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Collector
Posts: 4280
Joined: August 21st, 2001, 12:37 pm

Re: End of bitcoin?

January 30th, 2018, 10:59 am

We need a BulletProofCryptoCoin! I would swap my bullet proof umbrella for that!
 
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Alan
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Re: End of bitcoin?

January 30th, 2018, 7:49 pm

U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether

(Likely contributing to the move in BTC today, although the subpoenas were sent Dec 6).
 
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ISayMoo
Posts: 2104
Joined: September 30th, 2015, 8:30 pm

Re: End of bitcoin?

February 1st, 2018, 11:18 pm

U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether

(Likely contributing to the move in BTC today, although the subpoenas were sent Dec 6).
See, blockchain is so slow that they only processed the information now.
 
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Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

February 3rd, 2018, 10:41 pm

Credit card companies are declining to process transactions with exchanges:

https://www.bloomberg.com/news/articles ... edit-cards
 
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ppauper
Posts: 70239
Joined: November 15th, 2001, 1:29 pm

Re: End of bitcoin?

February 7th, 2018, 8:59 am

Bitcoin savaged by BIS as ‘a bubble, Ponzi scheme and an environmental disaster’
Bitcoin slammed by Augustin Carstens, general manager of the BIS, previously governor of the bank of mexico
I can't believe the size of the guy
Image
 
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ISayMoo
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Re: End of bitcoin?

February 7th, 2018, 10:21 am

He's an environment disaster all right.
 
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tagoma
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Joined: February 21st, 2010, 12:58 pm

Re: End of bitcoin?

February 7th, 2018, 11:40 am

 
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Cuchulainn
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Re: End of bitcoin?

February 7th, 2018, 12:27 pm

One of the guys in our judo club is 160 kg. His judo belt is 4 metres long!
Last edited by Cuchulainn on February 7th, 2018, 12:32 pm, edited 1 time in total.
 
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Cuchulainn
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Re: End of bitcoin?

February 7th, 2018, 12:31 pm

Bitcoin savaged by BIS as ‘a bubble, Ponzi scheme and an environmental disaster’
Bitcoin slammed by Augustin Carstens, general manager of the BIS, previously governor of the bank of mexico
I can't believe the size of the guy
Image
Talk about peso!
 
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FaridMoussaoui
Posts: 440
Joined: June 20th, 2008, 10:05 am
Location: Genève, Genf, Ginevra, Geneva

Re: End of bitcoin?

February 7th, 2018, 2:07 pm

One of the guys in our judo club is 160 kg. His judo belt is 4 metres long!
But a judo belt is known to be quite long.
Obesity is an illness.
 
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wanaquant
Posts: 89
Joined: May 12th, 2012, 1:19 pm

Re: End of bitcoin?

February 7th, 2018, 6:10 pm

I have been out of bitcoin for a while though I still hold a nice five figures amount of it that inflated as of late (even despite the massive drop).

It's interesting how many supposedly smart people carry on to be in denial about it here. Despite it going from 0 to 1 to 100 to 1000 to 10000 to 20000.

I'd put my name on the line and say that bitcoin is going to be worth more than 50,000 in the future. And if you open my brain, I'd say it is in the near future (ie: 2018).

Yes Bitcoin is mass hysteria. Bitcoin is a bubble. But so if your life. You go from 0 to prowess and then you slowly die or violently cease to exist. By that definition your own existence is also a bubble.

People die but mania doesn't. Bitcoin is here to stay. I find it difficult to be replaced by an altcoin. A better technology? maybe. But all these altcoins are the same concept and just changing a few things here or there. Or (as many of them) plain scams.
 
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Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

February 7th, 2018, 6:26 pm

I have been out of bitcoin for a while though I still hold a nice five figures amount of it that inflated as of late (even despite the massive drop).

It's interesting how many supposedly smart people carry on to be in denial about it here. Despite it going from 0 to 1 to 100 to 1000 to 10000 to 20000.

I'd put my name on the line and say that bitcoin is going to be worth more than 50,000 in the future. And if you open my brain, I'd say it is in the near future (ie: 2018).

Yes Bitcoin is mass hysteria. Bitcoin is a bubble. But so if your life. You go from 0 to prowess and then you slowly die or violently cease to exist. By that definition your own existence is also a bubble.

People die but mania doesn't. Bitcoin is here to stay. I find it difficult to be replaced by an altcoin. A better technology? maybe. But all these altcoins are the same concept and just changing a few things here or there. Or (as many of them) plain scams.
Interesting logic!

Yes, each person's life may be a bubble and yet "life" goes on. But by that logic, Bitcoin is now over the hill and heading to death. Aging bitcoin will go to zero and be replaced by a different mania just as each aging person dies and is replaced by a different person.

How often do bubbles strike the exact same asset twice? Once bitten, twice shy makes it really hard for an old bubble to re-inflate. I'm still waiting for tulips to top their previous high mark in price.

The issue seems particularly problematic for a currency that is backed by no one and nothing. All bitcoin owners have is the hope that some future person will want bitcoin because that future person hopes that another further future person will want bitcoin because.......
 
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wanaquant
Posts: 89
Joined: May 12th, 2012, 1:19 pm

Re: End of bitcoin?

