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Bitcoin crashes over 25% in 24 hours, under $180

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Re: Bitcoin crashes over 25% in 24 hours, under $180

#161

Post by akinder »

EricBlair wrote: post #150
tribaal wrote: post #10

Yeah, as much as I like the concept of bitcoin (and the blockchain), I don't see adoption becoming anything more than anecdotal. No interest rate, and you have to secure it yourself? No thanks. My "big bad bank" guarantees me at least a small interest in saving money, and if my card is stolen, I get a new one in 24 hours and all transactions are cancelled. I'm happy to pay some transaction fees ("extortion!") to get…

I don't think you see many things. Like just how widely Bitcoin has already become. Just yesterday I read about 10,000 Spanish atms being converted to bitcoin. "No interest rate" Why would there be? There's no risk. There isn't a government of Bitcoinlandia with a debt and deficit(s) it needs to finance. Whatever currency you're holding now isn't paying you a real rate of interest. Your stupidity is clearly of the Am…

Go back to /r/bitcoin, libetard. Articles like this make me giggle, love seeing you dipshits get your ass handed to you time and time again because of your BS "currency"

Re: Bitcoin crashes over 25% in 24 hours, under $180

#162

Post by jasonisalive »

ballpoint wrote: post #127
ploxiln wrote: post #84

Earlier quoted context omitted.

Except wire transfers take one or more days and are a huge pain in the ass to initiate online. In the US at least. If you go to a third world country, it's even less convenient to pay for stuff. For example, you can't get a hotel room last-minute with a credit card in Vietnam, where I checked, because they need to verify your ownership/control of your credit card with a pair of small debits, probably because of the f…

As far as I can tell, most UK wire transfers are essentially immediate (at most a couple of minutes), even between different banks.

The UK is one of the wealthiest, stablest, most developed countries in the world. Pointing out that its banking system is relatively effective as if that reduces the value of Bitcoin is like saying toilets and public sanitation is great in the UK so why are these entrepreneurs bothering building cheap toilets and menstruation technologies for India and Africa again? In other words, unbelievably naive and borderline arrogant.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#163

Post by roel_v »

politician wrote: post #61
sanswork wrote: post #5

Not really surprising. 2014 was meant to be the year of bitcoin and it flopped as far as the general public was concerned. Bitcoin picked up some more merchants but they almost universally saw disappointing sales or dramatic drop offs(Overstock the poster child which at one point was claiming serious expectations of $15-20m in bitcoin sales ended up with a 5th of the lower end of their claim). Mining companies are cl…

> a 3rd of the lower end of their claim $5M USD in Bitcoin sales is pretty astonishing, actually. EDIT: 1/5 of $15M is still pretty astonishing. I expected something around 250K in BTC-denominated sales.

$3M in sales is the yearly turnover of a small local bakery chain with a few retail points. Every village of more than 5000 people has several companies with this turnover. $3M is nothing. For a retailer of low-margin goods like Overstock, they must have spend more on implementing bitcoin payments than they made on the sales that were paid with them, and that's not even counting costs of converting back to $ etc.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#164

Post by redthrowaway »

derefr wrote: post #149
redthrowaway wrote: post #134

Earlier quoted context omitted.

A store of value must be such over any given timeframe. If the balance in your savings account is worth $100 today, $50 in three months, $150 in six months, and $75 in a year, then it is a terrible store of value -- regardless of whether it's worth $200 two years from now. Similarly, talking about imagined futures is not a convincing way to defend a currency as a store of value. If you have to posit that your money w…

I'm not saying people should be putting money into Bitcoin now because they should assume A, B, and C will be true. What I'm saying is that there's no reason to assume that you won't see Bitcoin's value stabilize e.g. ten years from now, and Bitcoin become a useful store of value from that point forward. Or, to put it another way, just because the Bitcoin that exists today is a bad store of value, doesn't mean that "…

Well, sure. PHP could also become a nice language to code in. Neither outcome seems likely, given what we've seen in the past.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#165

Post by jasonisalive »

rimantas wrote: post #46
teekert wrote: post #36

Earlier quoted context omitted.

