When Bitcoin bursts it will be disastrous’? To Hit $40k to $100k in 2018?

[singular_me]

exuberance never ends well

buy bitcoin, Buffet says... :)
===========================

‘Bitcoin is a bubble, when it bursts it can be disastrous’ – analyst on bitcoin record

https://www.youtube.com/watch?time_continue=40&v=WssBBw0IBnk

Bitcoin Will Hit $40k to $100k in 2018 - Here's Why

https://www.youtube.com/watch?v=p6eWELGO67Y

Bitcoin to Hit from $10,000, to $100,000 & even $1 Million USD

https://www.youtube.com/watch?v=c9bmMWi-O54

[StreetsOfGold]

and now for what Bitcoin is REALLY all about -


https://www.youtube.com/watch?v=wEGjKR8jK64

[Horn]

You can't place a value on Bitcoin, it does not operate in those strict parameters of "value" that everyting else in the world does.

Same reason why when it pops, it'll be like a bear pooped in the woods.

Nobody will know.

[singular_me]

the hype is pretty hyper these days :)

if the big shot billionaires tell us to buy bitcoins, I am raising my eyebrows

plus nobody knows who Satoshi Nakamoto really is

mike adams is right, more and more people will eventually realize they cannot sell/redeem it... prediction: 1 million dollars by 2020... :(... bitcoin will create a new civilization of billionaires, I posted in a thread a while ago... come on... that cannot end well


https://www.youtube.com/watch?v=t0Piucm6c-o




You can't place a value on Bitcoin, it does not operate in those strict parameters of "value" that everyting else in the world does.

Same reason why when it pops, it'll be like a bear pooped in the woods.

Nobody will know.

[madfranks]

more and more people will eventually realize they cannot sell/redeem it...

I'm sorry, this is one of the most ridiculous things I've heard regarding BTC. Name me one person who had a difficult time selling/redeeming their BTC.

[Ares]

I'm sorry, this is one of the most ridiculous things I've heard regarding BTC. Name me one person who had a difficult time selling/redeeming their BTC.

Don't bother with the facts with this one. She thinks Mike Adams ranting about Bitcoin with wholly inaccurate information and assessment is someone that you can listen too. When I listened to one of his videos and he was going on and on about how Bitcoin is a "fiat currency" I just stopped right there. Fiat means by decree, and governments the world over have surely not decreed a decentralized system for the peasantry to sidestep their banking system.

OP is a lost cause when it comes to anything regarding logic, facts, or how society runs in general.....

[Jewboo]

I'm sorry, this is one of the most ridiculous things I've heard regarding BTC. Name me one person who had a difficult time selling/redeeming their BTC.

Did you directly trade your bitcoin for gold coins or was there a middle step involving FRNs?

Describe how you did it recently...

:(??

[Neuro]

Don't bother with the facts with this one. She thinks Mike Adams ranting about Bitcoin with wholly inaccurate information and assessment is someone that you can listen too. When I listened to one of his videos and he was going on and on about how Bitcoin is a "fiat currency" I just stopped right there. Fiat means by decree, and governments the world over have surely not decreed a decentralized system for the peasantry to sidestep their banking system.

OP is a lost cause when it comes to anything regarding logic, facts, or how society runs in general.....
Fascinating thing is that no amount of reasoning appears to change its mind either. It just keeps regurgitating same recycled bullshit over and over...

[madfranks]

Did you directly trade your bitcoin for gold coins or was there a middle step involving FRNs?

Describe how you did it recently...

:(??
I traded directly for gold. JM Bullion accepts bitcoin for payment, which is what I did.

[Ares]

I traded directly for gold. JM Bullion accepts bitcoin for payment, which is what I did.

apmex now accepts Bitcoin for purchase of precious metals.

https://www.apmex.com/faq/bitcoin

[EE_]

Wall Street sent Cramer out to drive down the price of bitcoin, so Wall Street can buy on the cheap.

Cramer: Bets against bitcoin will 'annihilate' the digital currency once futures begin trading

With bitcoin futures launching this weekend, short sellers are going to get their say, CNBC's Jim Cramer warns.
"They've been waiting to short it to you," he says to bitcoin buyers.
Berkeley Lovelace Jr. | @BerkeleyJr
Published 2 Hours Ago Updated 1 Hour Ago
CNBC.com

Bets against bitcoin will "annihilate" the digital currency once futures begin trading over the weekend, CNBC's Jim Cramer predicted Friday.

Cboe bitcoin futures are set to begin trading on Sunday. The CME contracts launch on Dec. 18. Nasdaq, meanwhile, plans to start its own bitcoin futures as early as the second quarter of 2018.

"I think the short selling is just going to annihilate people when you can start trading it," Cramer said after talking with sources in the bitcoin community. A short seller is essentially taking a position on the belief that an asset price will fall instead of rise. Bitcoin futures will allow bitcoin shorts on a widespread basis.

"Once this thing starts trading the futures, they are just going to kibosh it," Cramer said on "Squawk on the Street." "You're going to see a lot of shenanigans."

Bitcoin rocketed above $19,000 Thursday on the Coinbase exchange before tanking. Pressure continued Friday, with the cryptocurrency falling nearly 18 percent at one stage.

