Broken_Erika
Play with me.
No-One understands how the Tulip Market works!
What are your thoughts on BitCoin?
- Thread starter aimeeandbeatles
- Start date
Honestly, I have the impression that the lack of identity verification and audit systems is a feature, not a bug, for the most common use cases of bitcoin: purchasing illicit goods and avoiding Chinese capital export controls.
Just saw that Bitcoin took another huge hit today as South Korean exchanges have announced they are considering pulling Bitcoin trading from the exchanges. What happens when other exchanges in other countries follow suit? Bitcoin will become pretty worthless if you can't trade it anywhere.
Narz
keeping it real
It's rebounding already. Remember when China banned it? I think it cost $3500 then
It's important to remember that it's a trade-able commodity. It will always have value, since all commodities have value. A lot of people claim that it has intrinsic value (in that it has a latent utility as well), but I am just not seeing it. There are all the exchanges, which basically just shows that the decentralized aspect isn't really what's giving it its value. In the end, you're trusting a bank to hold your cash and your wallet. Everyone who's currently trying to make money with bitcoin is using an exchange to do so. It's not peer-to-peer, it's using a trusted intermediary
innonimatu
the resident Cassandra
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If it is not the decentralized aspect, and it is not the currency aspect, what is? Oh right the artificial scarcity of an unsubstantial "commodity"...
Fippy
Mycro Junkie
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Hard to not hear about Bitcoins these days, often i read (or hear talk) about how those exchanges do what they want..
like blocking access so you cannot sell or buy when you would like.
Along with some other problems (seems to be slow and complicated now, much more than paying with normal currency), i do not believe Bitcoins will remain that valuable.
Especially cos at some point governments will want to close down criminal activity, they are ofc very popular in that area.
Those peoples who invested early did a great job, congrats if you are one of them
But now i would be very nervous, my feeling is hype will not carry this for much longer.
like blocking access so you cannot sell or buy when you would like.
Along with some other problems (seems to be slow and complicated now, much more than paying with normal currency), i do not believe Bitcoins will remain that valuable.
Especially cos at some point governments will want to close down criminal activity, they are ofc very popular in that area.
Those peoples who invested early did a great job, congrats if you are one of them
But now i would be very nervous, my feeling is hype will not carry this for much longer.
FashGordon
Chieftain
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- Dec 30, 2017
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I wish the Bitcoin casino would go away so I could buy a decent graphics card. Been using intergrated graphics for a year now, which is fine since I mostly play civ 4 and console emulators. There's only a few games I'd like to try out that I haven't been able to.
Wether Bitcoin is a good investment or not; here's how I see it - I can buy anything I want with dollars, but I can't buy much at all with Bitcoin which is why I'd trade many dollars for only a few Bitcoins in a heartbeat. It's the way of the future, plus it's a really volitile place to store your wealth and Ol' Fash likes to live on the edge.
Wether Bitcoin is a good investment or not; here's how I see it - I can buy anything I want with dollars, but I can't buy much at all with Bitcoin which is why I'd trade many dollars for only a few Bitcoins in a heartbeat. It's the way of the future, plus it's a really volitile place to store your wealth and Ol' Fash likes to live on the edge.
The graphics card shortage isn't even caused by Bitcoin itself, because mining Bitcoins with a graphics card it a very stupid thing to do - just the electricity costs are a hundred times the expected return. It is all the Bitcoin alternatives that have hashing algorithms friendly to graphic cards that are causing the problems on that side.
FashGordon
Chieftain
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Interesting, so I guess if I want a graphics card for a decent price anytime soon, I should be wishing doom on some other cryptocurrency.
yung.carl.jung
Hey Bird! I'm Morose & Lugubrious
I think both of you are completely misunderstanding how people use the BitCoin and the Crypto Market in general. I think very, very few of the private pople (not big investors) that are in this use it the exact same way you'd invest money into a stock exchange.. Or into gold or silver or rare earths. It was never about being able to buy a pack of cigarettes with BitCoin. Other Cryptos will be much (are much) better at being an actual currency than BitCoin will, due to its limitations. The reason BitCoin is so important is that, like Ethereum for example, used as a tool for trading. Everyone who wants to buy crypto (alt coins etc.) will necessarily have to buy BitCoin, ETH or LiteCoin and then trade those into the smaller altcoins. That's why the entire market is dependant on BitCoin even though it is technologically quite terrible. Crypto will not go away any time soon. I'm sure a different coin will replace BitCoin at some point, but that is in the long run.
Ajidica
High Quality Person
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Could you elaborate on what you mean here?
Archbob
Ancient CFC Guardian
You can't buy the other coins directly with cash. You have to but bitcoins, litecoins, ethers, or bitcoin cash and trade for them at an exchange.
Ajidica
High Quality Person
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Archbob
Ancient CFC Guardian
It's basically whichever coin, coinbase decides to adopt into their system.
yung.carl.jung
Hey Bird! I'm Morose & Lugubrious
It isn't that terrible, especially considering the fact that you can, for example: Buy BitCoin on GDAX (you pay no fees). Transfer BitCoin to the exchange of your linking (once again, no fees). Then when your alt coin of choice is doing bad and your big coin of choice (in this case BitCoin) is doing well, you exchange. A lot of transactions are involved, which is the bigger problem. If the exchanges are crashing (which happens often) you don't get to sell at the value that you wanted to sell at.
Archbob
Ancient CFC Guardian
Nah, you just pay the miner's fee and use shapeshift.io to convert it back to ETH or LTC and then sell it.
Yeah. Although a Bitcoin implosion would certainly also drag down all the other cryptocommodities. But if Bitcoin was just replaced by some other coin, the situation would be even worse for you.
Those who offer the service, of course. If I was running a coin exchange platform, I wouldn't do that for each coin-of-the-day, either. The risks are even higher with all these alternative coins: the established ones are unlikely to fall into obscurity tomorrow - the alternatives just might.
Archbob
Ancient CFC Guardian
You can still get a gtx 1060 6GB for like $240. It's pretty good.
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