bitcoin price manipulation

[TheDestinatus]

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.

People don't like it for technological uses, if they did oil would be vastly more expensive than it is. They like it because its shiney. Thats why they liked it in the beginning and thats why they like it now.

[chazus]

People don't like it for technological uses, if they did oil would be vastly more expensive than it is. They like it because its shiney. Thats why they liked it in the beginning and thats why they like it now.

That's... not actually why. It has nothing to do with being shiny, or pretty. It has to do with its properties.

[Independent voter]

One thing that devalues bitcoin in my mind is all the new crypto currencies out there. Etherium is one but there are many others and there are new currencies created all the time. The new currencies are just like bitcoin only bitcoin was first I guess.

[chazus]

One thing that devalues bitcoin in my mind is all the new crypto currencies out there. Etherium is one but there are many others and there are new currencies created all the time. The new currencies are just like bitcoin only bitcoin was first I guess.

Yes and no. There are others, and some of them are 'trying to be the new bitcoin' while others are doing something different. Ethereum is different in design and code. It's not just 'another bitcoin'. Different markets, audience, protocol, security, and use.

If anything, Bitcoin will eventually die and Ethereum will become the actual useful standard.

[Lumineus]

Sounds about right for your average "bit coin" supporter, though.

Well, your typical daytrader doesn't fully type "bought" in realtime chat because it has too many characters, so yeah, probably. The question is why his device is "correcting" it since "bot" is still a valid word.

[Mistame]

Well, your typical daytrader doesn't fully type "bought" in realtime chat because it has too many characters, so yeah, probably. The question is why his device is "correcting" it since "bot" is still a valid word.

Doesn't matter. There's no excuse for bad or lazy typing.

[Vash The Stampede]

One thing that devalues bitcoin in my mind is all the new crypto currencies out there. Etherium is one but there are many others and there are new currencies created all the time. The new currencies are just like bitcoin only bitcoin was first I guess.

Eventually the other cryptocurrencies will vanish leaving only 2-3 dominant ones. Even BurgerKing is creating a cryptocurrency. Cryptocurrency is hard to devalue. It's value is based on the need to rent out your PC to crunch numbers. The moment we find a better and cheaper way to do it, then cryptocurrency might die. Maybe something like Quantum Computing if done cheaply. But by the time Quantum Computing is a thing then cryptocurrencies would have established themselves. Not many currencies can be used around the world like crypto's. And because these currencies aren't tied to one country, it makes it very hard for a disaster or catastrophe to plummet its value. So there's definitely a future for them.

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People don't like it for technological uses, if they did oil would be vastly more expensive than it is. They like it because its shiney. Thats why they liked it in the beginning and thats why they like it now.

There's lots of metals that look like gold. Gold is usually mixed with copper to make it stronger and cause copper is cheap.

[Underverse]

Bitcoin is the first. The first of anything often fails. Other cryptocurrencies have already learned from Bitcoin's failures, and will continue to do so. Ethereum may well be Bitcoin's successful successor, though the two are fundamentally a bit different.

[Holofernes]

No they can't. Not anymore.
Bitcoin was created on technology many don't understand even today. This is why so many here are shitting on it. They don't understand. People fear what they don't understand.
There's so much money and technology being poured into this that it's not going away.
Banks and governments are against it because they know it's a threat to the current system. But you can't shut down Bitcoin. In Japan for example, it's completely legal to use Bitcoin.
People need to understand that cryptocurrency is here to stay. Altcoins are taking off as well. This is the change many of us wanted. It's the digital revolution.

omg what retards are here in this forum....

bitcoins are valuable to criminals, because it is used to do their money laundry. U want to know how north korea gets the Dollars to import new stuff for the next H-Bomb? well they use bitcoins. IS does the same, they use bitcoins for their money-laundry and for international operations.

The sooner this filth gets tried out the better. And i live in a country where it is absolutely legal to trade bitcoins, but what is the real reason to use a unsupported currency?

Whos name , which economy guaranties its worth? On a Pound note, the queen of englend does. For the euros, its the boss of the ezb that signs the note. These are real documents with a real value, because someone is guaranteeing it.