Cramer has been a vocal critic of bitcoin, warning investors that it's like "'Monopoly' money" and people would be better off going to Vegas.

Critics, including JPMorgan Chairman and CEO Jamie Dimon, doubt the legitimacy of bitcoin. Dimon has repeatedly called it a "fraud." But proponents argue the digital currency is a good medium of exchange and a way to store value like gold.

"If you're in there buying it, buying bitcoin, you got to be aware there's going to be people who are going to sell it. They've been waiting to short it to you," Cramer said.

"The propensity of people when futures start would not be to bid it up after this turmoil that we've had," Cramer added.

video: https://www.cnbc.com/2017/12/08/cramer-bets-against-bitcoin-will-crush-it-once-futures-begin-trading.html

[Jewboo]

I traded directly for gold. JM Bullion accepts bitcoin for payment, which is what I did.

I consider this the wisest act ever committed by a GSUSer or GIMer.........................ever.

Seriously.

[Horn]

Unfortunately there was a problem with shipment of frank's gold and its being stowed at the JM vaults for future rectifications.

[madfranks]

I consider this the wisest act ever committed by a GSUSer or GIMer.........................ever.

Seriously.Wow, well thanks. I think it would have been a bit wiser to have waited a bit longer, I could have gotten more oz out of it than I got, but I'm still happy with buying what I did.

[madfranks]

Unfortunately there was a problem with shipment of frank's gold and its being stowed at the JM vaults for future rectifications.You're close, I just got a letter from them saying that somehow my gold was placed on a shipment which suffered a very unfortunate boating accident and it's all at the bottom of the sea. :(

[Ares]

You're close, I just got a letter from them saying that somehow my gold was placed on a shipment which suffered a very unfortunate boating accident and it's all at the bottom of the sea. :(

Figures, what is it with gold and silver forum members always having boating accidents? We take comfort in our collective losses... :(

[singular_me]

not now but if it keeps skyrocket, eventually that what will happen. Could take another year or two, no if but when

all booms create their busts... bitcoin 100k or 1 million dollars, if this is not irrational exuberance, how do you call this?

It does not matter what the value of Gold/Bitcoin are in this environment still controlled by mega banks and an elite that has figure it all out way before blockchain. They very possibly are behind blockchain and the elusive satoshi.

Any value can be corrupted with the mind, regardless of how sound we think it is. Value will forever remain subjective. Especially when speculation is involved. Taking more than what one puts in is detrimental to the Whole. Always. It condones wealth transfers.

To be positive, money must always circulate and cannot be hoarded. One cannot spend more than one can consume/earn. It is an axiom. Thats also the premise of an economic zero sum game. Poverty is created by the hoarders. I sorted it all out. The flaw is embedded in the premise. it is a mind issue.


I'm sorry, this is one of the most ridiculous things I've heard regarding BTC. Name me one person who had a difficult time selling/redeeming their BTC.

[Ares]

not now but if it keeps skyrocket, eventually that what will happen. Could take another year or two, no if but when

all booms create their busts... bitcoin 100k or 1 million dollars, if this is not irrational exuberance, how do you call this?

It does not matter what the value of Gold/Bitcoin are in this environment still controlled by mega banks and an elite that has figure it all out way before blockchain. They very possibly are behind blockchain and the elusive satoshi.

Total bullshit like always. They control gold, that much is certain. They however do not control blockchain technology. Public Ledgers are not their thing. Don't believe me, ask the Federal Reserve to see their balance sheet as well as intra-bank lending. Let me know how it works out. :rolleyes: With Blockchain technology you can't hide a single Satoshi. You're so full of shit with your baseless accusations and mis-information of Bitcoin or cryto currencies in general. It's laughable that you consider yourself "educated". :rolleyes:


Any value can be corrupted with the mind, regardless of how sound we think it is. Value will forever remain subjective. Especially when speculation is involved. Taking more than what one puts in is detrimental to the Whole. Always. It condones wealth transfers.

You cannot and will never resolve human nature or greed. There will ALWAYS be greed while the vast majority of the population will not be. Speculation will happen whether you like it or not. Out in the open, or in a black market.


To be positive, money must always circulate and cannot be hoarded. One cannot spend more than one can consume/earn. It is an axiom. Thats also the premise of an economic zero sum game. Poverty is created by the hoarders. I sorted it all out. The flaw is embedded in the premise. it is a mind issue.

More Keynesian economic bullshit theory. Money was hoarded for thousands of years before Maynard Keynes came along with his perversion theory of money. It's called savings, and once you save up enough to where you are comfortable enough you invest WISELY into new technology or industries you believe in. You don't just force monetary circulation to have money moving. That gives us the problems we have now where the first people who get the "new money" while everyone else gets the depreciated asset and their savings get slaughtered. Poverty is created by inflation, you sorted out nothing as you don't have a fucking clue of how society, money, economics, or really how anything works. You resort to some bullshit claim of "its a mind issue." :rolleyes:

Just shut up already, you keep getting called out on your bullshit on every post and you can't back any of it up with anything even resembling factual evidence.

