I think blockchain is the 90s tech bubble all over again.

[ultimatebob]

Satoshi's eventual wealth will probably rival that of the greatest emperors of history. He will have more control over our currency than any single emperor had over gold or silver at the time.

He will be a modern day Genghis Kahn.

Imagine the entire wealth of post WW2 America in a single person's hands. Completely unfathomable.

How much Bitcoin do you think that Santoshi could sell in one shot before they trigger a panic sale? 50 million worth? Maybe 100? Bitcoin trading volume is still only around 1 billion dollars a day... if someone tried a huge block sale, people would notice.

It’s like Jeff Bezos or Bill Gates... They are worth tens of billions of dollars on paper, but their net worth would plummet if they ever tried to cash it in.

 

[momeNt]

If it's ever used as a real currency that might be true but bitcoin doesn't currently have a viable use case. It started to gain value because it was useful for dark web transactions. But think as a general rule, very few people had any interest in actually holding btc. They would buy the coins for the purpose of individual transactions, use them and be done with it.

Later, as trading in btc developed, it became useful for other purposes such as evading capital controls in China. And again, I think that for the most part it was used merely as a vehicle for those transactions. You buy btc in China then go to an exchange outside of China, cash them in and take the money in local currency thus translating you money from yuan to dollar, euros, etc.

Right now, the overwhelming "use" for btc is pure speculation. And as was mentioned already, the higher the price goes, the less float is available for trading. So you have increasing demand and a shrinking supply.

That will all change quickly and dramatically once there is a general consensus that btc has very little actual value in its own right. Unfortunately it could take quite a while before we see that happen. Personally I think it will happen sooner rather than later but I've learned to never underestimate how irrational people can be.

The emperor has no clothes!

 

[zinfamous]

Satoshi's eventual wealth will probably rival that of the greatest emperors of history. He will have more control over our currency than any single emperor had over gold or silver at the time.

He will be a modern day Genghis Kahn.

Imagine the entire wealth of post WW2 America in a single person's hands. Completely unfathomable.

currently his bitcoin wealth is nothing. Is he going to cash in before or after it eventually becomes relatively valueless? That's what is actually interesting. Imagine that...the vapor billionaires that this madness is creating right now. It's kinda cool, really.

 

[zinfamous]

How much Bitcoin do you think that Santoshi could sell in one shot before they trigger a panic sale? 50 million worth? Maybe 100? Bitcoin trading volume is still only around 1 billion dollars a day... if someone tried a huge block sale, people would notice.

It’s like Jeff Bezos or Bill Gates... They are worth tens of billions of dollars on paper, but their net worth would plummet if they ever tried to cash it in.

pretty much. The fall will be entertaining for me...only because I have nothing to lose on this. There is a very real bit of jealousy of course, but man, I'm just glad I can watch it instead of reading about it later in a text book. Fuck me though...I remember the ~$40 days and telling myself that buying a GPU for that was just stupid. And then only last year/early this year with Ethereum, before it was "valued" and whatever that called, and the thought was it would hit around $18 each. LoL--all you need was a RX 480 or 3 and you could get a decent chunk of Ethereum. Now look at that thing, in less than a year.

Please folks: don't none of you kill yourselves.

 

[bbhaag]

pretty much. The fall will be entertaining for me...only because I have nothing to lose on this. There is a very real bit of jealousy of course, but man, I'm just glad I can watch it instead of reading about it later in a text book. Fuck me though...I remember the ~$40 days and telling myself that buying a GPU for that was just stupid. And then only last year/early this year with Ethereum, before it was "valued" and whatever that called, and the thought was it would hit around $18 each. LoL--all you need was a RX 480 or 3 and you could get a decent chunk of Ethereum. Now look at that thing, in less than a year.

Please folks: don't none of you kill yourselves.

I was just going through my Coinbase transaction history and on 8/1/2013 I bought my first coin for $90. I remember my wife having a fit but I was undeterred so I bought a couple more then sold them off for a few hundred dollars in profit a little while later. I suppose that hindsight is always 20/20 but it still stings a little......sigh.

 

[zinfamous]

damn man.

Don't hold it against your wife though, bro.

 

[njdevilsfan87]

Everyone involved with computer hardware in the past few years had some exposure to Bitcoin, especially back in 2013-2014 when the $266 and $1200 bubbles happened.

If you couldn't be bothered to spend some time downloading Bitcoin, Litecoin or any other cryptocurrency and just trying it out then, but instead spent 5 seconds deciding to become a tuliper (mob mentality), you have nothing or no one to be salty against, except yourself.

 

[zinfamous]

Everyone involved with computer hardware in the past few years had some exposure to Bitcoin, especially back in 2013-2014 when the $266 and $1200 bubbles happened.

