Bitcoin goes parabolic. Are you in?
- Thread starter Boston.Knight
- Start date
I downloaded a mining program back in 09, did the cost benefit analysis of mining vs electricity cost for my computer and it wasn't quite worth it, of course I did not factor in exponential growth of the price of Bitcoin. Still kicking myself over that.
What is mining? Is it the mechanism for gradual sustained growth of the money supply? I know the big advantage to bitcoin is that monetary supply can't be manipulated, so I'm curious.
Yeah it's how bitcoins are "discovered". I haven't looked it up in 8 years but from what I remember there are a finite supply of bitcoins that are "mines" by computers. Back in the day it was relatively easy number crunching, but it has gotten exponentially more difficult (by design) to mine them. So back then you could conceivably mine a few bit coins with a high end PC, now they make dedicated mining supercomputers.
I saw a shady bitcoin ATM-ish machine at a strip mall in Smyrna, ga. What is that? It was in a weird location out if plain site.
Bitcoin addresses the manipulation of monetary supply by fixing the rate of expansion. By doing so it has no recourse in handling changes in demand which effectively reduces purchasing power. If it was more widely accepted, the demand would be more stable and subsequently the purchasing power would be more stable. It's not a real alternative at this moment, but that's not to say it won't be in the future. I've heard there's real benefits to non-government backed currency, but I have yet to do any real reading on the subject. There was an Econtalk episode on the topic (and the Fed in general) that was pretty interesting.
It's a way to get BTC with a debit/credit card. Right now, it's realllllly hard to be able to do so. There are very few sites that allow it and the ones that do charge pretty high fees and you have to get verified (photo ID, etc.).
I was thinking about putting a small amount of money into some lesser known cryptos this week (Factom, LiteCoin) but it's been such a pain to even get some, I've pretty much given up. All the sites that allow you to get coin with $$ are so overloaded right now, they barely work.
The vast majority of darkweb transactions (drugs, guns, etc.) are still done in dollars, or other local currency. The fluctuation of Bitcoin value means little to those people because they still charge/pay the same dollar amount, just paid for in fractions of Bitcoin. Unless, of course, somebody purchased their Bitcoins in bulk at some period in the past.
Instant Bitcoin transactions are a major pain in the ass. They usually involve verifying identity, and making a cash deposit into a bank account not knowing who the owner is and trusting they will transfer the Bitcoins to you after they have your cash.
There are slower methods using Paypal, but those take a few days and the money can sit in escrow to protect the buyer.
The Asians don't seem to be done partying yet. 2300 USD has held 4 times now. I think it's going at least one more leg higher. Already at $4K in South Korea.
Don't forget, we have a stock market with $13 Trillion of central bank stimulus floating around, where speculators bid up bankrupt stocks from 5 cents to $21/sh on no news.
My theory is that it is so high because it is getting a lot of media attention...if people start moving their attention elsewhere, it'll drop back down to $10k.
If you can predict where people are going to place their attention in 6 months, you can get really rich at anything
If you can predict where people are going to place their attention in 6 months, you can get really rich at anything
It maybe being overpriced is completely different than fundamentally not getting crypto or thinking the only use is for criminals.
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How can it be overpriced? It's value is nothing more than what people are willing to spend on it. I'm sure it will come down, but this is a totally different investment than any other we've ever seen.
Faith. I know that isn't a reassuring response but that's the reality of fiat currency. Cryptocurrency is literally nothing more than imagination and dreams. Yeah, you may have 50 billion dollars worth of bitcoin, but if you don't have internet access what's it worth?
Just as a heads up you are debating with an actual moron. He has no use to society, and is so goddamn stupid he makes flat earthers look like Einstein.
