-
Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.
CNBC: Nearly $2 billion has been wiped off bitcoins value in three days
- Thread starter Tripon
- Start date
- Status
Earthbound64
Banned
All currencies are only as reliable as the government / network backing / supporting it.
The US Dollar inflated over 2000% in 100 years. With Trump at the helm, who knows what could happen the next few years.
currencies by their very nature are unreliable
AngmarsKing701
Member
Why would you consider Ethereum more interesting than Hyperledger?
Fried Food
Banned
The lesson here, is put a couple hundred in etherium. The chances of you loosing money are very low.
Bitcoin is not illegal. Some of the things people do with their bitcoins might be, but not the currency itself.
Except somebody on the previous page said there's no way to acquire it without putting yourself at risk for hacking, which seems not too smart considering these are entirely digital currencies.
ThreePiMatt
Member
I bought some Bitcoin for the first time earlier this year to deposit into a sports betting website for the Super Bowl. When I withdrew it back into Bitcoin it was worth around $130, now its down to about $90. I need it to go back up a few bucks so I can afford a B350 motherboard for a future Ryzen PC.
johancruijff
Banned
the amount of people who don't understand bitcoin it's the best reason to invest in bitcoin
j_k_redtail
Member
Didn't say that - never heard of Hyperledger. Ether is the more interesting technology of the two mentioned in the OP as it has more capabilities.
Don't know what he's talking about. The process of buying Eth is no different than BTC
Anyway Eth is already up around 500% compared to a few months ago. Could go up more but sort of risky buying after such a huge rise - I'd wait it out a bit
What? How? You place your Ether order with your 1 time wallet address, pay for it at, Ether is transferred to your wallet.
What x2.
Where do people get this stuff from?
A lot of people ITT need to learn more about how money works, too.
There's probably bigger fluctuations in real currency all the time, because their monetary base is much bigger. The USD has appreciated like 20% vs the yen in like a year.
That said, I think the fundamentals of bitcoin are very broken. It's effectively tulip futures, that only have value because other people have convinced themselves it has value. It has no innate value.
TheVampire
Banned
I remember when it was $40
PastorOfMuppets
Banned
As an investment? No. That isn't the goal of Bitcoin though, it's meant to be a medium of exchange. There are merchants - Newegg comes to mind, that accept bitcoin. The problem with Bitcoin is that like I said earlier, people are not as willing to spend it as normal currency. In the last six months, the value of Bitcoin vs the US Dollar has gone up 76%. Say you spent $1000 worth of bitcoin on a new computer back in September - that is now worth $1760. It also works in reverse, let's say your Newegg and you decided to sell someone a computer yesterday for $1000 worth of Bitcoin. Today, that transaction is worth 20% less. Those huge swings are not signs of a stable currency. You want a currency that fluctuates +/-3% at most over a week or two. Since it fluctuates so much, it doesn't make any sense to use it like a normal currency. $1000 today can be $1400 tomorrow and $900 the day after. What ends up happening is people buy bitcoin and horde it instead hoping to unload it later.
That's the problem with cryptocurrencies right now and I've yet to see a compelling argument besides "Wait, one day it will happen" that they will become something other than a vehicle for investment.
MidgarBlowedUp
Member
No coiners on suicide watch.
It's pretty crazy. I'd have loved to been one of the first miners for some of these currencies. I'd still be bag holding most of them though.
It's pretty crazy. I'd have loved to been one of the first miners for some of these currencies. I'd still be bag holding most of them though.
To be fair though, the USD appreciation versus the Yen was completely from the Japanese side and was a deliberate, controlled devaluation.
n0razi
Member
Well if you bought $5000 worth of it a few years ago, you would be a millionaire now. That's about the only reason.
CrazedProfessional
Member
XMR will replace Btc soon
Nostremitus
Member
I think the point he was trying to make is that everyone realized it was a big deal when it happened to the British Pound. It was a sign of instability and viewed as a very bad thing.
