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

bitcoinity.org

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

#181

Post by jasonisalive »

sqrt17 wrote: post #82
coding4all wrote: post #49

It's amazing how so many people are concerned about the dollar price of Bitcoin. If you believe in Bitcoin, you want Bitcoin and not dollars.

Not trying to be cynical about this, but: You want nice things, not bitcoins and not dollars. Currently, more market actors accept dollars (or Euros, or JPY, or UKP) than bitcoin, hence you're closer to the things you desire if you have dollar liquidity than if you have bitcoin liquidity. Investments, on the other hand, should be neither in dollars nor in bitcoins, because dollars have inflation and bitcoin is too vo…

If you truly believe in Bitcoin, you believe that a) there is a good chance that in the future USD, JPY, EU, UKP et al. will be worthless relics, ornaments in a history museum that schoolchildren laugh and joke about and b) that the world would be a massively, massively better place if a) were to eventuate.

Your job is to buy as much Bitcoin as you can as cheaply as possible, cross your fingers and try and do whatever you can to make a) happen, while spending at little of your BTC as possible. You hope to profit immensely but you are also excited for how the world as a whole will profit.

If a) doesn't happen, then you basically have to go back to the drawing board for imagining a way for society to progress and you to make some money.

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

#182

Post by pjc50 »

brazzy wrote: post #131
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…

Has there ever been a time and place where interest on savings accounts was above inflation? I rather doubt it.

Most of the time? http://www.economicshelp.org/blog/1485/interest-rates/histor...

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

#183

Post by mr_luc »

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

Did you read that article you posted?

Those stats assumed CPU/GPU and FPGA, not ASIC, miners.

For instance, the 5-to-500-gigahash-per-second rigs would have to be running at over 300k watts of electricity using those statistics. :)

So in reality, the network is much more efficient -- the high-end miners are using more than 100x less electricity (which would still be 3000 watts for high-end rigs per those numbers), and probably closer to 1000x less, than those estimates.

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

#184

Post by sanswork »

jasonisalive wrote: post #162
ballpoint wrote: post #127

Earlier quoted context omitted.

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 a…

What happens when bitcoin is the adopted world currency and the power goes out in your area for a few days?

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

#185

Post by EricBlair »

nickik wrote: post #44
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…

Its very easy to imagen a case where you lend your bitcoins to some institution, the problem is that there is not yet any investment in the bitcoin system.

Oh look, that already exists... https://btcjam.com https://www.bitbond.com https://bitlendingclub.com and probably a dozen more.

As for no investment in the bitcoin system... just something in the news about that everyday.

And I thought the previous guy with his savings account paying 2% above inflation was funny.

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

#186

Post by skrause »

brazzy wrote: post #118
TheDong wrote: post #110

Earlier quoted context omitted.

It's worse than that. To me, the biggest flaw of bitcoin is that you have to constantly spend energy on it (as in computation power / burn coal) for it to remain viable. As soon as enough people get tired of throwing away money at their miners someone can pull a 51% attack, so everyone must put more energy into their miners to protect their investment... forever. Over time the amount of energy wasted by bitcoin could…

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.

Minting, ATMs, secure transport, CC transactions are all things that can be optimized for lower energy if necessary.

Bitcoin mining will always be a race on who can spend the most energy.

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

#187

Post by jasonisalive »

pjc50 wrote: post #175
jasonisalive wrote: post #160

Earlier quoted context omitted.

So robbing people is actually striking a blow for economy prosperity? Right, I'm sure all those greedy Jews were wrecking things by coveting their shiny ducats... they should learn to share right? Anyway. Turning "hoarding" into a dirty word is one of the last signs an economy is about to tear itself to pieces, just before the baseball bats come out and shop windows start getting smashed. Stay classy though!

I did take pains to point out that it's a human rights violation, but that didn't stop you going straight for the Godwin, did it?

Sorry, you must have missed the part where you actually asserted that theft, the violation of private property, was net healthy for an economy. That's a) impossible b) arrogant and c) heartless. And I'm supposed to be the asshole...

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

#188

Post by heyimwill »

On December 23 a Missouri court ordered a winddown of Butterfly Labs and they began a refund plan.....now here is my theory...I was looking at the blockchain and came across a 5000 btc utxo taken incrementally down to 0....it was sold off continuously. It took me to here. https://blockchain.info/address/12WRnQR85ZUT7dhmaHBNL5dde2QL...

Activity on that address started back up on 12/23 the day the courts provided control again. Ive tied it to butterfly labs because a OP_RETURN said paycoin.com linked to Josh Zerlan an employee of butterflylabs.

What is scary is another 90000 unspent coins reside here also controlled by butterfly labs. https://blockchain.info/address/1B9KrM7bjhJ42qJSWr1KJrNTAP1S...

I think youll have butterfly labs forced to continue to sell the remaining 94000 coins in this court mandated wind down in order to provide refunds to those customers....That is a ton of coins to continuously dump...it exceeds 24 hour volume on the largest exchange.

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

#189

Post by onethree »

brazzy wrote: post #131
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…

Has there ever been a time and place where interest on savings accounts was above inflation? I rather doubt it.

Australia right now?

inflation 2.3% [1]

my interest rate : 4.02% [2]

[1]: http://www.rba.gov.au [2]: https://www.ubank.com.au

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

#190

Post by EricBlair »

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…

"2014 was meant to be the year of bitcoin and it flopped as far as the general public was concerned."

"as far as the general public was concerned" :) Yeah, they were too busy watching the big bottom Kim and losing their home.

"(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)."

Did you see how poorly Amazon did? They're a much larger and better store. No coins on Amazon.

"Mining companies are closing left, right, and centre, and bitcoin exchanges are shutting down for more profitable ventures."

As are oil companies. So goes the world. Isn't linear let alone vertical. Two steps forward...

What would those, 'more profitable ventures' be? You of course don't say because those miners aren't good for anything else.

"I don't think Bitcoin is dead or even close to dead but I'm pretty sure we've seen its peak."

If you're pretty sure, you would say why, but you don't. Apparently cirucular logic is big on the HH. That and or Tourette's.

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