It's taken you this long to leave? Where are you trying to sell out, a flea market?
The local farmer's market. They have some awesome magic beans I got for a discount because bitcoin.
Topic: I'm fucking out. bitcoin will be over soon..confirmed. - page 3. (Read 13132 times)
The local farmer's market. They have some awesome magic beans I got for a discount because bitcoin.
It's taken you this long to leave? Where are you trying to sell out, a flea market?
Bitcoin's value needs to be compared to complete financial networks. Whatever it's current price is, reflects that value plus or minus any irrationality in the markets. The wisdom of crowds is a very relevant factor in determining correct value:
...And gives credence to this:
https://www.youtube.com/watch?v=WdrSP0V-KLg
...And gives credence to this:
Until there is a fundamental problem with the technology or protocol I'm sticking with bitcoin. Price movement alone is not a reason to give up on technology that solves real problems - international transactions and ending chargebacks. Though I agree, if you speculated, it can be wise to get out with something.
Good Luck!
Good Luck!
https://www.youtube.com/watch?v=WdrSP0V-KLg
Until there is a fundamental problem with the technology or protocol I'm sticking with bitcoin. Price movement alone is not a reason to give up on technology that solves real problems - international transactions and ending chargebacks. Though I agree, if you speculated, it can be wise to get out with something.
Good Luck!
Good Luck!
the more i see work for bitcoins and market of bitcoins not just convertions i see that even low price like 300 dollars per piece its like good for trade and jobs and work and internet and fast ttrransctions and ddecentrilization bit coin its goin to be like for decades the best coin even better than alt coins soorry to disagree again with the opinion of oobituary very muchclose to not going to die.
Did you f*** out when Wall Street gapped down huge ?
Then yes time to. But if you didn't; way to go.
Writing obituaries for a game-changer are meaningless. The payments & currency landscape changed five years ago for good; the changes are never gonna get rolled back. It will only evolve towards better efficiency, security, usability.....
Then yes time to. But if you didn't; way to go.
Writing obituaries for a game-changer are meaningless. The payments & currency landscape changed five years ago for good; the changes are never gonna get rolled back. It will only evolve towards better efficiency, security, usability.....
the fact of the mined coins are more difficult to be mined
That's incorrect. Whether or not new coins are more difficult to mine than the previous ones, only depends on how many people are mining (and how fast their computers are). If some people stop mining (because it's not profitable for them), it will become easier to mine new coins.
i belive that the fact of the mined coins are more difficult to be mined it will incresse the bitcoin value and it can be used to do paypal direct and apple uses for buy direct.
the only thing that worries me is the fact of the mining coins can only be 21 million and already 13 or 14 millions mine in 4 years this rate even degrading it can be like more 6 years and all the coins weill be mined but i belive btc will rise due to rarity
I believe the supply will only be cut off circa 2140. So no need to worry, we'll be dead before bitcoin will have to depend on rarity and/or market value.
The supply will cut off in 2140 but 99% of the bitcoins will be mined by 2032 and 90% of the bitcoins by 2022. It is not a problem since the current holders will sell and use theirs bitcoins as they need some fiat or some products. They will sell more as the price rises and they will lend the bitcoins as they want some return on their asset.
the only thing that worries me is the fact of the mining coins can only be 21 million and already 13 or 14 millions mine in 4 years this rate even degrading it can be like more 6 years and all the coins weill be mined but i belive btc will rise due to rarity
I believe the supply will only be cut off circa 2140. So no need to worry, we'll be dead before bitcoin will have to depend on rarity and/or market value.
the only thing that worries me is the fact of the mining coins can only be 21 million and already 13 or 14 millions mine in 4 years this rate even degrading it can be like more 6 years and all the coins weill be mined but i belive btc will rise due to rarity
I think high volatility, defined as high dispersion is not good. That is, if the market had total certainty that the Bitcoin will reach $ 10,000 in five years, its current price, right now, would be approximately $ 9,980 negligible volatility .
If there is volatility is mainly by uncertainty about the future of the asset or illiquidity.
If there is volatility is mainly by uncertainty about the future of the asset or illiquidity.
Just because the price is going down? Many stocks go down then recover especially when they are stocks of a new high tech company. Bitcoin is still in business!
It is not meant to be none, at least from the start:
Quote
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
It might resemble a currency, but a currency is more than some stuff you can use to buy other stuff
Actually it's supposed to be an alternative currency. And it's only purpose is to hold value to trade for or "buy other stuff"
“Bitcoin was a genius invention, but its implementation became corrupted by people whose aim was to make money – not bitcoins, but dollars.” ~ BCnext
The terrorist card is another ploy by the West!
That's a bit like saying electricity can be heat, light and magnets. No one sticking bits of metal in lemons in the 19th century imagined something like the digital age developing from it.
True enough, although Tesla's vision was close in the late 19th/early 20th centuries.
Now back to my original problem with bitcoin volatility.
I Love Bitcoin’s Volatility
http://nakamotoinstitute.org/mempool/i-love-bitcoins-volatility/
It could be a stock or a store of value.
The beauty of bitcoin is, it can be a stock, a currency of value or a currency. 3 in one baby.
Just because the price is going down? Many stocks go down then recover especially when they are stocks of a new high tech company. Bitcoin is still in business!
