Bitcoin currency of the future?

[Cid]

Nobel prize winning economist destroys the Bitcoin myth.

Why don't you enlighten me. Btw, do you have a Phd from MIT in Economics and teach at Princeton? Like Krugman has?

The bigger question is what bitcoin myth are you talking about?

The article didn't seem to have strong opinions in any direction.

 

[xcvbn]

Why don't you enlighten me. Btw, do you have a Phd from MIT in Economics and teach at Princeton? Like Krugman has?

He's a hack and I already enlightened you

 

[therealdope]

He's a hack and I already enlightened you

A politically motivated statist. A lot of what Krugman writes about/predicts turns out to be dead wrong.

As for winning a nobel prize, Shockley changed the world by inventing the transistor and he was a complete nut job who spent a shit tonne of money trying to prove his crazy theories. Winning a nobel prize is hardly a predictor of value input going forward. A nobel prize can be provide a backstop to prop up all kinds of erroneous and nutty beliefs.

 

[phisherman]

"The Internet’s impact on the economy has been no greater than the fax machine’s….ten years from now, the phrase “information economy” will sound silly. (1997)” - Paul Krugman

 

[Videer]

I think it is about to pop.

Stripe — an Internet payment service startup that processes billions of dollars a year — has become the third high-profile company to stop accepting bitcoin as a means of payment.

https://www.inverse.com/article/40471-bitcoin-cryptocurrency-stripe-payments-service

Following other tech giants like Valve and Microsoft, the web service company stated that a large portion of its customers are no longer interested in accepting bitcoin because of its volatility, soaring prices, and high transaction fees.

This has led to Bitcoin becoming less useful for payments, however. Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. (By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the “wrong” amount.) Furthermore, fees have risen a great deal. For a regular Bitcoin transaction, a fee of tens of U.S. dollars is common, making Bitcoin transactions about as expensive as bank wires.

But but lightning network!

 

[Der Eisbär]

"The Internet’s impact on the economy has been no greater than the fax machine’s….ten years from now, the phrase “information economy” will sound silly. (1997)” - Paul Krugman

yeah lets listen to that guy on cryptos

 

[Der Eisbär]

But but lightning network!

but but but lightning network.......................

















































would actually solve the problems identified by those companies

 

[Luminaire]

If Bitcoin can't find away to break past the 12k barrier soon it will reestablish a new normal between 8k and 10k in the next couple weeks.

And considering nearly the entire market seems to be based on Bitcoin that's not a good thing.

Now that the hype seems to have faded, Bitcoin is having trouble finding any lasting support.

 

[Der Eisbär]

If Bitcoin can't find away to break past the 12k barrier soon it will reestablish a new normal between 8k and 10k in the next couple weeks.

And considering nearly the entire market seems to be based on Bitcoin that's not a good thing.

Now that the hype seems to have faded, Bitcoin is having trouble finding any lasting support.

Luminaire in January 2017
"
If Bitcoin can't find away to break past the 1.5k barrier soon it will reestablish a new normal between 700 and 900 in the next couple weeks.

And considering nearly the entire market seems to be based on Bitcoin that's not a good thing.

Now that the hype seems to have faded, Bitcoin is having trouble finding any lasting support
"

 

[Luminaire]

Luminaire in January 2017
"
If Bitcoin can't find away to break past the 1.5k barrier soon it will reestablish a new normal between 700 and 900 in the next couple weeks.

And considering nearly the entire market seems to be based on Bitcoin that's not a good thing.

Now that the hype seems to have faded, Bitcoin is having trouble finding any lasting support
"

Except I never said that Der Fraudsbar.

You can't act like movements one year ago are indicators of current performance. Moving from $100 to $1000 is not the same as moving from $10,000 to $100,000. It's simply not.

Similarly, moving from $1000 to $100 is not the same as $20000 to $2000.

And if you really want to look into historical price movement and try to draw conclusions today... the best example is undoubtedly 2013, when it shot from $100 to $900+ in a couple months.

And what did it do after that? It struggled to find footing and consolidate all the way down to $200 or so over the course of nearly 2 years.

Now a bonehead like you is likely to say "BUT NOW ITS WORTH 11,000! JUST HODL!!"

But most people aren't going to be ready to ride a 2 year bear market in which Bitcoin cascades into 2-3k area.

The simple fact that Bitcoin enjoyed a massive surge from 3k to 19k and hasn't been able to find support since should be cause for concern in the short term.

