long time since the last Bitcoin is dead article
The lack of attention to crypto as a serious financial instrument is more damning to crypto than an indicator of its success.
As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
31–40 of 327 posts
Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#32Earlier quoted context omitted.
> Nobody who knows anything about anything made any kinds of plans involving $20,000 Bitcoin. Except for Goldman, Morgan Stanley, Citigroup and Barclays (see https://www.bloomberg.com/news/articles/2018-12-23/wall-stre... )...
They are part of the getting in late group and the lower valuations are most probably signs they are leaving the market. I remember when the price started to increase I didn't think 4,000 would hold. 2500 seemed like the correct price. The fact that it hasn't fallen below that amount means there are more investors. Personally I was using it to purchase goods before the runup and the slowness and increased fees made m…
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Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#33Earlier quoted context omitted.
> Nobody who knows anything about anything made any kinds of plans involving $20,000 Bitcoin. Except for Goldman, Morgan Stanley, Citigroup and Barclays (see https://www.bloomberg.com/news/articles/2018-12-23/wall-stre... )...
What stops GS from replacing their fee-based offerings with a blockchain solution? Could this really be as obvious in hindsight as looking at Sears in the 90s not developing an online catalog?
You mean a solution that has solved exactly 0% of the problems where it was applied to? https://bitcoinist.com/blockchain-study-zero-percent-success...
Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#34Earlier quoted context omitted.
Don't bitcoin costs adjust to a shrinking miner population as well as it adjusts for a growing one? If so, the answer is never. As people give-up, the costs for the remaining ones reduce so that at some point it's lucrative again. The interesting question is at what price people will stop speculating on its price and run to an exit? I don't think anybody can answer this one.
The difference is that even if the difficulty adjusts, there will be dormant ASICs waiting to be used. If the price lowers enough and enough ASICs are out on the bench, it’ll at one point becoming economically beneficial to turn them all on and attack the network rather than having them collect dust and depreciate.
Didn't think about it.
That's a relevant threat to every coin that can use the Bitcoin ASICs. And probably will even happen to others before hitting BTC itself.
Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#35At what price will the Bitcoin death spiral occur? (i.e. when it costs more to produce/handle Bitcoin than the revenue generated, so best move is to just exit the crypto industry).
Don't bitcoin costs adjust to a shrinking miner population as well as it adjusts for a growing one? If so, the answer is never. As people give-up, the costs for the remaining ones reduce so that at some point it's lucrative again. The interesting question is at what price people will stop speculating on its price and run to an exit? I don't think anybody can answer this one.
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Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#36At what price will the Bitcoin death spiral occur? (i.e. when it costs more to produce/handle Bitcoin than the revenue generated, so best move is to just exit the crypto industry).
Don't bitcoin costs adjust to a shrinking miner population as well as it adjusts for a growing one? If so, the answer is never. As people give-up, the costs for the remaining ones reduce so that at some point it's lucrative again. The interesting question is at what price people will stop speculating on its price and run to an exit? I don't think anybody can answer this one.
The costs for fiat exchanges, payment gateways, etc etc, do not scale like that. Only the mining difficulty does.
Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#37Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#38Earlier quoted context omitted.
Of course if you are filthy stinking rich, it's because you participated in a distributed scam in order to defraud money from those "bandwagon shirt-losers."
It's not a scam just a bad investment. Those using bitcoin for payments saw a utility not provided by other solutions. Those investing are a different class of users. Most purchased after hearing get rich stories.
What investment scam can you not say this about?
People in boiler room operations pumping up bogus pharmaceuticals --- for example --- aren't themselves drug researchers and can, of course, tell themselves that they worked not on a scam, but on a product that didn't in the end worked out and simply turned out to be a bad investment.
Re: As Bitcoin Sinks, Industry Startups Are Forced to Cut Back
#39Ah, the Bloomberg and TechCrunch bottom signals I’m looking for.
Precisely