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I cant imagine it ever gets to that level of adoption, and even if it does it will require enough intermediaries that what's the fucking point?Quote:
Originally Posted by dunfree
The only case I reasonably believe for crypto as a 'currency' is the black/gray market. And those could make crypto much bigger than it currently is, but none of the advantages (particularly 'anonymity') have proven out to be worth it relative to good old cash.
10% rally off slightly lower daily low and support at $3200 with poor sentiment. That can make for a pretty good short term swing.
'it's only a piece of paper"
"the house always wins"
despite my propensity for running my trap, i can't say who said that. she once wore golden slacks.
bitcoin is not about bitcoin.
What do you think will happen to gold's value when a motherlode gets found on Mars, an asteroid, etc.? Seems crazy, but so did putting a man on the moon in 1918.Quote:
Originally Posted by neckdeep
BTC mining hasn't been done widely with GPUs for about 5 years. Most BTC mining is done via ASICs (Application Specific Integrated Circuits) now.Quote:
Originally Posted by mcsquared
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...... yup. What point do you think you’re making there, sport?Quote:
Originally Posted by stalefish3169
Either your reading comprehension sucks, or your posts do, but I suppose both could be true. The shiny metals some of you claim can't be replaced by BTC due to their scarcity may not be all that scarce in the coming years.Quote:
Originally Posted by Mustonen
https://www.jpl.nasa.gov/infographic...w.php?id=11272
https://www.amcastonline.com/blog/mi...next-gold-rush
https://www.mirror.co.uk/science/bil...g-moon-9746422
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these idiots i know set up this mine farm, i have pics, then the basement flooded. not kidding. lolQuote:
Originally Posted by stalefish3169
i'm still laughing.( they bought like a ton of shit, literally, from china.) i'm still laughing.
Isn't the difficulty of mining kind of your whole shtick? You don't see any inherent expense to mining something a few million miles away? Or is the market going to tank at the news of this motherlode's discovery, so you don't have to actually bring anything back?Quote:
Originally Posted by stalefish3169
We haven’t even made it to Mars yet, so good luck getting it back. Massive deposit in Greenland or Antarctica would be a more plausible scenario.Quote:
Originally Posted by stalefish3169
Dude - gold isn't *THAT* valuable.Quote:
Originally Posted by stalefish3169
You write like an AI robot.Quote:
Originally Posted by Bromontane
Supply and demand is not the biggest factor in gold price. Both those are fairly static
https://www.gold.org/goldhub/data/go...and-statistics
Blockchain has been a lie all this while
NEW YORK: With the value of Bitcoin having fallen by around 70 per cent since its peak late last year, the mother of all bubbles has now gone bust.
More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value of leading coins such as Ether, EOS, Litecoin, and XRP have all fallen by over 80 per cent, thousands of other digital currencies have plummeted by 90 to 99 per cent, and the rest have been exposed as outright frauds.
No one should be surprised by this: Four out of five initial coin offerings (ICOs) were scams to begin with.
A GLORIFIED SPREADSHEET
Faced with the public spectacle of a market bloodbath, boosters have fled to the last refuge of the crypto scoundrel: A defence of “blockchain,” the distributed-ledger software underpinning all cryptocurrencies.
Blockchain has been heralded as a potential panacea for everything from poverty and famine to cancer. In fact, it is the most overhyped – and least useful – technology in human history.
In practice, blockchain is nothing more than a glorified spreadsheet. But it has also become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed.
Blockchain fundamentalists’ ideal world is one in which all economic activity and human interactions are subject to anarchist or libertarian decentralisation.
They would like the entirety of social and political life to end up on public ledgers that are supposedly “permissionless” (accessible to everyone) and “trustless” (not reliant on a credible intermediary such as a bank).
IT IS ABOUT GREED
Yet far from ushering in a utopia, blockchain has given rise to a familiar form of economic hell. A few self-serving men pretending to be messiahs for the world’s impoverished, marginalised, and unbanked masses claim to have created billions of dollars of wealth out of nothing.
But one need only consider the massive centralisation of power among cryptocurrency “miners”, exchanges, developers, and wealth holders to see that blockchain is not about decentralisation and democracy; it is about greed.
For example, a small group of companies – mostly located in Russia, Georgia, and China – control between two-thirds and three-quarters of all crypto-mining activity, and all routinely jack up transaction costs to increase their fat profit margins.
Apparently, blockchain fanatics would have us put our faith in an anonymous cartel subject to no rule of law, rather than trust central banks and regulated financial intermediaries.
A similar pattern has emerged in cryptocurrency trading. Fully 99 per cent of all transactions occur on centralised exchanges that are hacked on a regular basis. And, unlike with real money, once your crypto wealth is hacked, it is gone forever.
POWER CONCENTRATED IN THE HANDS OF DEVELOPERS
Moreover, the centralisation of crypto development – for example, fundamentalists have named Ethereum creator Vitalik Buterin a “benevolent dictator for life” – already has given lie to the claim that “code is law,” as if the software underpinning blockchain applications is immutable.
The truth is that the developers have absolute power to act as judge and jury. When something goes wrong in one of their buggy “smart” pseudo-contracts and massive hacking occurs, they simply change the code and “fork” a failing coin into another one by arbitrary fiat, revealing the entire “trustless” enterprise to have been untrustworthy from the start.
