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Bitcoin is on fire again

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I thought one of the points of bitcoin was it was anonymous and unable to track, which is why it was used on sites like Silk Road. Was I mistaken or did people over hype it's capabilities?


http://www.theverge.com/2015/1/14/7546669/silk-road-trial-bitcoin-tracking

You were mistaken.

It's anonymous in the sense that a wallet has no personally identifiable information associated with it, however it still has a unique ID that can be associated with trades. Unique IDs don't mean much unless, like in this case, you are absolutely 100% sure that the ID is associated with a specific person.
 
I thought one of the points of bitcoin was it was anonymous and unable to track, which is why it was used on sites like Silk Road. Was I mistaken or did people over hype it's capabilities?


http://www.theverge.com/2015/1/14/7546669/silk-road-trial-bitcoin-tracking

This is true, and this should also scare the bejeezus out of anyone who thinks that BC is going to rebound into halcyon days of huge profits and stability.

The Intelligence agencies have increased their spending on programs, with the goal being to spy on every single digital and analog transmission on earth with 100% coverage and recall. To justify such spending, they are looking for nails, and they will find quite a few of them thanks to indiscreet users of BC/SR. You don't even have to have the slightest thing to do with SR to be hurt by the hammering, because it harms the claims about BC being secure and private. And bad news for BC will result in people fleeing investment holdings in the experiment.

The early days of BC were golden ones for hobbyists and savvy and/or lucky folks to gather a bunch while the getting was relatively easy. Then a handful of those were lucky enough to get the hell out while it was $500-$1000.

It's not coming back guys. It can only get worse with the way governments will inevitably destroy what's left. And with the global political alignments, it's actually worse if any country puts any support or legitimacy into the BC world, as that will only present a 'nail' to the agencies and political might of the banking sector that want it hammered hard and deep.
 
BTC above $210.... how the hell is that a collapse?

I think it's dropped less than oil has the last 6 months.

Chill out on the doomsday prophecies.
 

So then how can you compare a commodity to a "currency"? A currency should aim to be inherently stable while a commodity has known variability. Bitcoin has proven itself over and over to be a total failure of a currency.
 
So then how can you compare a commodity to a "currency"? A currency should aim to be inherently stable while a commodity has known variability. Bitcoin has proven itself over and over to be a total failure of a currency.

That's just like, your opinion man. The comparison is perfectly valid. I think the nay-sayers such as yourself will pick whichever property you want to put it down. The drop in value shows it was a poor VALUE STORE. But currencies do much more than store value. People are still transacting in BTC daily just fine. I don't recall anyone suggesting putting your retirement fund in BTC. BTC offers a lot of convenience that hasn't been diminished *at all* by a decrease in relative value of each coin to other currencies.

Not to mention the dollar is up against damn near everything this year. Across all currencies, BTC hasn't dropped as much.

The "total failure" assertion has no traction.
 
This is true, and this should also scare the bejeezus out of anyone who thinks that BC is going to rebound into halcyon days of huge profits and stability.

The Intelligence agencies have increased their spending on programs, with the goal being to spy on every single digital and analog transmission on earth with 100% coverage and recall. To justify such spending, they are looking for nails, and they will find quite a few of them thanks to indiscreet users of BC/SR. You don't even have to have the slightest thing to do with SR to be hurt by the hammering, because it harms the claims about BC being secure and private. And bad news for BC will result in people fleeing investment holdings in the experiment.

The early days of BC were golden ones for hobbyists and savvy and/or lucky folks to gather a bunch while the getting was relatively easy. Then a handful of those were lucky enough to get the hell out while it was $500-$1000.

It's not coming back guys. It can only get worse with the way governments will inevitably destroy what's left. And with the global political alignments, it's actually worse if any country puts any support or legitimacy into the BC world, as that will only present a 'nail' to the agencies and political might of the banking sector that want it hammered hard and deep.

Ya! and DRM will totally stop all digital piracy. On the next revision. For reals this time.

