space had turned into a huge unregulated casino. [/thread]. That's really what it is, but instead of casino, call it a stock market. With that one there's a lot of regulation in place - including new European legislation, MiFID II ( http://europa.eu/rapid/press-release_MEMO-14-305_en.htm ), which in part is aimed at protecting clueless investors from themselves. The cry…

Stocks are inherently a positive some game. Crypto is by definition a negative sum game where every $ taken out needs to be matched by a dollar put in and beyond that people need to pay for mining.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#313

Post by School-Cotton »

55555 wrote: post #147
bsaul wrote: post #75

Earlier quoted context omitted.

What do you consider a "bottom" price for bitcoin ? or a "high" price ? This thing has no possible valuation, because it has no utility, no intrinsic value. The whole thing is just crazy.

> it has no utility People buy drugs with it. People evade tax with it. People evade currency controls with it. When will people stop making this crazy false claim?

I’ve never bought drugs on the internet, so my understanding is possibly wrong, but isn’t Monero the currency of choice these days?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#315

Post by Retric »

bogomipz wrote: post #154
mutteraloo wrote: post #82

Earlier 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" Its not a commodity it's a currency. Why does it need to be "rare"? The US dollar is also not backed by anything "rare" and hasn't been since Nixon abandoned the gold standard in 1973. >"didn't have any government backing or big institutional backing in case the price dropped from 19,000 to 11,000" You realize this is the exact reason it was created right? That's the whole point. It's not coincidence th…

You need to pay US taxes in dollars that instantly creates trillions in demand every year.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#316

Post by asciimo »

Erlich_Bachman wrote: post #210
anonemouse145 wrote: post #100

Earlier quoted context omitted.

And transaction fees. I saw someone reporting over $30 fee to get processed within 20 minutes. That's why Steam dropped Bitcoin. As a skeptic, people thinking this is a good currency are hilarious. Day trading and making money off them is simple sport.

You are missing the reason the fees are high: it's because Bitcoins it the most widely used cryptocurrency today. Scaling something like Bcash, which doesn't have that many transactions - is easy. The fees can be low because nobody wants to use it. Because there is no real demand for those transcations, and so the price can be low. For a crypto like Bitcoin, which does have high demand for transactions, some of the f…

What if Bcoin increased the block size?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#317

Post by Blackthorn »

rhexs wrote: post #242
aviv wrote: post #230

Earlier quoted context omitted.

Luckily for them it didn't have to go that far, but he did pull it and they immediately took off. He then got in his car and called the police to report what happened.

So he brandished a weapon when his life wasn't in danger? Isn't that illegal?

Even in more restrictive states like New York (where I live), brandishing can be an acceptable threat response during a robbery.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#318

Post by root_axis »

Klathmon wrote: post #203
mutteraloo wrote: post #185

Earlier quoted context omitted.

there could be thousands of crytocurrency next month.

And I could make thousands of kinds of physical coins next month, it doesn't mean physical money is worth less... I feel like I'm crazy here, how is the ability to make a new "thing" make something else less valuable? A toyota isn't worth less because I can make a new car company next week, Facebook isn't worth less because I could make a clone of it tomorrow, A company stock shouldn't be consitered "worthless" just…

> And I could make thousands of kinds of physical coins next month

No, you couldn't, not without literally tons of raw material, heavy machinery and infrastructure to mint the coins, laborers to run the operation, time to process the raw materials, and a practical mechanism to circulate the coins. These are serious barriers to the creation of physical money, unlike cryptocurrency which can be instantly and effortlessly minted in unlimited quantities by a single individual and easily distributed over the internet. There is no comparison.

> A toyota isn't worth less because I can make a new car company next week

This analogy makes no sense. A Toyota is valuable because it has an inherent utility in its ability to provide its owner with an effective method of transportation, crypo-tokens (as opposed to the network itself) have no inherent utility because they are not actually a thing and do not exist independently of the ledger that qualifies their distribution. Certainly, if any single individual could generate an unlimited supply of "effective transportation" instantly at near zero cost, the value of toyota's would very quickly decline.

> Facebook isn't worth less because I could make a clone of it tomorrow

First of all, no you couldn't. You could create a much crappier version of Facebook with an unmaintainable code-base that doesn't scale and supports a minuscule fraction of Facebook's feature set, and even that would cost you time, money, and effort. Even if you could just git clone Facebook's code, you still wouldn't be able to get it running and keep it running without a team of senior dev, ops, and network engineers, plus an annual server bill in the hundreds of thousands at the absolute minimum.

> A company stock shouldn't be consitered "worthless" just because I can create a new company tomorrow...

The point is that you can't just "create a new company" tomorrow that is in any way comparable to a successful business, otherwise everyone would do it... not to say that some don't try, but the ash heap of history is littered with the remains of companies that thought they could replicate a successful company's business model only to find out that its actually not that simple.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#319

Post by tehlike »

rc_bhg wrote: post #303
tehlike wrote: post #284

Earlier quoted context omitted.

https://mobile.twitter.com/Bitfinexed This guy claims the increase in price is due to fake money being injected into market.

A lot of conspiracy theory type lingo in those tweet. Really reminds me of they type of stuff I'd see from Trump supporters or other crazies.

I think the most important part of what he's claiming (after removing all the noise) is Bitfinex (largest exchange) keeps producing USDT(supposedly USD backed cryptotoken), which currently is at around 1B$, and there is no bank that's behind this sort of money.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#320

Post by rc_bhg »

bsaul wrote: post #75
solotronics wrote: post #52

Buying on the way down, see you all on the upswing in about a year. I bought after the MtGox crash in 2013 and can't wait to buy this bear market!

What do you consider a "bottom" price for bitcoin ? or a "high" price ? This thing has no possible valuation, because it has no utility, no intrinsic value. The whole thing is just crazy.

nobody ever know the bottom. I guessed it would be 12k and I woke up this morning with some new BTC, and it's gone up since. So I've made money.

Could drop again today and I'll be out some. Whatever, it'll go up long term, it always does.

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