Thread: RIP Bitcoin

Originally Posted by lom

They will be as successful with that as with making breathing illegal.

true but at least he will scare off the majority of retards who would want to have a go at it,

don't know much about bitcoin, though from what i've read it hasn't spread much in use as a currency and its price is going up well because it's going up (speculation) that will eventually drop back to zero, if (as it seems) it's not good for anything (like being a currency).

definitely not worthy of investment, IMO.

though sounds like a fun ride for those willing to gamble a bit of cash on it (hoping that others will buy it back from them at a higher price).

this article is interesting:

https://www.oii.ox.ac.uk/blog/the-bl...m-the-economy/

No rent-seeking, no abuses of power, no politics — blockchain technologies can be used to create “math-based money” and “unstoppable” contracts that are enforced with the impartiality of a machine instead of the imperfect and capricious human bureaucracy of a state or a bank. This is why so many people are so excited about blockchain: its supposed ability change economic organization in a way that transforms dominant relationships of power.

The Bitcoin Protocol is a set of rules enforced by the Bitcoin Network (a distributed network of computers) made by — whom exactly? Who makes the rules matters at least as much as who enforces them. Blockchain technology may provide for completely impartial rule-enforcement, but that is of little comfort if the rules themselves are changed. This rule-making is what we refer to as governance.

Regardless of the model, my point is that blockchain technologies cannot escape the problem of governance. Whether they recognize it or not, they face the same governance issues as conventional third-party enforcers. You can use technologies to potentially enhance the processes of governance (eg. transparency, online deliberation, e-voting), but you can’t engineer away governance as such.

All this leads me to wonder how revolutionary blockchain technologies really are. If you still rely on a Board of Directors or similar body to make it work, how much has economic organization really changed?

And this leads me to my final point, a provocation: once you address the problem of governance, you no longer need blockchain; you can just as well use conventional technology that assumes a trusted central party to enforce the rules, because you’re already trusting somebody (or some organization/process) to make the rules. I call this blockchain’s ‘governance paradox’: once you master it, you no longer need it.


Indeed, R3’s design seems to have something called “uniqueness services”, which look a lot like trusted third-party enforcers (though this isn’t clear from the white paper). RSCoin likewise relies entirely on trusted third parties. The differences to conventional technology are no longer that apparent.

I was looking at the litecoin making slight droppings while bitcoin was on a tear and wondering why it wasn't moving at all. Now that bitcoin slowed down litecoin is up over 50%.... for no apparent reason whatsoever.

Man...what a joke.

Originally Posted by YourDaddy

I was looking at the litecoin making slight droppings while bitcoin was on a tear and wondering why it wasn't moving at all. Now that bitcoin slowed down litecoin is up over 50%.... for no apparent reason whatsoever.

Man...what a joke.

Not really because there are a bunch of people making decent money day trading crypto...
Generally if you're modestly observant you notice the Bitcoin/ETH trends move opposite the other alt-coins, with a great many exceptions, 5555

If want something predictable; try eating prunes and sitting on the toilet....

Otherwise you just be projecting your constipation on those around you.

Originally Posted by Mr Earl

there are a bunch of people making decent money day trading crypto

Exactly, and if people stopped buying, it all crashes. It's a pyramid scheme and needs investors to promote it so other investors will buy-in and raise the value.
A bitcoin has no intrinsic value and relies solely on the hype to get people to invest.

Originally Posted by Maanaam

A bitcoin has no intrinsic value and relies solely on the hype to get people to invest.

Not true at all, Bitcoin blockchain represents the largest and most secure globally distributed computing network which ever existed, and is accessible to anyone and everyone. The cost of mining a bitcoin is very tangible, and has global utility as a p2p currency, outside of third party government and bankster shenanigans.

Luigi just lost 10% in less than 4 hours.

Originally Posted by Mr Earl

Not true at all, Bitcoin blockchain represents the largest and most secure globally distributed computing network which ever existed, and is accessible to anyone and everyone. The cost of mining a bitcoin is very tangible, and has global utility as a p2p currency, outside of third party government and bankster shenanigans.

so, if/while the price is dropping 80%, you'll hold onto it because you believe in the future of bitcoin,

like many smart investors did with apple, microsoft, etc, over the long term?

Originally Posted by YourDaddy

Luigi just lost 10% in less than 4 hours.

AKA, Doing a Lulu.

Originally Posted by Latindancer

^ As I've said, charts simply chart human emotion, and when Bitcoin eventually and inevitably tanks, there will still be an enormous amount of upward momentum from hopeful people trying to make a quick few bucks. And these other cryptocurrencies bear looking at, with this in mind.....

Earl...I think you should exit Bitcoin completely and spread it around a few of the other top alternative Cryptos.......Bitcoin is going to tank, but the wave of emotion will continue. Look at what just happened (according to YourDaddy) with Litecoin.

I'm into BTC for the long haul, but also diversified across other alt-coins I like, real estate rent, fruit trees, and soon perhaps a profitable crypto mining enterprise, which I'm just now venturing into.

Things I've noticed about Bitcoin since buying in and studying it intently for the past 6 months:
bitcoin is several things.
1. adaptable
2. resilient to hacks and attacks
3. akin to nothing we have ever seen before
4. has followers of many denominations globally.
5. represents some kind of new global unity never seen before.
6. scares the living fuck out of banks and government stuck in their thievery of the public.
7. opens up a whole new world of opportunity those poor and disenfranchised.
8. represents a very real way for the public to withdraw support of militarism and militarized governance.

There are some more reasons but these should get ya started thinking somewhat differently.

