[QUOTE=Xystus234;49056611]I remember when I posted something about how bitcoin was garbage a couple years ago and got chewed out for it.
Boy do times change.[/QUOTE]
Nah, it's still garbage.
Can't buy shit with it, easily manipulated to bubble and deflate rapidly (like right now for instance,) extremely insecure, surrounded by a community of con-artists and scammers, inefficient and slow, has none of the advantages of an actual currency, and never will because it doesn't scale to grow larger with use; not to mention its treatment as a commodity rather than an actual currency.
There is absolutely no reason to purchase bitcoin, unless you want to potentially gamble away a lot of your money.
[QUOTE=loopoo;49054887]what was your mistake?[/QUOTE]
Traded when I was tired.
That was the main mistake
If I was super rich I'd pay a bunch of money for huge server farms just to fuck with the price of bitcoin.
I've never done anything like this but why not just buy now and sell right when it seems like it's going to slow down or drop? What's exactly stopping everyone from making at least a bit of quick cash?
[QUOTE=Streecer;49056708]Nah, it's still garbage.
Can't buy shit with it, easily manipulated to bubble and deflate rapidly (like right now for instance,) extremely insecure, surrounded by a community of con-artists and scammers, inefficient and slow, has none of the advantages of an actual currency, and never will because it doesn't scale to grow larger with use; not to mention its treatment as a commodity rather than an actual currency.
There is absolutely no reason to purchase bitcoin, unless you want to potentially gamble away a lot of your money.[/QUOTE]
It does actually have some use now compared to a few years ago.
If you live in a country where the official currency is effectively defunct or unreliable (venezuela for instance), people can exchange their money for bitcoin, which in turn opens up the ability to trade more flexibly. The other advantage is that since it can't be traced it's used to make purchases that are harder to track down (which in itself was one of the main reasons it originally came about).
Unfortunately for bitcoin, it's not going to get to the status of a "everyday currency" for a very long time, if at all.
Nevertheless, you can't deny digital currency has potential.
It's just too bad you can't really mine them well anymore without specialized hardware.
Somewhere in the world, there's probably a person who started mining Bitcoins on day 1 when it was super easy, has a shitload of them, and still has yet to sell any because they believe they can still go for higher than the highest point they've reached.
Eh, maybe if the price of 1 BTC ever goes below 100 USD again, I might just buy some. I really doubt that will happen though.
[QUOTE=Satansick;49057759]Nevertheless, you can't deny digital currency has potential.[/QUOTE]
Without any kind of regulation I think it has no potential. Nobody serious wants to get involved in a currency that can arbitrarily skyrocket or plummet based on demand. US currency has worth because it's not volatile: you can expect it to inflate at around 2-3% annually. Bitcoin is fucking schizophrenic. Nobody in their right mind would use bitcoin longterm, only as a short term means of investment. For that reason alone, nobody sane would accept it as a major means of payment since the $20 they earned today could be worth $2 tomorrow. With US currency, that just doesn't happen.
[QUOTE=proboardslol;49058283]Without any kind of regulation I think it has no potential. Nobody serious wants to get involved in a currency that can arbitrarily skyrocket or plummet based on demand. US currency has worth because it's not volatile: you can expect it to inflate at around 2-3% annually. Bitcoin is fucking schizophrenic. Nobody in their right mind would use bitcoin longterm, only as a short term means of investment. For that reason alone, nobody sane would accept it as a major means of payment since the $20 they earned today could be worth $2 tomorrow. With US currency, that just doesn't happen.[/QUOTE]
However, regulation shouldn't be out of the question. I think a legitmate enterprise could more than manage it. Cryptocurrency is associated with illicit activities but digital currency in itself isn't criminal and could, to my understanding, play a vital role in globalization.
[QUOTE=adam1172;49052852]A friend of mine noticed the trend a month ago and decided to invest in it.
Invested $6000 and walked away with $11,000.
