Bitcoin demise

STEVE THE ADDICT^^^^^^""""""""--^' wrote:

Hinckley Bear wrote:

Tulip bulbs , Beanie Babies and Bitcoin all are examples of illogical enthusiasm.

Except that no one got rich off of tulip bulbs and beanie babies. Bitcoin has gone from no value to a peak of over 50k USD per coin. Some people bought numerous bitcoins for less than a couple thousand or hundred bucks and became millionaires. Do better.

This is exactly what happened with those Mania's. Tulip bulbs went to the moon in Holland. They were selling for the equivalent of thousands of dollars in today's money. Some people got out and made a fortune, most didn't and lost everything they had invested.

Lol. No, you don’t know what you are talking about. Bitcoin is created out of thin air when a block is solved as a reward. This is simply an understanding between the majority of miners. This reward is in new coins that didn’t exist before. Thin air. It is like if the government payed contacts by printing more money.

The reward amount is also just an understanding along with it halving every 210k blocks. It could be changed if you had consensus with a majority of miners. The idea that there will only ever be 21M coins is not immutable. It is in fact something that could be changed.

A major problem with any coin is that any entity controlling 51% of miners for that coin can pretty much do whatever they want. Including rolling back blockchain. It has happened in the real world. Bitcoin Gold had $18M worth of coin “stolen” with a 51% attack in 2018.

online purchases aren't taxed.

Primo Numero Uno wrote:

here......... wrote:

It's a ponzi scheme because it's really volatile? Sure.

The other issue it faces is there is a lot more leveraged buying in bitcoin and if it goes down past a certain point a lot of holders will get margin called which will put further downward pressure. During the previous crypto crash, you did not have the leverage in the market, so that is a recipe for disaster..

I agree with the case against bitcoin. But there has been leveraged trading of bitcoin for quite a few years now. It was definitely a factor in the last boom and crash and maybe the one before that as well.

Whatever I'm going to gamble either way. Government wants paycheck to paycheck sheep. I'm different. Scared money don't make no money baby.

STEVE THE ADDICT^^^^^^""""""""--^' wrote:

Whatever I'm going to gamble either way. Government wants paycheck to paycheck sheep. I'm different. Scared money don't make no money baby.

I get that and its honest. People who bought in early and have cashed out or will cash out soon, will make a lot of money. What I'm suggesting is that Bitcoin won't last. Better algorithms already exist and the current government is taking charge.

Herman Cain (blojos haha yo super serial) wrote:

With an intrinsic value of zero that’s where I expect it to eventually end up. But it could fluctuate for a few more years from criminals and pimple popper robinhood amateurs speculating and gambling with it

The most anti-bitcoin folks I know are the least educated and rely mostly on sensationalist journalism.

- "Created out of thin air" … often said by the same people who rail against its energy usage, which is used to create it. Diamonds production is incredibly energy intensive. There's an energy cost with any proof-of-work (POW) coin. If you want to know what's really created out of thin air, consider the multi-trillion $ money printing of the Fed. About 40% of all the US dollars ever printed have come into existence in the last couple years. What backs them? (Krugman boast that it's "men with guns")

- Mostly used by criminals … tired and stupid argument this has been debunked so often using very reliable blockchain metrics / tracking tools. Far below 1%, and illicit use of fiat ($USD, Euro, etc) absolutely dwarfs that of Bitcoin and all other cryptos.

- Energy consumption & environment … educate yourselves (e.g.,

); bitcoin uses excess reserves, and the intense competition in mining is driving the hunt for renewables. And Bitcoin is an alternative monetary system, so it's cost has to be compared to that of the entire legacy system worldwide, which in aggregate dwarfs Bitcoin.