[StreetsOfGold]

I'm sorry, this is one of the most ridiculous things I've heard regarding BTC. Name me one person who had a difficult time selling/redeeming their BTC.

Exactly!!

Hello!??!
Bitcoin is here to stay whether you like it or not, accept it or not, embrace it or not! If you took the time to watch the video I posted you would KNOW this!!
Amazon is now in the process of accepting bitcoin so all this Tulip talk is to get you to NOT get in while the getting is STILL YOUNG!!

Behold APMEX now accepts Bitcoin!!!!!


Subject: Bitcoin, a new way to pay at APMEX!


Learn more about this new payment method and for a limited time, bitcoin orders are eligible for a 4.0% cash discount, similar to orders paid with check or bank wire. Some exclusions may apply.

9510

[ziero0]

Economy is the science of managing shortages. Anything that is within the sphere of economics is a candidate for shortage. If not now then soon.

[vacuum]

Cramer: Bets against bitcoin will 'annihilate' the digital currency once futures begin trading


Bitcoin is the only asset that people hold where all the holders of the asset hope the price drops like a rock so they can buy more.

The banks are gonna get screwed so hard and be forced to buy a limited supply of BTC from people who won't sell at any price in order to meet their short obligations.

The whole thing is going to be very entertaining.

[Ares]

Bitcoin is the only asset that people hold where all the holders of the asset hope the price drops like a rock so they can buy more.

The banks are gonna get screwed so hard and be forced to buy a limited supply of BTC from people who won't sell at any price in order to meet their short obligations.

The whole thing is going to be very entertaining.

Agreed, they aren't used to trading against an asset class that trades every second of every day.

[vacuum]

Agreed, they aren't used to trading against an asset class that trades every second of every day.

Good point. Those old men are going to get tired out. They won't be able to take Sundays off, sleep well, or anything.

[Ares]

Good point. Those old men are going to get tired out. They won't be able to take Sundays off, sleep well, or anything.

It was discussed on another forum about how TPTB use futures to short silver and gold and some wondered if it could happen to crypto currencies. A poster posted some good points indicating that they could in the short term, but long term they'll get killed as they are used to trading between 9am and 4pm and then going home at the end of the day. The crypto traders are relentless with each running custom bots. I detailed on this forum (can't remember which post) about a whale at OKCoin (100 BTC) who was manipulating the price on OKCoin, and someone custom coded a bot to start trading against him and he damn near lost almost all of the 100 BTC he was using to drive the market.

I think they are going to learn in a short order that Bitcoin is a monster when it comes to price discovery and trading.

[Jewboo]

With Blockchain technology you can't hide a single Satoshi.



https://thechive.files.wordpress.com/2012/08/rich-men-hot-women-5.jpg?quality=85&strip=info&w=500

Anonymous creator of bitcoin who skimmed the first million bitcoins for himself?

How many bitcoins has new-billionare "Satoshi" himself cashed in/sold according to the public blockchain record?


:rolleyes:

[Ares]

https://thechive.files.wordpress.com/2012/08/rich-men-hot-women-5.jpg?quality=85&strip=info&w=500

Anonymous creator of bitcoin who skimmed the first million bitcoins for himself?

How many bitcoins has new-billionare "Satoshi" himself cashed in/sold according to the public blockchain record?


:rolleyes:


Not a single coin that Satoshi mined has moved.


In 2013, Bitcoin watcher and head of cryptocurrency firm rsk.co Sergio Lerner wrote a series of blog posts explaining why he believes an account holding 980,000 individual Bitcoins belongs to Bitcoin’s mysterious founder, Satoshi Nakamoto.

Lerner analyzed the path of the first Bitcoins ever created, or “mined,” and traced them to a single mining source. Lerner then correlated this source to about 19,600 other Bitcoin “blocks,” which were actually just sets of cryptographic puzzles that, when solved, were worth 50 Bitcoins in 2010.

This mining entity stopped at 19,600, and never moved any of the Bitcoins it had earned. Lerner believed anyone who wasn’t Satoshi would have almost certainly tried to sell at least some of the Bitcoins, to take profits on what turned out to be as successful, if speculative, investment. The fact that none of the Bitcoins have been touched suggests the miner has “shown complete trust in Bitcoin” and is almost certainly therefore Satoshi,” according to Lerner.

http://time.com/money/5002378/bitcoin-creator-nakamoto-billionaire/

[Jewboo]

Not a single coin that Satoshi mined has moved.



Thanks for real info Ares. Does this make sense to you? Creates bitcoin...works hard and long...but has never himself cashed a single bitcoin?

Not so much unbelievable as unthinkable.

:(??


Hence, the alleged Satoshi stash still contains 980,000 Bitcoins — which at current prices are worth about more than $5.8 billion.

[Ares]

Thanks for real info Ares. Does this make sense to you? Creates bitcoin...works hard and long...but has never himself cashed a single bitcoin?

Not so much unbelievable as unthinkable.

:(??

I guess if you look at others who proceeded Satoshi bringing new and different financial systems into being either winding up dead or in prison maybe he realizes he risks his freedom and life if he moves any the coins.

