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Merged Bitcoin - Part 3

Samson said:
Here is another way of imagining this issue.
If the price of bitcoin drops to 2k US, will you claim that this is completely unrelated to the presence of 2000 lookalikes to choose from.
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Just to give this question a more detailed answer, if the price of bitcoin fell and the price of some "lookalikes" rose then that would be no coincidence.

However, that doesn't happen. When the price of bitcoin falls, so does the price of the "lookalikes".
 
psionl0 said:
Just to give this question a more detailed answer, if the price of bitcoin fell and the price of some "lookalikes" rose then that would be no coincidence.

However, that doesn't happen. When the price of bitcoin falls, so does the price of the "lookalikes".
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I really just watch btc eth and ripple, and have no idea how the latter 2 work, or how much money has been made. I accept it is many billions. But I will always expect them to trend towards zero, because the other 1997 coins will have equally fascinating bios, with a similar outcome going forward.
Is bitcoin like Coca Cola, or Gucchi, no. If the former, Warren Buffet would own bitcoin.
 
Samson said:
I really just watch btc eth and ripple, and have no idea how the latter 2 work, or how much money has been made. I accept it is many billions. But I will always expect them to trend towards zero, because the other 1997 coins will have equally fascinating bios, with a similar outcome going forward.
Is bitcoin like Coca Cola, or Gucchi, no. If the former, Warren Buffet would own bitcoin.
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Other than the highlighted, I can't make any sense out of this word salad.

You seem to insist that if you divide a finite crypto market by infinite cryptos, you get $0 per crypto.

That just illustrates your abysmal maths. Consider the sequence {1/2, 1/4, 1/8, 1/16, . . . }: This has an infinite number of terms and a finite sum but many of the terms are an appreciable fraction of the total (not zero).

The same is true of cryptos. No matter how many are invented, most will not amount to anything and won't drag money away from the top cryptos.
 
psionl0 said:
Other than the highlighted, I can't make any sense out of this word salad.

You seem to insist that if you divide a finite crypto market by infinite cryptos, you get $0 per crypto.

That just illustrates your abysmal maths. Consider the sequence {1/2, 1/4, 1/8, 1/16, . . . }: This has an infinite number of terms and a finite sum but many of the terms are an appreciable fraction of the total (not zero).

The same is true of cryptos. No matter how many are invented, most will not amount to anything and won't drag money away from the top cryptos.
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I accept that zero is an unrealistic valuation, but that is all. Pet rocks are probably collectors' items.
I am looking at the world of coal fired power creating this garbage, and fires engulfing East Australia. I am not alone hoping cryptos implode, and I am certain that no one can ascribe an appropriate value, as they might do for food or shelter.
 
Samson said:
I accept that zero is an unrealistic valuation, but that is all.
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I wish I could believe that but no doubt, you will soon go back to your "there are infinite bitcoins so bitcoins have no value" line again as if this exchange never happened. :boggled:

Samson said:
Pet rocks are probably collectors' items.
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:rolleyes:

Samson said:
I am looking at the world of coal fired power creating this garbage, and fires engulfing East Australia. I am not alone hoping cryptos implode, and I am certain that no one can ascribe an appropriate value, as they might do for food or shelter.
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The inordinate amount of energy used to mine bitcoins around the world is a serious problem. But to suggest that bitcoin is responsible for continuing coal fired power and bush fires is absolutely moronic.

Samson said:
I am not alone hoping cryptos implode, and I am certain that no one can ascribe an appropriate value, as they might do for food or shelter.
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You are not the only one. The only reason why this thread has gone on churning stale arguments for so long is the number of posters who are desperately trying to talk bitcoin down. Most have gone by the way side as bitcoin continues to defy all doomsday predictions.
 
Samson said:
The ponzi may be imploding.
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Obviously, like everyone else before you, you have no idea what a Ponzi scheme is nor how bitcoin even remotely resembles one.

As with all the other uncritical thinkers, that doesn't matter to you as long as it is a bad word.
 
psionl0 said:
Obviously, like everyone else before you, you have no idea what a Ponzi scheme is nor how bitcoin even remotely resembles one.

As with all the other uncritical thinkers, that doesn't matter to you as long as it is a bad word.
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It is a word that describes investments that support payouts to earlier investors without auditing of the underlying value of the asset.
Bitcoin conforms to a T
 
I am pretty certain that selling right here at 7205 will reap extravagant rewards. the stop loss is tight at 7388.:cool:
 
psionl0 said:
Why not?

