241–250 of 368 posts
Seriously the top comment here should, WUT THE F K! Man we should instead of trading bitcoins trade fish in World of Warcraft. Insane times we live in.
Man, this is just weird. I just bought 0.05 Bitcoins (you know FOMO and all that) and it just feels so much more empty than back in the days when I mined them myself with my brand new dual Xeon CPU and later on was thinking grand thoughts and building little projects with epaper ink displays to display QR codes on small devices that would work on low bandwidth connections and maybe offline. Lots of problems to be sol…
I logged in to my Coinbase account for the first time in years this week.
What was $0.01 worth of Bitcoin from a faucet is now worth $0.20. Incredible ROI!
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The contracts would still involve real Bitcoin, the exchange would handle the Bitcoin side for the trader.
So I buy a future for 1 bitcoin in 10 days with a price of $10k. The future is cash settled, so in 10 days the exchange will give me [price of BTC] - $10k, or I can sell the future before then. Where does the bitcoin come in? Is the exchange required to hold bitcoin = to the net of all futures?
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Bitcoin has recovered from dips really well in the past weeks due to major buy pressure. Unfortunately GDAX (and Coinbase), Gemini, and other exchanges all went down at the same time this time around, making it impossible to buy the dip.
> Unfortunately GDAX (and Coinbase), Gemini, and other exchanges all went down at the same time this time around, making it impossible to buy the dip how like is being down planned? could there be more to this coicident?
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> You don't get it. No you don't, which is why you're still talking about it the way you are. > you have failed to mention any counterexample. What we have now. Inflation debasing your money. This is actually a game theory problem. There are three groups in bitcoin. The users, the holders, and the miners. To understand the way that relationship works, you have to understand what keeps everyone separated and honest. T…
Bitcoin, like gold, does not stop inflation. Once again, what is a problem that Bitcoin solves that isn't solved better by another system? See the original paper on The Byzantine Generals Problem by Lamport et al, where the authors present multiple solutions. Many more solutions have been successfully used in production. People who need to solve that problem do not need to hold any Bitcoin, so the Byzantine Generals…
Not interested in arguing with strawmen. I've been clear enough.
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Not sure I follow. Biggest owner has the same incentives as the smallest owner - to keep the dollar price of the coin as high as possible. So, what I am asking is, in the case of a POW coin like bitcoin, what is the force, beyond pure speculation that keeps the coin worth X and not 0.5 X?
> Biggest owner has the same incentives as the smallest owner Biggest owner can steal smallest owners money because biggest owner controls the consensus rules. So no, the incentives aren't aligned. > what is the force The only one that matters : Supply and demand, and no ability to cheat the system. The only thing that is happening is more and more people are recognizing it.
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> But if you bought BTC and held it--at any high or low, for any significant amount of time--you made a lot of money (either realized or unrealized, that doesn't matter). This isn't entirely true. If you bought Bitcoin anywhere near the height of the late-2013 mania (which is of course a lot of people, since that's why the price was so high), you lost half your value within a month or two and then had to hold until 2…
Right. You would had to have bought and held until today for my claim to be true (and it is only true at the time I write this). But it's still the case that you could have bought in any peak or trough in the periods you're referring to and still have significant realized/unrealized gains right now .
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> Biggest owner has the same incentives as the smallest owner Biggest owner can steal smallest owners money because biggest owner controls the consensus rules. So no, the incentives aren't aligned. > what is the force The only one that matters : Supply and demand, and no ability to cheat the system. The only thing that is happening is more and more people are recognizing it.
Biggest owner can steal smaller owners money, maybe, depending on the POS design. But that would make no sense. I mean the biggest owners have the biggest stake in the integrity of the network, no? supply and demand can clear at X and at 0.5X, so that doesn't answer the question for me.
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> Ask yourself first, why did the value climb 16x? Oh I can do that. I expect it to be 100x or more greater than what it is today. The reason why it is 16 as opposed to 8 or 32 is simply the speed of the uptake. It is going up in value because it is in the process of deflating the fixed-asset debt bubble. The only real question is, how big is that bubble. > I would also spend some time understanding what "investing"…
Since you are clearly very well informed (no sarcasm intended), do you mind helping me with something Ive been struggling with? In your opinion, what is the intrinsic value of Bitcoin?
I use the 1:10000 rule (https://xkcd.com/1053/) for this argument. It is my opinion that the intrinsic value of bitcoin is far far greater than anyone really comprehends. People generally are too focused on people just buying and selling the asset, but not about the cryptographic proof, and incentive structure that perpetuates the network functioning. So when people like to ask what the intrinsic value of bitcoin is, I say :
You are thinking of the store of value property without the cryptographic property that secures it. You are talking about it as one would talk about valuable shells, and even shell sellers, and not the security that separates it from all forms of value exchange before it. To understand the intrinsic value of bitcoin it is good to use the analogy of an envelope. So i ask you : does an envelope have intrinsic value?
If I have a letter that I need to send securely, would I prefer to send it open, and ready to be read? Or would I prefer for it to be sent within the confines of an envelope? Now let's think... would I prefer to just leave an open envelope, or would I think it necessary to put some seal across it to ensure that it isn't opened, and read whilst en-route. Does a sealable envelope have more intrinsic value than an unsealable one? Hmm... but what if someone can counterfeit the seal? I need some method of ensuring that the message I want to get to that person isn't read, and preferably, isn't even identified as a message. That's when you need to get lawyers involved. Sounds expensive. There's obviously something intrinsically valuable about such a service, because many people pay oh-so-very-much money for it.
Now let's imagine we're not talking about letters, we're talking about money. Would you address a $100 note through the mail to your child for their birthday? You'd pay for a stamp at least. Would you encase it in an envelope that you paid for at the local post-shop? Hmm... bill in the envelope. Anyone will be able to see that it is money. Perhaps encase it in a card? What if it is $1000? $10,000? $10 million? Does the protection service of an envelope somehow decrease because the value of the contents of the package increases? It's the opposite, isn't it? Bitcoin is both the cryptographically sealed envelope, and the network to deliver it.
What say you? Is an envelope intrinsically valuable?
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Understood, but that doesn't explain why it's a store of value meaning why can't bitcoin cost 5k vs 10k
supply vs demand. More and more people are getting introduced to bitcoin, understanding it and buying into it. There's also a cap on the total number of bitcoins, so scarcity is another factor. Just like why gold is worth X instead of X/2