Bitcoin discussion and news
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platinumsage
HaveMyPassword123
"OMG people are selling, it's going to go down, I'd better sell too"
"It has gone down - should I take advantage and buy more? No, it's gone too quickly and I'm scared"
etc
"It has gone down - should I take advantage and buy more? No, it's gone too quickly and I'm scared"
etc
beesonthewhatnow
going deaf for a living
Let’s hope not
littlebabyjesus
one of Maxwell's demons
Most of the money is in the form of fictitious capital, ie it is money that has never existed and is 'created' just by adding 000s to the nominal value of one bitcoin. It's a pyramid scheme, so when it fails, the last in will lose out, but the nominal capitalisation of bc is largely this fictitious capital, so the losses will mostly take the form of lost potential gains.
littlebabyjesus
one of Maxwell's demons
It's still at a mad value - £25k. I'll not get too excited just yet.
Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
Don't think so. The banks were propped up because ultimately, despite all the free market rhetoric when they were doing well, they could fall back on national governments who bailed them out because they're integral to the financial system. Are they going to bail out something that is explicitly set up with the intention of being outside that system and the control of national governments? What would it even look like anyway - the US buying billions of $ worth of bitcoins to prop up prices? That's not happening.
littlebabyjesus
one of Maxwell's demons
If anything the fictitious capital that's built up in crypto is a threat to national economies as it potentially sucks real money out of them and, ironically enough given the bullshit story that does the rounds of it somehow being magically anti-inflationary, it could create inflationary pressures.
gosub
~#
You can get 50,000 tulips for that
MrCurry
right after this urgent rest
When people are paying 50 or 60k USD for the answer to a sum a computer has done, you’ve got to realise the world has gone mad and it’s only a matter of time until enough people can see it‘s worthless so that the crash becomes more than just a downwards adjustment, but a wipeout.
Normally these things happen just after it becomes hyped up enough that masses of Joe Public pile in when the price is hitting new records, and everyone’s convinced it can only go higher, which is what just happened in the past few months if I’m not mistaken?
bimble
floofy
the thing that might make a difference is if there's a lot of suffering and misery that happens to people who can't really afford suffering and misery out of this bitcoin crash. Like not "I had to remortgage my second yacht" but my parents had to sell their house stuff. Then real rage against the smug floggers higher up the ponzi scheme.
littlebabyjesus
one of Maxwell's demons
My warning on that would be that we've been here before. During the last massive surge, the price passed £1k to reach £15k in about three months before crashing down to around £2k, and settling out around £3k to 6k.
It still has a very very long way to fall, and the last sharp rise/fall didn't prove terminal.
littlebabyjesus
one of Maxwell's demons
Earlier on this thread during the last massive crash, iirc it was calculated that the effective break-even price point for the miners was in the region of £700. I would guess that's gone up a bit since then, but once we approach that sort of level, the thing could crash extremely quickly as the miners start pulling out.
That's still my prediction for its eventual demise fwiw, whenever that may be, that it will drop to nothing in a matter of hours as new blocks fail to be unlocked in a timely manner.
That's still my prediction for its eventual demise fwiw, whenever that may be, that it will drop to nothing in a matter of hours as new blocks fail to be unlocked in a timely manner.
not-bono-ever
meh
Central command in the PRC are both shitting themselves over the Bitcoin and the opacity of the finance system and the gambling involved. There was that pricing anomaly a little while ago where PRC punters lost a billion on oil futures. Fun times
BigTom
Well-Known Member
No, wouldn't matter. The more computers there are working on this, the harder they make the problem you have to solve. It's not like a situation where there's a certain amount of work to be done and the more people there are doing it, the quicker it gets done.
The more computer power there is trying to calculate the next block, the harder it becomes to calculate that block. If a big chunk of miners dropped out, then it'd be easier for the remaining mining pools to solve that puzzle and create the next block. Nothing would change except less energy would be used.
Hollis
bloody furious
So bloody glad I didn't invest in it a couple weeks ago when I was investigating it.. Applied my own rule that if I'm interested in something it's probably a sign its in bubble territory..
One article I did read compared the valuation of crypto currencies to Visa/Mastercard - when you compare the volume of transactions done by each then bitcoin etc. are currently massively overvalued. I have no idea if this is a valid comparsion btw.
One article I did read compared the valuation of crypto currencies to Visa/Mastercard - when you compare the volume of transactions done by each then bitcoin etc. are currently massively overvalued. I have no idea if this is a valid comparsion btw.
April last year when oil prices went negative. Oil prices crash
not-bono-ever
meh
look around the place, art is sky high, trainers are selling for thousands, pokefuckinmon card trading is creating millionaires. BC is both a driver and a product of this boom. its nuts. i know capital requires constant growth to feed its pyramidal nature, but like yeh
littlebabyjesus
one of Maxwell's demons
They might have tweaked this since I last looked into it but the adjustment to the hardness isn't instant. It was done every two weeks.
Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
My brother's girlfriend has gone all evangelical about bitcoin recently. I know she's maxed out her overdraft to buy it (and fucking NFTs) and I suspect she's also put in a lot of the money she recently inherited after her dad died. I'm not going to lie, after being lectured by her about how it's the next big thing (as well as her conspiracy and anti-vax stuff) part of me would like to see her taught a bit of a lesson but I really wouldn't want to see her lose all her inheritance.
Johnny Doe
Well-Known Member
The whole enthusiasm for this from people who never involved in investment, seems to be based on telling everyone else the fortunes some people from the start have 'made'. It's a pyramid scheme isn't it?
E2A: I've got a few hundred quids worth as an experiment, but I'm NOT trying to get other people on it and thinking it's going to make me rich
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If this doesn't count as a pyramid scheme, it's hard to know what would.
Johnny Doe
Well-Known Member
kabbes could edit your post to include my correction that i'm NOT trying to get other people on it etc please
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bimble
floofy
That's what's sad, the evangelist who got me into it (briefly) years ago, he will never actually lose in any real way because he got in so early, he probably put in a fiver and if people take bitcoins for houses he'll be living in a mansion now. Its the people at the bottom of the ponzi scheme who will get hurt. I cant even remember what it was he said now but he made it all sound very clever and sexy and cool.
littlebabyjesus
one of Maxwell's demons
I would say it very much is a valid comparison given that bitcoin's only use value is as a means of exchange via the block chain.
And as mentioned upthread, currently you can do more than half a million Visa transactions for the energy it takes to make one bitcoin transaction. Why would you even consider putting money into such an evil scheme?
Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
Yes and even aside from the energy use, as far as I can see it's only use value really is specifically for buying drugs etc. Aside from that it's so inconvenient it's not really comparable to Visa as far as use goes. I guess technically you could use it as a means of exchange for other stuff but it's like saying you could use a cigarette lighter to heat a cup of tea. It is possible but you'd probably stick to using your kettle wouldn't you.
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