You should have bought bitcoin.

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Abc123
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Re: You should have bought bitcoin.

Post by Abc123 » Sat Feb 10, 2018 4:05 pm

This Dr D guy knows his shit(coin)!
I find it funny how a lot of people deride Bitcoin as a dangerous fad etc whilst playing with stocks etc. It's almost a religious hatred of it. Lol A bit like Apple vs PC too. And we all know how that worked out...

It's a good thing. Support it. Even if it's only $5 you invest. In the end it could be the downfall of even gold.
Last edited by Abc123 on Sat Feb 10, 2018 6:08 pm, edited 1 time in total.
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Re: You should have bought bitcoin.

Post by Kammekor » Sat Feb 10, 2018 4:11 pm

doktor_d wrote:
Sat Feb 10, 2018 12:49 pm
Kammekor wrote:
Sat Feb 10, 2018 11:54 am
doktor_d wrote: I have held bitcoin since it was around $800. And apart for skimming a bit off the top now and then and other times putting gains back in, I have held most of that bitcoin all along. Even through this january crash. Because I truly believe in it. I "know" it will go up again. It always does. And when it does it goes on another parabolic run.
Your reasoning might work for you, but is of course missing any logic. Loads of people stepped in the coins in November and December, buying BitCoin at 15k plus, looking at serious losses now. Nothing they can do except sit it out and hope for the best.
Aw.. should I feel sorry for them? Did I tell them to invest in November and December? Unless they sold the bottom they still have their bitcoin. I fail to see the "serious losses" tbh.

If they bought the all time high with money they couldn't afford to lose and expected to get rich in 2 months - then sold the bottom - they were stupid and got what they deserved. A valuable lesson.. Sounds like perhaps you were one of them?

(Anyone who bought in November is still up btw. BTC is now hovering around $9000)
Kammekor wrote: Believing the only way is up is typical for a a bubble. Nothing will only go up forever.
Who said it will go up forever? I said it always goes back up again (after a crash). Historically it always has. But nothing goes up forever. But I believe it has a long way to go still. DYOR. I'm not a financial advisor.
Kammekor wrote:The technology behind the bitcoin is already so outdated, and newer iterations offer better technology, the value of the bitcoin will go to (nearly) zero in the end, and I believe the end is not that far from now.
You don't seem that well informed. Google "SEGWIT" and "Lightning Network".. I personally don't think that any other crypto currency has anything that comes near the team of developers bitcoin has and I therefore do not believe there is any real competition at the moment. There are many alternatives though. I do like the privacy coins.. Like Monero and Zcash f.ex.

If you think bitcoin will go to (nearly) 0, then you probably shouldn't invest in it.
Kammekor wrote:But hey, enjoy the ride and cash out at the right moment. You might make 800% percent in 2018,
But you said it would go to (nearly) 0.. not far from now. Now I am confused.
Kammekor wrote:but you will never lose 800% unless you buy more.
I honestly don't know what that means..
I don't have a crystal ball, neither do you, but I have a background in IT. Maybe you have it too, I don't know.

The value of everything on this earth is what people believe it's worth. I have the opinion bitcoin won't make it in the end, for several reasons. Most importantly the way it's been implemented, the way the whole block-chain technology is implemented is simply not sustainable if bitcoin ever becomes close to being a real currency. Now a transfer in bitcoin is already more expensive than a similar transfer by SWIFT, and SWIFT is crazy expensive and will not last long anymore, all because of the extreme calculations that have to be made at several levels before a transfer is approved. The technologies you refer to might solve problems a bit, but far from enough, a single transfer will still be simply too power intensive to be economical, unless there's a major technological breakthrough which I do not see coming. And I am not even talking about the problems that will rise once all the coins have been mined.

I know money can be made in short term, and can be lost just as well. It's just a casino, with big profits (if you cash out on time, but who does?) and major losses.

And about not losing 800%, you can never lose more than you invested, so 100%. Unless you buy more at a higher price, and the price crashes after. Then you might lose more than the relative 100% you initially invested.

You're a believer. I am not. I hope you do well with your trade, I just advise you to prepare your shores.
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Re: You should have bought bitcoin.

Post by Abc123 » Sat Feb 10, 2018 6:04 pm

To me Bitcoin is like gold. I mean, like gold, its future is not in something you use to purchase everyday items. There are other Cryptos for that; eventhough, there are products and services that can be bought with it right now. It's for storage.

