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Utopia Talk / Politics / Bitcoin poll
Nimatzo
iChihuaha
Thu Dec 07 14:27:25
How long until crash?

a. Days
b. Months
c. Years
Nimatzo
iChihuaha
Thu Dec 07 14:28:40
Premise.

Good time to pull out.
Dukhat
Member
Thu Dec 07 14:31:24
It went up 25% in 48 hours lol.

http://ars...a-25-percent-rise-in-48-hours/

I don't know about you but if you've been holding for a few weeks if not months, seems like a good time to sell.
Dukhat
Member
Thu Dec 07 14:37:26
The most important thing about gambling is to be happy that you won and won big. It doesn't matter that someone else won a million. Be happy that you won ten thousand and move on.

pillz
Member
Thu Dec 07 15:35:56
Crash or not, it will recover.

But as it stands, crypocurrencies are untenable. A bunch of vaporware promises for new coins, and Bitcoin is just a poor mans stock (literally every business student in Canada is playing cyptos as stocks).

Because activity = value, it keeps shooting up as retarded business students keep buying and selling throughout the day and in response to their favorite business leaders daily tweets and comments in the news.
Daemon
Member
Thu Dec 07 23:08:13
d. Centuries!

I have no idea. There is so much cheap money available that this could go on for quite some time.

All citizens of Congo should be forced by law to invest all their money in Bitcoins and thus make it the richest country on earth in the next 30 days!
Seb
Member
Fri Dec 08 05:23:31
It's currently crap as a medium of exchange. Transaction costs are astronomical, and volatility so high that the value changes during the transaction period.

If you buy into the idea of bitcoin as money, that's hyperdeflation. Not good for operating efficient markets.
murder
Member
Fri Dec 08 09:42:20

As far as I can tell, bitcoin is good for hoarding and little else. A lot of people have been making a ton of money for no rational reason. This is like a supervisor pump and dump scheme you see in penny stocks when market manipulators can round up enough suckers.

There is zero doubt that some group of people are going to get burned. It's just a question of who and when.

I figure when the bubble reaches $1 trillion it will implode or get shut down.
murder
Member
Fri Dec 08 09:44:21

"like a supersized pump and dump scheme"
Seb
Member
Fri Dec 08 11:17:02
It's not even great for hoarding - the transaction rate limits make it increasingly hard to cash out.
Pillz
Member
Fri Dec 08 11:58:49
That's not a fault of the coin though, just exchanges?
Daemon
Member
Fri Dec 08 12:18:49
It is a problem of the technology, that's why they try to fix it with more technology:
http://www...y-project-successfully-tested/
Lightning Network is basically a second level network built on the top of the Blockchain network, which basically acts as an off-chain payment layer.
[...]
Seb
Member
Fri Dec 08 12:32:30
It's a limitation of the software and hardness function.

Offchain payment looks like some buffering and surely introduces trust issues no? Point of blockchain is to avoid need for trusted intermediary.

The ammounts of power needed to run bitcoin is the same as needed to run Denmark - so i saw.

At that kind of efficiency, transaction costs are always going to be huge.
Kilo
Member
Sat Dec 09 18:44:12
Yeah the amount of power needed to mine one coin can power a house for 9 days from what I've read.
Forwyn
Member
Sat Dec 09 20:28:07
So ditch the blockchain, and jump on the tangle!
jergul
large member
Sun Dec 10 01:33:02
I have started to view bitcoins as a energy brokerage tool (a means to bring electricity in rural china to the global market).

Its an interesting perspective. True in so far as it goes.
Nimatzo
iChihuaha
Sun Dec 10 03:11:18
What other crypto have people here invested in?
Seb
Member
Sun Dec 10 13:44:40
jergul:

Not really sure how that can be true. The electricity is consumed on a pointless transaction and non recoverable.
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