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Bitcoin; When's it going tits up?


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#31 Maté

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Posted 19 December 2017 - 09:57 AM

Correct and this is what the blockchain tries to address - its the public ledger that verifies the traders trust-worthiness based on previous transactions and hence enables confidence. Confidence and trustworthiness are the enablers to this tech currency and once its successfully addressed, the general public will embrace it.

 

I have little doubt that crypto currencies will be a powerful currency in the future once this initial hysteria dies down and the teething issues (trust, speed, fluctuating value) are sorted out. 

 

We're all now confident in cyber transacting (eftpos, online banking etc) so the natural next step is cutting out the middlemen ie banks, once we have confidence in a new currency. 

 

Crypto currencies have the potential to do to banking what Uber/AirBnB/Facebook et al have done to their respected industries and hence why the banks are paying a lot of attention to it.

 

Not quite, and its a case of be careful what you wish for. We need a banking system and the notion of being free of them is a dead end if you think it through. The banking sector needs regulation, not elimination.

 

Bitcoin is deflationary in the long run, there is a finite supply that will actually diminish as people lose their keys, hard drives etc.


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#32 Sabre

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Posted 19 December 2017 - 11:53 AM

If it was created simply as a currency why is it that every news article you read is about the crazy returns you can get off trading it. You don't read about what a fantastic way it is to trade goods and services. I give it 6-12 months until it pops. All the clever buggers will walk away wealthy while the lower class amateur investors will be drowning their sorrows as they realise they have been dicked
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#33 Sabre

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Posted 19 December 2017 - 02:42 PM

6 months might have been a bit generous

***Bitcoin.com is one of the world's largest bitcoin sites, having grown its profile thanks to the insane price surge of the cryptocurrency this year. But its cofounder and CTO, Emil Oldenburg, a Swedish native, is extremely sceptical of bitcoin's future.

"I would say an investment in bitcoin is right now the riskiest investment you can make. There's an extremely high risk," he says in an interview with Swedish tech site Breakit.***

https://i.stuff.co.n...om-site-founder
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#34 Maté

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Posted 19 December 2017 - 03:08 PM

Its a pretty interesting topic, anyone read the Extraordinary Popular Delusions and the Madness of Crowds? No doubt blockchain will endure and I am KICKING myself that i didnt buy them at 10 bucks haha!!


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#35 Knot Me... maybe

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Posted 19 December 2017 - 03:11 PM

It's a classic pyramid scheme.

Everyone knows if you want the big coin get into the green economy. Get the poor people to give you money all the time and I can assure you it pays exceptionally better than oil.


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#36 Island Time

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Posted 19 December 2017 - 06:23 PM

Well, how about this;

 

When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.


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There is nothing, absolutely nothing, half so much worth doing, as simply messing about in boats


#37 Sabre

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Posted 19 December 2017 - 08:02 PM

Does that not illustrate that it is more of a pyramid scheme than a currency?
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#38 Island Time

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Posted 19 December 2017 - 08:13 PM

Maybe. But its a scarce item, it'll sure be interesting to see where it goes. Lots of utter rubbish in the media right now about it as well.


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There is nothing, absolutely nothing, half so much worth doing, as simply messing about in boats


#39 muzled

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Posted 20 December 2017 - 07:36 AM

So how do you cash your mega valuable bitcoins in and turn them into something you can buy a cold beer with?  Or maybe a superyacht...

 

(irrelevant to me, I don't own any)

 

It looks like everyone is creating them, 100 on this list, just about every one of them with graphs trending like you're standing at the bottom of a mountain looking up.

 

https://coinmarketcap.com/

 

And just looking at the sheer volume of bitcoins traded in the last 24hrs, $16,278,600,000, that's one of those numbers so big it doesn't even roll off the tounge!


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#40 erice

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Posted 20 December 2017 - 08:04 AM

1 of the founders of bitcoin has recently converted his to something else

 

says the system can't cope with the sudden popularity

 

not a promising sign

 

http://www.nzherald....jectid=11962797

 

maybe in a kind of napster moment

 

early technology widely taken up, proving it's validity

 

but the users have no hesitations jumping to a newer and better platform 


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ACT NOW!

 

don't wait for everyone else

 

to save you from yourself





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