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Author Topic: I'm fucking out. bitcoin will be over soon..confirmed.  (Read 12761 times)
pawel7777
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January 25, 2015, 02:07:58 PM
 #161


Considering the current wild fluctuations in BTC, it concerns me that any company offering this service is exposing themselves to a significant risk even in a 24hr period from offer to acceptance.

Taking into account the past few months of volatility. They have to maintain significant assets to cover the extreme recent BTC price fluctuations.

Again, I don't know what their actual model is. But assuming they're selling BTC in the same time as you decided to 'lock' then the exposure is few seconds rather than 24 hours. If that's the way they do that, the risk is non-existent.


Price averaging is not practical when you have no idea how high or low it can go.  As you can see by the 2014 charts, your guess is as good as anyone's.

The current situation is a clear example of problems the Bitcoin network will face in the future. Miners only continue to operate when it’s profitable. Bitcoin value will always be tied to operating costs of people, equipment, facilities & energy.

Will their be enough individuals running long term hashing power to support network transactions when mining is over?  What will their operating costs be? 

Will the system eventually transform into something centralized that will charge transaction fees to support operating costs?  Which would be very similar to the banking system that we have today but without Government backing.


I'm not saying that price averaging is practical or safe, but it's yet just another way to protect yourself from volatility.

As for mining - no one can predict the future. But it's a self regulated system (less miners, diff goes down, profitable again). Also, I wouldn't be surprised if in future some of the large BTC related companies will be mining just to secure the network. If their profit is grater than loss on mining - it still would make sense (in financial terms) for them to do it.

And it will never be centralised (Central Bank style) as long as anyone is free to start mining or running a node.

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January 25, 2015, 02:19:50 PM
 #162


Just because the price is going down? Many stocks go down then recover especially when they are stocks of a new high tech company. Bitcoin is still in business!
Bitcoin is supposed to be a currency not a stock.

It is not meant to be none, at least from the start:
Quote
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose

and one special, magical property:
- can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.

It might resemble a currency, but a currency is more than some stuff you can use to buy other stuff

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January 25, 2015, 02:36:41 PM
 #163


Now back to my original problem with bitcoin volatility.   




I Love Bitcoin’s Volatility

http://nakamotoinstitute.org/mempool/i-love-bitcoins-volatility/
Bitcoin is supposed to be a currency not a stock.

It could be a stock or a store of value.

The beauty of bitcoin is, it can be a stock, a currency of value or a currency. 3 in one baby.

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January 25, 2015, 02:53:04 PM
 #164

That's a bit like saying electricity can be heat, light and magnets. No one sticking bits of metal in lemons in the 19th century imagined something like the digital age developing from it.

True enough, although Tesla's vision was close in the late 19th/early 20th centuries.

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January 25, 2015, 03:09:33 PM
 #165

The terrorist card is another ploy by the West!
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January 25, 2015, 04:23:43 PM
 #166


Just because the price is going down? Many stocks go down then recover especially when they are stocks of a new high tech company. Bitcoin is still in business!
Bitcoin is supposed to be a currency not a stock.

It is not meant to be none, at least from the start:
Quote
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose

and one special, magical property:
- can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.

It might resemble a currency, but a currency is more than some stuff you can use to buy other stuff

Actually it's supposed to be an alternative currency.  And it's only purpose is to hold value to trade for or "buy other stuff"

“Bitcoin was a genius invention, but its implementation became corrupted by people whose aim was to make money – not bitcoins, but dollars.” ~ BCnext 

Bitcoin was a genius invention, but it's been...
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January 25, 2015, 05:09:35 PM
 #167

I think high volatility, defined as high dispersion is not good. That is, if the market had total certainty that the Bitcoin will reach $ 10,000 in five years, its current price, right now, would be approximately $ 9,980 negligible volatility .

If there is volatility is mainly by uncertainty about the future of the asset or illiquidity.



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muhrohmat
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January 28, 2015, 09:49:13 AM
 #168

the only thing that worries me is the fact of the mining coins can only be 21 million and already 13 or 14 millions mine in 4 years this rate even degrading it can be like more 6 years and all the coins weill be mined but i belive btc will rise due to rarity

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January 28, 2015, 10:10:15 AM
 #169

the only thing that worries me is the fact of the mining coins can only be 21 million and already 13 or 14 millions mine in 4 years this rate even degrading it can be like more 6 years and all the coins weill be mined but i belive btc will rise due to rarity

I believe the supply will only be cut off circa 2140. So no need to worry, we'll be dead before bitcoin will have to depend on rarity and/or market value.
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January 28, 2015, 10:45:25 AM
 #170

the only thing that worries me is the fact of the mining coins can only be 21 million and already 13 or 14 millions mine in 4 years this rate even degrading it can be like more 6 years and all the coins weill be mined but i belive btc will rise due to rarity

I believe the supply will only be cut off circa 2140. So no need to worry, we'll be dead before bitcoin will have to depend on rarity and/or market value.