Now whats a bitcoin? a series of numbers stored on a electromagnetic device. Have electricity fall out on the storage servers. Have a big ass sunstorm thats 10 fold the one we are used to. And your number is gone. Bitcoin is just a hype stuff. Math coins are like Prime numbers. They are endless, and steady progress in the machines that calculate them out will make them more and more common.

In most countrys in the world, bitcoin mining is a loss if u consider its energy costs. What a great currency, where u spent more dollar on "mining" than the outcome is actually worth, thats the real currency of the future. LOl at all those retards.

Probably americans with creditcards.

(Infracted) ~ Minor Flaming

[chazus]

bitcoins are valuable to criminals, because it is used to do their money laundry. U want to know how north korea gets the Dollars to import new stuff for the next H-Bomb? well they use bitcoins. IS does the same, they use bitcoins for their money-laundry and for international operations.

You know what criminals and terrorists use even more than Bitcoin? US Dollars. This entire statement has no meaning just because bad people use it. Bad people use everything.

but what is the real reason to use a unsupported currency?

There's a LOT of reasons, actually.

Now whats a bitcoin? a series of numbers stored on a electromagnetic device.

Incorrect

Have electricity fall out on the storage servers. Have a big ass sunstorm thats 10 fold the one we are used to. And your number is gone.

Incorrect

In most countrys in the world, bitcoin mining is a loss if u consider its energy costs.

Incorrect (though, the up front hardware investment is a barrier)

[Strawberry]

omg what retards are here in this forum....

bitcoins are valuable to criminals, because it is used to do their money laundry. U want to know how north korea gets the Dollars to import new stuff for the next H-Bomb? well they use bitcoins. IS does the same, they use bitcoins for their money-laundry and for international operations.

The sooner this filth gets tried out the better. And i live in a country where it is absolutely legal to trade bitcoins, but what is the real reason to use a unsupported currency?

Whos name , which economy guaranties its worth? On a Pound note, the queen of englend does. For the euros, its the boss of the ezb that signs the note. These are real documents with a real value, because someone is guaranteeing it.

Now whats a bitcoin? a series of numbers stored on a electromagnetic device. Have electricity fall out on the storage servers. Have a big ass sunstorm thats 10 fold the one we are used to. And your number is gone. Bitcoin is just a hype stuff. Math coins are like Prime numbers. They are endless, and steady progress in the machines that calculate them out will make them more and more common.

In most countrys in the world, bitcoin mining is a loss if u consider its energy costs. What a great currency, where u spent more dollar on "mining" than the outcome is actually worth, thats the real currency of the future. LOl at all those retards.

Probably americans with creditcards.

Wow you're quite dumb and it's proven because you have no clue what you're talking about.

I live in a almost cashless society. I haven't used cash in at least 10 years. All my money is just a bunch of numbers stored on a bank account. Hell I've even ditched paying with my card and just use my phone.
So by your dumb ass logic, all my money would be gone in a sunstorm. Wow you're dumb as fuck.

Bitcoin (and altcoins) can be stored in online wallets, exchanges, USB sticks, and paper. Yes, you can store cryptocurrency on a piece of paper, and it will only exist there.
Bitcoins and many altcoins are not limitless. In fact, currently it's about 16.000.000 Bitcoins out there, and the max amount there will be is 21.000.000, but reaching that won't happen for another 5+ years.
I'm mining in a country with quite high electricity (comparable to $0.20/kwh), and it's STILL quite profitable.
If you had ANY clue about cryptocurrency you wouldn't open that shitty mouth of yours.
Next time do some research before being so confident, but I guess googling stuff would probably be too challenging for your intellect.

[Mister K]

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

Love it. I love the dips, I buy more then HAHA. Same for WTC, LTC and Eth. I also love wannabe traders that sell when it dips. #ibuyyourdipsandmakemoremoneythanks

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Wow you're quite dumb and it's proven because you have no clue what you're talking about.

