Bitcoin - Part 2

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Bitcoin made a new all-time high of $1,162. Currently around $950 though.

https://www.bloomberg.com/news/arti...beijing-nervously-as-prices-slide-from-record

China Domination

The yuan accounted for 98 percent of bitcoin trading in the past six months, data from bitcoinity.org show -- though this is inflated by the fact that Chinese exchanges, unlike most others, do not charge a transaction fee, said Bobby Lee, chief executive officer of BTCC, the most active exchange in the past month. China is also home to about two-thirds of the world’s bitcoin mining power.

By buying bitcoin onshore, selling it offshore for another currency and then moving the money to a bank account, Chinese individuals can take cash out of the country. The government has been stepping up requirements for citizens converting their yuan, which is already subject to a quota, and people familiar with the matter told Bloomberg News authorities are preparing contingency plans to curb outflows.

“Under regulations on cross-border flows, the appeal of using bitcoin to obtain foreign exchange and take capital out of the country will increase, especially for funds that may have been used in illegal operations such as money laundering,” said Qiu Difan, a Shanghai-based economist at SWS Research Co., a unit of Shenwan Hongyuan Group Co. “Regulators have always been passive about bitcoin. Tighter regulation is inevitable going forward.”
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Am I a prophet?

When Bitcoins become widely accepted, people will be crying a river about the good old days when a full Bitcoin only cost 20 bucks.

As more people begin to use them as a currency, their value will continue to increase. Eventually a single Bitcoin will be worth tremendous amounts of money as the fiat currencies collapse into insolvency.

michaelsuede- 16th June 2011 at 08:48 PM.
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Am I a prophet?

No.

I just study Austrian School economics.

http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of
 
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michaelsuede said:
Am I a prophet?

No.

I just study Austrian School economics.
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Any idea when your prophecy will come true? I am interested in when the fiat currencies will dissolve in insolvency. Another five years? A bit longer? Don't be coy.
 
marplots said:
Any idea when your prophecy will come true? I am interested in when the fiat currencies will dissolve in insolvency. Another five years? A bit longer? Don't be coy.
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Apparently you missed the Venezuela article I linked below.

Don't worry though.

The US currently has 127 trillion in unfunded liabilities and has a debt to GDP ratio of over 100.

Eventually we will get our turn.
 
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Oh.

Here's one more prophecy for you all.

If you hold stock in any energy companies, dump them now.

Free energy generators will be on the market within a year, and will be mass produced within less than two.
 
michaelsuede said:
Oh.

Here's one more prophecy for you all.

If you hold stock in any energy companies, dump them now.

Free energy generators will be on the market within a year, and will be mass produced within less than two.
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Got it, dump energy production companies. But energy distribution companies are OK, right? I just want to clarify because I like to own utilities for the tax benefits.
 
michaelsuede said:
Apparently you missed the Venezuela article I linked below.
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There's no shortage of third world dictatorships to choose from if you want to show a country that is doing it tough.

If you put a time estoppel on the US financial apocalypse then you will be as right as all of the prophets that preceded you (including yourself).

michaelsuede said:
Free energy generators will be on the market within a year, and will be mass produced within less than two.
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It's a good thing you know almost as much about bitcoin as you do about the laws of thermodynamics. :D
 
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Time for another update

Since October 2015 bitcoin has been on a massive bull run - rising from about $200 to its current price of around $1,300 which is a record high. Other than a couple of blips, it has been a remarkably steady rise.

With the election of Donald Trump, the price has regained its volatility but it has still managed to improve its average value about 30%. If Trump continues to scare everybody then you can be sure that this lover of bad news is going to soar over the next few years.
https://bitcoinwisdom.com/markets/bitstamp/btcusd

In an interesting development, since the beginning of April, Japan has officially recognized bitcoin as a legitimate means of payment. It has brought in laws that bring bitcoin exchanges under anti-money laundering/know-your-customer rules, while also categorizing bitcoin as a kind of prepaid payment instrument.
http://www.coindesk.com/japan-bitcoin-law-effect-tomorrow/

Anybody game to short bitcoin yet? :D
 
stevea said:
He said he'd 'short against the box', not that he had to own BC to short it.
Invest in new reading glasses.
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Those are mighty powerful reading glasses you have if you can see 'short against the box' in that post. All I saw was "I would if I had any".
 
Argumemnon said:
And in terms of transactions per day, has anything changed much?
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IIRC, Japan adopted it as a legit exchange medium.

Otherwise it's still hugely dominated by Chinese money launderers. It's really the perfect fit for that: anonymous enough for day-to-day use, while not actually being anonymous so if the State really wanted to track anyone down to be made an example of, they could.
 
Yeah but is it being used a lot? I remember a couple of years ago the value was still quite high but the volume of transactions had become very small.
 
Argumemnon said:
Yeah but is it being used a lot? I remember a couple of years ago the value was still quite high but the volume of transactions had become very small.
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It's being traded more than in the past. I don't know if there's an easy way to separate out actual use from speculation and people reinventing high-frequency trading.
 
applecorped said:
Mandatory driverless cars will happen before Bitcoin is widely adopted, if it ever is.
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OT

Argumemnon said:
And in terms of transactions per day, has anything changed much?
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Probably not. The way it is designed discourages its use in day to day transactions. It is mostly a buy and hold commodity.

If used in conjunction with a distributed ledger network like https://ripple.com/ it might be a different story but as long as it is seen as an appreciating commodity (especially in times of uncertainty) most holders will be more interested in acquiring bitcoins than spending them.
 
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