I should have listened to him and followed.[/QUOTE]
My dad convinced me to not invest in bitcoin [B]very[/B] early on on the basis that it was gimmicky...
This was back in 2010 when it was worthless. :scream:
[QUOTE=Satansick;49058494]However, regulation shouldn't be out of the question. I think a legitmate enterprise could more than manage it. Cryptocurrency is associated with illicit activities but digital currency in itself isn't criminal and could, to my understanding, play a vital role in globalization.[/QUOTE]
How would they decide who regulates it and how could they possibly enforce penalties for currency manipulation. Only governments can regulate money, and most people I know who care about bitcoin don't like government. The reason they like bitcoin is because theres no government
Even without regulation it has potential.
It doesn't matter if the value constantly fluctuates because as a means of exchange it's still more reliable than a dozen currencies. As long as its better to use in at least one circumstance than another currency it's going to replace it for that purpose.
I invested like 60 dollars, made 90, gambled it all away on some Bitcoin site. Shit sucks.
[QUOTE=Biotoxsin;49058526]My dad convinced me to not invest in bitcoin [B]very[/B] early on on the basis that it was gimmicky...
This was back in 2010 when it was worthless. :scream:[/QUOTE]
Fret not you would probably cashed out when you made 300% of initial investment
[QUOTE=Sobotnik;49060659]Even without regulation it has potential.
It doesn't matter if the value constantly fluctuates because as a means of exchange it's still more reliable than a dozen currencies. As long as its better to use in at least one circumstance than another currency it's going to replace it for that purpose.[/QUOTE]
But it's not more reliable. Those fluctuations mean that it is definitely not reliable. You can rely on the US dollar to inflate at about 2% per year. You can't rely on bitcoin to do shit
[QUOTE=proboardslol;49062200]But it's not more reliable. Those fluctuations mean that it is definitely not reliable. You can rely on the US dollar to inflate at about 2% per year. You can't rely on bitcoin to do shit[/QUOTE]
You're missing the point I was making earlier.
There are some national currencies (such as the Venezuelan Bolivar) which are so unreliable that the bitcoin serves as a better alternative.
I think there was a time when 1 bitcoin was worth more than 1000 USD.
I remember when it was worth around 20.
[QUOTE=Radical_ed;49052377]all they'd have to do is make a small change to the algorithm to kill ASICs though[/QUOTE]
Hey :saddowns:
I had about a dollar in btc weeks before the surge, I'm unable to check my balance atm but how much has it surged?
[QUOTE=proboardslol;49062200]But it's not more reliable. Those fluctuations mean that it is definitely not reliable. You can rely on the US dollar to inflate at about 2% per year. You can't rely on bitcoin to do shit[/QUOTE]
The value when tied to USD or similar may fluctuate a lot--but what you actually have is a fixed amount of bitcoins supply.
There will only ever be 21 million coins. So if you own 20 or so, you own one millionth of the currency.
No one knows the amount of diamonds that actually exist, nor the amount of gold that exists and government can always print more money. You can't suddenly create another 21 million bitcoins because the economy is going bad or because the president wants to throw a killer birthday party.
We're still actually in a stage of price discovery--what is 1/21 millionth really worth?
If you read a bit you'll understand that using money to pay online has actually been part of the internet for several decades (HTTP error 402: Payment Required). For several years we've had every protocol available, including HTTP, FTP, SFTP, Bittorrent, Mail protocols, Voice protocols, Steam protocols but bitcoin is the first successful example of a payment protocol.
Yes it may take a few more years for it to be taken seriously by everyone--but if anyone says the currency is vulnerable beyond what people are willing to pay for it when it comes to USD they're full of shit. Every single exchange that dies off from stealing money and every single negative news story only comes with one conclusion to take out of it. That is that bitcoin still exists and it still functions completely.
[url]https://99bitcoins.com/bitcoinobituaries/[/url]
"Bitcoin has died 80 times" since 2011.
