BitCoin grows like crazy

[gushDH]

Funny thing how bitcoin grew like 30% in the last month, and people say it's crazy.

At the same time, IOTA, another cryptocurrency, grey 200% in the last month, but no one talks about it. Lmao indeed.

[Deleted]

Is mining them still a thing?
Obviously my setup isn't that good for mining but would the mining give more money than lets say, electricity costs for mining?
Sadly enough regular work is almost impossible for me and I don't have the skills to earn money by doing something at home

As long as BTC is a thing, mining is a thing. However long story short: don't bother, it's not worth the effort.

[Fitsu]

No not really. It’s a theory based system and it’s a theory that has held for now. Bitcoins value is determined by bitcoin.

As far as I understood it, Bitcoins value is determined by supply & demand. I understand what your saying in regards to the fact it's not backed by anything making it a riskier investment than say investing into a company or simply holding real currency, but I don't see it as a "scam". It's simply an idea, a company is also just an idea that could crash or could go massive, investments are a risk and the bigger the possible return the more risk you take. Future technologies and ideas come faster and faster these days, bitcoin could crash due to multiple problems that can occur on the way or it could work and become massive... Only time will tell.

[tkioz]

It amuses me when people talk about Bitcoin as a currency, yeah technically it is, but its not being traded like one. It's being traded a commodity . Think about it, what can you actually but with this currency? Can you buy a meal? A tank of petrol?

It's going to tank so hard in the near future it will make the tulip crash look like a minor blip.

Which is a pity really, I'm a fan of cryptocurrencies and having the biggest name spike isn't going to help matters at all.

[Doctor Amadeus]

BitCoin price is affected by supply and demand. Holy shit mmo-champion's programmists should work on new AI posting system, such as if certain post exceeded certain level of stupidity, it is auto-removed.

https://www.quora.com/How-does-Bitco...-fall-and-rise
https://www.quora.com/How-does-suppl...ork-in-Bitcoin

Yep a demand and price set by bitcoin because it’s not backed by anything because it’s a crypto scam.

[Mifuyne]

As long as BTC is a thing, mining is a thing. However long story short: don't bother, it's not worth the effort.

Just looked it up on google, without hardware specially made for mining it's useless.

[Strawberry]

You mean the 7 years that it was hovering beneath 1000 dollars, to in one year expanding into the 10,000?

Yeah that is usually the sign of a bubble

So it Went x10-x15 in a year? It's not like it didn't happen before, it was just lower value.
Its value is directly connected to its usefullness. It has become more useful lately and therefore its value increases. Most people don't buy it blindly. You can actually use it.

1. 8 Years is not a lot of time for what you are suggesting
2. Yes the creator of bit coin is unknown
3. For now bitcoin is being accepted by vendors so are lots of other forms of currency.

In a world of crypto it's a very long time.
All this anti-crypto propaganda is coming from old wall street wolves who don't understand crypto. Those people who abused the system 40 years ago did it because people before them didn't understand the system so it made them rich. Now it's them not understanding the system and shitting on it because of it.
Let's not go down that road. Let crypto change the world. I'm done waiting and allowing the few selected "elite" to control everything. The control is slipping out of their hands. This frightens them.

[Deleted]

Just looked it up on google, without hardware specially made for mining it's useless.

Yes pretty much!

[Doctor Amadeus]

As far as I understood it, Bitcoins value is determined by supply & demand. I understand what your saying in regards to the fact it's not backed by anything making it a riskier investment than say investing into a company or simply holding real currency, but I don't see it as a "scam". It's simply an idea, a company is also just an idea that could crash or could go massive, investments are a risk and the bigger the possible return the more risk you take. Future technologies and ideas come faster and faster these days, bitcoin could crash due to multiple problems that can occur on the way or it could work and become massive... Only time will tell.

Ultimately time will tell I’m calling it a scam because people are spending money for nothing.

[Deleted]

Lol, I started putting in money into bitcoin and ethereum a few months ago and got more than twice back so far. It's a VOLATILE currency. Sure be an old granpa about change. Federal reserve? Hah, why can't we just go back to trading with goods and services. Rare material such as silver and gold? Who needs money anyway it's not WORTH anything unless everyone accept it. Guess what? Bitcoin and more currencies are being widely accepted lately. Doesn't mean it will be here in 20 years from now. But it means you can earn a lot if you wish...

