Bitcoin....who's gotten into it?

[huckbucket]

Use of Matrix imagery rarely improves understanding.

[highangle]

The steak was a construct, inside a larger construct. Cypher's use of "Exist" indicated why he wanted the blue pill...

Abstract, but the issues of perception vs "reality" are just some of the hills an algo writer will have to surmount along the way to devise a better cryptocurrency onion.

[jono]

Please correct me if you know this with any certainty, but it's my impression that the only thing the "founder" of bitcoin did was to author a white paper that caught on with cryptographers, so that the actual coding was a communal effort, open-source style. If you trust open source security then the origins of this are not so concerning.

Not that that is an endorsement, it just puts it on a similar footing with open source security.

[highangle]

Good journalism is relevant:

http://www.newyorker.com/magazine/20...rypto-currency

[splat]

Yo....haven't been around.

WTF on page 1?

[frorider]

What a shitshow. http://mashable.com/2016/01/15/bitco.../#5s2HzBDVJPqz

[jono]

Hearn's blog post
https://medium.com/@octskyward/the-r...1f7#.luyid49uz

More fundamentally, it is a crisis that reflects deep philosophical differences in how people view the world: either as one that should be ruled by a “consensus of experts”, or through ordinary people picking whatever policies make sense to them.

That seems awfully similar to the philosophical rift between the ruling meritocratic (ne-communist) party in China and the would-be libertarians of the bitcoin experiment just as control has essentially been taken behind the Great Firewall. Shitshow indeed.

[mntlion]

I'm still not sure what problem bitcoins is trying to solve?

interesting idea, neat that it CAN exist, and for some is useful (the ones making money with it) but for most of us, how is is better then cash or debit, or credit cards?

[stuckathuntermtn]

Clearly, you've not heard of Square.

[stuckathuntermtn]

http://bfy.tw/4izs

[Bobby Stainless]

Good for buying illegal shit.

[abraham]

Isn't a ton of the recent buying and selling related to ransomware? I think I read estimates in the 50% range of daily use. That seems too high but I don't really know. Never got into it and most people I knew who were mining quit as the rewards diminished. Wonder if they are still using it?

[OldLarry]

The "technology" is way more impactful than any given crypto currency, and even that will be very hard to implement/mesh with legacy clearing and settlement systems, centralized or not. The recent breaches at swift may goose things a bit.

Know a guy who started and folded a hedge fund based on arbing various cryptos vs each other , gbp, usd, euro, etc.

Problem is the "exchanges" also act as ccp's and play hints however they want. Cannot unwind-

[milton]

The Ransomware crowd loves the bitcoin.

[Ripzalot]

This is one dip I won't be buying on....down 20% atm...

Bitcoin Plunges After Hacking of Exchange in Hong Kong

[ICantLogIn]

Where are you getting your bitcoin from?

[ICantLogIn]

No one is buying anymore?

[Whiteroom_Guardian]

No one is buying anymore?

Bought a couple dips at 4k about 6 weeks ago. Really goofed and missed the 3k dip about 3 weeks ago. Been hodling/buying since I got in at 1k.

Got into ETH at $12 and hodling there as well with one dump during the big spike in June/July.


Pretty much the smartest dude I know has been a full-time crypto analyst for the last 5 years. Wish I was wise enough to get in when he did.

This shit is real and when the old dinosaurs finally croak you will kick yourself if you don't throw some pocket change in now and wait.

[neckdeep]

This shit is real and when the old dinosaurs finally croak you will kick yourself if you don't throw some pocket change in now and wait.

By dinosuars, I guess he means morons like Warren Buffet. Right......what's that old fool know about value, huh?

here's what Buffett had to say:

"Stay away from it. It's a mirage basically. It's a method of transmitting money. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money? I hope bitcoin becomes a better way to do it. But you can replicate it a bunch of different ways. The idea that it has some huge intrinsic value is just a joke in my view."

[Whiteroom_Guardian]

By dinosuars, I guess he means morons like Warren Buffet. Right......what's that old fool know about value, huh?

here's what Buffett had to say:

"Stay away from it. It's a mirage basically. It's a method of transmitting money. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money? I hope bitcoin becomes a better way to do it. But you can replicate it a bunch of different ways. The idea that it has some huge intrinsic value is just a joke in my view."

Never said the old guard were morons. Many of them refuse to adopt new technology. I mean why would they? They made their fortune the old way and will be dead when the new way becomes totally relevant.

What many like Warren fail to understand is that bitcoin/crypto are finite unlike fiat currency/checks.

There is no way to simply "print" more BTC once all the coins have been mined.


If tomorrow there was an announcement that the last nugget of gold was mined on earth what do you think would happen to it's value?

[4matic]

We'll see what happens when derivative trading on crypto starts. It's a one sided market now.

With regard to "last ounce" of gold. More gold is owned in derivatives and traded every day than the next 100 years of production.

[ICantLogIn]

ETH huh....

[huckbucket]

Never said the old guard were morons. Many of them refuse to adopt new technology. I mean why would they? They made their fortune the old way and will be dead when the new way becomes totally relevant.

What many like Warren fail to understand is that bitcoin/crypto are finite unlike fiat currency/checks.

There is no way to simply "print" more BTC once all the coins have been mined.


If tomorrow there was an announcement that the last nugget of gold was mined on earth what do you think would happen to it's value?

Are bitcoins bought in fractions? If so, that's another way to artificially expand supply.

[ICantLogIn]

How about NEO anyone in?

[Whiteroom_Guardian]

Are bitcoins bought in fractions? If so, that's another way to artificially expand supply.

There will only ever be approximately 21M bitcoin in existence. Once all the blocks are mined that's it.

It's like if there were only ever 21M USD ever printed. Sure you could buy $10 dollars here and there, but the value would continue to increase as it's usage becomes more widespread and commonplace without the ability to just make more money whenever we want to.