Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Thu Jan 02, 2020

ZH: Bitcoin Kicks Off 2020 More Secure Than Ever As Hash Rate Hits Record.
https://www.zerohedge.com/crypto/bitcoin-kicks-2020-more-secure-ever-hash-rate-hits-record
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Thu Jan 02, 2020

.
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sat Jan 04, 2020

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Re: Bitcoins - fad or trend?

Postby grantwoodisgold » Sat Jan 04, 2020



Bitcoin’s 9,000,000% Rise
Bloomberg MarketsTV Shows
December 31st, 2019, 3:28 AM CST
Emerging out of the ashes of the financial crisis, Bitcoin has proved to be the decade’s best-performing asset. The largest digital token, trading around $7,200 has posted gains of more than 9,000,000% since July of 2010. Bloomberg’s Eric Lam reports on “Bloomberg Markets: European Open.” (Source: Bloomberg)
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Mon Jan 06, 2020

Apparently McAfee wasn't serious about eating his own junk...

https://twitter.com/officialmcafee/status/1213839069681205254

"Eat my dick in 12 months?
A ruse to onboard new users. It worked.
Bitcoin was first. It's an ancient technology. All know it.
Newer blockchains have privacy, smart contracts, distributed apps and more.
Bitcoin is our future?
Was the Model T the future of the automobile?"

I find his conclusion both correct and incorrect. Is bitcoin the future of digital money? Perhaps not. Is it the digital gold (store of value) by which all other crypto/blockchains are compared? Likely. While the Model T wasn't the future - Ford is still around, and if you owned Ford (stock/equity) back then, you'd be doing great today.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Jan 07, 2020

Hmm...interesting post Doge.

Bitcoin is still the most fluid crypto in the market. Sh*t coins have a long way to catch-up with Bitcoin, as far as regarding liquidity.
Last edited by Bucketeer on Mon Jan 13, 2020, edited 1 time in total.
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Jan 11, 2020

I attempted to make a purchase on APMEX using bitcoin last week. It is getting worse, ugh. I used to be able to send bitcoin from any wallet. Now one needs to use a bitpay compatible wallet. I attempted doing this and the wallet software then wanted to KYD me with a passport/driver license, and then take a selfie with my camera to verify the ID.

Not worth the hassle anymore on APMEX. Might as well just get the best discount and do a wire or check instead.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Mon Jan 13, 2020

Wonder what Gemini is doing, and how they handling these issues these days? Probably not much different than CoinBase.

John McAfee is nutz, everybody knows it, but he is-as entertaining as Hunter S. Thompson, who was the first and real Gonzo Extraordinaire.

Everybody should know by now that McAfee is a bit daft and somewhat inclined to self-promotion. So what?!!
.


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Last edited by Bucketeer on Mon Jan 13, 2020, edited 5 times in total.
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Re: Bitcoins - fad or trend?

Postby Fusion » Mon Jan 13, 2020

SilverDoge wrote:I attempted to make a purchase on APMEX using bitcoin last week. It is getting worse, ugh. I used to be able to send bitcoin from any wallet. Now one needs to use a bitpay compatible wallet. I attempted doing this and the wallet software then wanted to KYD me with a passport/driver license, and then take a selfie with my camera to verify the ID.

Not worth the hassle anymore on APMEX. Might as well just get the best discount and do a wire or check instead.


The regulators are looking at the coin dealers very hard now that it’s become well known “bad actors” like terrorists are using gold and crypto. Don’t blame Apmex, they have to comply or big fines. Terrorist always ruin a good thing.
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Mon Jan 13, 2020

Fusion wrote:The regulators are looking at the coin dealers very hard now that it’s become well known “bad actors” like terrorists are using gold and crypto. Don’t blame Apmex, they have to comply or big fines. Terrorist always ruin a good thing.


Coin dealers have always been under close scrutiny for money laundering. Try LocalBitCoins or a "local" (unaffiliated & independent) OTC broker dealer experienced with Bitcoins. They're out there.

Hey....good news. My little podunk town (pop. 15K) now has a BTC ATM, and so do the other 2 cities next store. Adoption keeps moving along.
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Tue Jan 14, 2020

SilverDoge wrote:
Long John wrote:
SilverDoge wrote:Anybody really think crypto is going to just die in a few years? I'll give you a hint....nope

Crypto? Nope. Most of the hundreds of coins trying to get a foothold? Probably. I'm thinking of the dotcom bubble and burst. Dotcom didn't die, but thousands of dotcommers did. Then there was the huge financial bubble burst in 2008. The trap (which Wall Street is walking into once again, perhaps) is in thinking the money is endless and the expansion is endless. Clearly from my investment I believe PIVX will be one of those to survive and thrive, but I don't hold that illusion for every coin I have dabbled in. If there are 100 cryptos in five years, that means 6 of every 7 now on the market in its early stages will fail. I just don't see a need for 700 cryptocurrencies, beyond helping to shape the future market through the winnowing process.

Of course, I could be wrong.


Like Andreas, I believe there will be tens of thousands of "coins", but the question will be one of value. They won't all be on Poloniex! The best and brightest will moon. The vast majority will be worth minimal amounts, and some will go to zero. It is the free market at its finest. Some will be great because of the tech, some because of the market disruption, some due to ease of use, some due to plain popularity or a name. Ripple is in the top 10, but it isn't because it is using breakthrough tech. It is owned by the banks! It isn't decentralized.

