Bitcoin currency of the future?

Grassshoppa said:
I still think you need money to make money. This bitcoin investment calculator is interesting: https://bitgiftshop.com/bitcoin-investments-calculator/

If you bought $1,000 of bitcoin today at current prices and it got to 100,000 then you would only make about $5,000. If it hit 1 million then you'd make $58,000. Not bad.

If you bought $10,000 of bitcoin today at current prices and it got to 100,000 then you would make about $50,000. If it hit 1 million then you'd make $580,000. Really good.

To me, you gotta invest a lot of money to make a lot of money and that's a big risk.
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Yeah... that's basic math. ;)
 
It is shit as a currency.

VISA can handle on average around 1,700 transactions per second (tps), call it a daily peak rate of 4,000 tps.

PayPal, in contrast, handled around 10 million transactions per day for an average of 115 tps in late 2014.

Today the Bitcoin network is restricted to a sustained rate of 7 tps due to the bitcoin protocol restricting block sizes to 1MB.

https://steemit.com/cryptocurrency/@steemhoops99/transaction-speed-bitcoin-visa-iota-paypal
 
Grassshoppa said:
Just wait until the lawsuits start coming in against bitcoin and Coinbase. Americans are sue happy. Someone is going to get the bright idea to sue bitcoin/Coinbase due to some crazy commerce law and the fact that the transaction time resulted in a false price or something. Once the lawsuits start then it'll drop like a rock.
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People are fuckin furious with Coinbase. Biggest scam going now. You cant buy low or sell high. lol. Good luck getting your money back. Check out the sub reddit of Coinbase. Nothing but complaints. People ripped off left and right. Hung up on by customer service.
 
CerebralKnievel said:
It also makes no sense as a currency. Why would anyone want to spend something that might be worth 30% more tomorrow, and what business wants to accept payments in the form of a currency which may drop by 30% tomorrow? I understand many are beginning to, but it's not a sound system for a retailer.
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Amazon will never accept them. They are being dropped. Steam dropped them recently. It is totally ineffective as a currency. It is more a collectible now like Mark Cuban said. Like baseball cards. That bubble popped too.

Steam is no longer accepting bitcoin as a payment method, game company and distributor Valve announced today. The company is attributing its decision to cryptocurrency’s “high fees and volatility.” In a blog post, Valve explained that bitcoin transaction fees have gone up to nearly $20 per transaction last week, “compared to roughly $0.20 when we initially enabled Bitcoin.” Those fees then have to be shouldered by gamers making purchases on Steam, and the total cost to consumers could be even higher if the value of bitcoin dips in the meantime.

Even if the value of bitcoin were to go up while the user completes the transaction, and Steam has to refund the difference to the user, the transaction fee must be paid by the user again for the refund. “This year, we’ve seen increasing number of customers get into this state,” the post states. There’s even the scenario, Valve explains, that as the user or Steam tries to cover the difference in value, the value of bitcoin then changes again, causing more problems.

https://www.theverge.com/2017/12/6/...n-game-store-payment-method-crypto-volatility
 
Grassshoppa said:
The whole thing is a conspiracy. Bitcoin starts to drop drastically and Coinbase crashes so no one can sell.
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This is actually what is happening. They are manipulating the price by doing that and profiting. These outages. I don't know if people get how serious this is. Tesla is up nice this week. By Coinbase standards I couldn't sell it. I couldn't buy it if low. I can't do anything. In a real market, if I wanna sell a Tesla stock during normal trading hours it is done instantly. Why the fuck is anyone even in the game if they can't buy or sell or basically control their money or investments? It is fuckin crazy. Especially with something as volatile as bitcoin. Time is of the essence. They have caused so many people to lose money. And future gains.

This was recently #1 on the app store. It is a god damn con! lol. You simply cannot do what they do without repercussions.

Also, bitcoin and crypto is totally based on the greater fool theory.

The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants.[1] A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price.[2][3][4] In other words, one may pay a price that seems "foolishly" high because one may rationally have the expectation that the item can be resold to a "greater fool" later.
 
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JonesBones said:
This is actually what is happening. They are manipulating the price by doing that and profiting. These outages. I don't know if people get how serious this is. Tesla is up nice this week. By Coinbase standards I couldn't sell it. I couldn't buy it if low. I can't do anything. In a real market, if I wanna sell a Tesla stock during normal trading hours it is done instantly. Why the fuck is anyone even in the game if they can't buy or sell or basically control their money or investments? It is fuckin crazy. Especially with something as volatile as bitcoin. Time is of the essence. They have caused so many people to lose money. And future gains.

This was recently #1 on the app store. It is a god damn con! lol. You simply cannot do what they do without repercussions.

Also, bitcoin and crypto is totally based on the greater fool theory.