The supply will cut off in 2140 but 99% of the bitcoins will be mined by 2032 and 90% of the bitcoins by 2022. It is not a problem since the current holders will sell and use theirs bitcoins as they need some fiat or some products. They will sell more as the price rises and they will lend the bitcoins as they want some return on their asset.

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January 30, 2015, 08:57:38 AM
 #171

i belive that the fact of the mined coins are more difficult to be mined it will incresse the bitcoin value and it can be used to do paypal direct and apple uses for buy direct.

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January 30, 2015, 09:09:11 AM
 #172

the fact of the mined coins are more difficult to be mined
That's incorrect. Whether or not new coins are more difficult to mine than the previous ones, only depends on how many people are mining (and how fast their computers are). If some people stop mining (because it's not profitable for them), it will become easier to mine new coins.

In theory, there's no difference between theory and practice. In practice, there is.
Insert coin(s): 1KazimirL9MNcnFnoosGrEkmMsbYLxPPob
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January 30, 2015, 10:48:36 AM
 #173

Did you f*** out when Wall Street gapped down huge ?

Then yes time to. But if you didn't; way to go.

Writing obituaries for a game-changer are meaningless. The payments & currency landscape changed five years ago for good; the changes are never gonna get rolled back. It will only evolve towards better efficiency, security, usability.....
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February 26, 2015, 08:19:59 AM
 #174

the more i see work for bitcoins and market of bitcoins not just convertions i see that even low price like 300 dollars per piece its like good for trade and jobs and work and internet and fast ttrransctions and ddecentrilization bit coin its goin to be like for decades the best coin even better than alt coins soorry to disagree again with the opinion of oobituary very muchclose to not going to die.

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February 26, 2015, 08:47:27 AM
 #175

Until there is a fundamental problem with the technology or protocol I'm sticking with bitcoin.  Price movement alone is not a reason to give up on technology that solves real problems - international transactions and ending chargebacks.  Though I agree, if you speculated, it can be wise to get out with something.

Good Luck!
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central banking = outdated protocol


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February 26, 2015, 01:02:58 PM
 #176

Bitcoin's value needs to be compared to complete financial networks. Whatever it's current price is, reflects that value plus or minus any irrationality in the markets. The wisdom of crowds is a very relevant factor in determining correct value:







...And gives credence to this:


Until there is a fundamental problem with the technology or protocol I'm sticking with bitcoin.  Price movement alone is not a reason to give up on technology that solves real problems - international transactions and ending chargebacks.  Though I agree, if you speculated, it can be wise to get out with something.

Good Luck!

https://www.youtube.com/watch?v=WdrSP0V-KLg  


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February 26, 2015, 01:27:43 PM
 #177

It's taken you this long to leave? Where are you trying to sell out, a flea market?

silverfuture
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central banking = outdated protocol


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February 26, 2015, 01:40:56 PM
 #178

It's taken you this long to leave? Where are you trying to sell out, a flea market?

The local farmer's market. They have some awesome magic beans I got for a discount because bitcoin.

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February 26, 2015, 01:45:12 PM
 #179

It's taken you this long to leave? Where are you trying to sell out, a flea market?

The local farmer's market. They have some awesome magic beans I got for a discount because bitcoin.

Good answer. LOL

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February 26, 2015, 01:52:02 PM
 #180

Bitcoin's value needs to be compared to complete financial networks. Whatever it's current price is, reflects that value plus or minus any irrationality in the markets. The wisdom of crowds is a very relevant factor in determining correct value:







...And gives credence to this:


Until there is a fundamental problem with the technology or protocol I'm sticking with bitcoin.  Price movement alone is not a reason to give up on technology that solves real problems - international transactions and ending chargebacks.  Though I agree, if you speculated, it can be wise to get out with something.

Good Luck!

https://www.youtube.com/watch?v=WdrSP0V-KLg  



Very well explained.
Unfortunately, it seems that people usually don't think rationally when they making decisions about investments, shares, finances but very emotionally.
Value of bitcoin went down mostly because people reacting in fear and selling their bitcoin in panic.
when this panic mode is over and more ''big'' merchanzs accept bitcoin, value of bitcoin will increase again.
No, bitcoin will not be over soon, I don't think so.


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