There is still the November hard fork. I don't expect to see an all time high until after the November hard fork has settled. It is incredible to me that Bitcoin has increased in value over 600% from last year. Just mind boggling.

I don't think too much will happen on September 30. All of the people that made decisions about the Chinese news have already made their choice. I think the thing to be worried about is the November hard fork with the potential 2xMB block size increase. That will definitely shake up the market.

If you think about it. Bitcoin is basically just a stock. If you buy apple stock. That stock may go up in value due to high demand or it may go down due to low demand. The stock itself, doesn't do anything. If you own the majority of a stock then you have control of the company, but for most stock holders all it really is, is a certificate that says you own something. Well, since most people trade on computers now, just a number on a computer screen saying "you own x amount of shares".

So what can you do with this apple stock? You can't eat it, you can't use it as shelter. It really isn't anything. It has no concrete value. Sure, you "own a portion" of the apple company, but what does that even mean? If you walked into apple headquarters you would be considered trespassing and rightfully so. Owning that portion of apple stock does not affect your life in any way on a physical level. The only way it can be of value to you is if someone else buys it from you later at a higher price. If everyone tomorrow decided to dump apple stock, the price would drop down super low regardless to how the company is performing. Even if apple released an iphone9 that is super revolutionary and has made the company tons and tons of money, it still would not effect the price of the stock. Well indirectly it would. In a direct sense, it wouldn't because the true value of the apple stock is determined by what traders/investors decide it is worth on the market. Stocks aren't backed by anything other than the perceived notion that it will mimic the performance of the company that it represents.

I think of bitcoin in a similar light. The only thing that sets it apart is that bitcoin is also a medium of exchange. Though not wide scale yet. Even if it wont become wide scale it still would be similar to that of a stock. It is backed by the belief that a new system for money will exist or by the belief that bitcoin is a store of value (electronic gold).

What is bitcoin really worth? $4000? $3000? $10,000? $1,000,000, $0.01?, nothing?

What is apple stock really worth? $150? $300? $7,000? $0?

The answer is simple. It is whatever the world collectively agrees it is worth.

(Okay, apple stock may not have been the best example since it is a stock that pays dividends. However, for stocks that don't pay dividends this is absolutely true).

Thoughts?

If someone I know hates bitcoin there will be very little I can do to change their mind. I think it really is as simple as going your own separate ways instead of trying to convince them. Chances are if anyone hates bitcoin it is because they bought it when it was high and sold it when it was low. The other possibility is they somehow ended up losing their bitcoin to some scam. If I lost thousands of dollars on bitcoin, I might start to hate it too.

China does not like bitcoin and so it will not survive there. Hopefully the rest of the world will see it differently in the future. The bans on exchanges is only the beginning for China. China is going to stop bitcoin from circulating in their country to the best of their ability. I don't think there will be many Chinese people into bitcoin in the future, sadly.

I selected that Jamie Damon is calculated in his rants. His goal is to make money and that is what he did and always will do. I also selected that Bitcoin will be negatively affected by bad news. That is short term hopefully. I also selected that Bitcoin will rise since no press is bad. That last one is more of a long term prediction. Let's hope it comes true.

That sucks, I'm not familiar with Bitpay, but I would check your junk mail. Sometimes valuable stuff gets sent there. Be careful though. Be aware of what you are doing.

I think this sums it up pretty good for a lot of things like information and youtube content. Honestly, pretty much anything you want to know you can just get for free. There are a lot of things people want to know and will pay money for it. Unfortunately, there is always some person out there that just gives it away for free.

You want to learn about investing? Boom, there is Investopedia and youtube channels. You want to learn about tuning pianos? Boom, there is a website out there. You want to learn how to play poker like a pro? Boom, there is the 2+2 forum and online videos. Your car is broken and you need to fix something. Boom, there is a forum of people giving free advice on your particular problem. Having trouble with your code? Boom, stackoverflow is there to help you. Sometimes they'll write you your code for free. You want to read a certain book? Boom, you can read a PDF document with all the pages online. No need to even download. You want to listen to music? Boom, you can listen to any song for free on youtube, grooveshark, and a bunch of radio apps out there.

I remember a new gambling game came out that no one had played before. Low and behold, someone was stupid enough to post all the statistics to the game and a great strategy guide on the internet for free. I guess the thought didn't occur to him that keeping that information secret would allow him to profit off it. Who knows, maybe he enjoyed getting "thank you" comments from random people. Perhaps he just doesn't like money.

Also, the youtube video shows somebody donating because they are happy with the content they are being shown. I don't see many people doing this. I know I probably wouldn't. I like my money and am selfish that way. Meh, I could be wrong though. There are people out there who tithe.

Charities and tipping people is different though. That is more personal. A youtube video is for entertainment or information to a very wide audience. Don't get me wrong, people love to pay for entertainment and information, but if they have the opportunity to get it for free they'll take it. If there is a large group and they are anonymous they most certainly will take it. If a buddy of yours offers you a spot on his Netflix account you aren't going to say "Thanks for the offer, but I'd really like to give back to Netflix and sponsor them by paying $10 a month."

The answer is yes. People after me will probably flood the thread with statements about how they can't and what not. In reality, they can. There is no telling what will happen in the future. Will big banks back bitcoin, or will they turn on it.