At current prices he's sitting on 13.7 billion USD value of crypto currency and he hasn't moved a single coin. Maybe he just wanted to bring it into being and is leaving it as is? I honestly don't know. The last official communication I can find from him is a post he made after Newsweek attempted to out him and picked Dorian Nakamoto as Satoshi.

He responded with "I am not Dorian Nakamoto"

Permalink Reply by Satoshi Nakamoto on March 7, 2014 at 1:17
I am not Dorian Nakamoto.

http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?id=2003008%3ATopic%3A9402&page=2#comments

This is the original site and thread of where Satoshi brought forward the Bitcoin protocol and announced the Bitcoin foundation.

[Jewboo]

...Maybe he just wanted to bring it into being and is leaving it as is? I honestly don't know...

Your knowledge about this is demonstrably deep Ares. I'll give you that.

Him possessing a wallet that now contains $$$ BILLIONS $$$ proves his original obvious self-profit motive and intent. Not incidental...lol.
Curious why he hasn't cashed any out yet.

:(??

http://www.textures4photoshop.com/tex/thumbs/matrix-code-animation-gif-free-animated-background-716.gif

[Ares]

Your knowledge about this is demonstrably deep Ares. I'll give you that.

Him possessing a wallet that now contains $$$ BILLIONS $$$ proves his original obvious self-profit motive and intent. Not incidental...lol.
Curious why he hasn't cashed any out yet.

:(??

http://www.textures4photoshop.com/tex/thumbs/matrix-code-animation-gif-free-animated-background-716.gif

Your guess is as good as mine. There are a lot of us at Bitcointalk who have asked the same question. All we can do is speculate. The block chain shows us his coins and we can see they have never moved out of the original block when they were mined. As of now they're sitting in a wallet accumulating enough value to give Warren Buffet, Bill Gates, and Jeff Bezo's a run for their money and yet Satoshi hasn't spent a dime...

As Charles Hughes of to minds said regarding the coins not moving: "Satoshi is either dead or has the austerity of a saint."

[Horn]

Satoshi is short for Satoshi Epstein who is the biggest jew on the planet...

[Horn]

As Charles Hughes of to minds said regarding the coins not moving: "Satoshi is either dead or has the austerity of a saint."

This brings up another question, what happens when all Bitcoin owners die?

Can u jot down your code within the will and testament:)

[vacuum]

Thanks for real info Ares. Does this make sense to you? Creates bitcoin...works hard and long...but has never himself cashed a single bitcoin?

Not so much unbelievable as unthinkable.

:(??

He hasn't cashed any for two reasons:

(1) He thinks the price is going to go much higher, like $1 million each.
and
(2) As soon as he starts cashing in and reveals his identity, then he has to worry about taxes, ransom, theft, being targeted, hacked, etc. Its simply easier to do nothing, for now.

[Ares]

This brings up another question, what happens when all Bitcoin owners die?

Can u jot down your code within the will and testament:)

That was actually factored into an equation that says about 2-3 million coins are gone forever. If the owner dies and never backed up the private key, then those coins are gone forever.
I've backed up my private key locked it away and gave my wife the location if something were to ever happen to me, she and the kids would still have access to our crypto assets.
So have to plan ahead.

[Jewboo]

...There are a lot of us at Bitcointalk who have asked the same question...

http://goldenageofgaia.com/wp-content/uploads/2015/09/over-the-horizon.jpg

For me this bitcoin thingie remains pretty much unthinkable. Madfranks recently traded one bitcoin for seven ounces of real gold. That got my attention. That's serious money. I've owned American Gold Eagles and can get my head around that. Bitcoins? Bitcoins are nothing more than this:

http://www.textures4photoshop.com/tex/thumbs/matrix-code-animation-gif-free-animated-background-716.gif https://thumbs.dreamstime.com/t/hand-holding-usb-thumb-drive-23647306.jpg

[Jewboo]

... As soon as he starts cashing in and reveals his identity, then he has to worry about taxes, ransom, theft, being targeted, hacked, etc...

https://lh3.googleusercontent.com/lVhAs1EnZx3OvJdWhs4GHAmGBv0sYV1EpKHb4nmTZrhG41hluY 5tbRY_8VuA-093GcTVSTXPnZ1-Gp1BMbXB=s750

So does Ares and Madfranks and every other holder of bitcoin now.

[Horn]

That was actually factored into an equation that says about 2-3 million coins are gone forever. If the owner dies and never backed up the private key, then those coins are gone forever.
I've backed up my private key locked it away and gave my wife the location if something were to ever happen to me, she and the kids would still have access to our crypto assets.
So have to plan ahead.

Say some archaeologist uncovers the code in like 300 years and one of the digits has been dissolved due to mold growth on the paper,

Would he have any chance at reclaiming the sum and any numismatic value?

[Jewboo]

https://cdn.images.express.co.uk/img/dynamic/78/590x/North-Korea-Kim-Jong-un-and-Seoul-city-863973.jpg https://i.ytimg.com/vi/q7q39ZGWcCQ/hqdefault.jpg

EMP bomb will wipe out bitcoins worldwide.

