Merged Bitcoin - Part 3

[trustbutverify]

For a moment putting to one side the technical picture

Probably a good idea, considering.

There is an infinite supply of digital money.
It is a matter of time to patiently watch infinite supply catastrophically atrophy demand.

There is an infinite supply of non-digital currency. When, exactly, will the USD be reaching catastrophic atrophy?

 

[Roger Ramjets]

There is an infinite supply of non-digital currency.

Not true. The supply of USD is limited by the government and political will. The government can't get away with 'printing money' without the approval of the people, whereas anyone can make a cryptocurrency and nobody cares. That's how Bitcoin came to be.

But as a currency Bitcoin is a failure. It has become a 'virtual' commodity, ie. like gold but with no physical existence. Also unlike gold, Bitcoin could be destroyed simply by people losing interest in it - which is quite possible because the only interest most people have in it is speculation. If the bottom dropped out of the gold market it would still have value for jewelry and electronics etc., but for Bitcoin the bottom is zero, which will probably happen one day (when the speculators find something else more interesting).

When, exactly, will the USD be reaching catastrophic atrophy?

We don't know what the future will bring, but it has happened to many other currencies in the past. Perhaps one day the USD will be replaced with a digital currency, but it won't be Bitcoin.

List of 'Modern' Obsolete Currencies

 

[psionl0]

This exchange took place 6 months ago.

Other than the highlighted, I can't make any sense out of this word salad.

You seem to insist that if you divide a finite crypto market by infinite cryptos, you get $0 per crypto.

That just illustrates your abysmal maths. Consider the sequence {1/2, 1/4, 1/8, 1/16, . . . }: This has an infinite number of terms and a finite sum but many of the terms are an appreciable fraction of the total (not zero).

The same is true of cryptos. No matter how many are invented, most will not amount to anything and won't drag money away from the top cryptos.

I accept that zero is an unrealistic valuation, but that is all.

I wish I could believe that but no doubt, you will soon go back to your "there are infinite bitcoins so bitcoins have no value" line again as if this exchange never happened.

No doubt, Samson was hoping that after all this time, the exchange will have been forgotten so that he could again rabbit on abou "infinite supply of digital money" as if it had never been discussed again.

For a moment putting to one side the technical picture, the fundamentals never change.
There is an infinite supply of digital money.
It is a matter of time to patiently watch infinite supply catastrophically atrophy demand.

Rat poison .

Nailled It!!!

 

[Samson]

I suggest going long rat poison, useful, designed for a purpose and yields results, and short bitcoin, useless and a disgraceful energy guzzling scam designed with good intent but fueling pure greed.

 

[Samson]

Crashing now. 8660

 

[psionl0]

Crashing now. Minor fluctuation. 8660

ftfy.

 

[ChrisBFRPKY]

Crashing now. 8660

$8977 at 2pm today. If you bought at $8660 yesterday and sold at $8977 today that's just over $300 profit per coin. If you're day trading with 10 coins that's $3000.00. Not a bad return for one day. Math is good.

Chris B.

 

[psionl0]

$8977 at 2pm today. If you bought at $8660 yesterday and sold at $8977 today that's just over $300 profit per coin. If you're day trading with 10 coins that's $3000.00. Not a bad return for one day. Math is good.

There are plenty of times when if you bought bitcoin immediately after a small price drop, the price continued to fall and you would be lucky to eventually get your money back.

You haven't hit on a magic day trading pattern.

 

[Samson]

$8977 at 2pm today. If you bought at $8660 yesterday and sold at $8977 today that's just over $300 profit per coin. If you're day trading with 10 coins that's $3000.00. Not a bad return for one day. Math is good.

Chris B.

I thought bitcoin was designed to make buying a pizza fast and efficient.

 

[Dr.Sid]

I thought bitcoin was designed to make buying a pizza fast and efficient.

I think it was made to make few people incredibly rich.

 

[ChrisBFRPKY]

There are plenty of times when if you bought bitcoin immediately after a small price drop, the price continued to fall and you would be lucky to eventually get your money back.

You haven't hit on a magic day trading pattern.

Last year I bought back in at $1000 less than I sold. But, I missed the bottom by a couple of thousand dollars. And yes that was unfortunate and bad luck on my part. But I'm not greedy and I held those coins for a few months, the price increased and I eventually made a nice profit when they were sold. It's here in the thread somewhere.

Nobody has claimed day trading is magic. When BTC is running sideways it's easy to make at least $100 per coin/day. This is not a new strategy nor is it a life changing monetary gain, those happen when BTC doubles over a short period as it did again recently.

