For somebody that doesn’t care you type a lot.
scroll up if you want more content from me
The price increases are because of supply and demand. What this has to do with lack of regulation is beyond me, please elaborate.
Bitcoin is currently traded as an asset, like any other asset like gold, stocks etc. It’s already pretty regulated and obviously will get more regulated, which is a good thing. That will however change nothing about the fundamentals of Bitcoin as the way it works is beyond the reach of anyone even governments.
Again, it is the same as with stocks or other assets. If I get a stock for $10 and sell it to you at the current price of $100 you did not lose $100 but got an assets at it’s current price which you can sell at any time. Obviously any investment comes at a risk of losing value again. Bitcoin has one of the best track records of any assets in history for over a decade now.
The comparison to cash is valid, although it is digital and programmable cash.
The issue with a digital version of cash before Bitcoin was always that you required one or many trusted middleman for the system to work. Bitcoin was the first system that solved that and that was a gigantic revolution which sparked a whole industry that is still discovering what all this could actually change.
Apart from decentralized digital money and Bitcoin as the evolution of the financial system, the blockchain technology at large is the next evolution of the internet that will bring actual ownership of digital assets. That is huge if you think about it. Especially for gaming. We have seen nothing yet.
Plenty of (regulated) charities accept it, are you saying we’re wrong and bad and evil for donating to charities with it?
Should I stop donating to them?
There are some live saving charities we give to, you want us to stop? ok then, bad evil me. I’ve been doing bad things by donating to these causes. I’m such a villan.
There’s far more corruption in REGULATED companies and their personal charities by big money than there is in good causes and crypto.
Don’t make me list them.
next time you’re life is saved by the likes of these, refuse it, because they accept evil crypto and you’re against that.
Yes pump and dump schemes are illegal, and it would be absolutely amazing if the regulators would go after the people doing that in crypto. For Bitcoin it will go away kinda as the market cap increases and it takes more capital to move the market as a whole.
That doesn’t change anything about the fact that actual valuation of the asset is based on supply and demand. A decade of an average 200% price increase can not be discussed away by simply attributing it to pump and dump.
Well you just said that someone has to “lose” money when trading assets, which is equally weird.
The only “trust” I need when using Bitcoin is in math and cryptography. If you want to call that a decentralized middleman… well that would be a pretty stupid word game… but I have seen worse here.
We will see. It works pretty fine right now and the system has means to adapt if required. 51% attack are not as detrimental as people who seem to only have some vague understanding about the technology make it out to be. There are a lot of alternative consensus models tried out currently and maybe Bitcoin will adopt one of them in the future, but at the moment it is simply no necessary.
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Yeah we probably have to disagree on that. There are a lot of fundamentals that are at play here that make Bitcoin a lot more valuable than it currently is, but it can’t just skyrocket to the heavens so it is slowly creeping upwards in value to a market cap that would be appropriate for such a monumental invention. There are people who understand that and bet on it and people who don’t of for whom it takes longer… that is all just fine. All I will say is that in my opinion the value is not only absolutely justified, it is actually extremely cheap. This is no financial advice, I’m a moron buying worthless bit, just saying. I also just ate my crayons.
Since all transactions are public, it is actually much easier to catch criminals that use Bitcoin than many other means of exchange. Obviously a lot more can be done my regulating on/off boarding, but in general the fears people have that Bitcoin is used by criminals is pretty unfounded.
As for “regulation will fix that”, like it does with all the banks who are non-stop in the press of being involved in criminal activities, money laundering and tax evasion. I somehow have the impression that isn’t a Bitcoin problem. It will fix a lot of other problems with the banks though.
I have no idea. But regulators will probably go after the exchanges to get to that data to check if they don’t already do that, as they should.
That is not how that works. Yes if I sell for 10x then I can book a “win”. The other person doesn’t lose though, because it bought at current market value. You “win” or “lose” the moment your sell the asset again. In the meantime you have a unrealized win/loss for the current price relative to the price you bougt
Your definition makes no sense because what if I buy an asset and then immediately sell. Did the “loss” just magically vanish? Or did I transmit the “loss” to the next buyer? That makes zero sense.
But whatever, I have a feeling you will as always just stick with it and this was just wasted effort…
That makes no sense again. I don’t have to trust the miners. All the miners do is bring the transactions into a historical order. I don’t even have to trust them to keep mining as anyone including me can take up mining at any time. And they can only produce blocks that follow all the rules that my node will independently verify.
