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[Cipherr]

So buying and holding BTC as an investment is rather like betting that league of legends will remain the number 1 most popular online game for at least as long as you need it to.
That seemed almost a persuasive idea until PUBG came out.

In this example you are missing that PUBG would also be a crypto that we would have seen climbing the charts the whole way. No way something like that exists and people dont jump on it before it hits #1.

Say what you want about PUBG, but we certainly saw it surging long ago.

 

[entremet]

What's fueling this?

Speculation. It's not the new hotness. Lookup blockchain, it's all over the internet hot circles.

 

[collige]

So buying and holding BTC as an investment is rather like betting that league of legends will remain the number 1 most popular online game for at least as long as you need it to.
That seemed almost a persuasive idea until PUBG came out.

This analogy doesn't really hold up because BTC will always be used as an intermediate trading currency for alts until they reach a high enough level of popularity for exchanges to start supporting trading for fiat. For example, Bittrex didn't have USDT markets (which is still technically a crypto) for Monero and Dash until July. Up until then, you had to go through BTC.

 

[Josh5890]

So how many Animal Crossing turnips will buy my a bitcoin?

 

[CrunchyB]

Say what you want about PUBG, but we certainly saw it surging long ago.

I must be really out of the loop, because I've never even heard of PUBG until now.

 

[The Bookerman]

What's fueling this?

russian oligarch's

 

[Vermillion]

Why didn't I buy bitcoin.

Every time!

Can we get a thread when it crashes? Enough is enough; I'm in next time it's cheap smh

 

[Afrodium]

Every time!

Can we get a thread when it crashes? Enough is enough; I'm in next time it's cheap smh

The next time you'll be able to buy a Bitcoin for like $100 is when it's on its way to $0. It might be back around $4k soon though.

 

[Drifters]

$BTC's pullback is most likely going to be around $6500 in November with a bum rush o $7k at the end of this year. The blockchain tech is here to stay; certain coins are here to stay, others, not long for this world. I would say it is an easy straw man to pick on given that the currency is fueled by speculation, but what currency isn't? While $BTC won't solve all of the worlds problems, it may solve a few.

 

[TB14]

Got out of the BTC game after it passed $1k. Silly me.

 

[FyreWulff]

Pretty much everyone in crypto has wallets holding less than 1 btc, and they have no problem selling - wealth distribution here is like anywhere else. This is as much a problem as what would happen to the stock market if every wealthy investor decided to sell everything.

The stock market has sell limits aka circuit breakers, if selling goes past a certain point it literally stops all trading.

There's no central authority to BTC, so runaway selling can't be stopped.

 

[Aztechnology]

What's fueling this?

As someone who's been trading in Cryptocurrency and mining it. It's entirely being fueled by large-scale manipulation and then the resulting hype it creates.

 

[B-Dubs]

What's fueling this?

Rampant speculation, the same thing that's fueled it every other time.

If you're smart enough to get out before there's a run on the market and everyone's looking to dump their stock there's money to be made, but you don't want to be the last one holding the bag.

 

[Hesemonni]

And Vega 64 is still not moving lol

 

[Aztechnology]

And Vega 64 is still not moving lol

Bitcoin isn't mined on GPU's. It's mined using special ASIC units.

 

[Hamster Plugin]

Honest question. What do people do with these besides buy and sell them?

Pay for drugs and ransomware ransom.

Paying anything else with these is a terrible idea. There is a reason that real money is set to slowly lose value - you wouldn't want to spend it if it was otherwise. People are still joking about that time someone paid 1k bitcoins for a pizza when it was just a few cents. What an expensive pizza that was.

 

[oon]

Honest question. What do people do with these besides buy and sell them?

Purchase other cryptocurrency coins and tokens - most are only traded against BTC (some against ETH), very few with currencies like USD.

Other than that, it's just a commodity like gold - it does nothing, but people treat it like it has value - albeit one that has extreme price fluctuations.

I think it's still important to distinguish between a commodity like bitcoin with the smart contract decentralized applications built with blockchain that have led to an entirely new industry these past couple of years, for people who think this entire space is pure speculation. It's all very very new, and I had no idea about this myself until googling it earlier this year, I think it's really exciting!

