[2015-11-22] Bitcoin - It's A Safe Bet

Chef Ramsay

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Quote from: LiteCoinGuy on November 23, 2015, 04:44:52 AM

Quote from: fair_player on November 22, 2015, 04:26:07 PM

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet
I have come to the conclusion that the chance of it going to zero is nil.

So, why invest only 5% of portfolio?

He says that BTC will not go to zero but it could go to 5 USD Wink

Trollypop (lambcrotch) sighting, can't believe you dignified that with a response. The point remains in a different fashion, if you're young and have working capabilities and smarts, you have a lifetime to recoup losses if it went bust. However, that likelihood is quite rare now so upping bitcoin as a percentage of your port could be safely quite higher. Thanks lamb, I'll keep this one off ignore for 24 hours.

justbitcoins

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Quote from: LiteCoinGuy on November 23, 2015, 04:44:52 AM

He says that BTC will not go to zero but it could go to 5 USD Wink

Bitcoin is a binary bet. If it does not go to $10k in 10 years, it will go to 0. It will be replaced by another more useful coin.

LiteCoinGuy

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In Satoshi I Trust

Quote from: fair_player on November 22, 2015, 04:26:07 PM

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet
I have come to the conclusion that the chance of it going to zero is nil.

So, why invest only 5% of portfolio?

He says that BTC will not go to zero but it could go to 5 USD Wink

AndySt

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Quote from: fair_player on November 22, 2015, 04:26:07 PM

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet
I have come to the conclusion that the chance of it going to zero is nil.

So, why invest only 5% of portfolio?

Because the world still has a lot of things where we can invest. And put all your eggs in one basket is not the best metod Grin

fair_player

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Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet
I have come to the conclusion that the chance of it going to zero is nil.

So, why invest only 5% of portfolio?

FruitsBasket

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Quote from: LiteCoinGuy on November 22, 2015, 04:23:14 PM

Quote from: FruitsBasket on November 22, 2015, 11:25:38 AM

Quote from: tiggytomb on November 22, 2015, 11:20:20 AM

Nice article, bitcoin is pretty neat isn't it. Cannot be hacked and cannot be shut down short of turning the internet of, I think it's safe to say bitcoin will be here for a long time to come.

What if the governemwnnt blocks all bitcoin rekated websites, can we still use bitcoin? Mayby by proxy settings?

which gov? there are hunderds of govs around the world.

and yes, even in that case you can sent and recieve BTC .

Wow, that is very smart. Now I think different about btc, it is a hell of a job to create this, but satoshi did it.
I mean if the gov forbid using btc, what then? Use a proxy?

LiteCoinGuy

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Quote from: FruitsBasket on November 22, 2015, 11:25:38 AM

Quote from: tiggytomb on November 22, 2015, 11:20:20 AM

Nice article, bitcoin is pretty neat isn't it. Cannot be hacked and cannot be shut down short of turning the internet of, I think it's safe to say bitcoin will be here for a long time to come.

What if the governemwnnt blocks all bitcoin rekated websites, can we still use bitcoin? Mayby by proxy settings?

which gov? there are hunderds of govs around the world.

and yes, even in that case you can sent and recieve BTC .

FruitsBasket

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Quote from: tiggytomb on November 22, 2015, 11:20:20 AM

Nice article, bitcoin is pretty neat isn't it. Cannot be hacked and cannot be shut down short of turning the internet of, I think it's safe to say bitcoin will be here for a long time to come.

What if the government blocks all bitcoin related websites, can we still use bitcoin? Mayby by proxy settings?

tiggytomb

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Nice article, bitcoin is pretty neat isn't it. Cannot be hacked and cannot be shut down short of turning the internet of, I think it's safe to say bitcoin will be here for a long time to come.

LiteCoinGuy

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In Satoshi I Trust

Quote from: Denker on November 22, 2015, 08:12:47 AM

Quote from: LiteCoinGuy on November 22, 2015, 07:20:17 AM

Quote from: RustyNomad on November 22, 2015, 06:53:17 AM

Nice article but just one point where the writer is wrong and that is in stating that bitcoin volatility is zero.

His argument is that one bitcoin is worth one bitcoin so no volatility, the volatility comes from the fiat currencies its measured against. If this was the case then one could say that the US dollar and or the Euro also have no volatility as one dollar is equal to one dollar and one euro is equal to one euro.

I get the point he's trying to make but bitcoin is volatile and will remain so for some time to come. Volatility will only decrease once the 'spread' of bitcoin is better meaning more bitcoins in the hands of more people.

yeah that is true. but volatitly is decreasing and when bitcoin has a fair market cap of several hundert millions it will be alot more stable.

you can find some nice Charts here:

https://forum.bitcoin.com/post683.html#p683

I guess you mean several hundred billions buddy!! Wink

The time where Bitcoin was worth hundred millions is over since a few years.
A pitty I hadn't around in Bitcoinspace at that time.

you got me there

aso118

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Quote from: RustyNomad on November 22, 2015, 06:53:17 AM

Nice article but just one point where the writer is wrong and that is in stating that bitcoin volatility is zero.