Lastly, wealth in the crypto universe is even more concentrated than it is in North Korea. Whereas a Gini coefficient of 1.0 means that a single person controls 100 per cent of a country’s income or wealth, North Korea scores 0.86, the rather unequal United States scores 0.41, and Bitcoin scores an astonishing 0.88.
As should be clear, the claim of “decentralisation” is a myth propagated by the pseudo-billionaires who control this pseudo-industry.
Now that the retail investors who were suckered into the crypto market have all lost their shirts, the snake-oil salesmen who remain are sitting on piles of fake wealth that will immediately disappear if they try to liquidate their “assets.”
As for blockchain itself, there is no institution under the sun – bank, corporation, non-governmental organisation, or government agency – that would put its balance sheet or register of transactions, trades, and interactions with clients and suppliers on public decentralised peer-to-peer permissionless ledgers.
There is no good reason why such proprietary and highly valuable information should be recorded publicly.
BLOCKCHAIN IN NAME
Moreover, in cases where distributed-ledger technologies – so-called enterprise DLT – are actually being used, they have nothing to do with blockchain. They are private, centralised, and recorded on just a few controlled ledgers.
They require permission for access, which is granted to qualified individuals. And, perhaps most important, they are based on trusted authorities that have established their credibility over time.
All of which is to say, these are “blockchains” in name only.
No serious institution would ever allow its transactions to be verified by an anonymous cartel operating from the shadows of the world’s kleptocracies.
So it is no surprise that whenever “blockchain” has been piloted in a traditional setting, it has either been thrown in the trash bin or turned into a private permissioned database that is nothing more than an Excel spreadsheet or a database with a misleading name.
Uh ..there is a rover that just landed on Mars a few weeks ago that is literally drilling into the surface to see what's there.Quote:
Originally Posted by neufox47
Maybe tell that to the dudes in here that keep saying gold is better than BTC due to its scarcity.Quote:
Originally Posted by 4matic
Haters (not you necessarily) can't have it both ways.
Try an original though next time instead of copy/pasting a stupid article with no merit. Apparently blockchain is worth almost every major financial institution being forced into recognizing it and making long-term plans involving it. The head of the SEC literally called it ground-breaking tech last week.Quote:
Originally Posted by neckdeep
Take a lap.
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LOL'edQuote:
Originally Posted by stalefish3169
Quote:
Originally Posted by stalefish3169
As Stalefishs brain is dead yet his body keeps on typing inane shit, can he apply for the Darwin Award 2018 nomination?Quote:
Originally Posted by Dantheman
Just a question.
It's like that chicken who lived for 18 months with no head.Quote:
Originally Posted by Meathelmet
Hey dipshit. If anybody with a shovel and some biceps could dig gold out of their backyards or make better gold with a little bit of ingenuity, it would fundamentally be worth less. If space mining was cheap enough to make it worth increasing supply significantly, it would be worth less. That is actually the point. When we bring up gold, we aren’t arguing for its primacy.Quote:
Originally Posted by stalefish3169
I didn't say that anyone is going to bring home any nuggets from Mars next week. But space mining will likely happen in some of our lifetime's....just maybe not for some of you fat prick old Boomers. Gold's just a mineral that was arbitrarily chosen to be worth something many many years ago. Unfortunately the need for its shine has led to countless deaths and opression. But its dominance as a store of value won't last forever. At the end of the day, it's antiquated af and something better is going to eats gold's lunch. BTC has a good chance to take a big bite.
Laugh all you want. Plenty of people laughed at the dreamers during the planning stages of the Apollo missions. Better yet, send some hate mail to JPL and tell them you don't like their infographic while you cling to your gold chains.
Keep in mind that while you're trolling against BTC, you're going up against the best performing asset of the past decade. Yes, it's very volatile, but its price will come back up. It's not a matter of if, just when. But maybe after you get done writing JPL, send the top brass at ICE and Fidelity some hate mail to tell them how dumb they are too.
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Neither owns any BTC. And, obtw, the exact top was basically first day of ICE trade. Risk hedging is not necessarily bullishQuote:
Originally Posted by stalefish3169
Nobody here is doing that. You are just having a hard time not being an idiot while lashing out at everybody.Quote:
Originally Posted by stalefish3169
Sorry, but you're wrong here. Fidelity has been mining for years. So it's extremely likely they own at least some...and are about to own a lot more.Quote:
Originally Posted by 4matic
http://fortune.com/2017/10/06/fideli...coin-ethereum/
Secondly, why bother to hedge against something of it's a joke/scam/non-threat?
Finally, I think you're referring to CBOE first day being the BTC ATH top. ICE/BAKKT doesn't start until next month. CBOE is arguably (probably) less favorale for BTC because it's derivative based whereas BAKKT is settled in actual BTC. I'm sure they haven't been buying the fuck out of the bottom via OTC though. [emoji12]
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ICE futures trade marked top.
I'm lashing out at everyone? LolQuote:
Originally Posted by Mustonen
You guys have been having a pile on for months saying how crypto will never be as good as a heavy shiny metal.
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