The Bitcoin Thread

Unlike the dollar in your pocket which makes far more sense, right?

 

What now bishes?

 

Shit's been going haywire lately, wtf is going on?

 

I bet it's becoming the currency of choice for organized crime, and even unorganized.

 

Bitcoin plunges more than $300, goes negative after earlier hitting all-time high

 

I know a guy that put together a setup to mine them. From what little I understand they get harder to mine as you get closer to the limit which is 21 million I believe. I think total amount out there currently is 17 -18 million. The guy that mined them sold them right away and made money.
I think there is a lot of money out there looking for a place to go and Bitcoin was the latest beneficiary. The Swiss Central Bank is printing money and buying stocks so who knows what other central banks are doing the same and creating these inflated prices.

 

It's the currency of choice for ordering steroids online.

 

Bitcoin itself is interesting but more of a solution in search of a problem than anything else. Most people are happy with regular payment methods and don't care to use something new which offers only significant extra work and no tangible advantage.

The really interesting thing with big implications isn't Bitcoin itself. It's the underlying technology: the blockchain. Blockchain has the potential to change technology and the world fundamentally. Essentially it's a distributed and verifiable record keeping system that doesn't need authentication through a third party. That means something like vital records like marriage, death and birth certificates can be recorded in the block chain instead of at some state or county records office, thus making those state functions surplus to our needs. There are many other applications, such as self executing contracts that eliminate the need for escrow or trust between parties. Bitcoin itself is mostly useless, but blockchain technology is amazingly useful and will be widely used in the future.

 

Bitcoin will die if Russia manages to make this happen.

https://www.neowin.net/news/russian-central-bank-wants-a-bitcoin-tax

 

....as well as some camgirl THOTS taking their clothes off on the internets

 

$4400/Bitcoin now.

I can cash out anytime I want to. Here's an example of someone using it to buy something. https://www.nbcnews.com/business/economy/amp/middle-america-crazy-love-bitcoin-n789011
Who says it's a bubble?

 

Those who have an interest in a continuation of the government controlled, easily seized and tracked, traditional currency.

 

Heard some IT experts discussing blockchain at work recently. I understand some companies in Europe are already trying to displace banks. With blockchain, and verifiable everything, you don't need an honest middleman. Interesting...

 

Bankers are honest middlemen ?

 

Banks as intermediaries won't have much more utility when blockchain really gets rolling. They know this and it's why many of them are investigating blockchain derived technologies. It'll move so fast that Congress will be talking about regulating each block chain derived technology when a brand new one is already making an impact. This technology will confound and confuse the state and they won't be able to do shit about it, it'll be glorious. Bitcoin is just the beginning, and look how much hand wringing they already do over it.

 

I do. 600% growth in a year based upon what? In the end, currency is a medium of exchange for things of value. The value is agreed upon as the currency has no value in itself (or little). So the only way I would accept a small fraction of the payment of a year ago would be things like collapse of my market, wild deflation, or I anticipate the value will continue to climb. Given it is the third the moment that anticipation fails the underlying backing of bitcoin is seemingly zero so POP!

Contrast that with the evil green back. You are largely basing your confidence on the US economy and government relative responsibility. Oh and if the government behaves poorly and creates currency the value can fall, just as taking it out of circulation does the opposite. Bitcoin is like gold with less valuable uses, a poor investment.

 

The growth is based on scarcity and volume of speculation happening.

 

Scarcity of something with no intrinsic value.

 

https://en.wikipedia.org/wiki/Tulip_mania

if you been in it this past year or 2 and made a ton of money, that's awesome. but so far its shown little value other than buying black market shit and being a gambling man's speculator dream. the idea itself is cool enough, but the ability to crop up new ones overnight and generate buzz is absurdly ridiculous right now. the hacking potential (to me) is a huge concern too. how many bitcoins have been looted at what value in the last decade or so? there's still something to be said about holding your money in your hand. i feel that way about the banking system/payroll's migration to all electronic with respects to nobody having cash any more and/or your ability to withdraw any meaningful amount or carry it with current seizure laws, as well as some future crash or bank run on money and it not being real, but generally that's a small concern day to day in the US for most everyone currently.

a clear winner, bitcoin or not, would have to win out and others whittle away, and even then... like said above, it needs a more secure backing. the weight and general stability of the US market/economy/gov't gives its fiat currency intrinsically predictable value. either the underlying thing has to be sure and steady, or it has to be pegged to something valued that's also steady ala gold standard. only two ways to do it and mean it really. anything else is just frenzy.