[Ares]

http://goldenageofgaia.com/wp-content/uploads/2015/09/over-the-horizon.jpg

For me this bitcoin thingie remains pretty much unthinkable. Madfranks recently traded one bitcoin for seven ounces of real gold. That got my attention. That's serious money. I've owned American Gold Eagles and can get my head around that. Bitcoins? Bitcoins are nothing more than this:

http://www.textures4photoshop.com/tex/thumbs/matrix-code-animation-gif-free-animated-background-716.gif https://thumbs.dreamstime.com/t/hand-holding-usb-thumb-drive-23647306.jpg

Yep, I'm waiting for the price of BTC to go higher and I also plan to buy physical gold with it to store my value. Bitcoin is just a medium of exchange, not a store of wealth thats what physical metals are for. Philosophically speaking I see crypto currencies as the free market looking for alternatives to be unrestrained again. The free market wants to be free and efficient but has been in shackles for centuries.

The number of crypto currencies increase literally by the day, and I see that as a good thing. Ron Paul talked about it, competing currencies. A lot of the new coins/tokens aren't even used as a currency but as utilization. There is Ethereum, Waves, Stratis which are all competing as an ICO / smart contract platform. That is an ENORMOUSLY huge market. Look how inefficient brokers, bond holders, lien holders etc are. Any of the above platforms could completely replace them today.. I like Waves personally as they are in the process of implementing the Waves-NG (Next Generation) protocol which will allow for 1000 transactions a second, this is absolutely HUGE for blockchain technology to allow for that type of capacity. You're approaching credit card transaction speeds with that, and they said the protocol allows for even faster transactions if needed. They also have a decentralized exchange built into the wallet to exchange Bitcoin, Litecoin, Etherium, ZCash, Waves, etc with no risk of your funds getting lost in an Exchange hack as you retain ownership of the private keys to where your funds are stored.

Block chain technology is literally world changing technology and it's only in its infancy. What the world changes into has yet to be known, but the potential of this technology is absolutely enormous. Imagine buying a home, you pay in Bitcoin, you spend a Waves, Ethereum, or stratis and lock in the title into the blockchain accomplishing both in a matter of minutes, and the title is beyond reproach. No bank can foreclose on you as the block chain you chose to lock in the title proves beyond a shadow of a doubt that you have clear title to that home. You didn't trust anyone to the title, it didn't get lost, it didn't cut up, packaged and sold with crap loans in an MBS where no one knows who owns what.

[Ares]

Say some archaeologist uncovers the code in like 300 years and one of the digits has been dissolved due to mold growth on the paper,

Would he have any chance at reclaiming the sum?

No, every digit has to be present in order for the key to be useful. I guess if it was just 1 digit they could brute force hack it by cycling through the entire alphabit and number system to find the missing digit. The keys are alphanumeric, so the private key is a mix of letters and numbers.

The great thing about newer wallets is that the private key is generated by a 12 or 24 word pass phrase you write down and lock away so you don't have to deal with the private key directly anymore.

[Ares]

https://cdn.images.express.co.uk/img/dynamic/78/590x/North-Korea-Kim-Jong-un-and-Seoul-city-863973.jpg https://i.ytimg.com/vi/q7q39ZGWcCQ/hqdefault.jpg

EMP bomb will wipe out bitcoins worldwide.

No, just the immediate strike zone. The Bitcoin network would still be functional in other countries that were not hit China, Russia, hell even North Korea has been accused of using Bitcoin to side step sanctions.

[Horn]

Its possible someday that I move into numismatic bitcoin field and pickup only those ones that people have drawn some hieroglyphs on.

I guess I could form some sort of boolean search rhythm to hone in on those specifically.

[Ares]

Its possible someday that I move into numismatic bitcoin field and pickup only those ones that people have drawn some hieroglyphs on.

I guess I could form some sort of boolean search rhythm to hone in on those specifically.

Someone did that once and cracked some brain wallets. Brain wallets are a little different, and you create your own pass phrase instead of one being randomly generated. The author of the program found that people like to use the same words "love, person, butterfly etc" and he was able to crack a few wallets because of poorly chosen words to generate the private key.

The private keys themselves as far as I know have never been cracked. SHA-256 is notoriously difficult to crack and I believe that is why Satoshi chose it as the standard by which to secure the protocol.

As an example, here is a Bitcoin public address:

1EHNa6Q4Jz2uvNExL497mE43ikXhwF6kZm

Here is that addresses private key:

5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuD f

There is nothing in this address so no crypto assets to take. It was actually generated here: http://directory.io/

That site was created to demonstrate (as well as a little humor) to show how secure the Bitcoin security protocol is.

Bitcoin private key database

Page 1 out of 90462569716653277674664832038037428010029347093027 2690489102837043110636675

He literally generated that many public/private keys and not a single one corresponds to a live wallet.

[Jewboo]

...Bitcoin is just a medium of exchange, not a store of wealth thats what physical metals are for...The number of crypto currencies increase literally by the day, and I see that as a good thing...

https://s.blogcdn.com/www.dailyfinance.com/media/2013/06/grocery-store-cashier.jpg

Understand your own sig line:
"Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788

Nobody is pretending that Bitcoins are "just a medium of exchange" or a commonly-accepted currency. The transaction time takes far to long.