Applications and services with issued tokens have a value, but that value (though certainly dependent mostly on speculation at present) theoretically should be derived from real world use, e.g OmiseGO, a payment processor in Thailand. Omise will be launching an app that will let people spend any currency they want seamlessly, like Bitcoin for McDonalds, or Starbucks points at the supermarket. They recently announced a partnership with McDonalds Thailand that caused the price to boom (right now, they're just a payment processor like Apple Pay - the OmiseGO cross-currency function will be implemented next year). They've issued tokens used to facilitate the running of this upcoming service, and once it's fully operational there will be routine payments of a portion of the overall transaction fee to holders of the token. So, the more the network grows, the more the token should hypothetically be worth, since it will generate a passive income to its holders. There are only a fixed number of tokens - no more will be created.

The initial price of OmiseGO tokens for early investors was 0.24 cents, about double that when it first listed on exchanges this past summer. It's currently valued at $8.50 per token, with a market cap of over $800million.

So there are essentially hundreds of startups like this using blockchain tech and their own tokens. I'm sure most will fail (maybe OmiseGo will fail!), but for those that don't...

 

[Dougald]

It's kind of sad that this has essentially failed to be the decentralized currency that was initially envisioned (outside of a few trades), and has instead become a tradeable commodity that people only talk about the dollar value of

 

[Compsiox]

It's kind of sad that this has essentially failed to be the decentralized currency that was initially envisioned (outside of a few trades), and has instead become a tradeable commodity that people only talk about the dollar value of

Don't worry tons of people use it for illegal transactions.

 

[Aztechnology]

It's kind of sad that this has essentially failed to be the decentralized currency that was initially envisioned (outside of a few trades), and has instead become a tradeable commodity that people only talk about the dollar value of

The one thing I don't understand about all of this, even understanding the tech etc. Is how they plan to handle moving over to a POS system for all these coins. The only reason they have the computer networks (Miners) to support these transactions at even reasonable rates is because the rewards are still high enough to have the miners. Once they move to a system that gives very little reward for processing transactions, will the computing power required from the communities simply dry up? The transactional load is already too high and takes too long to process transactions as it is.

Can someone explain to me what their thought process is on attracting the computing power needed later in a way that would keep it decentralized?

 

[Diprosalic]

So buying and holding BTC as an investment is rather like betting that league of legends will remain the number 1 most popular online game for at least as long as you need it to.
That seemed almost a persuasive idea until PUBG came out.

I don't think PUBG touches LoL numbers just yet.

 

[oon]

Don't worry tons of people use it for illegal transactions.

Not even as much anymore, thanks to Monero.

 

[TarpitCarnivore]

Yeah i wanted to invest in nintendo when they hit there low a while back but i always wuss out

Unless you were planning to buy thousands of stock, dropping 500 on a $50 isn't going to net a huge return

It makes me sick every time I look at this when I almost bought £100 worth of bitcoins like a half decade ago but jumped out at the last minute due to thinking I might need the money at some point that month (I didn't).

If you're thinking this I can guarantee you would have sold at 500 or 1000. People who are riding this out have large swaths of money to supplement this. The mindset you're exhibiting is equivalent to a gambling mindset.

 

[ponpo]

Well, I asked a couple of days ago

Call me when blockchain / tokenization tech is actually used for one of those more interesting projects and not just talked about in a white paper meant to fuel another ico

Still currency based, but..

https://asia.nikkei.com/Business/Companies/Japan-megabanks-to-allow-24-hour-mobile-money-transfer

Japan megabanks to allow 24-hour mobile money transfer

TOKYO -- Japan's three megabanks are set to start testing a new peer-to-peer money transfer service that uses mobile phone numbers.

The new system is based on blockchain technology. Customers can open virtual accounts tagged to their deposit accounts to send and receive money using their mobile phone numbers or email addresses. The new system will allow money transfers 24 hours a day. Fees will be significantly lower.

