Bitcoin discussion and news

[phillm]

Amd robots to do the dealing in the pesky things - what could possibly go wrong.

A robot could soon be investing in bitcoin on your behalf

 

[The Fornicator]

Welcome to 2016.

 

[hipipol]

As the bastard off spring of ex hedge fund managers and their poo extension mates from Silicon Valley, the fuckers, the most obvious destiny for this product is as a proxy for the Vix - its is a proper correlation trade for the underlying terror of missing out - structured from the off to pull in the suckers - the ONLY people who can hedge the risk are well big players - if it takes 7 seconds to process a trade thru any of the bitcoin exchanges, how the fuck do you get out when it tanks? Well by selling at a discount to one of the biggies.
Interesting idea, essentially very dangerous as a speculative punt, more like a long term platinum play -like gold but more opaque and much less portable

 

[bimble]

This is great, as a symptom of the glittery madness around the whole bitcoin thing:
Small company that makes soft drinks changes its name to include the word 'blockchain' and its shares quadruple in value in one day.
Tiny US soft drinks firm changes name to cash in on bitcoin mania

 

[pesh]

Kodak have done the same thing... something about kodakcoin being for photographers to charge for their work with. Share price has tripled in 24hrs

 

[camouflage]

Coinbrian Explosion.

 

[The Fornicator]

It's interesting to observe this peripheral noise through the lens of the dotcom bubble.

Who's going to be the Amazon, the eBay ..who's the MySpace ..

 

[camouflage]

It's interesting to observe this peripheral noise through the lens of the dotcom bubble.

Who's going to be the Amazon, the eBay ..who's the MySpace ..

People talk about the dotcom bubble, but even with facebook or google as outputs- bitcoins better comparison is surely TCP/IP, the wiring under the floorboards of the dance. Bitcoin isn't a company, it's a protocol. The business plans and their appeals to VC's etc are about doing stuff with the new network.

 

[Fez909]

View attachment 124733

Hey, disco vinyl is actually ridiculous right now...invest, invest!

Man who helped create Dogecoin (the parody cryptocurrency that started a few years ago as a joke) says he is dismayed to see that its now worth a billion dollars.
"I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over 2 years has a $1B+ market cap."


ttps://www.coindesk.com/dogecoin-market-cap-hits-1-billion-creators-dismay/?utm_content=buffer1f8bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Note: Its now at 2 billion , a couple of days later.

If you think that's bad, take a look around coinmarketcap at some of the ridiculous coins there. My two favourites are 808coin which is for people to "distinguish themselves from other coins while honoring the TR-808 drum machine"

And Heat - which seems to be based entirely around the pun that their blockchain is called the Heat Ledger

Coinbrian Explosion.

Very good

 

[The Fornicator]

People talk about the dotcom bubble, but even with facebook or google as outputs- bitcoins better comparison is surely TCP/IP, the wiring under the floorboards of the dance. Bitcoin isn't a company, it's a protocol. The business plans and their appeals to VC's etc are about doing stuff with the new network.

Sure, the term 'bitcoin bubble' seems an obv. misnomer - 'bitoin' is a convenient media identifier.

I can see a superficial argument for 'crypto bubble' - not least because only the best will likely survive, and blockchain itself? Maybe that is he TCP/IP.

 

[pesh]

Bitcoin is Myspace, in that its attracted attention, shown a few other bright-sparks what the market is after and has now rendered itself basically unusable.

All we need now is for Rupert Murdoch to sink his Fox / Disney money into it and we can sit back and enjoy the crash.

 

[camouflage]

Bitcoin is Myspace, in that its attracted attention, shown a few other bright-sparks what the market is after and has now rendered itself basically unusable.

All we need now is for Rupert Murdoch to sink his Fox / Disney money into it and we can sit back and enjoy the crash.

Bloke on street, circa 2013.

 

[pesh]

it is basically unusable thou isn't it? Massive costs to use / move it, and the whole power thing will shaft it in the long run.

 

[JimW]

 

[BigTom]

Miami Bitcoin Conference Stops Accepting Bitcoin Due to Fees and Congestion - Bitcoin News

Bitcoin conference stops accepting bitcoin payments due to long waits / high transaction fees. lol. Increasingly useless as an actual currency.

 

[mwgdrwg]

Who's hungry?

 

[Sasaferrato]

People talk about the dotcom bubble, but even with facebook or google as outputs- bitcoins better comparison is surely TCP/IP, the wiring under the floorboards of the dance. Bitcoin isn't a company, it's a protocol. The business plans and their appeals to VC's etc are about doing stuff with the new network.

I suspect that if I could understand that, I would agree.

 

[joustmaster]

People talk about the dotcom bubble, but even with facebook or google as outputs- bitcoins better comparison is surely TCP/IP, the wiring under the floorboards of the dance. Bitcoin isn't a company, it's a protocol. The business plans and their appeals to VC's etc are about doing stuff with the new network.

