Prices not going down??

[skipperpete]

Originally Posted by Buzzman

Wait for the Bitcoin 'market' to split....there'll be Half-Bits, Quarter-Bits, etc...

Then watch the real fluctuations take hold. IOAMOT

Hi Buzzman
The bitcoin market is already “split”. Etherium and ripple as well as a few others consist of specific amounts of “Satoshi” … One Bitcoin is 100,000,000 Satoshi and the dedicated crypto true believers reckon that one day in the not so distant future, 1 Satoshi will be valued at 1 cent US.
With transactions not amounting to a full bitcoin you get your change in Satoshi
The main handicap to Bitcoin is the trading in Bitcoin futures where no actual bitcoin change hands and , uniquely, no requirement exists for contract settlement in Bitcoin to be available so potentially the market is open to manipulation and suppression.

[Buzzman]

Yeah, I read a paper somewhere that defined it as the ultimate Ponzi scheme

[CarinaPDX]

Actually it's the ultimate payment mechanism for criminals. A very large part of the actual usage (not investors) is for large purchases-transfers-sales, completed in a day or two. Just wait until law enforcement learns to track this activity. And of course there have been a number of large "heists" from Bitcoin banks - money gone, too bad, not insured. And there is no government or other organization backing up the value, the value is just what others will pay - one panic and it is over. Still, for those needing to anonymously pay for their drugs (or a hit) it has value.

Greg

[pt49]

Originally Posted by CarinaPDX

Just wait until law enforcement learns to track this activity.

Greg

Every Bitcoin transaction is recorded on the blockchain and can be tracked you muppet.

Those wanting privacy use a privacy coin like Monero.

[Barra]

Originally Posted by CarinaPDX

Actually it's the ultimate payment mechanism for criminals. A very large part of the actual usage (not investors) is for large purchases-transfers-sales, completed in a day or two. Just wait until law enforcement learns to track this activity. And of course there have been a number of large "heists" from Bitcoin banks - money gone, too bad, not insured. And there is no government or other organization backing up the value, the value is just what others will pay - one panic and it is over. Still, for those needing to anonymously pay for their drugs (or a hit) it has value.

Greg

hahah you sound like you are trying to justify not owning any just a little bit too hard!

i wouldnt put too much faith in govts backing up their paper these days. things are moving rapidly and the printing presses are smokin they are so hot from Brussles to Washington and everywhere in between.

Gold hasnt moved much yet but im thinking it will. It wont be going up though - paper money will be going down.

[arsenelupiga]

i see bitkoin replacement for travellers cheques but not more.

Although btc has limited numbers and cant be created like usd, trouble is one can create infinite versions of bitcoins (already more than 100 out there i think), so thats where is the weak spot.

if you lucky btc version you own will become mainstream, if not lucky it will not. nothing that says current btc is special.

ok, now see what btc experts have to say

[pt49]

Originally Posted by arsenelupiga

i see bitkoin replacement for travellers cheques but not more.

Although btc has limited numbers and cant be created like usd, trouble is one can create infinite versions of bitcoins (already more than 100 out there i think), so thats where is the weak spot.

if you lucky btc version you own will become mainstream, if not lucky it will not. nothing that says current btc is special.

ok, now see what btc experts have to say

There is only one version of Bitcoin.

Travelers checks went out with the dinosaurs mate... you must be living under a rock.

[Wotname]

How many cryptocurrencies are there?
How many are possible?
Do they all use blockchain technology?

[GordMay]

I'm no expert.

Evidently, there are thousands of cryptocurrencies (more than 5,000 according to some listing websites), the majority of them aren’t used, and are considered irrelevant.
The crypto market is mostly top heavy, with the top 10 cryptocurrencies making up almost 90% of the total market capitalization. Bitcoin represents about 66% of the total market capitalization.
Understanding the Different Types of Cryptocurrency ➥ https://www.bitdegree.org/tutorials/...ryptocurrency/

Evidently, blochain is not the only trechnology used to create cryptocurrencies.
A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin
➥ https://www.technologyreview.com/s/6...rform-bitcoin/

I suspect that cryptocurrencies are nearly useless, to most of us. They're mostly used by speculators, looking for quick riches, anarchistic/libertarian people, who don't like government-backed currencies, and criminals who want a black-market way to exchange money.

