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We fight on.
Bitcoiner! You are fighting a war you can not win.  |
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Bitcoinwisdom alarm  |
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I disagree.
Bitcoin is literally a proof-of-work in conjunction with a point on an adoption curve.
The proof-of-work part is what makes it tangible IRL, the point in the adoption curve is what makes it relevant to society. Yes, the same thing in a vacuum wouldn't be of much value, but value is a social construct and Bitcoin has that.
I set out to delineate the difference between Bitcoin and the stock market, not the value of Bitcoin. But I'll follow your tangent. "Proof of work" is not proof of useful work. It's proof that an amazing amounts of electricity was wasted on what amounts to little more than digital thumb twiddling. Useful to ASIC manufacturers? Sure. Useful to mining contract resellers? Yeah. But useful to society as a whole? Not really.
How useful is a currency that consumes 10% of its market cap, each year, to secure? Well, if Satoshi is right, and price of mining does approach the price of mined coins, then Bitcoin is costing just that: ~10% of all the coins in existence were mined this year  It is arguably the only way to create an immutable, decentralized ledger. Not useful work? Very much useful since without the work the chain is not secure. How useful is a currency that is easily attacked and vulnerable to corruption? You are starting with a few dubious assumptions: 1. An immutable, decentralized ledger is the right way to do money. 2. Ten percent, yearly, of the entire worth of Bitcoin (or any currency) is a reasonable amount to spend on security. 3. The current supermine distribution is decentralized and immune to corruption. |
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I am really not a fan of trendlines...
I'm a fan of Fibonacci fans, because science. |
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I disagree.
Bitcoin is literally a proof-of-work in conjunction with a point on an adoption curve.
The proof-of-work part is what makes it tangible IRL, the point in the adoption curve is what makes it relevant to society. Yes, the same thing in a vacuum wouldn't be of much value, but value is a social construct and Bitcoin has that.
I set out to delineate the difference between Bitcoin and the stock market, not the value of Bitcoin. But I'll follow your tangent. "Proof of work" is not proof of useful work. It's proof that an amazing amounts of electricity was wasted on what amounts to little more than digital thumb twiddling. Useful to ASIC manufacturers? Sure. Useful to mining contract resellers? Yeah. But useful to society as a whole? Not really. How useful is a currency that consumes 10% of its market cap, each year, to secure? Well, if Satoshi is right, and price of mining does approach the price of mined coins, then Bitcoin is costing just that: ~10% of all the coins in existence were mined this year |
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... Finally 1 person that understands  Quick, sell him your coin before he smartens up!!1! Greater fools don't grow on trees you know. ...or do they? Your loneliness must be unbearable with all us fool bitcoiners in here. I sometimes wonder what a monster of IQ like you doing with some dumbasses like us. ... Not loneliness--noblesse oblige. And, perhaps, an overly egalitarian desire to educate the great unwashed. I know, I know, wish in one hand and spit in the other, but what can I do? I'm a romantic, I have a big heart... |
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^ Lol, by using "their money" over the course of the last year, I can now afford to buy more than double the amount of "your" money. More than twice the BTC than if I was stupid enough to "invest" in BTC this time last year.  That's some seriously sound money you got there, Tiger  |
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... Finally 1 person that understands Quick, sell him your coin before he smartens up!!1! Greater fools don't grow on trees you know. ...or do they? |
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Shares in a company represent a real live company. IRL.
