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Is Bitcoin Down or Just Me?

isbitcoindownorjustme.com

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Re: Is Bitcoin Down or Just Me?

#261

Post by [deleted] »

iso1210 wrote: post #237
matheusmoreira wrote: post #78

Earlier quoted context omitted.

> Did you sell any bitcoin you owned when up 70% and, if so, have we reached a bottom when it is optimal to buy back in? This is the ultimate investing question. What signals a top or a bottom? How do I sell just before the price falls and buy just before it climbs back up? Is there even an answer? There must be since there are literal trading bots out there making millions.

If you put a regular amount into the S&P500 you'll make millions over time, no need to be a bot. At some point of course that has to end, as everything based on exponential growth does.

[deleted]

Re: Is Bitcoin Down or Just Me?

#262

Post by matheusmoreira »

theturtletalks wrote: post #259
matheusmoreira wrote: post #178

Earlier quoted context omitted.

How? They can't. My PC, laptop and phone can't mine bitcoin. The way to achieve true decentralization is ASIC resistant mining algorithms and some form of diminishing returns to force miners to operate at small to medium scales. We need lots and lots of small miners running on commodity hardware that people already own, not a few large scale operations running on expensive custom silicon.

You make some great points. My points were for crypto in general, so do you think a crypto will come that is truly decentralized and can be mined more easily?

I think Monero is closest to the original cryptocurrency dream. Not perfect but closest. It has ASIC resistant algorithms to make mining with normal CPUs feasible.

Re: Is Bitcoin Down or Just Me?

#263

Post by matheusmoreira »

iso1210 wrote: post #237
matheusmoreira wrote: post #78

Earlier quoted context omitted.

> Did you sell any bitcoin you owned when up 70% and, if so, have we reached a bottom when it is optimal to buy back in? This is the ultimate investing question. What signals a top or a bottom? How do I sell just before the price falls and buy just before it climbs back up? Is there even an answer? There must be since there are literal trading bots out there making millions.

If you put a regular amount into the S&P500 you'll make millions over time, no need to be a bot. At some point of course that has to end, as everything based on exponential growth does.

That's low risk but inefficient because it fails to exploit market movements. People say the markets are unpredictable but somehow people managed to automate trading. There must be some method to it.

Re: Is Bitcoin Down or Just Me?

#264

Post by matheusmoreira »

samarama wrote: post #227
zionic wrote: post #193

Earlier quoted context omitted.

On the contrary, I don’t think you know what those words mean. Bitcoin is neither fungible or decentralized. Mining is completely dominated/centralized by ASIC farms run by huge mining cartels. Also, buying Bitcoin from someone else inherits that coin’s entire history. If those coins were stolen at some point you could become liable. Bitcoins are non-fungible.

There is not one entity that controls Bitcoin, thus it is centralized. You can argue about degrees of decentralisation, but it is simply far more decentralised than FIAT. You’re creating an impossible standard, a logical fallacy. Dollars can also be tainted with serial numbers, get damaged, be marked with colors. Again, your argument only consists of logical fallacies.

No. It is absolutely centralized. To discover who's really in control of bitcoin, all you have to do is propose an upgrade that improves network but reduces miner profits.

This is not an impossible standard nor is it a fallacy. Either it's decentralized or it's not. Either it's fungible or it's not. Bitcoin is neither.

Re: Is Bitcoin Down or Just Me?

#265

Post by notch656a »

spinny wrote: post #114
brokencode wrote: post #97

Earlier quoted context omitted.

Of course we could live at 60 degrees in the winter, but most people would agree that their lives are meaningfully improved by increasing the temperature to closer to 70-72. On the other hand, Bitcoin provides no meaningful benefit to society compared to other currency. The only real benefits of Bitcoin are that it makes ransomware easier to accomplish (which is bad for most people) and that it has made some people a…

> On the other hand, Bitcoin provides no meaningful benefit to society compared to other currency. Decentralization and censorship resistance does not exist in the fiat world. Ask some greek people if Bitcoin was useful to buy food. Because it's easy for you to open a bank account and have you money secured, it doesn't mean that other people have this luxury.

People who think money is 'secure' from seizure in the bank aren't thinking one step ahead.

Re: Is Bitcoin Down or Just Me?

#266

Post by krzyk »

1270018080 wrote: post #156
krzyk wrote: post #113

Earlier quoted context omitted.

Bitcoin mining can be easily checked for energy usage and that's the problem. But do you know how much energy is used for printing money? Or for agriculture (take into account production of equipment and fertilizer), car production, getting oil from ground into cars? Or by all ACs in the world (which are just a nice-to-have, just like bitcoin)?

No need to whataboutism this issue. Bitcoin uses over .5% of the world's electricity just to prop up a pyramid scheme and illicit markets. It's an abject disaster.

This is your opinion, others find bitcoin useful, 0.5% is a small price for convenience.

They pay price for electricity just like users of ACs.

Re: Is Bitcoin Down or Just Me?

#267

Post by krzyk »

paulryanrogers wrote: post #160
krzyk wrote: post #113

Earlier quoted context omitted.

Bitcoin mining can be easily checked for energy usage and that's the problem. But do you know how much energy is used for printing money? Or for agriculture (take into account production of equipment and fertilizer), car production, getting oil from ground into cars? Or by all ACs in the world (which are just a nice-to-have, just like bitcoin)?

Food is required to survive, AC to live in many parts of the world. Money printing gets cheaper the more digital centralized fiat becomes.

AC is not required to live, it is just convenience. Heating is required (you would freeze to death), but not AC.

Food doesn't need to have so many fertilizers or bug-killers, it makes food poisonous.

Re: Is Bitcoin Down or Just Me?

#268

Post by samarama »

matheusmoreira wrote: post #264
samarama wrote: post #227

Earlier quoted context omitted.

There is not one entity that controls Bitcoin, thus it is centralized. You can argue about degrees of decentralisation, but it is simply far more decentralised than FIAT. You’re creating an impossible standard, a logical fallacy. Dollars can also be tainted with serial numbers, get damaged, be marked with colors. Again, your argument only consists of logical fallacies.

No. It is absolutely centralized. To discover who's really in control of bitcoin, all you have to do is propose an upgrade that improves network but reduces miner profits. This is not an impossible standard nor is it a fallacy. Either it's decentralized or it's not. Either it's fungible or it's not. Bitcoin is neither.

Nop, that’s a false dichotomy. As always, it’s a spectrum.
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