Again, the USD exchange to bitcoin is only one single aspect of the story.
[QUOTE=i carusfoundyou;49076557]The value when tied to USD or similar may fluctuate a lot--but what you actually have is a fixed amount of bitcoins supply.
There will only ever be 21 million coins. So if you own 20 or so, you own one millionth of the currency.[/QUOTE]
Yes and no. The value of the bitcoin will still fluctuate because people will value it differently depending on the time and circumstances.
A limited number of bitcoins is a bad thing because it means that the currency will constantly deflate if more and more people want to acquire it - longer term this means nobody will actually be using it as a currency and they'll just hoard it and sell it off later after the value climbs high enough.
i made £14000 off bitcoins this one time
spent most of it on drugs and tech
[QUOTE=Sobotnik;49076653]Yes and no. The value of the bitcoin will still fluctuate because people will value it differently depending on the time and circumstances.
A limited number of bitcoins is a bad thing because it means that the currency will constantly deflate if more and more people want to acquire it - longer term this means nobody will actually be using it as a currency and they'll just hoard it and sell it off later after the value climbs high enough.[/QUOTE]
Arguable. I guess there has never been a long-term value store besides gold which still fluctuates wildly. There isn't much merit to claiming that all of bitcoins users will never use them. As they are divisible by millionths (or something like that) it means that regardless of the value there will still be a usage.
One thing is for sure, only time will tell. If after 20 years there still exists no significant vulnerability besides human stupidity then I'd say it'll be worth quite a bit more than it is now.
At the moment there are quite a few large corporations (i.e. NASDAQ) beginning to use the technology behind it.
In my own circumstance I'm much more happier to have a banking network that is open 24/7 rather than the shit banks give me after I pay fees. Having to wait 2 weeks for a salary transfer from overseas is sheer bullshit in 2015.
Even remittance markets in most country could hold a real use case for cryptocurrency.
Again, it'll take a while for everything to happen. If you're just someone who jumbles in your money and exits at the first sign of profit or loss then you're probably not understanding the full case of what bitcoin/cryptocurrency is.
[QUOTE=••••••••••••••;49077051]Again, it'll take a while for everything to happen. If you're just someone who jumbles in your money and exits at the first sign of profit or loss then you're probably not understanding the full case of what bitcoin/cryptocurrency is.[/QUOTE]
The ultimate goal for bitcoin and other psuedocurrencies is that they ultimately become a widespread medium of exchange.
Unless the value of a single bitcoin becomes relatively stable year-on-year (2% or less change in value per year) then it's never going to be treated as a currency because nobody will be using it as one beyond a few limited circumstances by a few number of people.
also why does your username keep fucking up the quote system?
[QUOTE=Sobotnik;49077499]also why does your username keep fucking up the quote system?[/QUOTE]
His username is a banned word.
Kinda like •••••••••••• and uh, I forgot the others.
My dad had a shitton of bitcoins mined back in 2009, if he had waited until they were worth 1000 dollars each we literally would have been millionaires.
[QUOTE=Daniel Smith;49077534]My dad had a shitton of bitcoins mined back in 2009, if he had waited until they were worth 1000 dollars each we literally would have been millionaires.[/QUOTE]
Would you have ever seen that money realized if you traded?
[QUOTE=InvaderNouga;49077864]Would you have ever seen that money realized if you traded?[/QUOTE]
I'm guessing no, the largest and most popular Bitcoin exchange at that time was Mt. Gox. They had already been hacked so they made it very difficult to withdraw money to cover it up.
Also hindsight like this is really dumb to think about. Bitcoin was and always will be a nerd project with no mainstream appeal. There was literally no way to know the price would ever get as high as it did.
[QUOTE=wickedplayer494;49052433]And that would be...?[/QUOTE]
Literally a small modification to the algorithm.
ASICS rely on a very specific mathematical structure, an off by one error would render them useless (which would happen if the tiniest modification were proliferated through the blockchain)
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