Cryptocurrency will go down as the biggest scam of the modern history, never liked the idea as currency. Thinking that it would be the future of currency was tunnel visioning sweet dreams worse than any religion ever.
wrong. how do you think bitcoin is created ? it's not air, it's energy made into a unit of account that can't be duplicated, that works without having to trust any third party, neutral, how about that. it's a computer protocol. my guess is that regular persons with no technical knowledge don't have to bother with this, just like tcp/ip. I think it will mainly be used to allow smart algorithms to manipulate value without having any issue with trust. and then building more things on top and so on, and will play a major role into our technical progress, allowing us to focus on important matter like science, and reduce bureaucracy. let's leave that to cryptographers and computer scientists.
Only total amateurs fell for this bear trap. 4000 was the absolute bottom, we had rock solid support there, you should have bought there. It's accumulating now and in a day or two we will have a golden bull going straight for the moon. Next stop: 100k.
The main value of cryptocurrency is it removed the need for a third party i.e. a bank. Besides being a valuable tool for money laundering. It's not going away.
The wise wolf who's pride is her wisdom isn't so sharp as drunk.
This kind of thread could have been made back in 2012 and in 2014. In those years the exact same thing happened to the price of Bitcoin that is happening now, it's just not easy to see on current price charts since all previous peaks get completely overshadowed by the current peak due to the exponential nature of Bitcoin's price growth.
Here's a timeline I've highlighted using data from Google (searching 'bitcoin price') and this data chart.
2009: Bitcoin is created, it's worthless, but the value slowly increases over the next couple of years.
2011: Price of Bitcoin skyrockets from $1 (in Apr 2011) to $17 (in Jun 2011), a +1600% price increase, it then goes into freefall, losing most of its value within a couple of months then continues a slow long term decline over several months where it reaches a low of $2.5 (in Dec 2011), a mere 14% of it's peak price. It then starts to slowly increase in value again.
2013: Price of Bitcoin skyrockets from $100 (in Oct 2013) to $1200 (in Nov 2013), a +1100% price increase, it then goes into freefall, losing most of its value within a couple of months then continues a slow long term decline over several months where it reaches a low of $200 (in Jan 2015), a mere 17% of its peak price. It then starts to slowly increase in value again.
2017: Price of Bitcoin skyrockets from $3000 (Sep 2017) to $20000 (Dec 2017), a +566% price increase, it then goes into freefall, losing most of its value within a couple of months then continues a slow long term decline over several months where it is now currently $4600 (Nov 2018), a mere 23% of it's peak price.
Will it slowly increase in value again? Will it experience another massive peak a couple of years in the future? I think it's definitely possible, I don't think it's obvious at all what is going to happen to the price of Bitcoin in the future.
After the 2013 crash there were many commentators and economists calling Bitcoin a scam/ponzi/pyramid scheme and that you shouldn't invest into it, yet as we know now that was bad advice. It wasn't necessarily bad advice given the information we had access to at the time (it was probably good advice to be honest), it was just bad advice in hindsight.
Remember, when someone tries to tell you you can make money for literally no effort, it's probably too good to be true.
“Do not lose time on daily trivialities. Do not dwell on petty detail. For all of these things melt away and drift apart within the obscure traffic of time. Live well and live broadly. You are alive and living now. Now is the envy of all of the dead.” ~ Emily3, World of Tomorrow
Words to live by.
Until most vendors accept it, it won’t stabilize.
Until it stabilizes, most vendors won’t accept it.
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Coincidentally, that Horowitz-Salmon Bitcoin wager comes due in February.
Lol for Horowitz.Five years from now, in January, 2019, we’ll poll a representative sample of Americans. If 10 percent or more say they have used bitcoin to buy something in the past month, Ben wins. If it’s fewer than 10 percent, Felix wins.
Help control the population. Have your blood elf spayed or neutered.
Can human evolves out of this seemingly unproductive habit of building computers to "mine" virtual currencies. Even if you don't believe in climate change, this is still wasteful.
Also get rid of the twitter like farm while we are at it.
Good. Maybe I'm being shortsighted or emotional, but I can't see any worthwhile use of blockchain technology that can't be done more simply and efficiently by basically any other method, including just chiseling shit into stone with dull wood stakes.
I'll give you two hundred Raocoin if blockchain tech ever actually does something useful. God. My sister's boyfriend is balls deep in this shit and I've listened to several lectures/videos /sales pitches, and every single time the only thing I can think of is, "okay, but why? Where's the actual advantage you're offering anyone?" Maybe it's a lifetime of working in IT where people just implement shit without actually thinking things through and expect me to pick up the pieces later. I dunno.
Yes. Fiat currency, while paper/cloth/whatever in most reduced terms, is backed by a country's manpower and natural resources in a worst-case scenario. That's something tangible, if possibly. Crypto is digital dust waiting to happen.
Old news, bitcoin has been dead since it dropped from 19k to 6-8k where it has been hovering never increasing for months
blockchain you say? literally no use as it is. maybe you're meaning cryptocurrencies, in which case your answer is trust minimization. but if you're not interested like I said, don't try to bother with this it's like in politics, some are interested, some want to change the world, some don't get it, some literally don't care.
You might want to look at Paul Krugman's record or the record of literally all economists everywhere: no statistically insignificant out-performance of pure chance. They guess, and give each other awards for guessing to validate all the guessing, and talk bullshit on news networks. That's it.
Basically, you are an idiot who accepts the suggestions of authority figures regardless of the evidence.
You and the other idiots also claiming bitcoin is a scam might also observe that is 4400% up on 2011, and made a ton of people millionaires.
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God, someone with a fucking brain. It is like finding a jewel in the desert here.
Worth adding that in 2001 you'd find all the same bullshit artists you see in this thread going on about how amazon or tech companies were just another scam. Mysteriously you never hear from those people any more.