So yes, if Bitcoin can't break through 12, which it's been struggling to do... I expect to see it settle under 10k in search for support.

Other things to consider when reading this post...

1. I actually own some Bitcoin, Der Fraudsbar doesn't.
2. I've actually made some money and REALIZED those gains, Der Fraudsbars portfolio is DOWN and he's desperately HODLing.

 

[RagingBeringola]

Might be of use for some of my fellow sherdoggers, since it might affect the market:

http://metro.co.uk/2018/01/23/bitco...n-south-korea-bans-anonymous-trading-7252269/

"South Korea will ban the use of anonymous bank accounts in cryptocurrency trading on January 30, its regulators have announced.


The move is designed to stop digital dosh being used for money laundering and other crimes."

 

[Der Eisbär]

Might be of use for some of my fellow sherdoggers, since it might affect the market:

http://metro.co.uk/2018/01/23/bitco...n-south-korea-bans-anonymous-trading-7252269/

"South Korea will ban the use of anonymous bank accounts in cryptocurrency trading on January 30, its regulators have announced.


The move is designed to stop digital dosh being used for money laundering and other crimes."

This is great long term
1) People officially now know that S Korea isnt banning trading outright. This fake news injected a huge amount of FUD into the market
2) It instills long term investor confidence knowing regulatory frameworks are going into effect.

 

[RagingBeringola]

This is great long term
1) People officially now know that S Korea isnt banning trading outright. This fake news injected a huge amount of FUD into the market
2) It instills long term investor confidence knowing regulatory frameworks are going into effect.

I actually like those bans, and I'm happy the market stopped growing so wildly. Some stability would help the developing cryptocurrencies and would maybe shut the trashcoins down, since speculation would be a lot less appealing.

I've been learning a lot about crypto these last weeks, and plenty thanks to the guys in this thread while trying to complete knowledge with research on my own.

I admit that knowing Mark Karpeles (aka former Mt Gox boss) since 2005 didn't help me trust the cryptos, but there seems indeed to be some potential in some projects.

 

[liljoe]

He's a hack and I already enlightened you

Give me a point by point refutation of his position.

 

[xcvbn]

Give me a point by point refutation of his position.

Nah

You just keep on taking advice from an uninformed and often-wrong economist/wannabe politican about extremely complex groundbreaking computer science technology.

 

[CerebralKnievel]

Give me a point by point refutation of his position.

Ah, the standard "I have nothing to present, but want to attempt to put all of the responsibility of debate on you" rebuttal. Marvelous.

 

[JonesBones]

 

[JonesBones]

Robinhood app to add free trades on some crypto in some states. Hopefully this will hurt Coinbase. RH is a good app.

No-commission stock trading app Robinhood will let you buy and sell Bitcoin and Ethereum without any added transaction fees starting in February, compared to Coinbase’s 1.5 to 4 percent fees in the US. And as of today Robinhood will let all users track the price, news, and set up alerts on those and 14 other top crypto coins, including Litecoin and Ripple.

“We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future” says Robinhood co-founder Vlad Tenev. “The value ofRobinhood Crypto is in growing our customer base and better serving our existing customers.”

Only BTC and ETH will be available for trading when that rolls out to waves of users starting in California, Massachusetts, Missouri, Montana, and New Hampshire in February, though more will be added.

https://techcrunch.com/2018/01/25/free-cryptocurrency-trading-app/

 

[Krixes]

Any crypto miners here? My sister wants me to join her team, is it even worth it? Or is it just for fun?

 

[SwamiLeoni]

Robinhood app to add free trades on some crypto in some states. Hopefully this will hurt Coinbase. RH is a good app.

No-commission stock trading app Robinhood will let you buy and sell Bitcoin and Ethereum without any added transaction fees starting in February, compared to Coinbase’s 1.5 to 4 percent fees in the US. And as of today Robinhood will let all users track the price, news, and set up alerts on those and 14 other top crypto coins, including Litecoin and Ripple.

“We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future” says Robinhood co-founder Vlad Tenev. “The value ofRobinhood Crypto is in growing our customer base and better serving our existing customers.”

Only BTC and ETH will be available for trading when that rolls out to waves of users starting in California, Massachusetts, Missouri, Montana, and New Hampshire in February, though more will be added.

https://techcrunch.com/2018/01/25/free-cryptocurrency-trading-app/

Best news of the day! Coinbase is the worst, but I hope Robinhood is ready for what they're about to get into. Hopefully they've done some benchmarking.