Chris B.

 

[Roger Ramjets]

Last year I bought back in at $1000 less than I sold. But, I missed the bottom by a couple of thousand dollars. And yes that was unfortunate and bad luck on my part. But I'm not greedy

Yes you are. A not greedy person would go out and make or do something that has real value, not try to make money out of nothing.

I thought bitcoin was designed to make buying a pizza fast and efficient.

You might have thought that this 'black swan' event we are suffering would be a prime opportunity for Bitcoin to show its worth. In reality it is virtually absent. Current average Bitcoin transaction confirmation time is 10.67 minutes, and almost no businesses take it. Hardly fast or efficient.

Meanwhile my new 'contactless' credit card is doing a superb job. All my accounts on one card, easily controlled via Internet banking, and totally virus free! If only Bitcoin had achieved its stated goal, it could have been the 'killer' app we all need now for safety and convenience. But it has missed the boat. And it only had 11 years to make it!

 

[psionl0]

Yes you are. A not greedy person would go out and make or do something that has real value, not try to make money out of nothing.

Making money from money (if bitcoin be money) may be seen as "immoral" on religious grounds but it is common place (think of retirement funds) and in no way labels everybody who does so "greedy"

You might have thought that this 'black swan' event we are suffering would be a prime opportunity for Bitcoin to show its worth. In reality it is virtually absent.

I pointed out that bitcoin no longer picks up when the rest of the market is down months ago.

 

[Dr.Sid]

Yes you are. A not greedy person would go out and make or do something that has real value, not try to make money out of nothing.

XD

 

[ChrisBFRPKY]

Yes you are. A not greedy person would go out and make or do something that has real value, not try to make money out of nothing.

*snipped*

BTC is great for the economy. New homes are being made possible by BTC profits. That money provides jobs, purchases products and building materials, pays realtors etc. Every American should own BTC, there needs to be a law.

Chris B.

 

[Samson]

BTC is great for the economy. New homes are being made possible by BTC profits. That money provides jobs, purchases products and building materials, pays realtors etc. Every American should own BTC, there needs to be a law.

Chris B.

My research suggests bitcoin is mainly mined in China, but in fairness the hydro is too remote to empower industry or people.
It is a sickness of surplus environmental wealth. I bet it could be diverted to create enduring habitat for giant pandas, but that would be pointless when global warming hunts them to higher and inhabitable ground.

 

[Roger Ramjets]

‘Avocado prices indicated sell signal for Bitcoin in early March’

Satoshi Nakaboto: ‘Avocado prices indicated sell signal for Bitcoin in early March’

Update 9th June 2020

Our robot colleague Satoshi Nakaboto writes about Bitcoin $BTC every ******* day.

Bitcoin price

We closed the day, June 08 2020, at a price of $9,771. That’s a minor 0.11 percent increase in 24 hours, or $11. It was the highest closing price in three days.

We’re still 51 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin’s path towards $1 million

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.3 percent behind being on track. Bitcoin‘s price should have been $369,786 by now, according to dickline.info.

Bitcoin Energy Consumption

Bitcoin used an estimated 161 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 58 terawatt hour. That’s the equivalent of Israel’s energy consumption or 5.4 million US households. Bitcoin’s energy consumption now represents 0.26% of the whole world’s electricity use.

 

[Roger Ramjets]

I bet it could be diverted to create enduring habitat for giant pandas, but that would be pointless when global warming hunts them to higher and inhabitable ground.

Or even for humans.

I am trying to do my bit with an electric car. Lately I have also been biking and walking more to save even more energy (and keep fit). But with the opening up it's not so pleasant now. The noise and the smell of gas cars racing around the city is quite obnoxious, and I wish we were back in full lockdown. Will we just go back to destroying the environment so we can buy more stuff?

I was walking back from the local electronics store yesterday, dodging cars and trying to avoid the fumes - when I realized that a time may come when I will welcome leaving this world.

 

[Roger Ramjets]

Bitcoin’s energy consumption now represents 0.26% of the whole world’s electricity use.

To put that in perspective, Bitcoin volume is ~0.2% of the volume of Global FX spot markets. That means if all the markets switched to using Bitcoin, it would use up more than 100% of total World electricity production!

 

[Dr.Sid]

To put that in perspective, Bitcoin volume is ~0.2% of the volume of Global FX spot markets. That means if all the markets switched to using Bitcoin, it would use up more than 100% of total World electricity production!

Would be funny if THAT was the reason the BTC is outlawed, thus losing most of its value.