Maybe more ipx than tcp ip

 

[binka]

Everyone Is Getting Hilariously Rich and You’re Not

He said his closest friends are moving to Puerto Rico to get around paying taxes.

“They’re going to build a modern-day Atlantis out there,” he said. “But for me, it’s too early in my career to check out.”

“This will change civilization. This can 100 x or more from here.”
“When I meet people in the normal world now, I get bored,” Mr. Hummer said. “It’s just a different level of consciousness.”

The tone turns somber.

“Sometimes I think about what would happen to the future if a bomb went off at one of our meetings,” Mr. Buttram said.

Mr. Hummer said, “A bomb would set back civilization for years.”

Have you ever heard anyone sound more of a wanker? I hope they all end up broke

 

[camouflage]

 

[DaveCinzano]

Everyone Is Getting Hilariously Rich and You’re Not



Have you ever heard anyone sound more of a wanker? I hope they all end up broke

Though the article ends on a rather more muted note when we're presented with An Actual Real Person caught up in it all and not one of these Clem Fandango twats

 

[Yossarian]

Everyone Is Getting Hilariously Rich and You’re Not

Have you ever heard anyone sound more of a wanker? I hope they all end up broke

You may get your wish - from that article:

The goal may be decentralization, but the money is extremely concentrated. Coinbase has more than 13 million accounts that own cryptocurrencies. Data suggests that about 94 percent of the Bitcoin wealth is held by men, and some estimate that 95 percent of the wealth is held by 4 percent of the owners.

There are only a few winners here, and, unless they lose it all, their impact going forward will be outsize.

Bitcoin is still way down from where it was a month ago and if they decide it's past its peak, it would be impossible for all the large holders to turn their Bitcoin fortunes into real money, as soon as a few of them started trying, the price would drop and it could turn into a stampede. I wonder what's going to happen if Trump gets a bee in his bonnet about cryptocurrencies and sends a 6am tweet threatening to ban Bitcoin.

 

[Guineveretoo]

Horsa

 

[camouflage]

You may get your wish - from that article:


Bitcoin is still way down from where it was a month ago and if they decide it's past its peak, it would be impossible for all the large holders to turn their Bitcoin fortunes into real money, as soon as a few of them started trying, the price would drop and it could turn into a stampede. I wonder what's going to happen if Trump gets a bee in his bonnet about cryptocurrencies and sends a 6am tweet threatening to ban Bitcoin.

Ah- so what you're saying is this super-concentration of bitcoin in the hands of the spotty LiberRoof-twat types is a self-correcting problem, when 'the stampede' comes it will be a buyers market and the skew toward specific groups will wash-out in the rush to distribute to wider groups as happens every time the bitcoin price falls.

For every seller, there is a buyer, and over 80% of all bitcoin that will ever be has already been mined.

 

[Yossarian]

Well, there's certainly going to be a buyer for every seller, what remains to be seen is whether that buyer will be paying closer to $1 or $100,000 a year from now.

 

[camouflage]

Well, there's certainly going to be a buyer for every seller, what remains to be seen is whether that buyer will be paying closer to $1 or $100,000 a year from now.

If it's non-white non-male non-techy non-libertarians as the buyers, then who cares how much the sellers have to settle for as the price for their thus-far anointed position at the center of history (barring tragic bomb-attack, apparently)? A one dollar price for bitcoin to enfranchise all those that may have missed out till now sounds fair to me. If bitcoin exists, then it's growing- and to do so on a more diverse basis than now would be much better imo. However even in terms of social ...representationality (???) There's still the eco-question.

Though seems the coin is as likely to act as a motivator for cryptcapitalist enterprise to invest in sustainable energy infrastructure ("because money, eh" *does the money-fingers gesture*). I hope so, but I reckon it'll take a couple more years to really know which way the wind (power?) is blowing on that one.

 

[kabbes]

Actually, there may not necessarily be a buyer. Frictional cost of trading are too high to justify low prices. The whole thing might yet end up with zero marketability. High paper value but no way to realise it. Remember how earlier I pointed out the distinction between marketability and liquidity?

 

[UnderOpenSky]

Ah- so what you're saying is this super-concentration of bitcoin in the hands of the spotty LiberRoof-twat types is a self-correcting problem, when 'the stampede' comes it will be a buyers market and the skew toward specific groups will wash-out in the rush to distribute to wider groups as happens every time the bitcoin price falls.

For every seller, there is a buyer, and over 80% of all bitcoin that will ever be has already been mined.

What happens when they have all been mined. Where does the CPU power to run the network come from?

 

[camouflage]

What happens when they have all been mined. Where does the CPU power to run the network come from?

According to Satoshis Grand vision, transaction fees.

 

[camouflage]

Actually, there may not necessarily be a buyer. Frictional cost of trading are too high to justify low prices. The whole thing might yet end up with zero marketability. High paper value but no way to realise it. Remember how earlier I pointed out the distinction between marketability and liquidity?

Can you explain your terms in that case? I suspect you're talking about transaction fees too, except that's a free-market, so trying to visualize what your scenario might look like.