BTW it's the SAME thing with gold, silver, diamonds. It's worth is also made up by us. You believe a diamond is worth a ton but then again... isn't it almost only one company in the world controlling the diamond price?

It has origins in being useful such as making tools and in modern time we use diamond for cutting(?) etc. But in the end, nothing is worth anything unless you believe it is. Congratulations on not understanding this. Welcome to the world of mankind. Supply and demand. If people want it = it's going to be worth a lot. Same story with everything from horses, gold, diamonds, human organs, bitcoin, you name it!

Thanks for an entertaining thread.

[markos82]

You can't just unload them. Real or crypto money, stealing it is still a crime and good luck laundering $70+mil and converting it to fiat.

Kinda nope, if the government doesnt recognize it as a legal way of paying for things then its not a crime. Its the same thing if someones steals your wow gold perhaps even less since you wanna make money from them and dont wanna pay tax when buying or selling something...

[Deleted]

Ultimately time will tell I’m calling it a scam because people are spending money for nothing.

You cannot spend money for nothing. If you SPEND money, you get something in return.

http://www.dictionary.com/browse/spend

[Deleted]

Ultimately time will tell I’m calling it a scam because people are spending money for nothing.

Except friends of mine have already cashed out tens of thousands of euro worth? How were they 'scammed'?

EDIT: And that was 2-3 years ago. if they waited til now they'd have cashed out 10x more.

[Doctor Amadeus]

So it Went x10-x15 in a year? It's not like it didn't happen before, it was just lower value.
Its value is directly connected to its usefullness. It has become more useful lately and therefore its value increases. Most people don't buy it blindly. You can actually use it.



In a world of crypto it's a very long time.
All this anti-crypto propaganda is coming from old wall street wolves who don't understand crypto. Those people who abused the system 40 years ago did it because people before them didn't understand the system so it made them rich. Now it's them not understanding the system and shitting on it because of it.
Let's not go down that road. Let crypto change the world. I'm done waiting and allowing the few selected "elite" to control everything. The control is slipping out of their hands. This frightens them.

No it’s not anti anything I’m not on Wall Street, but I know what a scam is even if the long game is a 8 year setup. Nothing gives Bitcoin value other than Bitcoin.

- - - Updated - - -

You cannot spend money for nothing. If you SPEND money, you get something in return.

http://www.dictionary.com/browse/spend

Nope you can spend money on anything you want. Psychics pyramid schemes Tai Lopez books and

[Mifuyne]

Don't have any starting capital or knowledge on these kind of things so it's best for me to just..walk away!

[markos82]

It will crash soon when people realize that one transaction costs them more than electricity for a week. Bitcoins' big success is its biggest flaw.

You can set the transaction fee if you are using exchange sites and if you think that ppl ( who use BTC ) are worried about that, then you are not very smart. paying 1% and in most cases even less is nothing if you wanna stay anonymous, dont pay tax and just get money for selling something illegal.

[Deleted]

No it’s not anti anything I’m not on Wall Street, but I know what a scam is even if the long game is a 8 year setup. Nothing gives Bitcoin value other than Bitcoin.

[Doctor Amadeus]

Except friends of mine have already cashed out tens of thousands of euro worth? How were they 'scammed'?

EDIT: And that was 2-3 years ago. if they waited til now they'd have cashed out 10x more.

Well this one time I bought gas at th chevron with a gas card, can bit coin do that. Or get me the decoder ring at Dave & Busters like my prize card can?

[Strawberry]

No it’s not anti anything I’m not on Wall Street, but I know what a scam is even if the long game is a 8 year setup. Nothing gives Bitcoin value other than Bitcoin.

- - - Updated - - -



Nope you can spend money on anything you want. Psychics pyramid schemes Tai Lopez books and

Wait, wouldn't that logic be applied to $ € £ as well? It's money so it's valuable?

[Deleted]

The cryptocurrency market have grown A LOT this year, it have become more accessible to people and more people are interested in buying into it to make some quick cash, as the market is so incredible unstable and fluxuates a lot in a short time.

Most people buying into Bitcoin, ether, Bitcoin cash, litecoin, dash etc. are only doing it to hold them, with no intention of actually using them or trading them, they're in it only for the long term investments.
Right now it's creating a huge demand and makes the value artificially high, and as it keeps rising more people will want to join in until at some point the market will be saturated and the majority of people who have bitcoin are holders, in which the market will crash as the actual value of bitcoin is MUCH lower than was actually thought as the value is mostly controlled by demand.