Theoretically, but the valuation represents the markets best guess at future earnings of that company. Some billion dollar software tech companies have only "really" consisted of an old warehouse, rented, divided into offices, a handful of computers, and a few employees. $50,000 including the potted plant in reception. Sure. The point I'm trying to make is a BTC represents nothing external to itself. The value it represents is purely speculative--not even a potted plant in reception. So while a software tech company might be 99% intangible, valued in fiat promises on paper that is 99% intangible, the last 0.01% tangibility that bitcoin doesn't have over that really bugs you? Interesting. You (intentionally?) missed the joke. I'll explain it in dryer terms: Stocks represent assets--both tangible [potted plants and such] and intangible [intellectual property, skills, etc., etc.]. Presumably your software co. has plenty of the latter. If it truly has nothing more to offer than a potted plant in the lobby, I'd have to advise against investing--sounds like a typical Bitcoin scam co. to IPO in the "Securities" section Bitcoin [the unit] does not represent anything beyond itself. Or, rather, that it fits into this fork of the blockchain. In other words, if the technology behind Bitcoin has value, owning BTC does not mean you own a share of that technology--simply an instance of the technology. But, again, Bitcoin is less similar to the stock market than apples are to outboard motors. |
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...  The sign you used is > (greater than) ... Not the "PANTS!" sign? |
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375.
Ouch, gentlemen. Ouch.
How will we survive? A 10 dollar drop today. We will all be living on the streets <blanks> Well, assuming that was an attempt at sarcasm: Thirty-seven days of $10 drops--a bit more than 5 weeks--will reduce the value of your stash to $0. Hopefully said stash does not represent the bulk of your portfolio, else you will be living in the streets |
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Shares in a company represent a real live company. IRL.
Theoretically, but the valuation represents the markets best guess at future earnings of that company. Some billion dollar software tech companies have only "really" consisted of an old warehouse, rented, divided into offices, a handful of computers, and a few employees. $50,000 including the potted plant in reception. Sure. The point I'm trying to make is a BTC represents nothing external to itself. The value it represents is purely speculative--not even a potted plant in reception. |
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maybe people would feel better if we used this rather delightful photograph of a ducks arse to represent bottoms from now on? hmmm?   Probably, unless you´re following this thread without pants. |
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... HUH? Bitstamp dump, again?  Reprisal is swift |
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375.
Ouch, gentlemen. Ouch.
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They are doing so right now.
It is disingenuous to refer to Bitcoin as inflationary because of its emission schedule. It's current monetary base and limited supply creates more upside for growth than any comparative investements.
Bitcoin is currently inflationary. The base is being inflated at ~10% per year--much faster than any self-respecting fiat currency. Re. "upside": BTCeanie BTCabies, like BTCitcoin, also have an upper limit. Unlike BTCitcoin, that limit has already been reached [no more authentic BTCeanie BTCabies are being produced]. Thus, BTCeanie BTCabies are truly deflationary [authentic BTCeanie BTCabies can be destroyed, but not created]. Invest in & hoard BTCeanie BTCabies FTW! stfu, troll. Learn some manners  |
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... A lot of people might be seeing BTC as the stock market 2.0. Big money entered the DJI portfolio despite a loss of 90% from $381 to $41. Crash after crash people have trusted their money in the stock market and portfolios and have retired off it. I don't think it's ridiculous to think that BTC could be similar. ( http://stockcharts.com/freecharts/historical/djia19201940.html) The difference between the stock market and Bitcoin may be somewhat difficult to grasp, so I'll try to explain: Shares in a company represent a real live company. IRL. Bitcoin, on the other hand, represents only itself--a token that fits into a digital ledger. It has as much or as little value as the market decides. Unlike the stock market, if Bitcoin vanished from the face of the earth tomorrow, no one but a few enthusiasts would notice or care. It is less similar to the stock market than apples are to outboard motors. Hope this helps. |
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They are doing so right now.
It is disingenuous to refer to Bitcoin as inflationary because of its emission schedule. It's current monetary base and limited supply creates more upside for growth than any comparative investements.
Bitcoin is currently inflationary. The base is being inflated at ~10% per year--much faster than any self-respecting fiat currency. Re. "upside": BTCeanie BTCabies, like BTCitcoin, also have an upper limit. Unlike BTCitcoin, that limit has already been reached [no more authentic BTCeanie BTCabies are being produced]. Thus, BTCeanie BTCabies are truly deflationary [authentic BTCeanie BTCabies can be destroyed, but not created]. Invest in & hoard BTCeanie BTCabies FTW! |
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