bitcoin price manipulation

[ati87]

You can pay with bitcoins in Germany. It's completely legal, just not really wide spread yet.

That's my point...Bitcoin isn't a threat because the German government and the EU can just say that ever local transactions needs to be done with the Euro or ''other designnated currnecy'' like the US dollar.

[Karon]

That's my point...Bitcoin isn't a threat because the German government and the EU can just say that ever local transactions needs to be done with the Euro or ''other designnated currnecy'' like the US dollar.

define local transatcion.

[Deleted]

Well, it's nothing more than a pyramid scheme, so it's not a matter of "if" it is manipulated and collapses, but "when" it's going to happen.

This. However, Gold is basically another intrinsically worthless commodity used as a currency and that works for 5000+ years.

[Jeezy911]

No you can restrict (read ban) it's usage to make it worthless in essence.

If you can't use Bitcoin as a currency (so buy shit) then the only use left is for people to use it as a money laundering method. So they givebitcoin and get back real money...this would also be a hard to keep up and I can't think of anything else so maybe if somebody can correct me then that would be a good lesson for me.

You can always use Bitcoin to buy things if you can navigate the internet. The entire darkweb is basically a bitcoin marketplace.

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This. However, Gold is basically another intrinsically worthless commodity used as a currency and that works for 5000+ years.

Would anyone be surprised if Fort Knox is actually empty?

[ro9ue]

The problem is a ton of people bought into it when it was released and hyped up. It's actually a decent system, the problem comes into play where there's just no actual backing. Say what you want about the old dollar gold standard, but the dollar being backed by gold made a huge difference.

For people interested in buying a currency. I'd suggest Gold Money. Basically what it is is a vault of gold, protected by armed guards, where you can buy ownership over the gold being stored there. What's beautiful about it is it's all updated tech. So say u wanted to make a purchase, it converts that gold to money on an app and you can make a purchase.

Also you can "send" gold to other people. Like if you want to give someone 16oz of gold you make the transfer over the app/website and then they get the "ownership" over that much gold.

I just realized how much this sounds like WoW currency.

But anyway its pretty brilliant, and at any time you can go in and trade your money for the actual physical gold if you want it. A gold standard for 2017.

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This. However, Gold is basically another intrinsically worthless commodity used as a currency and that works for 5000+ years.

It's not -intrinsically- worthless. It's used in a lot of tech, and has "luxury" value. Bitcoin is much different. There's no physical backing at all, it's just data and pixels. That's why its so volatile.

Also want to add another big problem with Bitcoin is just about anyone can make another cryptocurrency - which is what we're seeing now. Which just pollutes and devalues Bitcoin.


They also tried to bring "mining" into it similar to how people found gold, the problem is mining gold is actually hard and it's a finite resource (unless the alchemists were right). Actually is there a way to make gold now? ... I'll have to look that up. But anyway, yeah there are massive "Bitcoin mining" plants in China and shit just mining the fuck out of it, it's sort of like how governments overprint the dollar and it loses value, except there's no regulation to these mining facilities. It's just going to crash the value of it.

[Machismo]

This. However, Gold is basically another intrinsically worthless commodity used as a currency and that works for 5000+ years.

The one difference is that gold is tangible, and does have some functional uses. But, yes, the overall demand for gold has long been that it was shiny.

[Lohkay]

The OP probably bought in at 4k+ and is butt hurt because it went down. IMO, this was bound to happen and anyone that didn't see it was just blind. Blockchain is great and a good invention but used as a currency, it needs to overcome some hurdles before it gets widespread adoption for purchasing anything. Mainly due to the sometimes high transaction times. That being said, its only use right now is for investors speculating. Like most biotech on the stock market, it can skyrocket or crash down to nothing based on news and hearsay without any correlation with the underlying asset.

[crewskater]

Well, it's nothing more than a pyramid scheme, so it's not a matter of "if" it is manipulated and collapses, but "when" it's going to happen.

Crypto-currencies are not pyramid schemes which leads me to believe you have no idea what you're talking about.

