Author Topic: “What the hell is a bitcoin?”  (Read 25132 times)

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Re: “What the hell is a bitcoin?”
« Reply #330 on: February 12, 2018, 03:13:24 PM »
It’s a pyramid. Nothing more.

When the entire system is rigged and controlled by criminals  it is too. ;)

Re: “What the hell is a bitcoin?”
« Reply #331 on: February 12, 2018, 03:51:02 PM »
the entire system is rigged


https://www.zerohedge.com/news/2018-02-11/economist-it-appears-market-conspiracy-theorists-were-right


Quote
The paper examines conduct at 497 financial institutions between 2005 and 2011, paying particular attention to individuals who had previously worked in the federal government, in institutions including the Federal Reserve. In the two years prior to the TARP, these people’s trading gave no evidence of unusual insight. But in the nine months after the TARP was announced, they achieved particularly good results. The paper concludes that “politically connected insiders had a significant information advantage during the crisis and traded to exploit this advantage.”


Who could have ever guessed???

Re: “What the hell is a bitcoin?”
« Reply #332 on: February 20, 2018, 06:49:27 PM »
https://www.wsj.com/articles/south-korean-cryptocurrency-regulator-found-dead-at-home-1519093020
"A South Korean official who guided Seoul’s regulatory clampdown on cryptocurrencies was found dead on Sunday, according to a government spokesman."

Re: “What the hell is a bitcoin?”
« Reply #333 on: March 11, 2018, 01:40:43 AM »
Tarrifs of crypt-oh?

Re: “What the hell is a bitcoin?”
« Reply #334 on: April 21, 2018, 03:51:11 PM »
What does one own when they invest in bitcoin? Nothing. It’s a pyramid. Nothing more. And worse, it’s competing with the federal reserve. So it’s an inevitable loser.

Currency is simply a medium of exchange. You can certainly set up a pyramid scheme with cryptocurrency (just like you can with fiat), but that doesn't make the currency itself a pyramid scheme.

Kind of like how social security is a ponzi scheme, but the fiat dollar is not.

Re: “What the hell is a bitcoin?”
« Reply #335 on: April 21, 2018, 04:59:02 PM »
Currency is simply a medium of exchange. You can certainly set up a pyramid scheme with cryptocurrency (just like you can with fiat), but that doesn't make the currency itself a pyramid scheme.

Kind of like how social security is a ponzi scheme, but the fiat dollar is not.
https://www.bloomberg.com/news/features/2018-04-19/what-bitcoin-is-really-worth-may-no-longer-be-such-a-mystery

Re: “What the hell is a bitcoin?”
« Reply #336 on: April 21, 2018, 05:16:07 PM »
https://www.bloomberg.com/news/features/2018-04-19/what-bitcoin-is-really-worth-may-no-longer-be-such-a-mystery

"True worth" is illusory. A bitcoin is worth whatever the market is willing to pay for it. Right now, that's roughly $8,792.

Re: “What the hell is a bitcoin?”
« Reply #337 on: April 21, 2018, 06:41:35 PM »
"True worth" is illusory. A bitcoin is worth whatever the market is willing to pay for it. Right now, that's roughly $8,792.
Sure, I think the article made that point.
I doubt this whole new computing and stuff will change it much. At least as long as humans are involved. It will never change because Economics, like psychology etc, can't really be a predictable science, though some models (a RCH reference!) try not to do so, but people don't operate logically, information is not universally shared, and then there are outside, random interventions. One can make models with set conditions and predict them on paper, but in real life there are too many variables? Known and unknown (and the infamous known unknowns and unknowns unknowns.  ;) Which the media made fun of but really was a profound thought.) Maybe on some level or for a set time, sometimes? But it makes jobs for Economists. ha.

Re: “What the hell is a bitcoin?”
« Reply #338 on: April 26, 2018, 02:12:07 PM »
Thanks for the insight! Thought I was the only one wondering the same.

Re: “What the hell is a bitcoin?”
« Reply #339 on: May 09, 2018, 04:58:10 AM »
I suspect that within a year, maybe two, we will be talking about the next online currency. I don't see a future in bitcoin but then again maybe I have just made the equivalent of a vote against facebook. Time will tell I guess.

This post has aged poorly.

Re: “What the hell is a bitcoin?”
« Reply #340 on: May 09, 2018, 05:43:10 PM »
This post has aged poorly.

I was curious about Bitcoin but didn't really see it as a viable asset (for one thing back then I couldn't friggin figure out how to buy one.)  I also thought Facebook sucked and had no interest in their IPO.  I adopted Google early and liked it but never thought they'd make any real money out of it.  I absolutely did love Amazon but thought ten years ago that I'd already missed the boat (turns out it multiplied nearly 20 times since then.)  Yeah I guess you can see why I'm not an investment advisor.