Originally Posted by Farangrakthai

so, if/while the price is dropping 80%, you'll hold onto it because you believe in the future of bitcoin,

like many smart investors did with apple, microsoft, etc, over the long term?

Sure because I don't have all my eggs in one basket.

If BTC goes to zero (very unlikely btw) I will still thrive and adapt. (because I ain't stuck thinking by convention)

If BTC goes to 1M I will be a multi-millionaire in faux USD terms.

Originally Posted by Mr Earl

Sure because I don't have all my eggs in one basket.

If BTC goes to zero (very unlikely btw) I will still thrive and adapt. (because I ain't stuck thinking by convention)

If BTC goes to 1M I will be a multi-millionaire in faux USD terms.

fair enough.

Originally Posted by Farangrakthai

fair enough.

The other aspect of this; becoming my own banker mandates a new kind of vigilance which allows me cue on new opportunity.

i downloaded the coinbase app to my phone a few months ago. i got this email from them today:

We at Coinbase couldn’t be more excited by the explosion of interest in digital currencies. The last few weeks has seen an unprecedented increase in the price of digital currencies. More people are engaging with our platform than ever and that bodes well for the future of the digital currency. At the same time, it does create extreme volatility and stress on our systems. We take this very seriously and wanted to share some important thoughts.

We’re continuing to invest heavily to scale our platform
Over the course of this year we have invested significant resources to increase trading capacity on our platform and maintain availability of our service. We have increased the size of our support team by 640% and launched phone support in September. We have also invested heavily in our infrastructure and have increased the number of transactions we are processing during peak hours by over 40x.

There may be downtime which can impact your ability to trade
Despite the sizable and ongoing increases in our technical infrastructure and engineering staff, we wanted to remind customers that access to Coinbase services may become degraded or unavailable during times of significant volatility or volume. This could result in the inability to buy or sell for periods of time. Despite ongoing increases in our support capacity, our customer support response times may be delayed, especially for requests that do not involve immediate risks to customer account security. You can read more in our Coinbase User Agreement.

Be an educated investor
We also wanted to remind customers of some of the risks associated with trading digital currency. Digital currencies are volatile and the prices can go up and down. Due to the rapidly changing price of digital currencies, some customers may not have sell limits that are sufficient relative to the value of total digital currency they are storing on Coinbase. Sell limits are one of the many measures Coinbase takes to protect client accounts and assets.
As a proactive measure, we encourage customers to check the following items on their accounts:

1. Ensure your email address is properly receiving all communications and notifications from Coinbase. To learn more about ensuring email delivery, please refer to this support article.
2. Ensure your two-factor authentication is updated and functional. If you have recently switched mobile devices, your two-factor authentication needs to be properly migrated to the new device. In addition, please migrate from SMS two factor to Google Authenticator to enhance the security on your account, if you have not already done so. To learn more about two-factor authentication, please refer to this FAQ.
3. Familiarize yourself with your buy and sell limits. They can be found here.
4. Complete any pending identity verifications. During times of significant volatility, ID verification may become degraded or unavailable. To learn more about identity verification on Coinbase, please refer to this FAQ.
5. Expect payments to take the maximum number of days indicated when making a deposit or withdrawal.

Stay up to date
We will continue to update customers for our website, our status page, in our apps, via email, on our blog and on Twitter.

We will keep you informed
We are committed to safety, security and transparency. We are working tirelessly to provide the best service and support but we can’t promise perfection during the periods of extraordinary demand. We will continue to do our best to keep our customers informed.

Thank you,

The Coinbase Team

it's not lost on the "coinbase team" that wall st. is going to start shorting the hell out of this tomorrow.

Originally Posted by raycarey

i downloaded the coinbase app to my phone a few months ago. i got this email from them today:




it's not lost on the "coinbase team" that wall st. is going to start shorting the hell out of this tomorrow.

But they will fail, due to the globally distributed network.

Realize this Ray the NSA saw all this coming a long time ago.

The Bitcoin crypto phenomena is the only way for the USA to default on the debt. They know it is coming, they will issue a FedCoin next year,(but it wont work) and all those suckers driving their big fat pickups and paying stupid mortgages on affluent palaces will be shit out of luck. The USA is about to implode.

Originally Posted by YourDaddy

Luigi just lost 10% in less than 4 hours.

Small fries compared to what I'm gonna lose tomorrow.

Originally Posted by Mr Earl

But they will fail, due to the globally distributed network.

Lulzu

Originally Posted by Mr Earl

ya really think the federal reserve

so, earl do you think bitcoin will eventually have as much currency in circulation as the fed?

well, if that comes to fruition and with a max of 21 million bitcoins, you'll become a multi- billionaire, right (i haven't done the math, btw)?

do your study

ok, i'll have a look at the vdo.

though,

--------------

with a max of 21 million bitcoins, you'll become a multi- billionaire, right

or wrong?

Originally Posted by Mr Earl

do your study

tbh, earl, that sounded like an advert on a shopping network.

the article i quoted on this thread is pretty good, though:

https://www.oii.ox.ac.uk/blog/the-blockchain-paradox-why-distributed-ledger-technologies-may-do-little-to-transform-the-economy/

^ for sure, its going to go the way of the horseless carriage, who in their right minds would ride in in such an infernal contraption? Runs oil do you say, madness, it can never work, give me my steed any day of the week. A passing fancy young fella, mark my words.

I haven't a clue what its about, but that won't stop me from making bold proclamations about it all. No siree, my mind is made up.

i read an article in the times about it you know.