[Ares]

https://s.blogcdn.com/www.dailyfinance.com/media/2013/06/grocery-store-cashier.jpg

Understand your own sig line:

Nobody is pretending that Bitcoins are "just a medium of exchange" or a commonly-accepted currency. The transaction time takes far to long.

Why I see Bitcoin getting used for large transactions. Possibly international settlements. Those types of transactions even an hour or 2 is better than a month to complete the settlement.

[Jewboo]

...The Bitcoin network would still be functional in other countries that were not hit...

https://i.ytimg.com/vi/q7q39ZGWcCQ/hqdefault.jpg

One burst and nobody on this map can contact other countries.

:(??

[Jewboo]

My bedtime Ares. Thanks for the exchange.

--H H--

[Horn]

(2) As soon as he starts cashing in and reveals his identity, then he has to worry about taxes, ransom, theft, being targeted, hacked, etc. Its simply easier to do nothing, for now.

I like to think that Satoshi is alive and just waiting for it to go to $5

so he can sell his as some sort of Signature Selected "Greatest Hits" premium priced $10 Bitcoin.

http://i.imgur.com/QS4doDk.png


https://www.youtube.com/watch?v=1FhEXH5dHXo

[singular_me]

The Hacker News: Researchers Crack 1024-bit RSA Encryption in GnuPG Crypto Library, which states, “The attack allows an attacker to extract the secret crypto key from a system by analyzing the pattern of memory utilization or the electromagnetic outputs of the device that are emitted during the decryption process.” Think cryptography is bulletproof? Think again… https://thehackernews.com/2017/07/gnupg-libgcrypt-rsa-encryption.html

bullishness created by satoshi ghost vs the voice of reason? The claptrap will be revealed right after the planet will have gone digital/cashless, then the inferno will start


Bitcoin/Cryptocurrency is a Government Conspiracy (2017)
https://www.youtube.com/watch?v=-yjrmIIpgo0

https://www.youtube.com/watch?v=-yjrmIIpgo0


FROM COMMENT SECTION

1 month ago
Bank of England:

“We are undertaking a multi-year research programme into the implications of a central bank, like the Bank of England, issuing a digital currency. We first raised the possibility of a central bank-issued digital currency in our research agenda in February 2015. We have since released a more detailed selection of research questions on the topic. We welcome continued engagement from the wider central banking and academic community to shape our research in this emerging field.”

Swiss National Bank:

"At a global level, there is an urgent need for regulatory clarity given the growth of the market," said Daniel Heller, Visiting Fellow at the Peterson Institute for International Economics and previously head of financial stability at the Swiss National Bank.

The Bank of Russia:

Speaking on behalf of the Central Bank of the Russian Federation, deputy governor Olga Skorobogatova, said, "Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects we will understand what system we could use in our case for our national currency."

The Bank of Finland:

The Bank of Finland authored a discussion paper with academics from Columbia University highlighting the pros and cons of cryptocurrency implementation. The paper described the economic system behind cryptocurrency as “revolutionary.”

Central Bank of The Netherlands:

Tested “DNBCoin,” a prototype national crypto in 2015.

Indian Central Bank:

According to a senior official from the Reserve Bank of India, the central bank is examining a cryptocurrency alternative to the rupee. Speaking at the India FinTech Day conference, executive director Sudarshan Sen simultaneously conveyed concerns about non-fiat cryptocurrencies, like bitcoin.

Austrian Central Bank:

Governor of the Austrian Central Bank, Ewald Nowotny, warned users about the speculative nature of virtual currency. Nowotny also serves as a member of the governing council of the European Central Bank (ECB).

Central Bank of Singapore:

Project Ubin placed “a tokenized form of the Singapore Dollar (SGD) on a DLT.”

Swedish Central Bank:

The use of banknotes and coins is declining in Swedish society. At the same time, virtual currencies and payment methods are undergoing rapid technological development. The Riksbank will now investigate whether kronor need to be issued in electronic form.

Central Bank of Venezuela:

Venezuela has begun to explore the possibility of deploying a state-backed cryptocurrency as a strategy to improve its ailing economy.

People’s Bank of China:

Though the PBoC has been cracking down on token offerings and crypto trading, it has done trials with prototype national crypto and also funds the Chinese Digital Currency Research Institute.

European Central Bank:

The ECB is currently debating the possibility of implementing legal restrictions for cryptocurrencies.

US Federal Reserve:

Financial Action Task Force Governor Jerome Powell said in March that the US central bank is not considering a digital currency, due to “significant policy issues”

Bank of Canada:

The Central Bank of Canada recently demonstrated prototype DLT wholesale payment systems that handle clearing and settling simultaneously. Despite making advances with “Project Jasper,” Canada is waiting for the technology to mature.

Central Bank of Samoa:

The Central Bank of Samoa has cautioned its citizens about scams utilizing cryptocurrencies.

Central Bank of Barbados:

The Central Bank of Barbados authored a case study analyzing adding cryptocurrencies to the island’s portfolio of international reserve currencies.

