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Bitcoin dropping after BTC China said it is closing

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Re: Bitcoin dropping after BTC China said it is closing

#171

Post by nooron »

paxpelus wrote: post #159
nooron wrote: post #131

Earlier quoted context omitted.

Real estate investments are a store of wealth, ie a savings product. Real estate investments are one of the few vehicles to store wealth other than relatively basic accounts that are available to a broad swath of consumers.

Yes, tell that to Greek citizens that were buying houses for 300k and now their value is less than 100k for the same house. Real estate is not a store of wealth, this has been proven many times in the past in several countries. I agree though that the prices on real estate are more stable than any cryptocurrency.

I didn't say they were good stores of wealth. I said people use them as stores of wealth. I making a descriptive claim, and you are making a normative one.

Re: Bitcoin dropping after BTC China said it is closing

#172

Post by paxpelus »

nooron wrote: post #171
paxpelus wrote: post #159

Earlier quoted context omitted.

Yes, tell that to Greek citizens that were buying houses for 300k and now their value is less than 100k for the same house. Real estate is not a store of wealth, this has been proven many times in the past in several countries. I agree though that the prices on real estate are more stable than any cryptocurrency.

I didn't say they were good stores of wealth. I said people use them as stores of wealth. I making a descriptive claim, and you are making a normative one.

My bad, I understand what you mean

Re: Bitcoin dropping after BTC China said it is closing

#173

Post by acty1 »

rothbardrand wrote: post #140
Nursie wrote: post #133

Earlier quoted context omitted.

A massive assumption followed by a declaration that it's massively undervalued. Yup, that's it, I'm investing! >> Bitcoin is the very definition of a disruptive technology that will revolutionize society for the better and hackers are embracing it. No, it's pretty much the definition of an e-tulip, and today has shown that it can and will be hugely affected by the actions of governments.

I guess since your response consists of just characterizations of me, ignoring my argument, and characterizing bitcoin as some form of "tulip mania" ignoring the history of both, and what bitcoin is, that no substantive response is necessary or would be useful. You do not seem to realize that BTC was "crashed" from $1,200 to around $800 back in January of this year. Was that also proof of whatever it is you're trying…

This.

I'm frequently appalled at how "hackers" and "technologists" here and in my professional life have little factual indea of how Blockchain works, let alone something like Solidity or EVM.

I am utterly convinced that this is the future "App Store" that we are building on and the fact that so many programmers are oblivious is a sign for me to Keep Loading up on BTC, ETH...

It literally is Programmable Value and Transfer. It's absolutely slick.

People have such cognitive dissonance since everyone has been pretty much lied to their whole lives on the nature of Money and Credit. This kind of social and technical phenomenon requires people to reject a previous understanding they had (which in turn is offensive because that understanding goes to the core of their being -- earning your first allowance as a kid, hard work for your first paycheck, etc).

It's defensive for past Ego Investment. It's abhorrent that one could have bought $100 worth of something just a few years ago and would be a millionaire today.

Re: Bitcoin dropping after BTC China said it is closing

#175

Post by redog »

stefano wrote: post #145
baddox wrote: post #137

Earlier quoted context omitted.

Remember though that "replacement for fiat money" isn't the only goal or measure of success for people who like bitcoin.

The usefulness as a currency or as anything else is irrelevant. Getting rich is the goal. It doesn't matter that the money comes from a bigger fool, or from someone who has to buy bitcoin to pay a ransom.

Financial sovereignty is the goal of the authors. Getting rich is the goal of the crowd.

Re: Bitcoin dropping after BTC China said it is closing

#176

Post by dlwdlw »

nosuchthing wrote: post #167
rothbardrand wrote: post #126

Every time bitcoin slips a little, the anti-bitcoin crowd claims victory and it's kinda hilarious. The summer of 2015 BTC was around $200, it's now over $3,000- so up 15X in a bit over 2 years. This is failure? Why is down $500 failure but up 15X in less than 30 months not success? There are about 11 million millionaires in America. There are only ever going to be 21 million bitcoins total. That means, even just amon…

Bitcoin is essentially a database / blockchain service. Why would anyone want to use Bitcoin versus any of the newer, faster, more feature advanced alternative crypto coins like Monereo, Litecoin, Ethereum?

