BITCOIN as an alternative to regular currency

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Euler
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LinusP
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Euler wrote:
Fri Dec 01, 2017 7:37 pm
Long-term chart for Bitcoin: -

https://blockchain.info/charts/market-p ... mespan=all
The log scale is interesting, 100k might not be a bad shout...
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Euler
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Humans tend to think relatively
Zenyatta
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Euler wrote:
Fri Dec 01, 2017 7:37 pm
Long-term chart for Bitcoin: -

https://blockchain.info/charts/market-p ... mespan=all
Well, obvious bubble again. Long-term trend-line shows a gradual but accelerating price rise...taking the average, it shouldn't be more than about $US 2 000 right now. Notice that there have been a number of 80% corrections before, reasonable to expect another. It's a good bet it's going to crash back to below the trend-line (<$US 2 000) sometime in the next few months.

Should sell now, only start buying once it crashes back to trend-line or less (<$US 2 000)
Copenhagen trader
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Zenyatta, the problem or...challenge, as I see it is that you don´t know when this 80% correction will come.
There is nothing you can hold it up against, no underlying fundamentals, no indicators except the fact that the hype is hysteric.

Shorting is tempting, but what if the correction comes (and it WILL) in 100 000 instead of now. But of course it is possible to hope it will hit 2000 again soon.
It is rather difficult to predict the outcome of psychotic frenzy, except that it will go wrong.
Cannot help but thinking of the movie "The Big Short".
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Orixian
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Virtual cats, that's what we needed the block chain for. World chaining technology and this is what we are doing with it!

https://techcrunch.com/2017/12/03/peopl ... lockchain/

A bubble within a bubble!
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Orixian
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Euler wrote:
Wed Nov 29, 2017 4:41 pm
It has become a collectable, it's not being used as currency. Somewhat ironically. Can you imagine if a 'real' currency that appreciated so rapidly, would be economic chaos.
transaction times are way to long for it to be a currency due to the scalling issue. Thats not going to be fixed either. I think the best anyone holding BTC can hope for is it becomes a store of value eventually. Wether thats 100k a bitcoin or 1 cents. There are a load of other cryptos with a fast transaction time but none of them are excepted anywhere.
The smart contracts are very interesting though, there's decentralised exchanges already for the cryptos themselves. They have the potential for a global decentralised version of betfair. That would be interesting.
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Orixian
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Euler wrote:
Wed Nov 29, 2017 4:34 pm
Such is the fever surrounding it, I could see it hitting 100k easily. But even then I'm not going long as when it pops you will be unable to find anybody willing to take them off you. It could get to the stage where it starts to distort the real economy IMHO. Every mother and their son will be into it before long and you now have BitCoin derivate stuff popping up with systems, ponzi schemes, GRQ websites. The whole hype cycle is really spiralling upwards at the moment.
Surely that's worth a bet. Thats roughly odds of 10. If your that sure its getting there that's got to be possitive expected value. Im a crypto enthusiast but even I wouldn't buy BTC at the moment, Im dubious it will hit 100k before the next major correction.
xitian
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Orixian wrote:
Tue Dec 05, 2017 7:59 am
Virtual cats, that's what we needed the block chain for. World chaining technology and this is what we are doing with it!

https://techcrunch.com/2017/12/03/peopl ... lockchain/

A bubble within a bubble!
I must say that the game is pretty ingenious though! Wish I'd thought of that (and had the ability to code it of course!)
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ruthlessimon
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Orixian wrote:
Tue Dec 05, 2017 7:59 am
Virtual cats, that's what we needed the block chain for. World chaining technology and this is what we are doing with it!

https://techcrunch.com/2017/12/03/peopl ... lockchain/

A bubble within a bubble!
"So now we have people using Ether, an asset with arguably little tangible utility – to purchase an asset with unarguably zero tangible utility. Welcome to the internet in 2017."

:lol: :lol: :shock: :shock: :? :? :roll: :roll: :cry: :cry: :cry: :cry:
mobius
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Moneybox Live BBC R4 3PM this afternoon -Discussion about crypto currencies .
Zenyatta
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Gone over $US 14,000.

Mad. Absolutely no point in using it as a currency when the price is all over the show, so basically the only rationale for it would be as a store of value. But does this really make sense? It could be argued that the real value is in the underlying technology (the blockchain) rather than the currency, but the trouble is the same technology can be duplicated by hundreds (no thousands!) of other competing cryptocurrencies.

The bottom line is that Bitcoin is worth nothing. You'd be nuts to buy any of it. As to gambling to make a quick buck, I think sports betting is a far better bet (not to mention much quicker and more fun).
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marksmeets302
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Mining service NiceHash has been hacked; some $60M worth of bitcoins stolen:
https://www.bloomberg.com/news/articles ... ium=social
Zenyatta
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marksmeets302 wrote:
Thu Dec 07, 2017 10:07 am
Mining service NiceHash has been hacked; some $60M worth of bitcoins stolen:
https://www.bloomberg.com/news/articles ... ium=social
We shouldn't laugh but... :twisted:
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marksmeets302
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Zenyatta wrote:
Thu Dec 07, 2017 10:43 am
We shouldn't laugh but... :twisted:
It's a matter of time, until the world runs out of greater fools ;)
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