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Merged Bitcoin - Part 3

Roger Ramjets said:
Rule of so? I never said it will happen.
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OK Big Dog.

Roger Ramjets said:
Then again,

(doubles down on the rising unemployment "theory")

14 million is definitely a large number, though of course we don't how many of them were bitcoiners.
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So you admit that you don't have a clue about the effect of rising unemployment on bitcoin prices.

Roger Ramjets said:
I made no predictions, so there is nothing to dismiss.
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Yeah, right. :rolleyes:
 
Roger Ramjets said:
The other advantage is that bitcoiners are always looking for an excuse to pay for something with it, to prove that it really is the fiat-beating superior technology they imagine it to be. So they get scammed trying to show us how smart they are.
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A mind reader as well as a fortune teller. WOO!
 
Roger Ramjets said:
You can send money quickly from your computer with a credit card too. The difference is...



The other advantage is that bitcoiners are always looking for an excuse to pay for something with it, to prove that it really is the fiat-beating superior technology they imagine it to be. So they get scammed trying to show us how smart they are.
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That statement proves beyond any doubt you know nothing about Bitcoin or those who trade it.

Meanwhile, Since March 14th I've made enough profit trading BTC and 2 other alt coins to purchase home #4 from the proceeds. Not too shabby I think since it takes the average person between 15 and 30 years to buy one with payments. I don't know if that would be considered smart or not but I do know if someone had the opportunity to do the same and didn't, that wouldn't be very smart.

Chris B.
 
ChrisBFRPKY said:
That statement proves beyond any doubt you know nothing about Bitcoin or those who trade it.

Meanwhile, Since March 14th I've made enough profit trading BTC and 2 other alt coins to purchase home #4 from the proceeds. Not too shabby I think since it takes the average person between 15 and 30 years to buy one with payments. I don't know if that would be considered smart or not but I do know if someone had the opportunity to do the same and didn't, that wouldn't be very smart.

Chris B.
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You can sleep in 4 beds at once?
 
I can't believe that this thread is still going.

Bitcoin is not a currency, and the price is being propped up by Tether.

Thanks for coming to my TED talk.
 
psionl0 said:
Hatred for bitcoin is strong. As long as old discredited arguments can be repeated about bitcoin, this thread will never end.
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I wouldn't call it hatred, I tend to ignore it for long periods, I was reminded of it after this week's hack. Interesting that it didn't shift the price, evidence again that there's no new money coming in.

Thether being the third largest cryptocurrency in the world tells you all you need to know.
 
anduin said:
I wouldn't call it hatred, I tend to ignore it for long periods, I was reminded of it after this week's hack. Interesting that it didn't shift the price, evidence again that there's no new money coming in.

Thether being the third largest cryptocurrency in the world tells you all you need to know.
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You mean the twitter hack ? Wiki says about 12BTC has moved. That's not really that much to shift price.
Still I'm surprised how many people went for it. This kind of scam is nothing new.
 
Dr.Sid said:
You mean the twitter hack ? Wiki says about 12BTC has moved. That's not really that much to shift price.
Still I'm surprised how many people went for it. This kind of scam is nothing new.
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I wasn't expecting the 12 BTC to shift the price, but I sort of excpected that the interest in Bitcoin following the hack could move things up. Many Bitocoin maximalists were excited by this prospect because Bitcoin was trending topic. They're desperate because there's no new money coming in.
 
anduin said:
I wasn't expecting the 12 BTC to shift the price, but I sort of excpected that the interest in Bitcoin following the hack could move things up. Many Bitocoin maximalists were excited by this prospect because Bitcoin was trending topic. They're desperate because there's no new money coming in.
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Yeah, it is quite stale. Even Coronavirus haven't really stir it.
 
Dr.Sid said:
Yeah, it is quite stale. Even Coronavirus haven't really stir it.
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The ultimate test for Bitcoin as a currency at the start of the pandemic was whether it could be used to buy toilet paper.

It's lacklustre even as store of value.
 
anduin said:
I wouldn't call it hatred, I tend to ignore it for long periods, I was reminded of it after this week's hack. Interesting that it didn't shift the price, evidence again that there's no new money coming in.
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I don't see how a Twitter hack proves that. Money "comes in" and "goes out" all the time.

anduin said:
Thether being the third largest cryptocurrency in the world tells you all you need to know.
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I don't see that thether tells us anything. It is a crypto that originally came with the fraudulent claim that every thether coin was backed by a USD.

It might be easier to buy BTC if you already have an alt-currency but that is a long way from saying that bitcoin is "propped up" by thether.
 
psionl0 said:
I don't see that thether tells us anything. It is a crypto that originally came with the fraudulent claim that every thether coin was backed by a USD.