- Won't ever work as a currency … although at present Bitcoin is mostly considered a store of value, the avenues for purchasing with it continue to increase and will. And what's called 2nd layer solutions (e.g., the Lightning Network) allow Bitcoin txns to take place instantly and for fractions of a penny. Jeez folks, do some basic research. As Christine LaGarde told the Central Banks of Europe (I paraphrase) "Disregard crypto at your own risk; keep in mind that whatever challenges it faces, they are technical in nature and can be overcome." But even now, in its clunky state, it has kept people alive in places like Venezuela where the local currency has become worthless. Cheaper to wipe your ass with Bolivars than to use them to buy toilet paper.

- It's decentralized, peer-to-peer, trustless, censorship-resistant, programmable, internet-native money, and the best performing asset off the last 12 years. Read about the Lindy effect.

- Central Bank digital currencies will be anything but that. They'll be centralized and serve as a way to exert greater control / surveillance.

wejo wrote:

That's a Paul Krugman article. Makes me want to read an article by someone who is a huge backer of coins. Who has a great one?

The real money to be made right now is on the black market. There are some real buy low sell high treasures. Ethreum looks like one, but I'm even talking about some sub $2 stocks that could explode.

I know the coinbase app sends a report to the IRS when you cashout. The problem with coinbase is once you initially get the app, you can only deposit like 300 dollars a week for a few weeks until you build your rep because they are afraid of fraud (people using others peoples info to buy). But once you have a rep you can make larger deposits.

Here’s another good one

https://youtu.be/HaJpYjO136o

It's inevitable bitcoin will become worthless and disused. As with all things, it's the way of the world.

Unsustainable mining effort drives further fractional valuation. Huge energy cost is already driving opposition on "green grounds", hence Tesla dropping acceptance of bitcoin.

At some point, the last coin be mined, and when mining stops, underpinning blockchain processing stops. That keep Bitcoin viable would require a re-work of issuance (and indrectly valuation) which has been previously rejected.

Crypto has flown under the radar, helping drive hacking, extortion, and illegal economies.

Governments might turn a blind eye to that, but as crypto supports an increasingly large underground economy escaping regulation and taxation, it places itself in the cross hairs.

China and other governments are already taking steps to control and restrict Crypto - that will likely be what reshapes Crypto.

Most of those investing in Crypto are no more sophisticated than meme stock investors - hopping on the bandwagon... but with no idea where it's going... and hoping to cash out on the backs of others' losses, which is the only way this can end since nothing of actual value is being created.

It's a giant pyramid scheme subject to drastic and complete crash(es).

briswiss wrote:

stan the corgi wrote:

I never have understood bitcoin. I took the advice of an investment counselor that if you don't understand it, you shouldn't put much into it.

It’s extremely easy to understand. I think the question is more if you believe it’s sustainable or not. I don’t invest in it anymore because I’m fundamentally against it and Bitcoin people are some of the most annoying people alive.

Being poor to own the libertarians?

How do I start mining bitcoin? I was fishing turds and I couldn’t see any coins.

ck3237 wrote:

online purchases aren't taxed.

Just because the vendor is not collecting the tax does not mean that you legally do not have to pay it. Legally, you are still required to pay the tax on an online transaction if the vendor does not collect the tax. The feds don't typically go after private households on stuff like this, but they go after businesses on it all the time.

Ernest wrote:

It's inevitable bitcoin will become worthless and disused. As with all things, it's the way of the world.

Crypto has flown under the radar, helping drive hacking, extortion, and illegal economies.

Governments might turn a blind eye to that, but as crypto supports an increasingly large underground economy escaping regulation and taxation, it places itself in the cross hairs.

China and other governments are already taking steps to control and restrict Crypto - that will likely be what reshapes Crypto.

Ultimately what will take down crypto is the inability of government's to track the transactions for purposes of taxation and crime prevention. Unless the crypto entities give governments access to the transaction databases, governments will start to crack down on crypto. Especially as more and more ransom ware attacks occur on infrastructure.

Why is it that everyone i know into this stuff has no money and just hopes to get rich quickly?

https://www.youtube.com/watch?v=g6iDZspbRMg