The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants.[1] A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price.[2][3][4] In other words, one may pay a price that seems "foolishly" high because one may rationally have the expectation that the item can be resold to a "greater fool" later.
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I agree. I transferred 5k on Sunday in order to buy LTC ASAP. Hadn't cleared until Wednesday and guess What?
 
jqld said:
I agree. I transferred 5k on Sunday in order to buy LTC ASAP. Hadn't cleared until Wednesday and guess What?
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Is coinbase the only trader available in the US or what? I've bought from 3 smaller traders and so far no transaction took more than ~30 min
 
Everyone's blowing their load everyone btc jumps a $1000, but xrp jumps from 25c to 50c in 24 hours effectively doubling everyone's money. altcoins are pretty exciting.
 
I currently have 50% in stocks and 50% in cryptos
I'm currently up the following;
LTC 320%
XRP 150%
BTC 108%
ETH 109%
Dash 105%
ETC 67%
BCH 38%

Last 7 days have been insane gains.. im super worried at the moment because I'm hearing a lot of scepticism from all angles that its a bubble.

My stop losses are basically at even - i told myself I would buy and hold.. and it has gone great since I done as you can see by the insane returns.. i dont want to panic and deviate from my strategy but i feel like theres a incoming sizable correction..so im torn if i should take the profit and come back in later or just hold

anybody made some coin in the last week?

i made most peoples 2 months wages in the last 7 days on cryptos.
 
kriminal.pro said:
I currently have 50% in stocks and 50% in cryptos
I'm currently up the following;
LTC 320%
XRP 150%
BTC 108%
ETH 109%
Dash 105%
ETC 67%
BCH 38%

Last 7 days have been insane gains.. im super worried at the moment because I'm hearing a lot of scepticism from all angles that its a bubble.

My stop losses are basically at even - i told myself I would buy and hold.. and it has gone great since I done as you can see by the insane returns.. i dont want to panic and deviate from my strategy but i feel like theres a incoming sizable correction..so im torn if i should take the profit and come back in later or just hold

anybody made some coin in the last week?

i made most peoples 2 months wages in the last 7 days on cryptos.
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Take some profits. Sell 20-30% of your big gainers and hold the rest. No one ever went broke taking profit...
 
burge13 said:
Because i have researched then purchased them. I recommend looking into each thoroughly
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Where and how do you do your research?

I am Genuinely interested in cryptos but i have no understanding of how to value them. Stocks currency metals i can vaguely value at least.

Only thing I feel I should look at is their ability to be used for transactions in the future.

I may not agree with your methods but i am interested to hear them.
 
I'm really tired of coinbase and I want to invest in other currencies outside of the 3 on there, so whats the best exchange that actually has more options, is simple, and has a good reputation?
 
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JonesBones said:
This is actually what is happening. They are manipulating the price by doing that and profiting. These outages. I don't know if people get how serious this is. Tesla is up nice this week. By Coinbase standards I couldn't sell it. I couldn't buy it if low. I can't do anything. In a real market, if I wanna sell a Tesla stock during normal trading hours it is done instantly. Why the fuck is anyone even in the game if they can't buy or sell or basically control their money or investments? It is fuckin crazy. Especially with something as volatile as bitcoin. Time is of the essence. They have caused so many people to lose money. And future gains.

This was recently #1 on the app store. It is a god damn con! lol. You simply cannot do what they do without repercussions.

Also, bitcoin and crypto is totally based on the greater fool theory.

The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants.[1] A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price.[2][3][4] In other words, one may pay a price that seems "foolishly" high because one may rationally have the expectation that the item can be resold to a "greater fool" later.
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Definitely some truth to this.
 
I love the idea of cryptocurrenices, as I think most people do. A global, anonymous currency is exactly what I need.

But right now bitcoin is useless as a currency, and is being treated as an investment by essentially everyone other than a few core believers (who would likely still sell if they are sitting on a huge profit) and people who use it to buy drugs.

Many of the investors seem to fit the following stereotype: Low income males with a chip on their shoulder about their social status and who think they are starting a revolution. But in reality they would sell when they are up as proof of their foresight and ingenuity.

Many of the experts who believe this is not a bubble are tech guys, NOT economists. These guys have no idea how markets work (which is really human psychology) and will be in for a huge surprise. I find it strange that these tech guys still think they can waltz into any profession and dominate it with their wikipedia knowledge just because the internet has changed the landscape of how we do some things. Economic theory has been established over hundreds of years of experience with how we deal with these phenomena. History might not repeat itself, but it does rhyme.

We have thousands of people sitting on paper fortunes now because of the recent run. Are these people really going to hold on forever and later use that money to buy groceries in 10 years? Do they plan on turning (and risking) that entire investment long term and buying a house with it? Or are they going to sell and make a real profit?

Will this cause a crash? likely. Cryptocurrencies have crashed in the past and will again.
 
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