Mobile money transfers are widely used in a spattering of African countries, such as Kenya and Tanzania, where consumers have leapfrogged traditional bank services to move directly to mobile phone payments. Japan is catching up in person-to-person e-payment services, but using latest blockchain technology to enhance safety.

The banks -- Mizuho Bank, Sumitomo Mitsui Banking and Bank of Tokyo-Mitsubishi UFJ -- are often criticized for charging high fees for money transfer services. The new service is part of their joint effort to offer low-cost online financial services, an area in which the big banks are lagging behind smaller rivals. Fujitsu, the Japanese information technology company, will provide the digital platform based on blockchain technology, a distributed ledger system that underpins virtual currencies such as bitcoin. The test will start in January.

 

[cpp_is_king]

Bought like 5BTC about 2 months ago. Let ‘er ride i say.

I’ll sell at 20k / BTC

 

[AndrewPL]

In 25 years people will be wondering why people were paying $5000 for digital currency just like we look back at people who were buying tulips and pets.com (and Yahoo at the peak).

Bought like 5BTC about 2 months ago. Let ‘er ride i say.

I’ll sell at 20k / BTC

You're buying to sell to a sucker at some point in the future? Sounds like the number one sign you're in a bubble/ponzi

 

[ty_hot]

It's kind of sad that this has essentially failed to be the decentralized currency that was initially envisioned (outside of a few trades), and has instead become a tradeable commodity that people only talk about the dollar value of

How are people supposed to use as a dayly currency when it's value fluctuates so much? Maybe one day, when it levels up, it might be used.

 

[FyreWulff]

It's kind of sad that this has essentially failed to be the decentralized currency that was initially envisioned (outside of a few trades), and has instead become a tradeable commodity that people only talk about the dollar value of

turns out there's a reason why everyone got off deflationary currencies, because there's no reason to ever spend currency that deflates by design.

 

[TMONSTER]

 

[cpp_is_king]

In 25 years people will be wondering why people were paying $5000 for digital currency just like we look back at people who were buying tulips and pets.com (and Yahoo at the peak).




You're buying to sell to a sucker at some point in the future? Sounds like the number one sign you're in a bubble/ponzi

Who said the person in the future has to be a sucker?

 

[Euler007]

Now do one with tulip bulbs.

 

[FyreWulff]

There's a reason why it's illegal to guarantee an investment will be profitable, and this "graphing profits forever" mentality led to the 2008 crash.

 

[Laieon]

I don't have any bitcoin but I did recently purchase some ethereum, OMG, and ARK (only like $40 worth right now though, wanted to see I could make a profit before pumping more money into these things). Hoping someday one of those will get this high.

 

[shira]

I don't have any bitcoin but I did recently purchase some ethereum, OMG, and ARK (only like $40 worth right now though, wanted to see I could make a profit before pumping more money into these things). Hoping someday one of those will get this high.

no dogecoin?

 

[Zojirushi]

I've never really informed myself about how that stuff works but at this point I'm wondering if I'm leaving money on the table by already owning a decent gaming PC and not being in on this.

 

[TyrantII]

How are people supposed to use as a dayly currency when it's value fluctuates so much? Maybe one day, when it levels up, it might be used.

Because it's a commodity, not a currency.

You can sell a warehouse of ammo/oil/cheese to Russians too as long as you find a buyer that wants it.

 

[FyreWulff]

I've never really informed myself about how that stuff works but at this point I'm wondering if I'm leaving money on the table by already owning a decent gaming PC and not being in on this.

It's too late to mine on GPU.

What you should be doing right the fuck now, if you live in the US, is to be putting money in a Roth account, via Vanguard or Fidelity. Not mining bitcoin.

 

[qcf x2]

I've never really informed myself about how that stuff works but at this point I'm wondering if I'm leaving money on the table by already owning a decent gaming PC and not being in on this.

Your gaming PC isn't going to earn you any bitcoin. You might get small passive income from another coin, but really anything mineable is being mined by ASICs and people / countries (yes, countries) with giant warehouses of GPU stacks.

