candoo, it seems that you are really promoting this website in several places on the forum.
Please state your involvement with it. It sounds scammy.
I call BS on this OP. Moderators I think this one belongs in spam/off topic. Personally, I think it's BS too. OP made other claims that he 'made millions' trading on this website, yet he is also trading 7 euro HDMI wires etc. on this forum. I don't know many millionaires that feel the need to put their time in small trades. |
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Let's be realistic. No market allows hyper-profiting.
When I get my ASIC mining hardware, well, mining, and the price of Bitcoin remains at its current level, I will be hyper-profiting. So, I know that the market will correct itself, sooner or later. Then I will keep making reasonable, high(is) profits for the foreseeable future. And that at the current norms is not more than 100%.
My cost of mining for the next few years will be around $3.9 / BTC.
Therefore I will be disappointed if the BTC drops below $7, but I don't believe it is sustainable to have it at the current $21. So, what is the hsitoric YOY growth, 30%?, 50%?, then it will be reasonable to expect it to hover (with slight upwards trend) around $15 in 2 years.
That's my thumb's suck.
But then again, the professional speculators can make and break any market, Bitcoin including - and that will make the BTC anyone's guess!
Ever thought that maybe the price won't drop but you'll have more mining competition? |
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grow a heart
grow a spine and stand up for what's right, instead of demanding degeneracy be indulged. There is a difference between holding true to your principles or wanting that people that you think have misguided beliefs/morals end up eating their children.... |
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candoo, it seems that you are really promoting this website in several places on the forum.
Please state your involvement with it. It sounds scammy.
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Let them fight over scraps of food in their Worker's Paradise until they are eating their trees, pets, and children like the North Koreans.
Let them weep for their crushed false pride, as British warheads incinerate their population centers.
The only good commie is a dead commie!
Grow a heart |
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50+%, but about 90% of it came from bitcoin in the first place.
I am confused, I think you mean to say you bought around $2 ? Or did bitcoin used to be 90% of your holdings? |
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The Digital Revolution is what we are in the midst of right now ... beginning around, say circa 1970? (unix time 0) - computing - automation - communication - etc, etc (digital money) I was more thinking in the direction of: -decentralized energy - Buildings as Power Plants(Wind / Solar), Smart Grid, Energy Storages of Electric Cars/ Hybrids as Grid Buffers. - decentralized Production - 3d-Printing manufactures - decentralized money - Bitcoin In the new era, everyone can potentially be their own manufacturer, their own internet site, their own power company and their own Bank. Good points. 3D printing is so cool, I think I'll buy a printer in the future (when the price/quality is better). Personally, I think Biotech will be the next big wave. Increasingly fine tools (nanotech) and visualisation aids (better microscopes etc.) combined with a maturation of "big data" processing methods should spark a bunch of innovation. We can do some cool things already, but we are only scratching the surface... |
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$32 was "the new paradigm", $2 was "dispair", $5 was return to the mean. We are now seeing a repeat of the same pattern.
I agree with you on these points, but where exactly do you see "first sell off" in the first bubble? Or the "return to normal"? Imho, any point you pick for these are quite arbitrary. So, anyway, seems pretty obvious. We're in the bull trap/return to normal area.
I agree. How are we in the bull trap/return to normal area if we haven't even had a significant sell-off in the new "bubble" ? Don't get me wrong, I think we will get another decent sell-off, and we have risen quite a bit, but I don't think we are there yet. It's just like a fractal. The pattern will repeat itself in different scale. In short-term (1-2 year), the first bubble was a full cycle. In medium-term (3-5 year), it was just a bear trap. In long-term (6-10 year), it was just a glitch in the take off period.
+1, although the fundamentals need to stay good for this to happen of course. |
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Well first of all this is all theoretical because Bitcoin is far too volatile for wages to be paid however hypothetically imagine a future where adoption is very high. The BTC money supply is worth tens of billions a year and the purchasing power of 1 BTC is rising by a small but relatively consistent rate of say 5% annually.