[dannc]

Originally Posted by Buzzman

Not necessarily. A water tank is only a cuppla grand. Folks with high water demand (i.e. teenagers) could offset municipal water penalty costs by installing tanks and pressure pump...

Or put in a well.

Shocked at how cheap your water costs. When we lived in the city, the water, garbage and sewage bill was around $100 most months. I would guess the water bill was $60-70 a month but that was decades ago and I know the city has had the usual price increases but they also put in tier prices to really charge people more.

Later,
Dan

[Lake-Effect]

For every Bitcoin holder bragging about their stupendous gains, there's several who got burned, got robbed, lost their wallet, etc... except that they don't much talk about it in public.

Bitcoin has failed as a currency except in dark transactions. It's now just a synthetic asset, or a digital chain-letter, and relies on hype to keep punters buying in, so that earlier buyers can cash out.

Digital currency will go mainstream eventually, but with a better foundation than some skeevy stateless origins.

[hpeer]

Originally Posted by dannc

Or put in a well.

Shocked at how cheap your water costs. When we lived in the city, the water, garbage and sewage bill was around $100 most months. I would guess the water bill was $60-70 a month but that was decades ago and I know the city has had the usual price increases but they also put in tier prices to really charge people more.

Later,
Dan

Come to Philadelphia. We have a 4 apt building. It has remote read water meters. Apparently the Water Dept decided to not read the meters for 4 months and then when we got the bill they were claiming a HUGE increase in water usage. $2,000 in dispute.

Before the remote read they would frequently not do an update for months, sometimes years. They used “estimated” readings. When we closed on the house the previous owner had to pay the final bill to a reading and that bill was in excess of $2,000. That was THIRTY years ago. Worse was the gas department. It could take 3 months to get gas turned on.

[rabbi]

Originally Posted by Buzzman

Yeah, I read a paper somewhere that defined it as the ultimate Ponzi scheme

So called "Fiat currencies" derive their value from being backed by government and society at large. Its a trust thing with billions of "believers".

Bitcoin OTOH is not backed by governments or society - or anything else. In fact BC is the ultimate fiat currency. It was created from nothing and is backed by nothing. Its only value is: It's scarce, it's digital and supply is limited.



In the early days BC was just for a few nerds. The cost of a bitcoin was a few hours of "mining", and only nerds played with it. And it was worth nothing.
A few early adopters are now millionaires. And who made them millionaires? Grandma!
BC became a religion just like fiat money (but without being backed by billions of people and governments). First nerds thought it was cool, brokers jumped in, and finally even grandma started to "invest". Actually they started to "believe".

Now if grandma looses her faith and sells all BCs? The value will drop to the intrinsic value.

The intrinsic value of a few bits is $0.00. Some fiat currency can at least be used as toilet paper.
It certainly is the ultimate ponzi scheme. Just like tulips in 17th century

[GordMay]

$1.1 billion in cryptocurrency has been stolen this year (2018), and it was apparently easy to do
➥ https://www.cnbc.com/2018/06/07/1-po...asy-to-do.html

Two Groups Account for $1 Billion in Cryptocurrency Hacks, New Report Says
➥ https://www.wsj.com/articles/two-gro...ys-11548676800

Cryptocurrency Exchanges Are Getting Hacked Because It’s Easy
➥ https://www.wsj.com/articles/why-cry...article_inline

[pt49]

Originally Posted by GordMay

$1.1 billion in cryptocurrency has been stolen this year (2018), and it was apparently easy to do

Just as it was easy to walk into a bank with a hand gun and steal money at one time.
People still walk into fuel stations, grocery stores and even citizens houses and steal money to this day.
"and apparently it is easy to do".