February 7th, 2018, 7:59 pm

I have been out of bitcoin for a while though I still hold a nice five figures amount of it that inflated as of late (even despite the massive drop).

It's interesting how many supposedly smart people carry on to be in denial about it here. Despite it going from 0 to 1 to 100 to 1000 to 10000 to 20000.

I'd put my name on the line and say that bitcoin is going to be worth more than 50,000 in the future. And if you open my brain, I'd say it is in the near future (ie: 2018).

Yes Bitcoin is mass hysteria. Bitcoin is a bubble. But so if your life. You go from 0 to prowess and then you slowly die or violently cease to exist. By that definition your own existence is also a bubble.

People die but mania doesn't. Bitcoin is here to stay. I find it difficult to be replaced by an altcoin. A better technology? maybe. But all these altcoins are the same concept and just changing a few things here or there. Or (as many of them) plain scams.
Interesting logic!

Yes, each person's life may be a bubble and yet "life" goes on. But by that logic, Bitcoin is now over the hill and heading to death.  Aging bitcoin will go to zero and be replaced by a different mania just as each aging person dies and is replaced by a different person.

How often do bubbles strike the exact same asset twice? Once bitten, twice shy makes it really hard for an old bubble to re-inflate. I'm still waiting for tulips to top their previous high mark in price.

The issue seems particularly problematic for a currency that is backed by no one and nothing.  All bitcoin owners have is the hope that some future person will want bitcoin because that future person hopes that another further future person will want bitcoin because.......
That's not what I meant. Bitcoin bubble is not tied to price cycles but rather to another technology that completely disrupts finance. Bitcoin just began to disrupt finance. I can hardly see how something else could come and replace it. It has yet to go through the top and topple the financial system.
I used to be in denial about bitcoin prowess until I found out how effective it is. The decentralized nature makes it attractive to lots of people. The tax evasion and money laundering businesses are huge. It's only a matter of time before the new wealth learn how to leverage bitcoin for their own advantage.
We have a long way to go. The current small cyclic bubbles are good because they introduce people to crypto. They get an introduction of the possiblities, get burned in trading and quit. But some of them might return later for real needs.
 
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Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

February 7th, 2018, 10:17 pm

I have been out of bitcoin for a while though I still hold a nice five figures amount of it that inflated as of late (even despite the massive drop).

It's interesting how many supposedly smart people carry on to be in denial about it here. Despite it going from 0 to 1 to 100 to 1000 to 10000 to 20000.

I'd put my name on the line and say that bitcoin is going to be worth more than 50,000 in the future. And if you open my brain, I'd say it is in the near future (ie: 2018).

Yes Bitcoin is mass hysteria. Bitcoin is a bubble. But so if your life. You go from 0 to prowess and then you slowly die or violently cease to exist. By that definition your own existence is also a bubble.

People die but mania doesn't. Bitcoin is here to stay. I find it difficult to be replaced by an altcoin. A better technology? maybe. But all these altcoins are the same concept and just changing a few things here or there. Or (as many of them) plain scams.
Interesting logic!

Yes, each person's life may be a bubble and yet "life" goes on. But by that logic, Bitcoin is now over the hill and heading to death.  Aging bitcoin will go to zero and be replaced by a different mania just as each aging person dies and is replaced by a different person.

How often do bubbles strike the exact same asset twice? Once bitten, twice shy makes it really hard for an old bubble to re-inflate. I'm still waiting for tulips to top their previous high mark in price.

The issue seems particularly problematic for a currency that is backed by no one and nothing.  All bitcoin owners have is the hope that some future person will want bitcoin because that future person hopes that another further future person will want bitcoin because.......
That's not what I meant. Bitcoin bubble is not tied to price cycles but rather to another technology that completely disrupts finance. Bitcoin just began to disrupt finance. I can hardly see how something else could come and replace it. It has yet to go through the top and topple the financial system.
I used to be in denial about bitcoin prowess until I found out how effective it is. The decentralized nature makes it attractive to lots of people. The tax evasion and money laundering businesses are huge. It's only a matter of time before the new wealth learn how to leverage bitcoin for their own advantage.
We have a long way to go. The current small cyclic bubbles are good because they introduce people to crypto. They get an introduction of the possiblities, get burned in trading and quit. But some of them might return later for real needs.
Don't get me wrong. I think blockchain technology for financial and other transactions will make a big impact. I doubt it will be disruptive, though, because it's openness ensures that today's dominant players can openly adopt/co-opt the system. But BitCoin, itself, was badly designed from the start and seems stuck with it's architecture mistakes unless they can do a yuge hard fork.

The transaction cost structure of BitCoin sucks. The transaction flow rate of BitCoin sucks. The volatility of BitCoin makes it terrible for a medium of exchange and horribly risky for store of value. BitCoin's inability to repudiate transactions may be its greatest strength but it's also its greatest weakness (that alone will mean it will never replace credit cards). It's use for tax evasion, money laundering, illicit drug transactions, and other crimes make BitCoin a growing target of regulators who may throw the baby out with the bath water.

BitCoin is the MySpace of cryptocurrencies -- the dominant example of a promising new technology category in the early years but not likely to be around as the technology matures.
 
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tagoma
Posts: 18262
Joined: February 21st, 2010, 12:58 pm

Re: End of bitcoin?

February 8th, 2018, 10:59 pm

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