Bitcoin - a decentralised digital currency

2,297 posts in this topic

On 6/13/2022, 2:29:46, Krieg said:

 


Things are worth what people are willing to pay.  Some people are failing to understand that.

I have no problem with that, I have a problem that Bitcoin is not used for payments (almost) because it is too volatile. A coffee shop owner can charge in Bitcoins but would you buy this coffee knowing that maybe in a week Bitcoin will rise tenfold, so you bought 10 cups of coffee instead of 1. Would you sell your apartments in Bitcoins only to discover that your Bitcoins are now worth half of the apartment? Can you negotiate salary in Bitcoins, then discover that in a month your salary is 10 dollars? Can you as a company owner pay in Bitcoins to your employees only to discover that you owe 10 million USD to 10 of them?

 

Too risky, this is the game for those who like playing casinos.

 

If this is the future, fuck it, I am taking a time machine to the past. 

 

23 hours ago, Acton said:

Of course not. Not as an investment.

I guess you haven't heard of the NFT. 

 

 

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1 minute ago, yourkeau said:

I have no problem with that, I have a problem that Bitcoin is not used for payments (almost) because it is too volatile. A coffee shop owner can charge in Bitcoins but would you buy this coffee knowing that maybe in a week Bitcoin will rise tenfold, so you bought 10 cups of coffee instead of 1. Would you sell your apartments in Bitcoins only to discover that your Bitcoins are now worth half of the apartment? Can you negotiate salary in Bitcoins, then discover that in a month your salary is 10 dollars? Can you as a company owner pay in Bitcoins to your employees only to discover that you owe 10 million USD to 10 of them?

 

Too risky, this is the game for those who like playing casinos.

 

If this is the future, fuck it, I am taking a time machine to the past. 

 

 

 

Are you aware there are stable cryptos? most of them attached to the US dollar.

 

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32 minutes ago, Krieg said:

 

Are you aware there are stable cryptos? most of them attached to the US dollar.

 

 

That is what I though about the terra Stable Coin.

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2 minutes ago, RenegadeFurther said:

 

That is what I though about the terra Stable Coin.

 

Yes that was a big drama but we were all told, algorithmic stable coins can't be trusted yet.

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30 minutes ago, Krieg said:

 

Yes that was a big drama but we were all told, algorithmic stable coins can't be trusted yet.

 

hmmmm,

 

During the Luna crash, the TetherUS Stable Coin briefly also lost its peg to the dollar (went to 95 cents to the dollar).

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4 hours ago, Krieg said:

 

Are you aware there are stable cryptos? most of them attached to the US dollar.

 

Actually, no. Last year Bank of Israel planned to create something like this, but this is still an idea only, the risks are being analyzed at the moment. 

 

 

 

 

 

 

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Some countries such as El Salvodor, have adopted crypto currencies. Most of these countries are economically underdeveloped. It is just too risky. How will things turn out now that the value o bitcoin and the others have dropped a lot?

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"Cryptocurrency Ether reduces power consumption by 99.95 percent"
Ether: Update "The Merge" vollzogen, Angriff auf Bitcoin - manager magazin (manager-magazin.de)

I always had meinung that Blockchain has values, but very sceptical on "snake oil" sales guys who were selling all kinds of luftschlosser to naiv Robinhood investors. I still remember famous "Bitcoin philosopher" Robert Breedlove  who was speaking lots of s****y things like Bitcoin will be  $307k by Oct,21, then $12.5 million by 2031 

When we see Bitcoin uses middle sized country's energy, at least Eth is  going in the right direction ( PoS). In times of high energy prices, this is a smart move,What do our BTC experts think, any chances BTC reduces energy consumption by >90% any time soon? 
 

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5 minutes ago, Goodbye_BlueSky said:


When we see Bitcoin uses middle sized country's energy, at least Eth is  going in right direction. In times of high energy prices, this is a smart move,
What do out BTC experts think, any chances BTC rreduces energy consumption by >90% any time soon?

 

 

I have explained this before.  Probably won't.     Bitcoin developers are the cancer of Bitcoin, they refuse all the changes that make sense because they prefer to enjoy and milk the status quo.   This shows as well one of the weaknesses of some cryptos, developers with too much power and deciding what it is better for themselves instead of what it is better for the community or for the world.

 

They have as well refused to make the changes to reduce the cost of the transactions, making BTC useless as trading currency as it was originally intended and forcing BTC to become an asset opening the doors to speculation. 

 

There are plenty of alternative cryptos with better and much modern implementations and models, however they do not have yet the same power BTC has.

 

BTC should die and leave its space to better cryptos, but then people associate cryptos with BTC so much that BTC having problems would create problems for all cryptos.  So it is not a nice situation.

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2 hours ago, Krieg said:

BTC should die and leave its space to better cryptos, but then people associate cryptos with BTC so much that BTC having problems would create problems for all cryptos.  So it is not a nice situation.

We finally agree on something. Before we discuss if crypto is useful or not, let's agree that Bitcoin is crap and should go away.

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Novelty effect is wearing off, plus high interest rates made a lot of people lose a lot of money. The scam will continue, just not as strong.

I wonder how low Bitcoin has to go to completely collapse. 10k?

 

Bear in mind there is a big difference between this drop and older ones. Right now mining is more expensive. Miners are selling their bitcoins, further pressing it down.

 

Oh, and "hedge against inflation"... where did that go?

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6 minutes ago, MikeMelga said:

The scam will continue, just not as strong.

I wonder how low Bitcoin has to go to completely collapse. 10k?


You are right that the Scams will go on. May be they will find other things for scamming - NFT and Metaverse Real Estates was latest on their scam toolbox.

I read somewhere when Crypto market was valued at 3 Trillion, money invested from people was something like 1 Trillion. Now we are at or less than 1 trillion value, meaning market value is close to money invested. Doesnt mean it has to be worth 1 trillion when one pays 1 trillion for some s***, no matter who pupped.  

I have heard the name of "one Sail****" in this forum, and has seen some u2b vdos. He sounds like a Religion preacher on steroid/hash***.
How come intelligent people listen to this type of people ?

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yeah right now crypto is bleeding and I suspect if BTC touches 10k it will collapse under its own weight, but again we live in dynamic world and nothing is guaranteed. people might invest a lot if it touches 10k and not sure what happens.

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On 18.11.2022, 09:46:12, DanglingPointer said:

yeah right now crypto is bleeding and I suspect if BTC touches 10k it will collapse under its own weight, but again we live in dynamic world and nothing is guaranteed. people might invest a lot if it touches 10k and not sure what happens.

If Bitcoin survives a big drop before next summer, it's possible it rebounds back to 20k when interest rates drop.

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