If you couldn't be bothered to spend some time downloading Bitcoin, Litecoin or any other cryptocurrency and just trying it out then, but instead spent 5 seconds deciding to become a tuliper (mob mentality), you have nothing or no one to be salty against, except yourself.

why does everything have to be a team now? what the hell has happened to people? I'm a "tuliper" because I didn't dump some speculative money that I never had to spend into a thing that doesn't and never will exist, 4 years ago?

I find this all fascinating. We aren't enemies, bro.

 

[momeNt]

why does everything have to be a team now? what the hell has happened to people? I'm a "tuliper" because I didn't dump some speculative money that I never had to spend into a thing that doesn't and never will exist, 4 years ago?

I find this all fascinating. We aren't enemies, bro.

His username is actually also a team =\

 

[KB]

Here's another one:

Long Island Ice Tea company changes its name to be Long Blockchain Corp. Shares up 200%

https://seekingalpha.com/news/3319654-long-island-iced-tea-plus-245-percent-blockchain-pivot

 

[ultimatebob]

Here's another one:

Long Island Ice Tea company changes its name to be Long Blockchain Corp. Shares up 200%

https://seekingalpha.com/news/3319654-long-island-iced-tea-plus-245-percent-blockchain-pivot

This has to be a joke, right? How do beverage manufacturing and blockchain development intersect at all?

The hell with it, we need to get in on this action. Who wants to start an ATOT "ICO" with me? Our slogan could be "Better Blockchain for Better Neffing". We'd pull down a million in VC money, easy

 

[IronWing]

Here's another one:

Long Island Ice Tea company changes its name to be Long Blockchain Corp. Shares up 200%

https://seekingalpha.com/news/3319654-long-island-iced-tea-plus-245-percent-blockchain-pivot

Mining is mining.
http://www.mining.com/gold-companys-stock-jumps-1300-switching-bitcoin

Oddly enough, a gold miner hedging with Bitcoin mining isn't a terrible idea. The same type of hot money that chases Bitcoin also chases gold and junior miners. Other articles point to Bitcoin mania as one factor in gold's current price slump.

 

[SearchMaster]

Until you can turn bitcoin into hard goods and services natively, it's just a speculative commodity no different than speculating in the foreign currency market or speculating on the future stock price for Amazon. Sure there are some legitimate marketplaces that accept it now but if I can't trade bitcoin directly for my mortgage payment, a garage sale purchase, or groceries at my local market then it has no value as currency. And the instability of the bitcoin market is exactly why it is not accepted in these market places - would you, as a mortgage banker, accept bitcoins as a payment method when they could be worth XX% more or XX% less (versus real currency) the next day? As long as inflation isn't rampant, the American dollar will be worth essentially the same tomorrow as it is today so it's a safe trade vehicle.

Now I can trade dollars for Euros or Yen but would only do so for speculative purposes. Either I believe that those currencies are more likely to increase in value versus the American dollar, or I believe that the American dollar is inherently unstable and destined for a crash (a la the financial meltdown last decade). But generally speaking, the relative price of these currencies is somewhat stable - I'm not going to lose my shirt by trading for yen nor am I going to lose my shirt by trading my yen back for dollars. Bitcoin has no stability at the moment. It's obviously been a huge boon for a lot of people that got in early enough, but those bitcoins are worthless until you trade them back for dollars - something with which you can pay your mortgage or groceries with. People don't talk about bitcoin being a great currency, they talk about it being a great investment.

All it would take is for a government action making the trading of bitcoins for dollars illegal to make them essentially worthless (though obviously the big political donors in the financial sector would be exempt). There would still be underground trading just as there is still underground trading of gambling dollars and drug dollars but the average person would not be allowed to speculate in its future value like they can today and the relative value would stabilize.

I'm not anti-bitcoin/bitcurrency. There's no reason why gold is inherently valuable other than its use in making other products, and there's no reason why the American dollar is inherently valuable other than its backing by the most powerful entity in the world. But all the speculation in today's market is just that - speculation that the value versus the dollar will continue to rise and rise and obviously that's not viable.

 

[JSt0rm]

bitcoin uses too much energy. Its really not well thought out. It needs to crash to keep energy use in check.

https://www.washingtonpost.com/news...ing-up-so-much-energy/?utm_term=.8c03aa95ad68

 

[repoman0]

bitcoin uses too much energy. Its really not well thought out. It needs to crash to keep energy use in check.

https://www.washingtonpost.com/news...ing-up-so-much-energy/?utm_term=.8c03aa95ad68

Yeah, it’s absolutely not sustainable based on energy consumption alone. One of the reasons I don’t buy the current hype or any of the calls for 35k, 50k and 100k. This is the original article that I believe the wapo one is sourced from:

https://www.google.com/amp/s/arstec...ns-insane-energy-consumption-explained/?amp=1