No really. The government is behind it now. They have top men on it.

TOP MEN.
 
It's not about their ability to 'stop' anything on their own.

It's everything to do with being able to meddle and cause horrendous PR nightmares for BC and any business investing into the market.

We haven't even gotten to the political side which will definitely bend towards the will of their big bank puppet masters.
 
PR nightmares?

That's like saying the TOR network is suffering from a PR nightmare.

Hint: it ain't. There is no single brand behind something decentralized. Not to mention the users of BTC would view any bad PR from a govt as a huge plus.
 
So then how can you compare a commodity to a "currency"? A currency should aim to be inherently stable while a commodity has known variability. Bitcoin has proven itself over and over to be a total failure of a currency.

Just like the Euro & Swiss Franc currencies have proven stability 😉
 
Just like the Euro & Swiss Franc currencies have proven stability 😉
Let's see... in December 2012, a bitcoin was worth about $20. Then, roughly a year later, it was worth over $1100. Now, it's worth around $200. You're not sarcastically implying that the Euro and Franc have had anywhere near as much volatility in their value, are you? Bitcoin was a fad for some nerds, some of whom haven't accepted reality yet.
 
Let's see... in December 2012, a bitcoin was worth about $20. Then, roughly a year later, it was worth over $1100. Now, it's worth around $200. You're not sarcastically implying that the Euro and Franc have had anywhere near as much volatility in their value, are you? Bitcoin was a fad for some nerds, some of whom haven't accepted reality yet.

Given how long BTC has been around compared to European countries, and the fact that those currencies were and are propped up by govts, I think BTC's current level of volatility is not nearly enough to call it dead.

The internet was a fad for nerds too. This guy might know a thing or two about the internet.

https://www.linkedin.com/pulse/why-bitcoin-isnt-like-internet-joichi-ito
 
$226 on Gox right now. Looks to be boosted strongly by Chinese investors or your average joe. It's rapdily approaching the previous all time high.

I've got the majority of my CC holdings in LTC though.... at least it already recovered from recent lows.

xrik.jpg
From the first post. Btc is now about the same it was back in October 2013 when the thread was startec, having shed 75% of its peak value. Not what I'd call a stable currency, lol.

Anybody here still think Bitcoin is going to grow into a method of exchange in any business that matters? I remember when some people thought amazon would take it one day haha
 
Part of me regrets not jumping on the bandwagon many years ago, although I probably would have sold all my BTC long before it went crazy high. No way would I want to actually use it as a Currency though. 1 day it would be hookers and blow, the next you'd be lucky to afford a loaf of bread.
 
Yeah, I will say I regret not dropping like $50 on it when I could have gotten dozens/hundreds/thousands of coins for it. Even though I've never been a "believer" in it the opportunity to flip it for an immense return is undeniable. There's something to be said for a seemingly stupid investment that, really, can only go up (at the time) and has such a low entry barrier.
 
Funny... it's 2 years later, and the price of Bitcoin is about the same as when this thread started in 2013. Looking at JUST those two data points, it looks like a pretty stable currency 😉
 
For what it's worth I still use btc regularly to make instant, anonymous transactions all over the world. I couldn't care less about exchange rate fluctuations since I don't hold it for any length of time.
 
Part of me regrets not jumping on the bandwagon many years ago, although I probably would have sold all my BTC long before it went crazy high. No way would I want to actually use it as a Currency though. 1 day it would be hookers and blow, the next you'd be lucky to afford a loaf of bread.
True although I feel bad for the people that lost their wallets or passwords or had stowed some in that huge exchange that went under and lost out on beaucoup coinage.
 
I think Ethereum truly going to be the next stage of Bitcoin, or rather the next step in the evolution of cryptocurrencies. It's the fundamental blockchain technology that makes cryptocurrencies so appealing, and not a specific currency, though Bitcoin may stick around as an intermediary cryptocurrency for a while.

Ethereum is still in development, but the different modules or components being built on top of the platform already are pretty amazing.
 
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