I predict that by next Earth Day Bitcoin will ...
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- What's the highest dollar price will Bitcoin reach in 2024? Posted on March 20th, 2024 | 68 comments
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Bitcoin has no tangible component at all, so it has no inherent worth. It's value is entirely dependent on the demand for it by others.
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Bitcoin has no inherent worth. At least fiat currency, in physical form, can be burned for heat or used to clean-up after using the bathroom, or melted down and used for weights for fishing.
... and that's precisely why people turn to physical cash -- they never know when they will run out of toilet paper or kindling. No currency will ever be truly accepted unless/until it can also provide those vital services!
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At least fiat currency, in physical form, can be burned for heat or used to clean-up after using the bathroom, or melted down and used for weights for fishing.
I wasn't sure that last part was the case, so I searched and found this on Wikipedia [wikipedia.org]:
A coin is fiat currency to the extent its face value, value defined in law, is greater than its market value as metal.
However, this appears to have happened in the United States almost 10 years ago [usatoday.com].
What is Earth Day? (Score:5, Insightful)
Doesn't a earth day happen every 24 hours?
Re: (Score:3, Funny)
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What??
Re: (Score:2, Funny)
You are educated stupid -
and you have no inkling to
just how EVIL you think.
Re: (Score:2, Informative)
What??
I thought it was all gibberish when I started reading, but then after finishing the 4th page it all just clicked. It really is true that we ignore cubic math at our peril! Please try to understand how important Dr Ray's ideas are to humanity! It's not easy at first, but please make the effort to understand them!
If it seems a little crazy to you at first, you need to realize that's because you have been zombified by the education system. But freedom is at hand!
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I... I understand now! Life is a giant time slice, and God almighty (bless you) is the scheduler.
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but a cube has 8 corners you half-assed time-cubers
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Why would you link to that racist filth? Timecube should be buried in the ground and forgotten.
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As to the Bitcoin: Don't put all your nest egg in it just yet.
After the run up in 2014 almost a $thousand (US), it has steadily plummeted in value to $225 today, despite more widespread acceptance.
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I guess you aren't new here then!
no (Score:2)
it is a continuous phenomenon, it just shifts geographically.
Missing Option (Score:1)
Who gives a shit about Bitcoin or any stories about it anymore?
Re: Who cares? (Score:2)
That will be it's downfall. As soon as nobody Is talking about it anymore, speculators stop going into it, a steady trickle leave (or more than a trickle) and it fades into oblivion. And only speculators are in it because Gresham's Law that bad money drives good money out of circulation is working against it.
Ubiquitous replacements for current money must be *worse* than current money yet still be stable enough to use and be as easy/cheap.
What is an "Earth Day Bitcoin"? (Score:1)
I know what "Earth Day" is. I know what "Bitcoin" is. WTF is "Earth Day Bitcoin"? Is it s tithe paid by global warming - i mean climate change - adherents?
Re: (Score:2, Interesting)
1. Three years ago in Brazil you could buy Bitcoins in local online markets using your local account. Several large markets also accepted international wire transfers. Or you could also go to localbitcoins.com IIRC, and buy in cash from people geographically near you.
2. There were services accepting Bitcoins that sold gift cards for Amazon and other big stores. Don't know if there are such services still. Of course they charged fees.
In any case, Bitcoin serves three main purposes, as I see:
I. dealing in sha
Re: (Score:1)
IMHO, BitCoin has nowhere to go but up, mainly because Chinese interests continue to put real value into the currency.
However, there is one undoing of BitCoin: As time progresses, it takes longer and longer to follow the blockchain from when it was mined to the present transactions... and taking shortcuts only mean that someone can double-spend. This means faster and faster hardware is needed, and transaction times get slower and slower as time goes on. Yes, Moore's law is on our side here... but it mean
Re: (Score:2)
However, there is one undoing of BitCoin: As time progresses, it takes longer and longer to follow the blockchain from when it was mined to the present transactions... and taking shortcuts only mean that someone can double-spend.
I think this is true in theory, but not in practice. Once you analyze the block chain up until a certain point once, you don't need to keep doing it for every transaction.