I live in a almost cashless society. I haven't used cash in at least 10 years. All my money is just a bunch of numbers stored on a bank account. Hell I've even ditched paying with my card and just use my phone.
So by your dumb ass logic, all my money would be gone in a sunstorm. Wow you're dumb as fuck.

Bitcoin (and altcoins) can be stored in online wallets, exchanges, USB sticks, and paper. Yes, you can store cryptocurrency on a piece of paper, and it will only exist there.
Bitcoins and many altcoins are not limitless. In fact, currently it's about 16.000.000 Bitcoins out there, and the max amount there will be is 21.000.000, but reaching that won't happen for another 5+ years.
I'm mining in a country with quite high electricity (comparable to $0.20/kwh), and it's STILL quite profitable.
If you had ANY clue about cryptocurrency you wouldn't open that shitty mouth of yours.
Next time do some research before being so confident, but I guess googling stuff would probably be too challenging for your intellect.

Even with limited amount of Bitcoins, Bitcoins can be divided multiple times all the way to the atomic level. Deflation is bound to happen. Also we will always have the need for miners due to the processing of fees, however these will eventually be done by server farms rather than individuals as it becomes less profitable for the current consumer hardware.

- - - Updated - - -

Bitcoin is the first. The first of anything often fails. Other cryptocurrencies have already learned from Bitcoin's failures, and will continue to do so. Ethereum may well be Bitcoin's successful successor, though the two are fundamentally a bit different.

Possibly but maybe the big adoption is going to keep here for a while. Ethereum could be but the name is terrible.

Bitcoin
Litecoin
Ethereum
OmiseGO
Walton with the RFID intergration

are currently where my investments are. Maybe Satoshi is working on the next revision of Bitcoin, with the data that he could collect now, he could potentially improve upon this. Unless Satoshi (if he is a person) is dead and Bitcoin was his way out of this world.

[Strawberry]

Even with limited amount of Bitcoins, Bitcoins can be divided multiple times all the way to the atomic level. Deflation is bound to happen. Also we will always have the need for miners due to the processing of fees, however these will eventually be done by server farms rather than individuals as it becomes less profitable for the current consumer hardware.

Well, it has not been profitable to mine with GPUs for a while now, all Bitcoin mining is being done by ASICs, and mainly by huge farms in north China as electricity there is very cheap.

[Mister K]

Well, it has not been profitable to mine with GPUs for a while now, all Bitcoin mining is being done by ASICs, and mainly by huge farms in north China as electricity there is very cheap.

Yes that's correct, still, as I said, mining is going to be very important to processes the massive amounts of transactions.

[Ripster42]

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?

Bitcoin isn't worth $4300 because you can buy illegal stuff with it. The artificial demand is people buying it to hoard it as an investment with zero intention of using it as a currency. A nation-backed regulated currency wouldn't have allowed such massive deflation of its currency.

Bitcoins are innately different from a pyramid scheme, but Machismo makes some good points in how they're vaguely similar. It's a misnomer to imply that cryptocurrencies are a problem by design, though. It's not the concept's fault that people abuse it the way they do.

We've learned this lesson though. Currencies that aren't regulated open themselves up to abuse and manipulation. Having a stable currency was the original reason for setting up currency regulators. Throwing currency regulation out the window, by concept, leaves the currency open to much broader swings from bad faith manipulation. The history of currency manipulation is a long one. The fact that we've had a regulated stable currency for so long, apparently made people forget that it's a major issue when you're trying to actually use a currency that's not regulated for its intended purpose.

Just so we're clear, currency manipulation is illegal, at least with respect to regulated currencies. Bitcoin, because of the way it's designed, and the anonymity involved in that design, avoids any real attempt at holding manipulators to account.

We've had centuries of examples of what happens (ranging from hoarding and counterfeiting to backroom deals that set exchange rates) when you don't have a regulatory body overseeing currencies. Currency is the most profitable thing in the world to manipulate. Not recognizing that fact (or, possibly, knowing it and taking advantage of it) and accounting for it when setting up a currency means that you can absolutely blame its concept.