An employer could offer an employee an annual salary of 5 BTC for the first year with a contract that the salary decrease by 5% per year with the potential of a partial offset for merit raises. Even better would be a sort of third party CPI type number used to calculate the buying power. The salary would be reduced by that metric instead of a fixed 5%.
In the interim I think a traditional fiat salary which is converted at payday partially or fully into BTC and paid to the employee is probably more realistic.
this |
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Thanks for pointing me to this blog post! +1 |
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It is useful to be able to store value in bitcoins and use that as collateral to borrow something else to actually spend.
It is a pain having to have that something else lack the convenience of cryptocurrency, thus it is good to have several cryptocurrencies to choose among when picking what to borrow. You are looking for one that is not climbing in value as fast as bitcoins are, basically.
Why? Why would you hold currency that doesn't increase in value as fast as bitcoins, even if only for a small amount of time, especially when you can spend your bitcoins just as easily. |
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Since I believe that there is a small chance of bitcoin becoming very very valuable, and a large chance of it becoming worthless, I would buy a small amount of coins, and put the rest of your savings for your children/grandchildren into other things (gold, real estate (if you are rich), stocks ..).
That way, if bitcoin makes it, it will provide your offspring with a good amount of wealth, but in the likely scenario that something goes wrong, the loss will be minimal, and they will still have the other things.
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4. Bitcoins are hard to acquire. This is a big problem. You can't take a credit card and buy bitcoins.... since you can't use a reversible payment system to pay for something irreversible.
If Bitcoins were easy to acquire, you probably wouldn't want them, since you'd already have a payment method that's quick, convenient and safe for all parties concerned. It's relatively difficult to buy bitcoins because all the other payment systems rather suck. While I see what you mean, I think it is important to note that aside from the payment network, the fact that your currency is not dilutable is important too. |
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. . . (by the way, I am definitely not a fan of deleting unused addresses either).
Please explain what you mean by "unused address". It is not possible for an address to exist in the blockchain unless it has been used. I mean addresses that have coins that have been sitting there for years, with no transactions from or to that address happening anymore. Apparently some people interpret this as: "oh, the owner must have lost the private keys, so the coins are lost", whereas I believe that they could just be long term savings accounts. Anyway, I don't see an added value in removing lost coins, except for a small wealth transfer from current BTC holders to future miners (if the lost coins would somehow be added to the generation process again). |
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While I think it is good that competition is allowed, I don't think that adoption of litecoin or a number of other bitcoin clones would be a good thing. (If somebody invents a currency that is actually superior to bitcoin in some aspects, and it has its own niche, then sure).
I think my reasoning why this would not be a good thing is probably not very original. If 2 more or less identical currencies are being used, what is to stop people from using hundreds or thousands of coins. Since this would only dilute the wealth, in effect the currencies themselves become worthless.
I think in this case "competition" is a word which we are programmed to like, like "freedom", "democracy" etc. . Just remember that these words that are positive in the majority of the situations can be negative too. Absolute freedom would give me the freedom to shoot my neighbour without getting punished for it, minorities can be bullied democratically etc.
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The pro's of bitcoin are readily apparent. And I think many haven't even been imagined. What interests me though are the cons of bitcoin. What is bad about it? I'll try to write everything I think that is bad about bitcoins.
1. Positive
2. While it is possible to make your wallet very secure, I think security for everyday use for non-technical people could indeed be made easier/safer. Check out Trezor in the project development section. Slush and Stick are creating a hardware wallet to circumvent hacker theft. Important development imho.
3. not an issue. Hardly anybody understands all the underlying workings of the things they use in everyday life.
4. As noted, not that much harder than foreign currency, and this will get easier over time with increased adoption.
5. Not an issue, people are far more flexible than you think.
6. Possibly an issue
As I have mentioned before: two things I do see as possible issues are a 51% attack (or some other form of attack on the network) and scalability issues (but I really have to overthink the scalability thing a bit more to get some clarity on it). It would discourage hoarding NO. in case it is not clear: NO +1. If they ever start creating more than 21M, I am out. (by the way, I am definitely not a fan of deleting unused addresses either). |
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