His argument is that one bitcoin is worth one bitcoin so no volatility, the volatility comes from the fiat currencies its measured against. If this was the case then one could say that the US dollar and or the Euro also have no volatility as one dollar is equal to one dollar and one euro is equal to one euro.

I get the point he's trying to make but bitcoin is volatile and will remain so for some time to come. Volatility will only decrease once the 'spread' of bitcoin is better meaning more bitcoins in the hands of more people.

Yes, he talks about volatility being zero, and then immediately says that Bitcoin's value will increase every year.
The point he is trying to make is belaboured.

Denker

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Quote from: LiteCoinGuy on November 22, 2015, 07:20:17 AM

Quote from: RustyNomad on November 22, 2015, 06:53:17 AM

Nice article but just one point where the writer is wrong and that is in stating that bitcoin volatility is zero.

His argument is that one bitcoin is worth one bitcoin so no volatility, the volatility comes from the fiat currencies its measured against. If this was the case then one could say that the US dollar and or the Euro also have no volatility as one dollar is equal to one dollar and one euro is equal to one euro.

I get the point he's trying to make but bitcoin is volatile and will remain so for some time to come. Volatility will only decrease once the 'spread' of bitcoin is better meaning more bitcoins in the hands of more people.

yeah that is true. but volatitly is decreasing and when bitcoin has a fair market cap of several hundert millions it will be alot more stable.

you can find some nice Charts here:

https://forum.bitcoin.com/post683.html#p683

I guess you mean several hundred billions buddy!! Wink

The time where Bitcoin was worth hundred millions is over since a few years.
A pitty I hadn't around in Bitcoinspace at that time.

LiteCoinGuy

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In Satoshi I Trust

Quote from: RustyNomad on November 22, 2015, 06:53:17 AM

Nice article but just one point where the writer is wrong and that is in stating that bitcoin volatility is zero.

His argument is that one bitcoin is worth one bitcoin so no volatility, the volatility comes from the fiat currencies its measured against. If this was the case then one could say that the US dollar and or the Euro also have no volatility as one dollar is equal to one dollar and one euro is equal to one euro.

I get the point he's trying to make but bitcoin is volatile and will remain so for some time to come. Volatility will only decrease once the 'spread' of bitcoin is better meaning more bitcoins in the hands of more people.

yeah that is true. but volatitly is decreasing and when bitcoin has a fair market cap of several hundert millions it will be alot more stable.

you can find some nice Charts here:

https://forum.bitcoin.com/post683.html#p683

Kprawn

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Quote from: Denker on November 22, 2015, 07:02:42 AM

Quote from: FruitsBasket on November 22, 2015, 06:11:38 AM

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet

Most people are unsure about this new technology and like any new disruptive technology seeds of fear and distrust are sowed by the incumbent players. Up to now the prudent advise is not to invest more than 5% of your portfolio, as one bitcoin may have the potential to be worth a million dollars or it can go to ZERO. Over the two years that I have been immersed in this technology, I have come to the conclusion that the chance of it going to zero is nil.

http://bitcoinandtheblockchain.blogspot.co.nz/2015/11/bitcoin-its-safe-bet.html

Cool article, I read that banks, governments treid to break bitcoin but did not succes, is btc really so string that no hacker can ruin it?

Good job Satoshi

Indeed that was a great read. And yes to break Bitcoin you need to hack it's algo, sha-256.
Furthermore Bitcoins hash rate is enormous. Therefore it is the best and safest digital vault you can have.

Furthermore, if Sha-256 is hacked, most financial systems / credit cards / secure sites on the internet will be hacked too.. because many of them use Sha-256 too.

Extra info : http://www.integrigy.com/files/Integrigy_Hashing_Credit_Card_Numbers_Unsafe_Practices.pdf

I am not worried about the private keys being hacked, because I think it's virtually impossible... I am more worried about the security of the 3rd party services being used

by many people. {Coinbase / exchanges / gambling sites.. etc. etc.}

The link posted, summarized most of the fears people have, and also debunked most of these myths. Grin

1Referee

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Quote from: RustyNomad on November 22, 2015, 06:53:17 AM

Nice article but just one point where the writer is wrong and that is in stating that bitcoin volatility is zero.

His argument is that one bitcoin is worth one bitcoin so no volatility, the volatility comes from the fiat currencies its measured against. If this was the case then one could say that the US dollar and or the Euro also have no volatility as one dollar is equal to one dollar and one euro is equal to one euro.

