Bitcoin - Part 2

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MinnesotaBrant said:
They say that in six months the amount of electricity needed to process all of those transactions will equal the US. I believe in 9 months at present rate it will take the electricity of the entire world. I guess the next money to be made will be an easier way to verify transactions.
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It's having a huge impact on the high end video card market also. What a mess.
 
Fudbucker said:
"Just after hitting a new record of more than $17,000, the digital currency plummeted Friday. Its price nosedived more than $3,000, swinging wildly between a high of $17,154 and a low of $13,964, according to tracking site CoinDesk."

Just what we want in a currency: extreme volatility.
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*shakes head* People who go for short term gain with bitcoin can easily be burned. So far, every person who stayed with their purchases for the long haul has profited (greatly) - even those who bought when bitcoin was on a price peak.

Fudbucker said:
BitCOIN isn't a currency?
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You haven't started reading the bitcoin threads yet have you.
 
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psionl0 said:
*shakes head* People who go for short term gain with bitcoin can easily be burned. So far, every person who stayed with their purchases for the long haul has profited (greatly) - even those who bought when bitcoin was on a price peak.


You haven't started reading the bitcoin threads yet have you.
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I have. I'm not impressed. If the best you can do is

With a credit card you are borrowing money. That is never better than using your own.
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I'm going to conclude we're in a bubble, very similar to the tulip craze. Or the housing market, pre-Great Recession.
 
Fudbucker said:
I have. I'm not impressed. If the best you can do is

With a credit card you are borrowing money. That is never better than using your own.
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I'm going to conclude we're in a bubble
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I have already posted that credit cards have some advantages (http://www.internationalskeptics.com/forums/showpost.php?p=12103570&postcount=954). Why do you keep harping on it? And how does the existence of credit cards prove that bitcoin is in (another) bubble?

Fudbucker said:
, very similar to the tulip craze.
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See? That proves that you haven't done your homework. I already pointed out (recently) that the tulip craze only lasted ONE year while bitcoin is in its 9th year and show no signs of a permanent crash.

Fudbucker said:
Or the housing market, pre-Great Recession.
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I don't know about your seedy neighbourhood but in my country housing prices have recovered quite nicely. Admittedly they are not as good as they could be in Perth but in Sydney, they have never been higher.
 
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Fudbucker said:
I'm going to conclude we're in a bubble, very similar to the tulip craze. Or the housing market, pre-Great Recession.
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If you don't understand the money scam, then you won't understand bitcoin, and clearly you don't. It was developed in response to it.
 
Tippit said:
If you don't understand the money scam, then you won't understand bitcoin, and clearly you don't. It was developed in response to it.
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If money is a scam, that hasn't stopped Bitcoin speculators from wanting to get their hands on as much of it as they can.
 
Craig B said:
If money is a scam, that hasn't stopped Bitcoin speculators from wanting to get their hands on as much of it as they can.
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The scam involves creating enormous amounts of it for yourself. It doesn't mean that it's not valuable. Isn't that obvious?

As I indicated above, my friend holds about 12,000 bitcoin. So far he's "hodling" it, and deciding NOT to accept these outrageous bids of fiat money. He also owns no property and pays rent, for maximal exposure to bitcoin!
 
Tippit said:
The scam involves creating enormous amounts of it for yourself. It doesn't mean that it's not valuable. Isn't that obvious?

As I indicated above, my friend holds about 12,000 bitcoin. So far he's "hodling" it, and deciding NOT to accept these outrageous bids of fiat money. He also owns no property and pays rent, for maximal exposure to bitcoin!
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While others are accepting the scam fiat money. If he holds the Bitcoin too long the bubble will burst and he'll lose the chance of getting his hands on the fiat dosh. We'll see if he's content with maximum exposure to bitcoin then.
 
Tippit said:
The scam involves creating enormous amounts of it for yourself. It doesn't mean that it's not valuable. Isn't that obvious?

As I indicated above, my friend holds about 12,000 bitcoin. So far he's "hodling" it, and deciding NOT to accept these outrageous bids of fiat money. He also owns no property and pays rent, for maximal exposure to bitcoin!
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If you don't want your fiat currency, I'll happily take it off your hands for you.
 
Fudbucker said:
I have. I'm not impressed. If the best you can do is



I'm going to conclude we're in a bubble, very similar to the tulip craze. Or the housing market, pre-Great Recession.
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Tulips and bubbles,
go back to when bitcoins were worth single dollars and count the times Tulips and bubbles were predicted, still hasn't happened.
 
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p0lka said:
Tulips and bubbles,
go back to when bitcoins were worth single dollars and count the times Tulips and bubbles were predicted, still hasn't happened.
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You mean this time it won't? The tulip price will keep going up and up? As before, once all available money has been sucked into the bubble, it will go pop.
 
Jesus at the rate I'll have to build a Bitcoin mining rig in order to afford a video card who are now all artificially scarce and expensive because of Bitcoin mining rigs.
 
psionl0 said:
http://www.internationalskeptics.com/forums/showpost.php?p=12095178&postcount=909
http://www.internationalskeptics.com/forums/showpost.php?p=12097142&postcount=922

And those are just recent posts. The fact is that over the last 7 years, EVERY SINGLE PREDICTION that bitcoin will collapse and never rise again has been WRONG.
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That is a feature if all bubbles. Every prediction that they will pop is wrong until the one that is right. That happened with the South Sea Bubble, the Tulipomania, and the Wall Street common stock delusion. But when the money has all been consumed the bubbles do burst.

I remember myself prematurely, for about two years, predicting the bursting of the housing bubble of 2003-08. I worked in housing at that time, and became known as a false prophet of doom. Bubbles always pop, but when they will do that is hard to predict. If future price movements could easily be predicted there would be no speculative bubbles, as must be obvious after a moment's thought.
 
Craig B said:
That is a feature if all bubbles. Every prediction that they will pop is wrong until the one that is right. That happened with the South Sea Bubble, the Tulipomania, and the Wall Street common stock delusion. But when the money has all been consumed the bubbles do burst.
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If you were saying that bitcoin is headed for a serious price shock then I would agree with you.

However, you are comparing bitcoin with "flash in the pan" investments that sooner or later (invariably sooner) die and never get resurrected again. Bitcoin has already outlasted every one of these examples many times over and show no signs of dying.
 
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