Similar to humans, Bitcoin grows in value according to degree of faith placed in them. It's the same mechanism that gives Trump power and keeps minorities/women out of tech.

The two main forces that give Bitcoin more faith power than others are its age and how well known it is. The attack surface is small because of its simplicity.

I doubt the smart contract systems will be valuable until they build up a body of vetted (by time) law like Deleware has for startups.

Re: Bitcoin dropping after BTC China said it is closing

#177

Post by just_one_time_ »

nosuchthing wrote: post #167
rothbardrand wrote: post #126

Every time bitcoin slips a little, the anti-bitcoin crowd claims victory and it's kinda hilarious. The summer of 2015 BTC was around $200, it's now over $3,000- so up 15X in a bit over 2 years. This is failure? Why is down $500 failure but up 15X in less than 30 months not success? There are about 11 million millionaires in America. There are only ever going to be 21 million bitcoins total. That means, even just amon…

Bitcoin is essentially a database / blockchain service. Why would anyone want to use Bitcoin versus any of the newer, faster, more feature advanced alternative crypto coins like Monereo, Litecoin, Ethereum?

Because it is hard to start a currency from scratch and get the whole world to believe in it.

Re: Bitcoin dropping after BTC China said it is closing

#178

Post by synicalx »

rothbardrand wrote: post #126

Every time bitcoin slips a little, the anti-bitcoin crowd claims victory and it's kinda hilarious. The summer of 2015 BTC was around $200, it's now over $3,000- so up 15X in a bit over 2 years. This is failure? Why is down $500 failure but up 15X in less than 30 months not success? There are about 11 million millionaires in America. There are only ever going to be 21 million bitcoins total. That means, even just amon…

>> - Its terminal supply is absolutely fixed, unlike gold, and its rate of inflation is rapidly decreasing to below golds.

This only applies to Bitcoin, and as anyone can see even big operations like Coinbase trade in at least three difference crypto currencies.

>> - It's easy to store wealth in without being obvious to others.

Can you elaborate on exactly what benefits you propose this offers? And don't say tax evasion.

>> - It is easier to transport bitcoin than any significant amount of wealth

We've been able to send money all over the world for decades now, I can literally send my friend in New Zealand $50 using an app on my phone. Not sure how Bitcoin makes this any easier. Maybe it makes it a bit cheaper, assuming it's value doesn't plummet while your transfer is going through?

>> - It is easier to protect bitcoin than gold. Gold has to be guarded, Bitcoin can be split in to an n-of-m key and encrypted and replicated, securing it from fire, theft, etc.

This is a hard sell. Your choices for storing Bitcoin are basically keeping it in some sort of online wallet through an exchange or an application running somewhere, or you can store it offline ie a paper wallet. I don't see how this is any easier to secure than putting a pile of gold in a vault.

Bitcoin is probably even less secure for the average person - all it takes to hijack a wallet is a simple key logger. Once your wallet is gone it's not like you can contact your bank to get it back or have transactions reversed like you would with a normal account. Not to mention all the millions of USD worth of Bitcoin that have literally just been lost forever by people forgetting a password, tossing out old PC's etc.

Re: Bitcoin dropping after BTC China said it is closing

#179

Post by Nursie »

rothbardrand wrote: post #140
Nursie wrote: post #133

Earlier quoted context omitted.

A massive assumption followed by a declaration that it's massively undervalued. Yup, that's it, I'm investing! >> Bitcoin is the very definition of a disruptive technology that will revolutionize society for the better and hackers are embracing it. No, it's pretty much the definition of an e-tulip, and today has shown that it can and will be hugely affected by the actions of governments.

I guess since your response consists of just characterizations of me, ignoring my argument, and characterizing bitcoin as some form of "tulip mania" ignoring the history of both, and what bitcoin is, that no substantive response is necessary or would be useful. You do not seem to realize that BTC was "crashed" from $1,200 to around $800 back in January of this year. Was that also proof of whatever it is you're trying…

I wasn't making a claim, merely lampooning yours.

Re: Bitcoin dropping after BTC China said it is closing

#180

Post by xHopen »

People buy everyday coins in iOS games and no one seems to care. but why do they care about bitcoin ? because it has real value, because people use it and furthermore , you have ATM machines with BTC. They will try to drop the price , not once but a million times, the same that they do with stocks. If you trade you care about it if you HODL and don't read news, you care 0.0%
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