I get the point he's trying to make but bitcoin is volatile and will remain so for some time to come. Volatility will only decrease once the 'spread' of bitcoin is better meaning more bitcoins in the hands of more people.

A lot of the early adopters are hard believers of Bitcoin's future, which will make them hold on to their coins for plenty of more years. As long as they don't decrease the amount of coins they have by seling, we won't see the stability becomming less in the comming years, and we also won't see the coin spread get better.

I consider Bitcoin as being one of the safest investments with all the potential that it has. How can some one even not see this potential.

Denker

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Quote from: FruitsBasket on November 22, 2015, 06:11:38 AM

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet

Most people are unsure about this new technology and like any new disruptive technology seeds of fear and distrust are sowed by the incumbent players. Up to now the prudent advise is not to invest more than 5% of your portfolio, as one bitcoin may have the potential to be worth a million dollars or it can go to ZERO. Over the two years that I have been immersed in this technology, I have come to the conclusion that the chance of it going to zero is nil.

http://bitcoinandtheblockchain.blogspot.co.nz/2015/11/bitcoin-its-safe-bet.html

Cool article, I read that banks, governments treid to break bitcoin but did not succes, is btc really so string that no hacker can ruin it?

Good job Satoshi

Indeed that was a great read. And yes to break Bitcoin you need to hack it's algo, sha-256.
Furthermore Bitcoins hash rate is enormous. Therefore it is the best and safest digital vault you can have.

FruitsBasket

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Quote from: LiteCoinGuy on November 22, 2015, 06:42:04 AM

Quote from: FruitsBasket on November 22, 2015, 06:11:38 AM

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet

Most people are unsure about this new technology and like any new disruptive technology seeds of fear and distrust are sowed by the incumbent players. Up to now the prudent advise is not to invest more than 5% of your portfolio, as one bitcoin may have the potential to be worth a million dollars or it can go to ZERO. Over the two years that I have been immersed in this technology, I have come to the conclusion that the chance of it going to zero is nil.

http://bitcoinandtheblockchain.blogspot.co.nz/2015/11/bitcoin-its-safe-bet.html

Cool article, I read that banks, governments treid to break bitcoin but did not succes, is btc really so string that no hacker can ruin it?

Good job Satoshi

one part of the answer:

https://www.youtube.com/watch?v=ZloHVKk7DHk

Cool video! He really explains it well and give good comparisions.
I did not know how btc was secured, now i know to hack 1 private key u have 1in175million chanches and u need to hack with all computers on earth for 100 years :p

RustyNomad

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Nice article but just one point where the writer is wrong and that is in stating that bitcoin volatility is zero.

His argument is that one bitcoin is worth one bitcoin so no volatility, the volatility comes from the fiat currencies its measured against. If this was the case then one could say that the US dollar and or the Euro also have no volatility as one dollar is equal to one dollar and one euro is equal to one euro.

I get the point he's trying to make but bitcoin is volatile and will remain so for some time to come. Volatility will only decrease once the 'spread' of bitcoin is better meaning more bitcoins in the hands of more people.

LiteCoinGuy

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Activity: 1148

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In Satoshi I Trust

Quote from: FruitsBasket on November 22, 2015, 06:11:38 AM

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet

Most people are unsure about this new technology and like any new disruptive technology seeds of fear and distrust are sowed by the incumbent players. Up to now the prudent advise is not to invest more than 5% of your portfolio, as one bitcoin may have the potential to be worth a million dollars or it can go to ZERO. Over the two years that I have been immersed in this technology, I have come to the conclusion that the chance of it going to zero is nil.

http://bitcoinandtheblockchain.blogspot.co.nz/2015/11/bitcoin-its-safe-bet.html

Cool article, I read that banks, governments treid to break bitcoin but did not succes, is btc really so string that no hacker can ruin it?

Good job Satoshi

one part of the answer:

https://www.youtube.com/watch?v=ZloHVKk7DHk

FruitsBasket

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Activity: 1232

Merit: 1017

Quote from: LiteCoinGuy on November 22, 2015, 06:02:59 AM

Bitcoin - It's A Safe Bet

Most people are unsure about this new technology and like any new disruptive technology seeds of fear and distrust are sowed by the incumbent players. Up to now the prudent advise is not to invest more than 5% of your portfolio, as one bitcoin may have the potential to be worth a million dollars or it can go to ZERO. Over the two years that I have been immersed in this technology, I have come to the conclusion that the chance of it going to zero is nil.

http://bitcoinandtheblockchain.blogspot.co.nz/2015/11/bitcoin-its-safe-bet.html

Cool article, I read that banks, governments treid to break bitcoin but did not succes, is btc really so string that no hacker can ruin it?

Good job Satoshi

Topic: [2015-11-22] Bitcoin - It's A Safe Bet (Read 906 times)