PartSkeptic
Illuminator
@Roger. Great stuff. Similar to what I had been reading.
Denial is not a river in Egypt.
Denial is not a river in Egypt.
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PartSkeptic
Illuminator
The one constant in the Bitcoin threads is how consistently wrong I've been when I've thought that Bitcoin simply must collapse in value and the bubble will burst. While I can understand why the value of Bitcoin has shot up, I don't understand why the value of Bitcoin has been so comparatively resilient.
Nothing would now surprise me, whether the value drops to (close to) zero or sets off for the stratosphere from its current value
It will not go stratospheric. Not enough fresh meat who will invest.
The reason it is not collapsing is the amount of criminal bitcoin waiting to cash out. They cannot do so without drawing attention to what they are doing. They want the price to stay up for a period while they slowly offload.
Keeping it up is a matter of manipulation - there are many experts in this area. Not regulated is it? And anonymous also.
ponderingturtle
Orthogonal Vector
- Joined
- Jul 11, 2006
- Messages
- 54,545
Maybe, it could also be a valuable enough tool in helping say russian oligarchs launder their money that it will keep around.
psionl0
Skeptical about skeptics
And taking a random article as gospel simply because it advocates a negative theory about bitcoin doesn't constitute critical thinking.
MtGox lost a buttload of bitcoins and went bankrupt because they were incompetent. There is no way that they could have pulled off a “Painting the Tape” scam.
If the institutions mentioned were successful in their alleged schemes then bitcoin would never recover.
Delphic Oracle
Philosopher
- Joined
- Sep 17, 2016
- Messages
- 6,416
What makes this article "random" but others "credible?"
Did they take it as gospel?
If they did, was it simply because it advocates negative theory about bitcoin?
Do you fancy yourself a mind reader?
Does doing so constitute critical thinking?
Is sophistry fun to engage in for you?
This is where the tapatalk signature that annoys people used to be
psionl0
Skeptical about skeptics
Do you fancy yourself a mind reader?
I have never claimed that any article is "credible" (other than the ones that explain how bitcoin works).
If you had bothered to read the rest of post #2541 you would have noticed that PS stated: "@Roger. Great stuff. Similar to what I had been reading." Not a single critical thought about it. It was simply a negative article about bitcoin - just as I stated.
There was more in my post than just that one sentence but you are apparently not interested in critical thinking - only attacking me.
http://www.internationalskeptics.com/forums/showpost.php?p=10988928&postcount=4102
"At 08:45 CST emini S&P ESZ5 went above Samson's 2,091.00 asking price. (It reached 2,091.75, enough to confirm Samson's ask would have been met.)
I believe that closes out his experiment with a net $36,845 profit (by The Don's accounting"
So:
profit 36.8% on initial capital 100,000.
By your accounting and collation of data Don.
You're welcome.
Bitcoin obeys the same algorithm as I used to generate that return.
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psionl0
Skeptical about skeptics
From the same post:
Thank you for proving to us what we already know and thank you for quoting somebody who knows what critical thinking is.
Name that person. Don or jsFisher?
psionl0
Skeptical about skeptics
You don't know who you quoted?I quoted jsFisher who said the Don assessed the return at 36%, having done the analysis. jsFisher designed a new margin system to stop a position out at a huge loss during the period. His margin appraisal was irrelevant to the platform. The platform stopped positions at 152% margin. I explained this multiple times to anyone who would listen.
For example if the margin is 10,000, the position would be stopped out when 5,200 out of the money, or when the mark to market balance was 4,800.
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psionl0
Skeptical about skeptics
You are the one who quoted jsfisher so, no backsies.
jsfisher dined and dashed.
No accountability.
There were many many predictions I correctly made, marplots capitalised with the apple trade.
Sell Bitcoin with your ears pinned back. No time no price, but 10% is a good guide as always.
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Roger Ramjets
Philosopher
Bitcoin's true net worth
Bitcoin's true value isn't zero, it's negative.
Bitcoin Miners Can Now Be Charged Extra for Electricity, New York Power Authorities Say
When Bitcoin miners consume foreign electricity its opportunity cost is largely hidden from us. But when they come to your town you may discover what it's really worth. Ordinary people who want nothing to do with Bitcoin are now being forced to help pay for it directly out of their own pockets.
While Bitcoin contributes to inflation by creating 'digital money' out of thin air, that's nothing compared to the enormous amount of electricity being wasted to produce it. Every kWh used to 'mine' Bitcoin is another kWh that isn't available for more useful purposes. As the World hurtles towards global warming catastrophe, the last thing we need is to unnecessarily burn more fossil fuels.
Bitcoin is practically useless as a currency. As an asset it is a zero-sum game with no inherent value. But as an enormous energy sink with few benefits, Bitcoin shows its true net worth - Negative.
Bitcoin's true value isn't zero, it's negative.
Bitcoin Miners Can Now Be Charged Extra for Electricity, New York Power Authorities Say
When Bitcoin miners consume foreign electricity its opportunity cost is largely hidden from us. But when they come to your town you may discover what it's really worth. Ordinary people who want nothing to do with Bitcoin are now being forced to help pay for it directly out of their own pockets.
While Bitcoin contributes to inflation by creating 'digital money' out of thin air, that's nothing compared to the enormous amount of electricity being wasted to produce it. Every kWh used to 'mine' Bitcoin is another kWh that isn't available for more useful purposes. As the World hurtles towards global warming catastrophe, the last thing we need is to unnecessarily burn more fossil fuels.
Bitcoin is practically useless as a currency. As an asset it is a zero-sum game with no inherent value. But as an enormous energy sink with few benefits, Bitcoin shows its true net worth - Negative.
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psionl0
Skeptical about skeptics
Not a single word you posted before or after that link had anything to do with the contents of that link.
It is just an obvious attempt to make it appear as if your purely personal POV was backed by a news article.
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PartSkeptic
Illuminator
What is obvious IS the link between his POV and the article.
His POV is also a fact. Producing bitcoin is wasteful. Waste is a negative. Bitcoin is negative.
psionl0
Skeptical about skeptics
ftfy.
Of course, since the article points out (again) that it takes lots of electricity to mine for bitcoins, every non-sequitur about bitcoin follows logically for you.
PartSkeptic
Illuminator
It got to 8271 then 9050 so I am claiming a win before the doubting Toms weigh in.
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