[d00mGuArD]

Well, it's nothing more than a pyramid scheme

It is nothing like a pyramid, how you claim that? based on what

[chazus]

It is nothing like a pyramid, how you claim that? based on what

He's basically saying because the people who got in early/on top win, and the people at the tail end lose. Which... Is not what defines a pyramid scheme. I think he understands it but just doesn't want to say "Ok, its not, but my point still stands"

[Machismo]

It is nothing like a pyramid, how you claim that? based on what

I have literally stated it multiple times.

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Crypto-currencies are not pyramid schemes which leads me to believe you have no idea what you're talking about.

I'm going to go ahead and side with Jamie Dimon and Howard Banks on this one. If you want to invest in an intangible product with massive artificial demand, be my guest. There's money to be made in such ventures, but most people will lose their asses.

[Vash The Stampede]

This. However, Gold is basically another intrinsically worthless commodity used as a currency and that works for 5000+ years.

Remember that episode of Thundercats where Panthro calls Gold junk? Yea, he's not wrong about that. We give gold more value than it deserves. We use some of it in electronics but that's mostly to prevent corrosion. There are better cheaper methods to prevent corrosion.

[crewskater]

I have literally stated it multiple times.

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I'm going to go ahead and side with Jamie Dimon and Howard Banks on this one. If you want to invest in an intangible product with massive artificial demand, be my guest. There's money to be made in such ventures, but most people will lose their asses.

You realize there's more to bitcoin than just investing right? How is there an artificial demand when people use it to buy drugs, gamble, or anything else illegal? If a drug dealer starts using bitcoins late in the game, how is he making less money than a drug dealer who started right away. The prices of the drugs remain the same but the amount of coins used to buy them is the only thing that changes. Have you used bitcoin before or been on the darknet?

[Machismo]

You realize there's more to bitcoin than just investing right? How is there an artificial demand when people use it to buy drugs, gamble, or anything else illegal? If a drug dealer starts using bitcoins late in the game, how is he making less money than a drug dealer who started right away. The prices of the drugs remain the same but the amount of coins used to buy them is the only thing that changes. Have you used bitcoin before or been on the darknet?

Most of the demand behind bitcoin is not for actual usage of purchasing goods, but through currency speculation. At some point, that dealer has to exchange it for real currency that he can spend for everyday usage, and that's where the regressive valuation problem comes into play. Because the supply is arbitrarily limited in such a manner, the value against other currencies is going to be extremely volatile. It also holds no actual backing of any power, so it's only as good as the people who wish to actually use it.

I'm all for the use of cryptocurrency, and think it has a future. The major problem lies with types of algorithms used in determining supply. Those are the fundamental problem.

[kail]

Got one poster with a bugged translator and another who doesn't know what a pyramid scheme is.

[Noomz]

every day every 5h another stupid news story that says bad things about bitcoin than the price drops after 20-40 min of that story stupid things like peoples opinion on it

Isn't it China that's controlling it and just using it for influence?

[crewskater]

Most of the demand behind bitcoin is not for actual usage of purchasing goods, but through currency speculation.

Do you have a source for this? I'd be willing to bet more people use it to purchase instead of investing. Most dealers have a hard time exchanging their money due to money laundering laws(also another reason why it's used) so instead they purchase items with their coins as it becomes more accepted.

[Machismo]

Do you have a source for this? I'd be willing to bet more people use it to purchase instead of investing. Most dealers have a hard time exchanging their money due to money laundering laws(also another reason why it's used) so instead they purchase items with their coins as it becomes more accepted.

It's almost impossible to track bitcoin usage, so there really is no source on this (which is one of the main points of it). What you do have, is information on investments into bitcoin, or its total valuation.

http://www.investopedia.com/tech/how...money-bitcoin/

That's the total valued, but how much of that $41 billion with is in actual circulation, and how much is simply being hoarded as an investment? Honestly, we don't know.

[Lochton]

To be honest, bitcoin is hardly recognised as a business currency at many places.

[Nilinor]

Actually is there a way to make gold now? ... I'll have to look that up.

Yea, just like you can make diamonds too. (Different processes, just mean you can make both).

The main problem is its cost to make is higher than the worth of the end product, so its not really worth it.