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Neil Lindholm
Byrne Robotics Member
Joined: 12 January 2005
Location: China
Posts: 4940
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| Posted: 05 December 2017 at 8:16am | IP Logged | 1
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Nice little video explaining the reasons and the advantages.
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Peter Martin
Byrne Robotics Member
Joined: 17 March 2008
Location: Canada
Posts: 15778
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| Posted: 05 December 2017 at 9:02am | IP Logged | 2
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Would you rather have a currency that is stable and secure or one that can be manipulated at the whims of whoever is in charge? ------------------------------------------------------------ - Explain to me how the value of Bitcoin is more stable than USD?
It you plot a chart of Bitcoin over the last 4 years, it looks like an exponential curve with the customary runaway spike.If you plot a chart of the US dollar index (a measure of USD against a basket of 6 major currencies), you get a very stable line.
How can anything with a 'meteoric rise' be described as stable? Its value is clearly in a state of extreme flux. This may be great if you are a speculator, but not so great as a usable currency.
Edited by Peter Martin on 05 December 2017 at 9:06am
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Brennan Voboril
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Joined: 15 January 2011
Posts: 1734
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| Posted: 05 December 2017 at 12:17pm | IP Logged | 3
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Well, would you buy anything with it if it could be at 100k by next week?
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Neil Lindholm
Byrne Robotics Member
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Location: China
Posts: 4940
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| Posted: 05 December 2017 at 5:11pm | IP Logged | 4
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Bitcoin is in its infancy right now. If it actually becomes a world currency, this would not happen overnight but would take decades. Imagine a world where the USD is pegged to bitcoin. That's what I meant by saying it is more stable. We know exactly how many bitcoins there are and how many can be mined. We have no idea how many USD are out there and when the government will start quantitative easing again. Why not have something new and better than fiat currency that can be manipulated?
Although it was originally designed for day-to-day transactions, it has morphed into a method of storage, much like gold has become. There are other digital currencies out there that are much better suited for daily transactions and they will soon come forward.
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Brennan Voboril
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| Posted: 06 December 2017 at 7:07am | IP Logged | 5
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Bitcoin hit 13k today. In one month, it has doubled in price (but don't worry, it's not a bubble).
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Neil Lindholm
Byrne Robotics Member
Joined: 12 January 2005
Location: China
Posts: 4940
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| Posted: 06 December 2017 at 8:26am | IP Logged | 6
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Shall we compare it to another brand new technology and see how this rise compares to other rises? We can't because it is brand new. We have no idea how it is supposed to act because it is new. Nobody has any idea how it will all pan out because there is nothing to compare it to. That's what makes it fun.
I found this graph online and thought it was interesting. The author claimed that Bitcoin is just starting the mania phase and the blow-off phase will probably happen but not in a while. Below is the link to the page.
Again, nobody knows. The price will fluctuate wildly for a while but I think there is still a long way to go before there is a correction.
(I'm just glad I bought during the stealth phase)
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Brennan Voboril
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| Posted: 06 December 2017 at 9:34am | IP Logged | 7
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India and China have both issued warnings about Bitcoin today, with the Chinese going so far as to say "we will one day see Bitcoin's dead body float away in front of you."
Also of note: thousands of Bittrex (the world's third largest exchange) customers are locked out of their accounts and unable to withdraw money. Bittrex is registered in Las Vegas. That isn't ironic or anything.
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Wilson Mui
Byrne Robotics Member
Joined: 27 June 2004
Location: United States
Posts: 4523
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| Posted: 06 December 2017 at 10:22am | IP Logged | 8
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Congratulations on getting in early, Neil. I hope you
make a lot more money on it.
I met this kid at a family gathering years ago. He
was telling me how he was mining bitcoins on his
computer. This was when they were trading at $150 or
so. He made a nice profit on it and his mom told him
to sell. I think if he held onto his coins, he would
be a millionaire now.
The Winklevoss twins' $11 million investment in 2013
makes them a billionaire on paper. They gave an
interview at the time and pretty much predicted this
would happen.
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Brennan Voboril
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| Posted: 06 December 2017 at 2:48pm | IP Logged | 9
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NiceHash, the largest crypto-mining exchange hacked, 4000 Bitcoins worth over $50 million stolen
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Neil Lindholm
Byrne Robotics Member
Joined: 12 January 2005
Location: China
Posts: 4940
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| Posted: 06 December 2017 at 5:25pm | IP Logged | 10
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Again, keeping your coins in an online exchange is stupid. There are many inexpensive offline hardware devices available.
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Brennan Voboril
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| Posted: 06 December 2017 at 5:47pm | IP Logged | 11
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Not the point Neil. Point is people lost a lot of money and no FDIC.
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Neil Lindholm
Byrne Robotics Member
Joined: 12 January 2005
Location: China
Posts: 4940
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| Posted: 06 December 2017 at 6:03pm | IP Logged | 12
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Has the FDIC ever been used? Does it bail out bad investments in the stock market, which has lost orders of magnitude more money than digital currencies? When was the last time a bank failed and the FDIC has had to bail it out? I would not count on it being there in an actual crisis.
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