The Albanian Central Bank:

The Albanian Cnetral Bank has cautioned its citizens about some of the financial risks associated with cryptocurrencies.

The Bank of Namibia:

The Bank of Namibia announced that it considers the spending of cryptocurrency within the nation to be illegal.

Nigerian Central Bank:

Following cautious considerations, the Central Bank of Nigeria has commenced arrangements to introduce its own digital currency.

Malaysian Central Bank:

The governor of Bank Negara Malaysia announced the central bank’s intention to issue cryptocurrencies guidelines.

Central Bank of Brazil:

Seeking to study distributed ledger technology, the Central Bank of Brazil tested prototypes for an Alternative System for Transactions Settlement on Ethereum-based BlockApps and Quorum, as well as on HyperLedger, Fabric, and Corda.

Philippines Central Bank:

Nestor Espenilla Jr., governor of BSP, stated, “We see a rapid increase in the trajectory [of virtual currency]. It is coming from a small base but increasing. That is why we decided to require [the exchanges] to register.” Espenilla added that the exchanges are locally based but have international roots.

UAE Central Bank:

Central Bank of the UAE Governor, Mubarak Rashid al-Mansouri said of his bank’s guidance, “The core objective of this framework is to facilitate robust adoption of digital payments across the UAE in a secure manner whilst promoting the highest levels of consumer protection and financial stability.”

Ukraine Central Bank:

In his statement, Churiy references the diverse cryptocurrency regulatory schemes currently employed by the European Union, Israel, Japan, Australia, Canada, and the People’s Bank of China. He notes that discordant regulatory schemes around the world have made it difficult to give bitcoin a definite status in Ukraine. The FSC’s meeting should generate needed dialogue, if not a resolution.

[Neuro]

Why I see Bitcoin getting used for large transactions. Possibly international settlements. Those types of transactions even an hour or 2 is better than a month to complete the settlement.

Yeah, but then you have the issue of the volatility, which makes it unsuitable for large settlements/transactions.

[Ares]

Yeah, but then you have the issue of the volatility, which makes it unsuitable for large settlements/transactions.

As wider adoption grows it should level out in its volatility. right now and since it's inception its just been price discovery.


Pay no mind to Singular_me, she has no idea what she keeps posting on and on about RSA 1024 bit LIBRARY getting cracked (which has ALWAYS been a weak point for RSA). She doesn't have the intellectual capacity to understand that RSA isn't even in the same parking lot of the SHA-256 ballpark. But logic, reason, facts we know mean absolutely nothing to her delusions of absolute bullshit.

[Horn]

As wider adoption grows it should level out in its volatility. right now and since it's inception its just been price discovery.

lol @ price "discovery"

the chart I've pasted in a previous post above the Neil Diamond video notes Bitcoin is already through 1/2 its lifespan "adoption"

When you have an item that has no reasonable associative value, "price discovery" does not enter the equation.
.

I will repeat post the Neil Diamond video, of particular interest for Ares is track #2


https://www.youtube.com/watch?v=1FhEXH5dHXo

[old steel]

Last news regarding Bitcoin, people are talking mortgages out on their houses to buy Bitcoin now.

Oh and you know Bitcoin really isn't a coin, right?

[EE_]

Last news regarding Bitcoin, people are talking mortgages out on their houses to buy Bitcoin now.

Oh and you know Bitcoin really isn't a coin, right?

it's time for everyone to get in. Sell stocks and gold, this is where the real money is made. Ethereum is reported to have a larger market cap then GM and Atena combined.
Crypto's is officially the biggest mania in world history. Crypto's are going to the moon! Market cap for all crypto's is almost half a trillion. At this rate it will be at 10 or 20, maybe even 100 trillion next year?

[madfranks]

Last news regarding Bitcoin, people are talking mortgages out on their houses to buy Bitcoin now.While others are selling their bitcoin to pay off their mortgage (I wish I was one of them). :D

[Ares]

When you have an item that has no reasonable associative value, "price discovery" does not enter the equation.

Horn, you bring up a good point. How do you measure price discovery when the item being bought is using depreciating currency to fund the purchase? 8 years ago I would thought Gold would of been dong what cryptos are now.

Now you have nation states looking to implement crytpo currencies to side step American led sanctions. There's also "oilcoin" that will be backed by oil.

https://oilprice.com/Energy/Crude-Oil/OilCoin-Worlds-First-Compliant-Cryptocurrency.html

I was hoping gold and silver were the ones that people ran to during a financial crisis but it looks like cryptos are going to fulfill that role. So it goes back to the original question. How do you have an accurate price discovery with a depreciating asset like fiat currencies?

[ziero0]

How do you measure price discovery when the item being bought is using depreciating currency to fund the purchase?

Your senses are limited to touch, smell, taste, hearing and sight. If none of these are in use to transfer information to the brain then the brain is working on an illusion. An illusion is an image of things that don't exist. Non-reality.

Things real are not used to purchase things not real. Using things not real to purchase other things not real results in bubbles. Bubbles are chemicals the brain produces when it gets addicted to a euphoric feeling that goes overboard feeding upon itself.

