• Quick note - the problem with Youtube videos not embedding on the forum appears to have been fixed, thanks to ZiprHead. If you do still see problems let me know.

Merged Bitcoin - Part 3

My coworker has made 100k or so with both bitcoin and altcoin. I heard that he bought 6 bitcoins just before the bump. I still prefer blackjack. Am up 1600 this year though I would have made more money betting on bitcoins
 
Well in 2017 you didnt really have to be lucky to make money on bitcoin. I made over 100% and i sold 2 days after peak, when the crash was quite clear. If I sold sooner, I'd made 200%.
So it really depends what time are you talking about. In general, BTC is as predictable as dice. It's really funny reading analyses and predictions one year back.
 
Bitcoin and other Crypto is notorious for price manipulation. There seems to be another hype going on that will make some people rich.
 
psionl0 said:
There is no price manipulation? There is no hype going on?
Click to expand...

let's keep the hype about the currency itself and it's propensity for manipulation separate, shall we?
I don't think Bitcoin itself is the best way to have a cryptocurrency, but the general idea is solid - at this point it is far more than a hype, it is a fixture.

But we frequently get Pump and Dump scams (https://en.bitcoinwiki.org/wiki/Pump_and_Dump), and the current kind of news about how high/low Bitcoin will go sounds to me like the preparation for exactly such a scam.
Yes, short-term price manipulation is something common in cryptocurrencies, especially the smaller ones.
 
The Great Zaganza said:
But we frequently get Pump and Dump scams (https://en.bitcoinwiki.org/wiki/Pump_and_Dump), and the current kind of news about how high/low Bitcoin will go sounds to me like the preparation for exactly such a scam.
Click to expand...
Assuming that the few examples in that reference are actual pump and dump schemes, none of them are bitcoin.

Even then, it is just as likely that these examples of relatively unknown cryptos were cherry picked because they saw a sudden large price rise followed by an equally quick fall in price - ergo "pump and dump".

My dog might have 4 legs but that doesn't make it a cat.
 
Some people are good at playing the bitcoin market just like the stock market. That’s what he made this year and has been playing continuously for the past 2 years or so
 
Looking to buy like 30 bucks of coin. Should I use coinbase? How about ripple? I am getting the feeling that the coins are pretty flat right now
 
https://getpocket.com/explore/item/how-bitcoin-ends?utm_source=pocket-newtab
bitcoin re-creates the market mechanisms of gold, a currency that invites hoarding and speculation while discouraging transactions.
Click to expand...
4 percent of users owning 96 percent of bitcoin
Click to expand...
What happens when all the bitcoin is mined? Bitcoin transactions are authenticated by the thousands of people who dedicate their computers and electricity to building the blockchain. They’re not donating all this money and computing power; they are being paid in bitcoin. Mining for bitcoin and authenticating transactions is the same thing.

What is the incentive for people to spend millions of dollars on computers and power once there’s no more kickback of coin?
Click to expand...
The money itself is worthless. Less than worthless, in fact. We are spending massive amounts of machine cycles and electricity, burning fossils fuels for no reason other than to prove our commitment to the coin.
Click to expand...
If the US dollar were a good investment, we wouldn't spend it on stocks, real estate, gold, or bit coins, we'd just keep it as is. If it were a really really good investment, we'd forgo spending it on haircuts, car repairs, and restaurants and the economy would grind to a halt.
Thank goodness the US dollar is a terrible investment, that is one of the reasons it remains the most useful currency in the world.
 
portlandatheist said:
https://getpocket.com/explore/item/how-bitcoin-ends?utm_source=pocket-newtab
Click to expand...
All points but the last are valid. As long as people are willing to pay for bitcoin, it is not worthless. If bitcoin is still around when the only reward for mining is the transaction fees then either the transaction fees will rise dramatically or the energy expended on mining will drop significantly.

portlandatheist said:
If the US dollar were a good investment, we wouldn't spend it on stocks, real estate, gold, or bit coins, we'd just keep it as is. If it were a really really good investment, we'd forgo spending it on haircuts, car repairs, and restaurants and the economy would grind to a halt.
Thank goodness the US dollar is a terrible investment, that is one of the reasons it remains the most useful currency in the world.
Click to expand...
Yes, any currency that is not subject to demurrage or inflation and on which fees must be paid for every transaction is not particularly useful. Worse, bitcoin doesn't scale so the rate of transactions is permanently limited.

It will be up to a future crypto to address these problems but as usual, this is old news.
 
You must log in or register to reply here.

Back
Top Bottom