It is not meant to be none, at least from the start:
Quote
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
It might resemble a currency, but a currency is more than some stuff you can use to buy other stuff
Considering the current wild fluctuations in BTC, it concerns me that any company offering this service is exposing themselves to a significant risk even in a 24hr period from offer to acceptance.
Taking into account the past few months of volatility. They have to maintain significant assets to cover the extreme recent BTC price fluctuations.
Again, I don't know what their actual model is. But assuming they're selling BTC in the same time as you decided to 'lock' then the exposure is few seconds rather than 24 hours. If that's the way they do that, the risk is non-existent.
Price averaging is not practical when you have no idea how high or low it can go. As you can see by the 2014 charts, your guess is as good as anyone's.
The current situation is a clear example of problems the Bitcoin network will face in the future. Miners only continue to operate when it’s profitable. Bitcoin value will always be tied to operating costs of people, equipment, facilities & energy.
Will their be enough individuals running long term hashing power to support network transactions when mining is over? What will their operating costs be?
Will the system eventually transform into something centralized that will charge transaction fees to support operating costs? Which would be very similar to the banking system that we have today but without Government backing.
I'm not saying that price averaging is practical or safe, but it's yet just another way to protect yourself from volatility.
As for mining - no one can predict the future. But it's a self regulated system (less miners, diff goes down, profitable again). Also, I wouldn't be surprised if in future some of the large BTC related companies will be mining just to secure the network. If their profit is grater than loss on mining - it still would make sense (in financial terms) for them to do it.
And it will never be centralised (Central Bank style) as long as anyone is free to start mining or running a node.
79% of what? The high bitcoin price $1,200 to $250 = 79% decrease
That's the price decrease, not company's loss.
Trent Russell already answered that but you ignored it.
I didn't declare them insolvent, I just don't trust any company offering a guaranteed BTC to $ return especially when you read the TOS.
No one asks you to trust them. Again, if you're concerned about their model you should ask them to clarify in the first place. Did you bother to do it?
I had a roommate from Panama that said that for enough $$$$ you could essentially do what ever you wanted as long as the right people were paid off.
That could be applied to any country, the definition of "enough $$$$" will vary tho.
Still, Panama being corrupted doesn't mean every business registered there is automatically a fraud.
Now back to my original problem with bitcoin volatility.
To be widely accepted, bitcoin needs to settle down. People want their currency value to remain fairly stable, not fluctuate wildly like a commodity stock. Imagine if your paycheck was paid only in bitcoins and you would gain or loose 35% of it's value week to week. Currently you still have to convert to fiat $ to pay bills. Would your utility company, landlord or mortgage company deal with +/- 35% weekly value fluctuations? Would you be able to pay your rent, mortgage, car & health insurance or buy groceries? Sorry kids, we don't eat this week:(
To be widely accepted, bitcoin needs to settle down. People want their currency value to remain fairly stable, not fluctuate wildly like a commodity stock. Imagine if your paycheck was paid only in bitcoins and you would gain or loose 35% of it's value week to week. Currently you still have to convert to fiat $ to pay bills. Would your utility company, landlord or mortgage company deal with +/- 35% weekly value fluctuations? Would you be able to pay your rent, mortgage, car & health insurance or buy groceries? Sorry kids, we don't eat this week:(
Price averaging. Your kids will eat in " -35% week" if you saved a surplus from "+35% week".
Volatility is inevitable in the early stages. What do you suggest? Pegging it to USD?
Price averaging is not practical when you have no idea how high or low it can go. As you can see by the 2014 charts, your guess is as good as anyone's.
The current situation is a clear example of problems the Bitcoin network will face in the future. Miners only continue to operate when it’s profitable. Bitcoin value will always be tied to operating costs of people, equipment, facilities & energy.
Will their be enough individuals running long term hashing power to support network transactions when mining is over? What will their operating costs be?
Will the system eventually transform into something centralized that will charge transaction fees to support operating costs? Which would be very similar to the banking system that we have today but without Government backing.
Do you really call "Coinapult" a solution? Do you seriously think that they really could survive holding a 79% loss on the books for over 6 months & still be able to pay commitments?
To (hedge) a 79% loss you need an alternative income source to support it. Located in Panama, I imagine they have so many other alternate income streams, really?
I wouldn't count on them fulfilling their commitments when the BTC price fluctuates wildly.
79% of what?
79% of what? The high bitcoin price $1,200 to $250 = 79% decrease
I explained above why a loss (or gain) in bitcoin relative to the locked currency does not imply a loss on the books for the service. (It's not complicated.) For some reason you're still pretending that a 79% loss in the price of bitcoin relative to the USD implies the service provider has a 79% loss on the books. Now the question is: what is your motive in pretending that?
You’re right,
To my knowledge Coinapult is not currently carrying any loss on the books until they commit. They are locking BTC to a current BTC=fiat trade value.
In their Actual Locking TOS: “After your acceptance of the quote described above, subject to these Terms, your Fixed Bitcoins will be converted into the right to receive a future amount of variable bitcoins corresponding to the quoted underlying asset or currency value (the “Variable Bitcoins”).”
What will the value of the “Variable Bitcoins” be?
Considering the current wild fluctuations in BTC, it concerns me that any company offering this service is exposing themselves to a significant risk even in a 24hr period from offer to acceptance.
Taking into account the past few months of volatility. They have to maintain significant assets to cover the extreme recent BTC price fluctuations.
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