[Ares]

Your senses are limited to touch, smell, taste, hearing and sight. If none of these are in use to transfer information to the brain then the brain is working on an illusion. An illusion is an image of things that don't exist. Non-reality.

Things real are not used to purchase things not real. Using things not real to purchase other things not real results in bubbles. Bubbles are chemicals the brain produces when it gets addicted to a euphoric feeling that goes overboard feeding upon itself.

I get that, but the underlying technology and infrastructure is real.

[ziero0]

I get that, but the underlying technology and infrastructure is real.
Power can be real or imaginary. Real power is measured in kilowatts. Imaginary power is measured in kilovars (volt-amps reactive). The technology is real but I wouldn't want to buy into a power plant that only produces kvars.

[TroyOz]

What will a big war do to the internet infrastructure, what happens when undersea fiber optics cables are cut during a war (where 95% of the WWW travels)?

I wish I had gotten in early on the cryptos, but there is no way I would have all cryptos and no gold or silver. The reverse is acceptable to me.

The Bitcoin craze is like gambling or the lottery. A guy in town won a million dollars on 2 dollar ticket - he ended up with 600k plus after taxes. I've made that from blood, sweat, and tears on building projects - just took longer.

[Horn]

Horn, you bring up a good point. How do you measure price discovery when the item being bought is using depreciating currency to fund the purchase? 8 years ago I would thought Gold would of been dong what cryptos are now.

Now you have nation states looking to implement crytpo currencies to side step American led sanctions. There's also "oilcoin" that will be backed by oil.

https://oilprice.com/Energy/Crude-Oil/OilCoin-Worlds-First-Compliant-Cryptocurrency.html

I was hoping gold and silver were the ones that people ran to during a financial crisis but it looks like cryptos are going to fulfill that role. So it goes back to the original question. How do you have an accurate price discovery with a depreciating asset like fiat currencies?

What's next?

Pineapple and Banana coin outta Venezuela..

With finiteness it is the only logical conclusion, once Oily-o has completed its course, just as Bitcoin does in 2033.

Without more, depreciation is neither an available spring board

[Jewboo]

https://img.4plebs.org/boards/pol/image/1490/27/1490273097095.jpg

it's time for everyone to get in. Sell stocks and gold, this is where the real money is made. Ethereum is reported to have a larger market cap then GM and Atena combined.
Crypto's is officially the biggest mania in world history. Crypto's are going to the moon! Market cap for all crypto's is almost half a trillion. At this rate it will be at 10 or 20, maybe even 100 trillion next year?

:rolleyes:

[hoarder]

Every forum I go to, it seems Jews are promoting cryptocurrencies. What's up wid dat?

[Hitch]

Every forum I go to, it seems Jews are promoting cryptocurrencies. What's up wid dat?

It's how wealth is transferred.

[Neuro]

Every forum I go to, it seems Jews are promoting cryptocurrencies. What's up wid dat?

Bitcohens

[Ares]

Bitcohens

You're close
"Bitcoen"


http://www.jpost.com/Diaspora/BitCoen-to-become-first-electronic-currency-specifically-for-Jews-501885

Hopefully they put this on the coin LOL:

http://i0.kym-cdn.com/entries/icons/original/000/007/617/jew_basic.jpg

[old steel]

Read The Everything Bubble, making me think that either the Fed actually created BTC or they’re gonna attack it very soon.

No way they can have that much money exiting their system.

[singular_me]

... where has gone all the bullishness now ???

value will forever remain subjective, then manipulated by a top to enrich itself at the expenses of the many. monetarism was never meant to free people, but when a few succeed to rush to the exit in a timely fashion, they are regarded as geniuses. And strangely, many want to just be like them, while the premise of the whole structure is inherently a house of cards.

But I am a nut for saying that and dont understand what is so special about bitcoin :)

unfortunately, the article still says that bitcoin is going to replace gold... ALLO... how do we spell CONfidence ???

==========

Even the most ardent crypto evangelist must admit that bitcoin appears to have been the worst investment of 2018, at least in pure dollar terms. The cryptocurrency has lost almost 80 percent of its market capitalization since it established an all-time high at around $327.15 billion. The adoption rate and volume have dropped likewise. Organizations that were planning to launch their bitcoin-based services have delayed their projects or scrapped them entirely. As any seasoned trader would say, the bitcoin bubble is bursting — or has burst already.

https://www-ccn-com.cdn.ampproject.org/v/s/www.ccn.com/op-ed-why-the-bitcoin-bubble-burst-is-good-for-crypto/amp/?amp_js_v=0.1#referrer=https%3A%2F%2Fwww.google.co m&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.ccn.com%2Fop-ed-why-the-bitcoin-bubble-burst-is-good-for-crypto%2F

[PatColo]

It IS ironic, that Buffets BTC-rah-rah! message, & this thread, came 12/7/17, just days away from BTC's peak in the $19Ks, from which it's since fallen ~80% to current ~$4K.

[StreetsOfGold]

I heard today on mainstream public radio that Mastercard is removing their name from their card however, they are keeping the logo. Now get the given reason - They want to better relate themselves to the "New Digital Landscape"

NEW? Digital? What could this be? I wonder Oh I wonder