Imagine for a minute that some celebrity like Taylor Swift invented a coin, ICO'd it with a supply of 1 million coins (with 50% of the supply held for the artist herself) to her fans on the open market, and gave her owners the following features: 1) anyone who owns 100 or more coins can download any T-Swift song on her website free, 2) anyone with 10,000 coins gets 10 x tickets to up to 5 concerts in the next 3 years, 3) anyone with 1 coin can vote (in proportion to their ownership) on the locations of her next tour, from a list of 400 cities worldwide - the top 75 cities will get a concert, 4) anyone with 20,000 coins gets a free backstage pass, etc, etc. And these coins are transferable too! The more popular the artist, the higher they go, and the more $$$ she makes as she releases her share of coin on the open market.

Why has this not happened yet? It is only a matter of time. This type of coin won't be based on tech or disruption, it will become a new business model that will be another way to value a person or entity.


I posted the above in April 2017 in the PIVX thread...

It looks like some high net worth entertainers are finally coming around to using crypto to monetize themselves. I knew it was only a matter of time. Of course, the NBA is trying to halt this "new and scary idea":
https://www.zerohedge.com/markets/nba-stymies-spencer-dinwiddies-plan-sell-crypto-bond-backed-his-34m-contract
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Re: Bitcoins - fad or trend?

Postby InfleXion » Tue Jan 14, 2020

I don't think cryptos will ever die as long as satellites orbit and sharks don't chew through fiber optics in the ocean, but I do find McAfee's analogy about the Model T to be fitting. Although the distinction between Ford and the Model T is noteworthy as well. The difference I see there is that BTC isn't a company, and cryptos aren't tied to any particular entity. I have to imagine that a surveillance society would welcome a fully tracked currency that can't function without grid dependency, and I figure the Fed or somebody at the BIS will have a goverment sanctioned crypto on tap to replace the USD when the time comes. I never dipped into BTC, so my opinion of it is short sighted and worth the price of admission, but in another universe I'd be looking to profit take before crypto demand goes elsewhere.
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Thu Jan 16, 2020

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Re: Bitcoins - fad or trend?

Postby Rik Bitter » Thu Jan 16, 2020

Bucketeer wrote:Forbes: Institutional Money ‘Has Arrived’ In Bitcoin As Grayscale Sees Record $600 Million Inflows.
https://www.forbes.com/sites/billybambrough/2020/01/16/institutional-money-has-arrived-in-bitcoin-as-grayscale-sees-record-600-million-inflows/#5318fdf35545



Interesting. I've been watching the total market cap chart for signs that there might be new money coming into the crypto space and I've noticed a slight uptick in the last week, but since market cap is tied to the wildly fluctuating price it's sometimes hard to see the trends.

Trade volume has been steadily rising since the beginning of last year. I can't tell if it's manipulation or just people abandoning the doodoocoins.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Jan 21, 2020

The Block: Fidelity is hiring bitcoin mining engineer to scale its operations.
https://www.theblockcrypto.com/post/53464/fidelity-is-hiring-bitcoin-mining-engineer-to-scale-its-operations
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Re: Bitcoins - fad or trend?

Postby Omicron13 » Wed Jan 22, 2020

I wish Fidelity would offer bitcoin as an option for their retail customers, including 401K plans. I realize that Grayscale BTC is an option, but its premium over BTC (and its fees) are too steep for me.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Jan 22, 2020

Grayscale is pricey, no doubt about it. BTC will hit the retail side before you know it.
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Re: Bitcoins - fad or trend?

Postby jcz1 » Wed Jan 22, 2020

Many here have mentioned a fear that the government will just start their own crypto coins. This has already happened in the third world (Venezuela I think), but now the first world is heading there as well:

Major central banks have joined to explore whether they should issue cryptocurrencies as the use of cash declines and more people turn to electronic forms of paying. The study group is made up of the European Central Bank, the Bank of Japan, the Bank of Canada, the Bank of England, the Swedish Riksbank and the Swiss National Bank. They said in a statement Tuesday that they will assess the potential case for digital currencies in their home jurisdictions.



I wonder if they will include a way to continue "printing money" whenever they want to?

https://www.washingtonpost.com/business ... story.html

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Re: Bitcoins - fad or trend?

Postby IdahoCopper » Thu Jan 23, 2020

Any crypto that a central bank develops will not have a fixed maximum. They will only develop cryptos that allow them to inflate to Infinity and Beyond.

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Re: Bitcoins - fad or trend?

Postby Brick's » Thu Jan 23, 2020

Methinks they would want control first. Does not the blockchain keep a perfect record of every exchange? Can/could it not also keep track of how much every owner has? I'm guessing it could also all be kept in the central crypto bank of your favorite nation. Value determined by whoever is in control. No wallets, just allowed or disallowed access. That's called control. Control the currency, control everything. Is it not also true Contemporary economists consider a small amount of inflation proper and necessary, say maybe 2%? I'm guessing they will build that into the crypto just like Bitcoin halves it's harvest rate only the other direction. Oh, and the central bank controls and gets the harvest. Were I in control and a control freak (and be thankful I'm not) it would be a total no brainer for me.
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