I don't have any bitcoin but I did recently purchase some ethereum, OMG, and ARK (only like $40 worth right now though, wanted to see I could make a profit before pumping more money into these things). Hoping someday one of those will get this high.

That's a solid mini starter portfolio tbh, depending on what time frame you're hoping for.

 

[Zojirushi]

It's too late to mine on GPU.

What you should be doing right the fuck now, if you live in the US, is to be putting money in a Roth account, via Vanguard or Fidelity. Not mining bitcoin.

Oh ok, I thought people were still privately buying GPUs for that stuff.

I'm not in the US so I guess I'm not gonna bother with this stuff at all?

 

[Dhx]

It's too late to mine on GPU.

Ethereum or Equihash coins such as Zcash are profitable.

What you should be doing right the fuck now, if you live in the US, is to be putting money in a Roth account, via Vanguard or Fidelity. Not mining bitcoin.

Certainly. Max your IRA and then do both if possible.

Your gaming PC isn't going to earn you any bitcoin. You might get small passive income from another coin, but really anything mineable is being mined by ASICs and people / countries (yes, countries) with giant warehouses of GPU stacks.

No reason not to get started on your gaming PC if you are interested. I started there with Equihash coins and moved on to 7 GPU rigs that have paid for themselves since.

 

[ZealousD]

Tulips had no value. Bitcoin brings an incredible technological innovation. Bitcoin is the conduit to that technology.

But yeah keep singing the same tune.

https://99bitcoins.com/obituary-stats/

The blockchain technology can be replicated with other cryptocurrencies. Bitcoin has no intrinsic value, just like fiat currencies, except it doesn't even have the backing of any institution like a government to prop it up.

Bitcoin is being used a speculative asset and its deflationary nature will keep it that way. Why would you want to spend bitcoins if their value will only rise over time? Eventually people will want to cash out.

 

[Voidwolf]

I wonder if that guy from the other day who made a thread asking if he should sell his bitcoin, actually sold it? I think it was $4k per then?

Haha first thing that came to mind.

 

[qcf x2]

Ethereum or Equihash coins such as Zcash are profitable.



Certainly. Max your IRA and then do both if possible.



No reason not to get started on your gaming PC if you are interested. I started there with Equihash coins and moved on to 7 GPU rigs that have paid for themselves since.

Ethereum is moving to POS soon, no more mining at that point.

Oh ok, I thought people were still privately buying GPUs for that stuff.

I'm not in the US so I guess I'm not gonna bother with this stuff at all?

What he was suggesting you do had absolutely nothing to do with cryptocurrency. You being outside of the US is actually a plus if you're interested in investing in crypto, unless you live in Russia or China. One of the biggest benefits of the technology is that it's borderless, so your BTC is worth the same as my BTC.

 

[Dhx]

Ethereum is moving to POS soon, no more mining at that point.

Proof-of-Stake has been 'imminent' since Spring, still has no solid date, and should be a slow roll out.

It's certainly a reason to have other alternatives in mind but that's where Equihash comes in.

 

[cpp_is_king]

Ethereum is moving to POS soon, no more mining at that point.

Sorry, noob here. Does that mean ETH is going to be dead? Go up? Go down? No effect?

 

[Earthbound64]

Sorry, noob here. Does that mean ETH is going to be dead? Go up? Go down? No effect?

Yes.

 

[theinternetman]

I used bitcoin once in a while and ended up with what was essentially change sitting around in a wallet over the last 4 years or so. I'm kicking myself about not keeping more, but it's always a nice little surprise to see how my accident is accumulating.

 

[BraXzy]

Heard about it first back when it was $1 or however much when one of the first things bought with it happened. Thought nothing of it.

Paid attention again when it was approaching $1k, nearly bought one when it dipped to $900 but didn't want the risk. Always regrets but not the end of the world.

 

[Dreadnought]

Wheres that gaffer that had 9 bitcoins

 

[RoadHazard]

It's gonna be fun to see all this come crashing down spectacularly.

(Not jealous of those who got in at the ground floor... But seriously though, don't get too cocky guys. This will not continue forever.)