No that is entirely false. As I said, it extremely overblown what 51% can do by people who don’t really understand the technology which you just demonstrated.
They can not say if a transaction is valid or not. A transaction can be independently verified by everyone, because all the required information what is required for a transaction to be valid (required proves of ownership of an address for example) can be seen in the blockchain and they have to be provided in the transaction. A miner can’t forge that, a miner can’t pretend it isn’t valid.
All the miner with >51% can do is to decide to censor a transaction by not confirming it. Or the miner can simply ignore all transactions and then none get confirmed which effectively blocks the blockchain. The miner can also under extremely great risk attempt to un-confirm transactions by forking out from an old state and attempt to make it the longest change. But the more he goes back the insaner the costs for the attacker and the more unlikely the attack will actually work.
It would need a pretty prolonged attack to actually hurt bitcoin, and it’s not like people didn’t think about that and there aren’t already plans in the drawer how the network can respond to such an attack.
Even if quantum computing became a reality that doesn’t even mean it would have an impact on hashing algos. And even if it would, all it would do is another shift in what we have seen from CPU → GPU → FPGA → ASIC ( → QC ).
Transactions per seconds has absolutely nothing to do with the consensus mechanism. Maybe you really should read some more about the technology. The 10min per block and block size that limit the “throughput” are just constants in the code that form rules that could simply be changed. Bitcoin cash for example did that.
But there are some fundamental reasons why changing those parameters is a bad idea and will hurt decentralization. Read about the blockchain trilema if you are interested in the background about that issue. Basically all the “faster than bitcoin” shitcoins make some tradeoffs that would seriously hurt them if they had actually any traffic on their chain.
Bitcoins base layer can not scale better. The solution for this is the Lighting Network which is a second layer on top of Bitcoin that uses multisig transactions and some rudimentary smart contracts to form payment channels. This then forms a payment network that has absolutely fabulous properties, like unlimited transactions that require no prove of work. Instant global finality within milliseconds, not just after an hour or after days. VISA actually needs days to settle transactions in the backend.
Look it up, it’s actually pretty amazing. It’s as if everyone suddenly has access to a global settlement layer that is so much beyond anything the banks have that people still try to figure out the implication of all this. For example you can do stuff like streaming money… pay for a service every five seconds, not just after the fact, but in real time.
There are already products and companies emerging around it. They are called neo-banks, just that they are a lot more efficient and where you would have previously needed a tall building full of people now you just have nerd in a hoodie.
That is why I’m pretty certain that Bitcoin is the new foundation of the future financial system. And that is also why I think we are still early and Bitcoin is still cheap.
I am really enjoying this thread. It allows me to see into people’s brains as they literally convince themselves of “anything”.
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And that’s our liberty to do so
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Didn’t you read what has been posted by the FOX Zombie Preppers, it will survive WW III…
After that we will go back on the gold standard…
Some never left the gold standard
Gold is great for when you need to walk from Normandy to Kolkata to buy some myrrh.
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I don’t work.
I was an early investor in bitcoin and made an absolute killing when I cashed out.
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Technically, Clary does work. She just works at Eve, rather than IRL.
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I’m not trying to be rude and you saying “I’d prefer not to say” will be completely okay here, but out of curiosity, and I am really curious, roughly how much did you invest and roughly how much did you cash out with?
A little less than $2000 usd invested, and when I cashed out 2000 coins I made, before taxes and fees, about 90 million usd.
I still have just over 1000 coins which I’ll probably be cashing out soon-ish.
I’m hoping it’ll reach $55,000 each, and that’s the point I’ll sell. If I see it starting to lower below $50,000 I’ll probably also sell.
I’ve made more than I can reasonably spend in my lifetime, and I can’t have kids. I already gave a lot of money to family and friends, so they’re set too.
I use coin purse to check prices, as I find the ui is friendly. However, I do not use it to trade or hold currency, because their security isn’t the absolute best.
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250k target yo, don’t you follow Peter Brandt? also upper bound on log scale uptrend
The only problem I see with that is the majority of the gains have been due to the pandemic.
There is something to be said about the current opinion of the stock market, and that’ll probably lend to more gain.
Your opinion of my financial situation doesn’t impact my financial situation. Display jealousy more obviously please.
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