If the bitcoin price was increasing linearly people would not be blaming the technology so much. Rapid exponential growth followed by abrupt decline in repeated cycles makes people confused.
Nasdaq Plans to Introduce Bitcoin Futures
311–320 of 368 posts
Re: Nasdaq Plans to Introduce Bitcoin Futures
#312Earlier quoted context omitted.
Ah yes, I'm sure all the people trading on Bitcoin futures are getting paid in Bitcoin and re-investing into the illegal drug market.
I don't see how that relates to the point you were making. Clarify? > Bitcoin as a currency is fairly useless unless you're buying drugs or you're a botnet operator You claim that Bitcoin is useless. This was to justify the point you made before (nothing will settle in Bitcoin) or maybe as a cheap dig. Either way, your statement as it stands is worded to be condescending and confusing. It's like saying "Mouthwash is…
What I'm getting at is that Bitcoin is essentially being traded as a security, where it's basically just how much electricity mining pools have wasted. Despite being designed as a currency, it sees very little use as such and mostly just gets moved around between people trying to get rich.
>your statement as it stands is worded to be condescending
That is intentional. I find Bitcoin is stupid and wasteful by design.
Re: Nasdaq Plans to Introduce Bitcoin Futures
#313Earlier quoted context omitted.
Ask yourself first, why did the value climb 16x? If you cant answer that then I caution purchasing more. I would also spend some time understanding what "investing" is vs what speculating\gambling is. This is gambling.
https://trends.google.com/trends/explore?q=bitcoin This is the reason why the price is exploding.
I think this one is a bit more telling:
https://trends.google.com/trends/explore?date=all&geo=NG&q=b...
(it's for Nigeria)
And the global map for since 2004:
https://trends.google.com/trends/explore?date=all&q=bitcoin
With the search term being most popular in Nigeria.
Re: Nasdaq Plans to Introduce Bitcoin Futures
#314Earlier quoted context omitted.
> As long as you don't buy in at one of the speculative bubbles I'm not so sure about that. You could have bought BTC anytime before the past week or so and it would have appreciated significantly, regardless of whether you bought it in a peak or trough. It's just a question of magnitude. E.g. if you bought 1 BTC at the lowest or highest price in 2015 you would still have outrageous returns on it today. This is not t…
Let’s see how everyone feels after the next correction. The headlines today seem to change every time I load google news. Up 10%, down 20%. There’s no way to know where it will go from here.
That's the same as it's been for the last few years. This isn't even a huge correction (yet) in bitcoin terms.
Re: Nasdaq Plans to Introduce Bitcoin Futures
#315Earlier quoted context omitted.
> 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 wh…
> It is my opinion that the intrinsic value of bitcoin is far far greater than anyone really comprehends See? It's all speculative bullshit, where people who took a bet on bitcoin increasing price and expect to profit from this price increase are trolling other fools to keep pumping the bubble until they cash out. Bitcoin is quite clearly a pump-and-dump scheme, and here we see some users cheering fools to keep on pu…
This would certainly be the world's longest running pump and dump scheme. It could certainly be a bubble but I don't think it fits the definition of pump and dump.
Re: Nasdaq Plans to Introduce Bitcoin Futures
#316Earlier quoted context omitted.
so your argument is that its value is just that it's cryptographically secure?
No.
I agree with most of what you say.
There is intrinsic value in bitcoin. The two more important questions are:-
1. Can that value be measured?
2. Do the people buying bitcoin know the reasons behind why they are buying it? I think not.
I know so many of my friends who own bitcoin and they have no idea what the hell this thing is. They just bought it as it’s growing up in value. These are the people who would sell it when the value goes down and we all know how that ends...
Re: Nasdaq Plans to Introduce Bitcoin Futures
#317Earlier quoted context omitted.
It is like if you and I took turns paying for lunch periodically and we used a ledger to track who paid what, and who owes who. The ledger itself is bitcoin. The ledger paper is worthless, but the entries on it "have value." For you and I, the ledger "has value" because that's where the history is. If you printed 50 new blank ledgers, they wouldn't have value because they don't have the history and our mutual agreeme…
Except it takes usually 2 to 3 days for the ink to dry in the ledger, and costs you $3 every time you wrote in it, and consumed more electricity than your house does in a week, and you do it this way because you want it to be trustless.
His analogy isn't perfect with all respect to bitcoin, but it is for that explanation. And transaction fees doesn't really matter when it's used as long term value storage for a significant amount of money. The small transaction fee is basically irrelevant.
Re: Nasdaq Plans to Introduce Bitcoin Futures
#318Earlier quoted context omitted.
Uh... you have to physically store those things? Easy to steal? Can't send to someone across the country instantly? Bitcoin is way better than gold or dollars when you are in an unstable country. People in Venezuela are huge crypto-heads for that reason
> Easy to steal? Bitcoin is perhaps the most commonly stolen store of value the world has ever seen. It has its advantages, but being difficult to steal (or lose permanently!) is not one of them.
Source please.
Re: Nasdaq Plans to Introduce Bitcoin Futures
#319Earlier quoted context omitted.
It's very easy to secure. Just generate a private key offline and never tell it to anyone.
Gold is very easy to secure. Just dig a hole and throw it in. Nobody will find it if you don't tell anyone about it. Seriously! A digital key is NOT easier to secure than a physical one. If anything, it's harder. Gold only becomes hard to store if we're talking about huge quantities
You can do the exact same thing with bitcoin. Write the write the recovery key on a piece of paper and bury it in a box.
The advantage of bitcoin is you can encrypt it and store it offline in as many locations as you want.
Re: Nasdaq Plans to Introduce Bitcoin Futures
#320Earlier quoted context omitted.
ok, I skimmed through it. I admit, I didn't get it. However, I don't think it addresses my fundamental point: there is no reason beyond speculation to own a POW coin. There is a reason, independent of speculation, to own a POS coin.
> there is no reason beyond speculation to own a POW coin. The incentives of a pow coin align with the users, not the owners, so there's no reason any user would prefer to use another incentive structure. > There is a reason, independent of speculation, to own a POS coin. It is not trustless. You are reliant upon the owners not re-writing the consensus rules to your detriment.
POW relies on self-interest, though.
For example, if you own the most of a particular POW coin, it is not in your interest to corrupt the ledger because you will suffer the loss of faith in the currency worse than anyone.