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Bitcoin value surges past $30k

bbc.co.uk

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Re: Bitcoin value surges past $30k

#21

Post by imranq »

pjkundert wrote: post #4

I wonder what will happen the next time we have a prolonged global network outage (ie. days, weeks). The next time we have a major kinetic conflict, for example... Since Bitcoin will "fork" in each network partition, and everything will work ... fine, within each partition -- right up until the moment the network is repaired, and all but one of the "forks" simply disappears. I think most people will be surprised that…

Sorry I’m not quite following. I understand if groups are isolated from each other we will have different forks of Bitcoin running around the world, but why would a fork disappear? Wouldn’t the separate partitions merge into one network again?

Re: Bitcoin value surges past $30k

#22

Post by icedchai »

emerged wrote: post #3

I don’t care if it’s a guarantee to be 100k tomorrow, I refuse to profit off crypto speculation. It may seem crazy to people but I like to earn money with effort.

Do you say the same thing about stocks? You can make more money with less effort by investing, whether it's crypto, equities, bonds, real estate... (you can also lose a lot more, obviously.)

Re: Bitcoin value surges past $30k

#23

Post by TeeWEE »

dralley wrote: post #6

Is there any conceivable good reason for the value to have tripled in 3 months, or is this a cycle of FOMO hysteria just like last time?

Interest is at all time low in europe, and people are getting COVID cash. The ECB is also "creating" cash to ensure the euro is stable....

So if you have a lot of euros on your account not making any money, you either go to the stock market (Thats why its going up, especially the visible stock such as Tesla) and things like Bitcoin...

The problem is, at some point it will come back down again, and a lot of people will lose money.

Its all network effects, and people talking to each other about bitcoin and stocks and people jumping in... It starts to look like 1930 again.

Re: Bitcoin value surges past $30k

#25

Post by loceng »

bravoetch wrote: post #2

The upcoming Coinbase IPO (or DPO?) will be fun to watch if this bitcoin price rally continues.

Regardless if the price keeps going up or it crashes again (if enough HODLers don't hold long enough and the industrial complex hasn't kept enough $ billions in reserve to counter when the rush of selling does come) - either way the "army of HODLers" will continue to grow to wait (spreading their positive propaganda they're financially incentivized to do like MLM members) until the next hoard of people get tricked or sucked into the hype - or consciously gamble and their greed is enough to take advantage of other people.

The Coinbase IPO will be a sign of if the people in control of the funds don't understand the complex at all - or they're simply trying to profit off of it not caring about the actual consequences and future outcome; dumb money from financial industrial complex (misaligned incentives due to fees based instead of long-term results based) buying into, perpetuating a global, decentralized Pyramid-Ponzi scheme - trying to legitimize itself by misappropriating terminology and working hard towards regulatory capture, legitimacy.

Re: Bitcoin value surges past $30k

#27

Post by pjkundert »

imranq wrote: post #21
pjkundert wrote: post #4

I wonder what will happen the next time we have a prolonged global network outage (ie. days, weeks). The next time we have a major kinetic conflict, for example... Since Bitcoin will "fork" in each network partition, and everything will work ... fine, within each partition -- right up until the moment the network is repaired, and all but one of the "forks" simply disappears. I think most people will be surprised that…

Sorry I’m not quite following. I understand if groups are isolated from each other we will have different forks of Bitcoin running around the world, but why would a fork disappear? Wouldn’t the separate partitions merge into one network again?

Surprise!

Nope. Correct behaviour is that the longest chain “wins”; all others disappear along with all their transactions.

Re: Bitcoin value surges past $30k

#28

Post by rvz »

dralley wrote: post #6

Is there any conceivable good reason for the value to have tripled in 3 months, or is this a cycle of FOMO hysteria just like last time?

It is obviously the latter. For those who want to double their profits when it was at $10k - $19k.

What comes up must come down. Question is when?

Re: Bitcoin value surges past $30k

#30

Post by pjkundert »

sunshinerag wrote: post #16
pjkundert wrote: post #4

I wonder what will happen the next time we have a prolonged global network outage (ie. days, weeks). The next time we have a major kinetic conflict, for example... Since Bitcoin will "fork" in each network partition, and everything will work ... fine, within each partition -- right up until the moment the network is repaired, and all but one of the "forks" simply disappears. I think most people will be surprised that…

or the forks continue divided and a exchange value begins to form between them ... if one side of the partition has been less productive then the value eventually transfers to the other fork and the mining gradually slows down and continues or stops at sometime. By the way how well do you think the other monetary systems will fair under such conditions you describe?

This “big” problem is solved by avoiding unnecessary global consensus, when agent-to-agent consensus is all that is necessary.

See the Holo / Holochain projects.

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