There is an interesting concept here. If one country bans bitcoin and others don't then that country could be left in the dark. On the other hand, if a lot of countries start banning bitcoin together then they could destroy its value.

I'm going to guess around 2 million. Satoshi has 1 million coins and it appears that people have speculated that he probably died meaning those coins have been lost. Any other substantial amount would probably be a few isolated cases. People that have a lot of money in Bitcoin aren't going to be careless with it. People lose shit all the time though, especially when it is only a small amount. I expect the number of lost bitcoin to increase overtime. This will probably make bitcoin more valuable or perhaps, be its downfall.

By vision, do you mean dream or do you mean that you saw this while you were awake? If you were dreaming then I would assume that this is a personal conflict within your own mind. Psychic powers aren't real and there is no such thing as seeing into the future. If this was a "vision" I would be concerned with your mental health. People don't just have visions throughout the day. It is a possibility that you have some form of Schizophrenia. I'm not a doctor though. Perhaps your "vision" is just an over active imagination where you were just daydreaming, but decided to remember it as being something more profound each time you remember it.

Also, I don't think Satoshi was Asian. I don't understand why people think Satoshi was multiple people. The writing style looks like one person to me. I think a lot of you guys think it is edgy or clever saying it is more than one person. Maybe you have reason for this, but I never see it. Why would there need to be more than one Satoshi?

You probably already know this, but just incase you don't I'll mention Satoshi Nakamoto who is, in fact, the founder of Bitcoin. Nick Szabo was the creator of Bit Gold which failed, but is probably the inspiration for Bitcoin in the first place.

Whoa guys, whoa. What if our own blood was where we store our private key. The DNA code is put through a processor that is scrambled. Once that happens that scrambled data is then converted into a private key from which we can get a public address. That public address is how you can receive payment from others such as your workplace.

So when ever you want to purchase something at a store you just prick your finger and boom. You can purchase those items. If your private key ever gets compromised for whatever reason you can always use a different scrambler to bring out a different result. You could even use the scrambler to use certain parts of your DNA that are similar to your relatives. This way, you can have family money that people in your family can earn and use interchangeably.

A retinal scan might be easier because that would be a lot harder for someone to steal your money. With the DNA thing, someone might take a hair from your head and steal all your money. With the retinal scanner though, you wouldn't be able to have multiple users for a single address. If both were combined though then cool.

Retinal scan could be too much of a headache. Maybe facial recognition mixed with DNA to get an okay. Facial recognition to verify it is you. DNA for the private key. Well I guess all of the members of your family could get a joint account where multiple keys are on it. The problem with that is it would probably be more centralized.

Just a jumbled idea, but it could be cool. Not recommended for career sperm donors. Little you's from all over the world would have access to your money.

Thoughts?

For computer nerds they may be able to work their way around a ban. As for the regular population and large portion of the Bitcoin population now they would not be able to make their way around the ban. So can Bitcoin be banned? Technically no, but it can be rendered useless by government intervention making common folk unable to use it without facing litigation.

There is the hard fork that will be coming in November. It wouldn't surprise me if Bitcoin jumped up the same way it did in August. I don't think the whole situation with China is exactly settled either. I think $5000ish is reasonable be December though.

Jamie Dimon has a right to say whatever he wants about Bitcoin good or bad. A bunch of you are angry at him because you are biased. One, he is a banker. Two, he said negative things about Bitcoin.

John Mcafee said one Bitcoin would be worth $500,000 by 2020. Does he really believe this or is he spreading GCA (greed, certainty, and appeal)? Nobody is getting mad at John for trying to promote Bitcoin. He has great financial incentive for this just like Jamie has financial incentive to bash it.

People are allowed to say what they want. You can hate Jamie if you want to, but it doesn't make what he did by any means, punishable or even malicious.

I've done some transactions using blockchain.info and the fees have always been low from my experience. I prefer using an established website over software that I have to download to my computer.

There are some really smart people working on Bitcoin and always improving it. Also, they never rush things which is smart. They are always looking at potential mistakes and seem to upgrade Bitcoin without having some error that makes it fall apart.

This graphic is really cool. I especially liked it at the beginning. When it started getting really big it was just too much to wrap my mind around.


I just checked out my own wealth at Global Rich List and I'm in the top 1.03% when it comes to income, which is shocking since from where I'm from it isn't even considered that much. It isn't bad, but it isn't considered crazy wealthy. Surprisingly enough when I went to the wealth calculation it was 12.63%. I expected it to be even smaller since I love to save/invest, but that was not the case.

HOW DARE YOU SAY THAT PEOPLE HAVE EMOTIONAL BAGGAGE. WE FORUM PEOPLE ARE PERFECT. WE WORSHIP BITCOIN. WE PRAISE THE BITCOIN GOD ALMIGHTY. HE SPOKE TO ME LAST NIGHT AND TOLD ME WONDEROUS THINGS. SHAME! SHAME ON YOU!

 


No, you're right. There is a lot of stuff where people are like "bitcoin is unstoppable", "I'm in love with bitcoin", "bitcoin will reach $10,000,000 in 2 years", and lots of other things. Buy low, sell high is a good idea. However, it is not easy to see what is high and what is low until after the fact.

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