Bitcoin - Part 2

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psionl0 said:
Keep the prophesies coming.
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Whatever the bitcoin price in May was, it was a lot lower than it is now, despite the recent China ruling and selloff. Anyone heeding that "advice" would have left a lot of money on the table had they not bought and were intending to.
 
Tippit said:
Whatever the bitcoin price in May was, it was a lot lower than it is now, despite the recent China ruling and selloff. Anyone heeding that "advice" would have left a lot of money on the table had they not bought and were intending to.
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It was around $1,500 last time RJ predicted that the bubble would burst.

But this time for sure ...
 
Meanwhile, back in the real world, Bitcoin is essentially obsolete. It's a highly speculative investment, yes, and seems to be the cryptocurrency of choice for hackers and drug dealers, but essentially no one in the real world uses it as currency. Why would you, when you have apps like Apple Pay that perform the same function, grant you the same security, and use boring old US dollars that aren't subject to 30% daily swings in value?
 
jhunter1163 said:
Meanwhile, back in the real world, Bitcoin is essentially obsolete. It's a highly speculative investment, yes, and seems to be the cryptocurrency of choice for hackers and drug dealers, but essentially no one in the real world uses it as currency. Why would you, when you have apps like Apple Pay that perform the same function, grant you the same security, and use boring old US dollars that aren't subject to 30% daily swings in value?
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You're right. It's not functioning as a currency. It's a speculative digital asset that's made a lot of people very rich. It also enables people to evade capital controls and get their wealth out of tyrannical government regimes like China, so there's that.

While Bitcoin is subject to a lot of volatility for sure, there is one direction the dollar is going, and that's down. You see, there are criminals controlling its issuance, and the supply is limitless, whereas bitcoin is limited to 21 million. If and when bitcoin becomes widespread as a store of value, then perhaps more and more people may use it as a medium of exchange.
 
So lets say I decided to buy a S9 bitcoin miner for 3k. How long do you think it would take for me to turn a profit? if ever?, Or should I wait for the promised newer models that are coming out?
 
MinnesotaBrant said:
So lets say I decided to buy a S9 bitcoin miner for 3k. How long do you think it would take for me to turn a profit? if ever?, Or should I wait for the promised newer models that are coming out?
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Until you understand the concept of hashrate and how it relates to the speed of your miner, I think that you would make more profit by purchasing shares in the Brooklyn bridge.
 
Tippit said:
While Bitcoin is subject to a lot of volatility for sure, there is one direction the dollar is going, and that's down. You see, there are criminals controlling its issuance, and the supply is limitless, whereas bitcoin is limited to 21 million. If and when bitcoin becomes widespread as a store of value, then perhaps more and more people may use it as a medium of exchange.
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The fixed supply of bitcoin is its impediment to its use as a currency. The average holder would be reluctant to spend something that constantly appreciates in value (on average).

One erstwhile poster used to brag about paying for his pizzas with bitcoin. At the current price of bitcoin, those were mighty expensive pizzas.
 
psionl0 said:
At $4,400 and on the rise again (it almost hit $5,000 at the beginning of the month) you have a strange definition of "obsolete".
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For someone who seems to have a working knowledge of economy, I find it strange that you think monetary value has anything to do with something's utility.

After all, you can still buy a horse, and it's very expensive, but it's pretty obsolete as a mode of transportation.
 
Argumemnon said:
For someone who seems to have a working knowledge of economy, I find it strange that you think monetary value has anything to do with something's utility.

After all, you can still buy a horse, and it's very expensive, but it's pretty obsolete as a mode of transportation.
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Who said anything about "utility"? If it is still in demand then by definition it is not obsolete. (And horses still have "utility" when it comes to shows and racing).

If bitcoin had an average value that was in steady state instead of increasing then it might have more utility as a medium of exchange but it is still useful as a store of value. (Yes, that could all change tomorrow but everybody has been saying that for nearly 10 years now).
 
Argumemnon said:
Obsolescence: the process of becoming obsolete or outdated and no longer used.

Any demand? Come on, you know better than that.
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Seriously, I don't. If it is wanted then it is in demand.

There is no evidence that bitcoin is becoming "obsolete", outdated or no longer used. The only thing you can say is that bitcoin's use as a currency has not really materialized but it is still "in use".
 
I guess a S9 costs probably 3600 for the complete unit will on average make you 300 a month while you spend about 150 for electricity. So maybe a few years to recoup your losses. It is also hot, noisy, and will probably be obsolete in 10 months. Bitcoin units are being advertised as a cheap way to heat your house
 
psionl0 said:
Seriously, I don't. If it is wanted then it is in demand.
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Ok, then. If one person in the world wants something, then it is in demand! Yes, technically correct, though you know full well what people mean when they say that something is "in demand". That's high school level arguing from you here.
 
Argumemnon said:
Ok, then. If one person in the world wants something, then it is in demand! Yes, technically correct, though you know full well what people mean when they say that something is "in demand". That's high school level arguing from you here.
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If you think that only one person wants bitcoin then you must know their name and address.
 
MinnesotaBrant said:
I guess a S9 costs probably 3600 for the complete unit will on average make you 300 a month while you spend about 150 for electricity
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Con artists love people who are too lazy to do their homework.

If you can't tell the rate at which an S9 unit mines blocks as a function of the hashrate and the energy consumption of the unit (and its maintenance cost) then your "guesses" are best reserved for the roulette wheel.
 
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