That's not the case for Bitcoin where such drops seem common because it's inherently unstable.
captjohnboyd
Member
I bought about 20 BTC several years ago when they were worth around 10$ a coin. Cashed them out at around $20 usd a coin. UGH
Exactly. The people who went out and said that this is ok were called out.
Holy crap, I didn't think Ethereum would be the first post mentioned in a Bitcoin thread on a video game forum.. they truly are becoming more mainstream. O_O
In case anyone is curious of what Ethereum is, it's basically Bitcoin's underlying idea of a universal ledger... applied to everything. This is so big that massive companies like JPMorgan and Microsoft have created an entity called the Ethereum alliance to back this technology and it's development.
https://www.nytimes.com/2017/02/27/...-alliance-business-banking-security.html?_r=0
efyu_lemonardo
May I have a cookie?
What's this now?
efyu_lemonardo
May I have a cookie?
Ahh, good to hear. This idea's been circulating around for a while. I even made a thread about such an idea last year.
Oh nice! Mind if you link the thread?
As for this idea, it's pretty insane so far. Ethereum went from 10$ to 55$ within a month and now settling back at 40$. Bitcoin's problems are it's in fighting because the tech needs to be updated to accommodate increasing popularity.
You could start with bitcoin.org and bitcointalk.org
A quick run down on Ethereum and blockchain technologies if anyone is interested:
https://www.youtube.com/watch?v=H6bGuKN3m6E
efyu_lemonardo
May I have a cookie?
http://m.neogaf.com/showthread.php?t=1317429
Just based on your short description it seems like we have the same thing (or similar) in mind.
clem84
Gold Member
Those thinking about investing their hard earned money. Crypto-currencies are extremely volatile. Dramatic gains and/or losses in a short amount of time. Heavily reliant on technology and the mood swings of the investors, which I guess isn't that different than the stock market. As always, do a bit of research before investing and don't invest stuff you can't afford to lose.
I can totally see where you're going with the preservation of truths via blockchain. The only issue is that the opposite is also true, the preservation of lies. Because blockchain is uncensorable and nearly impossible to stop because of decentralization (think of Torrents but for data), harmful ideas are also unfortunately preserved. There's ways to stop these but it requires an enormous amount of consensus to fork that specific blockchain into one that omits the harmful data.
Yes, please take this advice seriously. Do your research and only invest what you can afford to lose. When Bitcoin had crashed, many people have had their life savings wiped out and they even stickied a suicide hotline post on message boards to prevent people from hurting themselves.
https://www.coinbase.com
Do some research on it first, only buy in if you really believe in the potential it holds and see it as somewhat of a long term investment. The price has shot through the roof in the last month or so, and it's now seemingly going through a correction, but this is still early days and there's a lot more coming down the pipeline for Ethereum. Bitcoin is in a tough spot right now as the community is divided over a potential hard-fork that could lead to a lot of confusion and tank the price, which it already has to some extent. There are other currencies besides these that are doing quite well from the fallout of Bitcoin, but long term Ethereum does seem very promising. There are no guarantees with this stuff though, so again I'd advise caution and doing some research before jumping in. I regret waiting as long as I did personally, a single day delay in a bank transfer prevented me from a gain of almost $20000.
efyu_lemonardo
May I have a cookie?
av2k:
See my further posts in the thread I linked, such as #21 and #18.
Unfortunately don't have time for an extended conversation now but if you leave your thoughts I'll get back to them later today or tomorrow.
See my further posts in the thread I linked, such as #21 and #18.
Unfortunately don't have time for an extended conversation now but if you leave your thoughts I'll get back to them later today or tomorrow.
ultratruman
Banned
The value of real currencies are backed up by taxes. Cryptocurrency is fundamentally daft because there's no control on how low the value can fall.
Naked Snake
Member
Agreed.
https://youtu.be/k0HmrSfJwhU
I wish I had money to put in bitcoin (or some other promising blockchain technology) and just sit on it for years, ignoring the short term ups and down.
- Status