Maybe we will get to the point where it takes a year to validate the whole blockchain. New wallets can just download a snapshot of the current blockchain state (e.g. as on Jan 1, 2015) and work from there. As long as many independent people around the world can corroborate the validity of the Jan1,2015 snapshot, then using it should be
Re: (Score:2)
I don't think any libertarian geeks believe for one moment that using bitcoin is really "sticking it to the man" in terms of having a significant effect. If it was, the banking cartel and its government dogs would have made it illegal already.
No, it's more like being environmentally responsible by minimizing your own waste and energy usage. Your marginal contribution means nothing, but if your behavior was universalized, it would have an effect.
The current monetary system is a rigged game.
"The only way to
Re: (Score:1)
If the ATM is charging 15% extra for Bitcoin it sounds like there is some profit to be made competing with the ATM!
There are quite a few asian exchanges, like okcoin, huobi, bitfinex, btcchina. They are actually the biggest in the world, so you don't need an american bank account, you can just transfer them money and buy bitcoins. You should also check out localbitcoins.com or download the Android app Mycelium which uses your phones GPS to find someone near you selling Bitcoins for cash.
I don't know wh
Fuck it... (Score:1)
I would be happy enough to see the Mt.Gox judicial nightmare over by Earth Day and get back at least some of my money and BC back. Yeah, let me keep on dreaming...
Damn you, Mark Karpeles! Damn you a thousand times.
Re: (Score:2)
Yeah, I think that we can think Mark Karpeles and Mt. Gox for single handedly ruining the credibility of Bitcoin for thousands of users.
Sure, there are a few Bitcoin exchanges that are actually well run, but Mt Gox was the famous one during Bitcoin's peak.
Giant NSA Honeypot (Score:2)
Re: (Score:2)
I predict Tor will be revealed as a giant NSA honeypot.
Revealed to have become. Yes.. That is not unlikely.
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Might have bottomed out (Score:2)
To me, it seems like the value of BTC so far in 2015 has stabilised at approximately the level it would have been at if the 2013/14 bubble had never happened, and it had maintained the slow growth trend that it was on before that. So I voted for "Be worth more, but by less than 25%" option, since if the value stays stable for a while, it's quite likely to start to creep up a bit. Of course I don't attach much certainty to that; another big hack or exchange failure, or some governments banning bitcoins or wh
Re: (Score:2)
To me it looks like the "stable" period between October 2014 and December 2014. Notice what happened in January 2015? It lost value again.
Re: (Score:2)
Re: (Score:2)
The precedent was set by the outlawing of gold bullion ownership. I'm glad that's over, but governments have not promised to never try such a thing again. The control of the money supply is important to them.
Bitcoin is doomed (Score:2)
First, a reminder on how bitcoin works :
When you make a transaction, it has to be validated. To validate it, you've to solve an increasingly difficult mathematical problem.
The more transactions are done, the more work will be needed to validate it... it scale up with both time AND number of people using Bitcoins.
Doing these validation cost to the people doing it (called the miners). To compensate for the work needed, a small amount of bitcoin is given to the one who validate the transaction... Somehow, the
Re: (Score:2)
But when we will continue, and with the more widespread use of Bitcoins, we'll reach a time when transactions will takes days, weeks, months to ba validated... We'll reach a time when the minerbonus won't compensate even remotely for the mining effort... Miners will stop mining, making the transactions even longer to validate... And who wants a currency which needs months to have a simple transfert validated ?
From wikipedia
The bitcoin system adjusts the difficulty target number every 2016 blocks so that the average time the entire network needs to find a nonce always remains about ten minutes. In this way the bitcoin protocol ensures that it will always take about ten minutes to add a new block regardless of the size of the network or the sophistication of the mining hardware it employs.
Re: (Score:1)
No. The validation time remains the same, regardless of how many transactions. It's about 10 minutes give or take.
You seem to be confusing blocks (a group of transactions) with transactions. A transaction just takes a few milliseconds to validate. The bitcoin node can look at it (not even a miner) and verify that it has valid
OK, who revealed it's an NSA honeypot? (Score:1)
Seriously, you newbies leak like a sieve.
Worth what? (Score:2)
Measured against which fiat currency?
Any change could be due to Greece defaulting or the Fed dumping a few trillion more into banking coffers.
Bitcoin = world-class troll (Score:2)
Worth the same as it is now (Score:2)
zero!