Wow. Bitcoin is almost $1,500

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Yakk

Golden Member
May 28, 2016
1,574
273
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True enough, it's still fun though to see it being taken more 'seriously'.
I agree 100%, I liked it also... Now I just very depressed seeing the value today, cringe worthy!

Using this thread title... 0.01 BTC @ $1,500 was $15, now almost $75 :eek:
 

[DHT]Osiris

Lifer
Dec 15, 2015
11,407
8,777
146
I agree 100%, I liked it also... Now I just very depressed seeing the value today, cringe worthy!

Using this thread title... 0.01 BTC @ $1,500 was $15, now almost $75 :eek:
Tell me about it. Hell, if I had just spent the money I spent on a miner 9mo ago on straight BTC, I'd be about $15k richer, ah well. At least I'm not one of the poor bastards that lost out on tens of millions.
 

gorobei

Diamond Member
Jan 7, 2007
3,389
658
126
Tell me about it. Hell, if I had just spent the money I spent on a miner 9mo ago on straight BTC, I'd be about $15k richer, ah well. At least I'm not one of the poor bastards that lost out on tens of millions.
always remember Laszlo Hanyecz, the man who sold 10000 btc in 2010 in exchange for 2 large papa johns pizzas.

papa johns, that is just adding insult to injury.

10k btc= 70 million usd
 
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Yakk

Golden Member
May 28, 2016
1,574
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.... And followed by an $800 price swing! Up, down, what a day!

Bitcoin does not disappoint! :cool:
 

Yakk

Golden Member
May 28, 2016
1,574
273
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... And still in November... BTC just topped $9,100 USD...

Edit : It's been about 1hr, now at $9,400 USD.
 
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Mai72

Lifer
Sep 12, 2012
11,218
1,533
126
I watch a few of these young guys on YouTube.

One guy has over $300k invested. People are making crazy amounts of money.
 

gorobei

Diamond Member
Jan 7, 2007
3,389
658
126

wall street appears to be jumping on the train despite not understanding the lack of fundamentals and predictability.

god help those who buy in at 10000, they will either be geniuses or goats.
 
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ImpulsE69

Lifer
Jan 8, 2010
14,946
1,074
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I still can't get behind any of this. Put this much worth into anything and nefarious things are going to happen. Especially something that isn't 'trackable' and purely digital. People are going to lose their shirts.
 

tcG

Golden Member
Jul 31, 2006
1,202
18
81
Bitcoin has a lot of attributes that make it valuable as a currency/asset:

-Decentralized (distributed with no single point of failure)
-Attack-resistant (the network itself has never been compromised; becomes more resistant over time)
-Open source (the code is open to public review)
-Public (all transactions recorded on public ledger)
-Accessible (anyone, young/old, rich/poor can transact with BTC)
-Fast (takes 10 minutes to send $1 billion)
-Cheap (costs $2 to send $1 billion)
-Scarce (supply is determined by an algorithm - only 21 million will ever be created)
-Global (borderless; cannot be confiscated)
-Trustless (no trusted third party needed to confirm security)
-Private (not necessary to give private information)
-Scalable (each bitcoin divisible to eight decimals)

If you understand these, you understand why it's so valuable, and why it isn't like any other asset.
 

gorobei

Diamond Member
Jan 7, 2007
3,389
658
126
I still can't get behind any of this. Put this much worth into anything and nefarious things are going to happen. Especially something that isn't 'trackable' and purely digital. People are going to lose their shirts.
the technology and software behind btc is actually quite sound and works as intended. the decentralization makes the system very secure at the expense of having no way to reverse a transaction so it is absolutely buyer beware with all transactions.

any exploits were hammered out in the first year or two. the scandals that came out afterwards were strictly the result of poor planning, lack of professional IT, questionable business practices or social engineering. the btc client/mining pools were never the problem.

the FOMO surrounding bitcoin now is where people are going to get hurt, but that would be the same with any publicly traded stock.
 

Fenixgoon

Lifer
Jun 30, 2003
30,030
7,201
136
Bitcoin has a lot of attributes that make it valuable as a currency/asset:

-Decentralized (distributed with no single point of failure)
-Attack-resistant (the network itself has never been compromised; becomes more resistant over time)
-Open source (the code is open to public review)
-Public (all transactions recorded on public ledger)
-Accessible (anyone, young/old, rich/poor can transact with BTC)
-Fast (takes 10 minutes to send $1 billion)
-Cheap (costs $2 to send $1 billion)
-Scarce (supply is determined by an algorithm - only 21 million will ever be created)
-Global (borderless; cannot be confiscated)
-Trustless (no trusted third party needed to confirm security)
-Private (not necessary to give private information)
-Scalable (each bitcoin divisible to eight decimals)

If you understand these, you understand why it's so valuable, and why it isn't like any other asset.
the downside is that it is slow for large numbers of transactions, so it's not like visa and banks are going to adopt bitcoin for every day uses.

but all those other points do make it valuable for say...large ($$$$), secure, one-off financial transactions.
 

ImpulsE69

Lifer
Jan 8, 2010
14,946
1,074
126
Honestly, I won't pretend to understand everything about it, but I do understand the want for it. I also understand technology and this is why I feel it will eventually fail. What preventions are there for all the ways you can lose a bitcoin out of your control? (If there are any I'm not aware of them).

If it's digital it can be exploited. This is not an if, this is a when. Why in this age no one understands that just baffles me. Just takes the want and the know how. Unless it is backed by some form of insurance, it will be worthless in the long run. The only reason it is running up now is hype, not because it is viable. Half the people hate the government and the other half are jumping on a 'gains' bandwagon. The want and know how will be coming because it is worth so much as cash. This is the part I don't understand the following because all your reasons are basically trust in a digital infrastructure that could fall at any moment. Seems like a blind faith by some and just regular stock gambling to much of the rest, not an actual viable currency.

While I know those same arguments can be used against banks etc, those currencies are insured currently. Right now it feels like BTC is the equlivant of you giving someone else your cash to hide under their mattress with the hope their house don't get robbed or burnt down.

Kudos to those getting in and making money, nothing wrong with that, but I still don't trust the system to use it as an actual currency.
 
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Yakk

Golden Member
May 28, 2016
1,574
273
81
DASH is much better as a currency, fast & cheap.

Bitcoin is pretty much a commodity at this point.

If you're scared to lose them, make a paper wallet.
 

Arcadio

Diamond Member
Jun 5, 2007
5,635
20
81
If it's digital it can be exploited. This is not an if, this is a when. Why in this age no one understands that just baffles me. Just takes the want and the know how. Unless it is backed by some form of insurance, it will be worthless in the long run. The only reason it is running up now is hype, not because it is viable. Half the people hate the government and the other half are jumping on a 'gains' bandwagon. The want and know how will be coming because it is worth so much as cash. This is the part I don't understand the following because all your reasons are basically trust in a digital infrastructure that could fall at any moment.
Bitcoin is not really dependent on technology that might "fail" or be "hacked". It's based on laws of math and cryptography that will withstand any attacks, unless someone develops a workable quantum computer.
 

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