It might be easier to buy BTC if you already have an alt-currency but that is a long way from saying that bitcoin is "propped up" by thether.
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By its nature, Bitcoin requires constant influx of funds to maintain its price, this is because mining costs money and miners need to eat and pay their energy bills. If there's no cash from investors coming in, then miners need to get money in other ways, hence the importance of a stablecoin such as Tether. The fact that an evidently fraudulent stablecoin is the third largest cryptocurrency in the world indicates its relative importance, the clue is in the fact that nobody's buying Tether, they're just printing it as needed.
 
anduin said:
By its nature, Bitcoin requires constant influx of funds to maintain its price, this is because mining costs money and miners need to eat and pay their energy bills.
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This is what you get when a pseudo-expert starts making up theories. You get some nonsense about how bitcoin can't be sold unless money is "put into" it. The facts are a lot more mundane. Bitcoin simply gets sold at an agreed upon price. No money gets "put into" the bitcoin, it simply changes hands.

A handful of PCs will mine just as many bitcoins as an army of super computers. The only reason that high computing power is required is the price of bitcoin. The higher the price, the more profitable mining becomes and the more people get into mining.
 
ChrisBFRPKY said:
That statement proves beyond any doubt you know nothing about Bitcoin or those who trade it.

Meanwhile, Since March 14th I've made enough profit trading BTC and 2 other alt coins to purchase home #4 from the proceeds. Not too shabby I think since it takes the average person between 15 and 30 years to buy one with payments. I don't know if that would be considered smart or not but I do know if someone had the opportunity to do the same and didn't, that wouldn't be very smart.

Chris B.
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Why would you want 4 homes? Are you renting out the extras? Also to make enough profit in a few months to buy a home you must already have a large amount of money to play with.

In any case, congrats on the earnings
 
I guess the question I have that always comes back up:

What is the purpose of Bitcoin?

It seems there is a lot of interest in it as a investment. The volatility means that money can be made (or lost) quite quickly. People that got in in the very early days have made tidy fortunes. Seems to work fine for that, there is no shortage of people trading it. In that regard, it seems to work well enough.

It strikes me that using Bitcoin as an investment vehicle dwarfs its use as an exchange currency. The same volatility that makes it so attractive as a high risk, high reward investment makes it undesirable as a currency. Keeping bitcoin in your wallet is inherently risky. If you want to make a transaction, it makes sense to keep any value in bitcoin as shortly as possible, and convert it back to a less volatile medium immediately. Keeping money tied up in bitcoin for any length of time means accepting the risk of the volatile market.
 
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Belz... said:
Isn't it rather because it's becoming harder to mind them, by design?
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No.

The more computers that are used to mine bitcoin, the harder it becomes for an individual computer to mine for a bitcoin. Since the rate at which new blocks are mined is designed to be constant, it becomes just simple mathematics.
 
SuburbanTurkey said:
What is the purpose of Bitcoin?
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It's design purpose is to be transmitted in any quantity across a hostile internet environment from almost any point on the globe to another part of the globe without the need (or interference) of a third party.

Good honest folks living in a liberal democracy probably don't have much need for such a facility but it is available if they want it.

SuburbanTurkey said:
Keeping bitcoin in your wallet is inherently risky. If you want to make a transaction, it makes sense to keep any value in bitcoin as shortly as possible, and convert it back to a less volatile medium immediately. Keeping money tied up in bitcoin for any length of time means accepting the risk of the volatile market.
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The bitcoin price chart suggests the exact opposite. Apart from those who bought at the price peak in 2017, anybody who has "hodled" their bitcoins has had an investment that has not only kept its value remarkably well (over the long term) but has made a spectacular profit once they sold them.
 
psionl0 said:
The bitcoin price chart suggests the exact opposite. Apart from those who bought at the price peak in 2017, anybody who has "hodled" their bitcoins has had an investment that has not only kept its value remarkably well (over the long term) but has made a spectacular profit once they sold them.
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That's my point. If you're treating bitcoin like a long term investment, you probably wouldn't be buying in at the peak in 2017. But what if you're trying to use it as an everyday currency during these fluctuations?

Say you wanted to buy a pack of socks using bitcoin during the peak 2017, and you kept the spare change in bitcoin after the transaction, you might find that, months later, the value has evaporated. Or maybe you find it has grown, which is nice. But that kind of volatility is not what most people expect with spending money. You can't HODL when you need socks today, and if the bictoin price isn't favorable, you're either forced to realize the loss or you're not getting your socks.

Unless you're HODL gang, it's probably best to move your spending money out of bitcoin as soon as the transaction is done.

Your point about borderless transfer of money is well taken though. An international, internet based currency is probably a tremendous convenience.
 
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