As far as more expensive than SWIFT goes: Bitcoin is slow, so there are other better low fee transfer Cryptos that move very fast through the system. The costs you compared are no doubt worked out by cost of producing a Bitcoin vs the cost charged by SWIFT? As Bitcoin transfer fees are incredibly low.

As far as computing power goes, doesn't Moore's Law cover it?
INTEL reckon there's at least another 4 or 5 years of transistor miniaturization to go. And what about emerging technologies?
Last edited by Abc123 on Sat Feb 10, 2018 6:19 pm, edited 1 time in total.
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Re: You should have bought bitcoin.

Post by LaudJohn » Sat Feb 10, 2018 6:13 pm

Bitcoin and the other crypto currencies are currently priced in dollars, a fiat currency.

If crypto replaces fiat currency, how will it be priced?
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Re: You should have bought bitcoin.

Post by Abc123 » Sat Feb 10, 2018 6:26 pm

LaudJohn wrote:
Sat Feb 10, 2018 6:13 pm
Bitcoin and the other crypto currencies are currently priced in dollars, a fiat currency.

If crypto replaces fiat currency, how will it be priced?
I wish they would price the other Cryptos in dollars too. They all price them in Satoshi. How much exactly is 600,78,520 Satoshi?
Where are they displayed in USD prices? On the exchanges?

If it's the traditional money markets controlling it, it will be similarly priced. Cryptos are the future. The battle is on who will ultimately control them.
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Re: You should have bought bitcoin.

Post by Username Taken » Sat Feb 10, 2018 6:28 pm

LaudJohn wrote:
Sat Feb 10, 2018 6:13 pm
Bitcoin and the other crypto currencies are currently priced in dollars, a fiat currency.

If crypto replaces fiat currency, how will it be priced?

Chinese Yuan of course.
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Re: You should have bought bitcoin.

Post by whiteribbon » Sat Feb 10, 2018 6:34 pm

Abc123 wrote:
Sat Feb 10, 2018 6:26 pm
LaudJohn wrote:
Sat Feb 10, 2018 6:13 pm
Bitcoin and the other crypto currencies are currently priced in dollars, a fiat currency.

If crypto replaces fiat currency, how will it be priced?
I wish they would price the other Cryptos in dollars too. They all price them in Satoshi. How much exactly is 600,78,520 Satoshi?
Where are they displayed in USD prices? On the exchanges?

If it's the traditional money markets controlling it, it will be similarly priced. Cryptos are the future. The battle is on who will ultimately control them.
They're all priced in $ here: https://coinmarketcap.com/
On most of the exchanges I work with they are priced in both $ or € and BTC.
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Re: You should have bought bitcoin.

Post by Barang chgout » Sat Feb 10, 2018 9:22 pm

Because why?

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Re: You should have bought bitcoin.

Post by Abc123 » Sun Feb 11, 2018 8:29 am

whiteribbon wrote:
Sat Feb 10, 2018 6:34 pm
Abc123 wrote:
Sat Feb 10, 2018 6:26 pm
LaudJohn wrote:
Sat Feb 10, 2018 6:13 pm
Bitcoin and the other crypto currencies are currently priced in dollars, a fiat currency.

If crypto replaces fiat currency, how will it be priced?
I wish they would price the other Cryptos in dollars too. They all price them in Satoshi. How much exactly is 600,78,520 Satoshi?
Where are they displayed in USD prices? On the exchanges?

If it's the traditional money markets controlling it, it will be similarly priced. Cryptos are the future. The battle is on who will ultimately control them.
They're all priced in $ here: https://coinmarketcap.com/
On most of the exchanges I work with they are priced in both $ or € and BTC.
Yes, they give an indicactor price in the most common fiats. Just about everyone knows the value the USD in relation to their own currency, so it's a very useful way of defining value. It will be a while before everyone knows the value of the Yuan to their own currency in the same way. Comparisons in Yuan, Euro, Yen, etc etc are just comparisons in the regional level..

The coins are compared with Satoshi because Satoshi is marked by them as being the new base currency that everyone will do their comparisons to. The new gold/ USD standard.

As mentioned already, there will be a finite amount of bitcoin. Fiats? Think Zimbabwe. Even gold isn't as stable as Bitcoin has the potential in being, as there can be new deposits found that can effect the price when its dumped on the markets.
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Re: You should have bought bitcoin.

Post by phuketrichard » Sun Feb 11, 2018 10:44 am

In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
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