There is a world of difference between an ill advised investment an a fraudulent scam run by a shonky operator.
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"Craig Wright " is a transcendent genius. That is cast in stone.
Bitcoin has a natural value of zero, and Craig will either capitalise, or not because he may or may have not lost his crypto key.

Discuss: as my old fashioned exam questions were couched.
 
psionl0 said:
Why not?

There is a world of difference between an ill advised investment an a fraudulent scam run by a shonky operator.
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We won't know if Bitcoin is a Ponzi scheme or not until 'Satoshi Nakamoto' reveals his true intentions. But many actual Ponzi schemes have been run in the name of Bitcoin and other 'cryptocurrencies'.

Bernie Madoff ran a Ponzi scheme for 48 years before anyone caught on. If only Bitcoin had been around then he could been untouchable!
 
48 years?
Intriguing.?
I fear not, for all the pain of the witless investors I feel more for Bernie Madoff.
Is suicide painless?
Craig Wright has designed a behemoth that he can cash out of if he has the crypto key. He should, the nonsense is disintegrating in beautiful fashion.
 
Roger Ramjets said:
We won't know if Bitcoin is a Ponzi scheme or not until 'Satoshi Nakamoto' reveals his true intentions.
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Assuming that 'Satoshi Nakamoto is still around, the worst 'he' could do is crash the price by selling all his holdings off at once. Even then, that wouldn't necessarily spell the end of bitcoin and whether it does or not, that stlll doesn't make bitcoin a Ponzi scheme.

I can't believe that we have to have this argument yet again about what a Ponzi scheme is.
 
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psionl0 said:
So has said every ill wisher since the beginning of the bitcoin threads. :rolleyes:
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Here is an eyepopping article to illustrate something quite immoral.

The site chosen for the mining operation spans more than 100 acres. When completed, it will not only be the largest Bitcoin mining facility on the planet, but also the largest single data centre in North America.

https://www.newsbtc.com/2019/11/18/...ge-to-work-on-worlds-biggest-mining-facility/

That alone is a fair reason to wish the price to drop to a level where there is no reward for this CO2 belching enterprise. And if anyone suggests that is ok because when bitcoin 21m is delivered, it will stop, I suggest there will be an immediate clone to carry it on.
And further, clean energy if it were to be used, should be employed to save the planet, not to furnish the greed of speculators.
 
psionl0 said:
I can't believe that we have to have this argument yet again about what a Ponzi scheme is.
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Bitcoin itself is just a computer algorithm, but it has been used to implement Ponzi schemes. We still don't know if that is why 'Satoshi Nakamoto' invented it.

Ponzi Scheme
Cryptocurrencies have been employed by scammers attempting a new generation of Ponzi schemes. For example, misuse of initial coin offerings, or "ICOs," on the Ethereum blockchain platform have been one such method, known as "smart Ponzis" per the Financial Times. The novelty of ICOs means that there is currently a lack of regulatory clarity on the classification of these financial devices, allowing scammers wide leeway to develop Ponzi schemes using these assets.
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Bitcoin trading could be considered the ultimate economic bubble, since the price is based on nothing of any real value. In that way it is similar to a Ponzi scheme.
Economic bubbles are also similar to a Ponzi scheme in that one participant gets paid by contributions from a subsequent participant until inevitable collapse. A bubble involves ever-rising prices in an open market (for example stock, housing, cryptocurrency, or tulip bulbs) where prices rise because buyers bid more, and buyers bid more because prices are rising. Bubbles are often said to be based on the "greater fool" theory. As with the Ponzi scheme, the price exceeds the intrinsic value of the item,
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In popular speech an object may be associated with something else which is not literally identical, but similar enough to get the point across. While technically Bitcoin is an asset bubble, what do you call an 'asset' that was created from nothing to make obscene profit for its inventor, and only increases in 'value' due to new 'investors'? Perhaps we need a new name for it - something that doesn't have the words 'coin' or 'currency' in it, and more accurately describes its true nature.
 
Samson said:
And if anyone suggests that is ok because when bitcoin 21m is delivered, it will stop, I suggest there will be an immediate clone to carry it on.
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That has already happened.

List of cryptocurrencies
The number of cryptocurrencies available over the internet as of 19 August 2018 is over 1600 and growing. A new cryptocurrency can be created at any time...

As of 15 December 2018, total cryptocurrencies market capitalization is $100bn and larger than GDP of 127 countries.
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Larger than the GDP of 127 countries, and probably larger CO2 generation too!

The interesting thing is their prices tend to go up and down together - as if there is no real difference between them in the eyes of 'investors'.
 
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