I think it is expected that relatively new currencies have a turbulent period of a certain time. And as for interest, here in the Netherlands it is less than inflation so you loose money (interest on savings accounts is about 1%, inflation is between 1 and 2% over the past years). Bitcoin has or will have its niche, perhaps it will not be for your savings but sharing money with friends using a bitcoin wallet app is b…

What are the factors which could make bitcoin less turbulent later? As for most frictionless exprience: you do not need new currency for that. My bank offers 'quick send' functionality in their app, basically you just enter amount and select whom to send money to, that's it. You don't even have to login.

When/if Bitcoin becomes the world currency, it's price will stabilise to match the global desire to defer the completion of trades (i.e. the aggregate desire to purchase goods in the future). So you might expect to see it go up and down depending on very largescale worldwide trends about purchase timing.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#166

Post by alokdhari »

noname123 wrote: post #126
facepalm wrote: post #86

Earlier quoted context omitted.

Actually I find the problem of stashing gold very tricky. A bank vault seems like a bad idea because of the history when the government seized the gold and people weren't allowed to open their bank safes without a policeman. Hiding it at home seems risky because of burglaries. I haven't found a solution yet, that's why I don't own any gold. With bitcoin, at least I can spread the risk, like putting a part of the "sec…

You buy shares in GLD ETF which holds physical gold for you. The risk is that SPDR collapses or get their assets stolen. You can also buy gold futures on the futures/commodity exchange which is a contract that specifies the other party has to deliver gold to you in the future. The risk is that the financial system collapses and the broker/clearing broker cannot uphold the contract anymore. So it depends on your inten…

> I think you're better off hoarding canned tuna, vodka and guns;

Epic :)

Re: Bitcoin crashes over 25% in 24 hours, under $180

#167

Post by jasonisalive »

tzs wrote: post #154
Fuxy wrote: post #136

Earlier quoted context omitted.

Unlike the baking systems "digital currency" which can be confiscated from its owner or it owner prevented from using it in certain situations (see Wikileaks) bitcoin give you complete control over your own hard earned money and the causes you choose to support. It may not be much of a currency at the moment since banks are attempting hard to prevent its use but the freedom it gives you outweighs the risk of it being…

> Bitcoin would hurt Visa and Master Card very badly if it were adopted since it obsoletes their entire business practice. How do I do a chargeback on a purchase paid for via Bitcoin?

Checklocktime + multisig + the reputable third-party arbitrage provider of your choice, if you want.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#169

Post by throwawaybit »

tribaal wrote: post #10

Yeah, as much as I like the concept of bitcoin (and the blockchain), I don't see adoption becoming anything more than anecdotal. No interest rate, and you have to secure it yourself? No thanks. My "big bad bank" guarantees me at least a small interest in saving money, and if my card is stolen, I get a new one in 24 hours and all transactions are cancelled. I'm happy to pay some transaction fees ("extortion!") to get…

There's one use of bitcoins, it's a great currency to avoid paying taxes which compensates for the loss of small interests (not saying I'm doing this, but I'm quite sure that some of the users use it for exactly this reason)

Re: Bitcoin crashes over 25% in 24 hours, under $180

#170

Post by brazzy »

throwawayaway wrote: post #133
brazzy wrote: post #118

Earlier quoted context omitted.

Do you have any idea how much energy, work and time is being spent on the infrastructure of regular currencies? Minting, ATMs, secure transport, brank branches, all kind of mainframe dinosaurs running 40 year old COBOL code? Even if scaled up to global usage, I very much doubt Bitcoin mining would be worse.

https://blockchain.info/charts/hash-rate the hash rate doesn't grow on trees. why the hell would you doubt it would be worse? it does 7 transactions per second. http://www.forbes.com/sites/timworstall/2013/12/03/fascinati... here's on estimate: Bitcoin Mining Uses $15 Million's Worth Of Electricity Every Day

Mining effort is pretty much independant of the number of transactions.
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