Bitcoin RIP

Surely this is great news for miners that aren't running huge asic farms? If thousands of machines drop off the network the difficulty drops and profitability goes up. So it should correct for miners (not hobbyists or those mining alts of course). I remember saying all the same "bitcoin is dead" stuff when I sold into the first big crash. If I had held those coins I could have sold for £40k in the big pump. The price just dragged down and down for a whole year down to like 150 dollars. So yeah, unless you have a crystal ball I wouldn't be so sure.
 
Devrij said:
Surely this is great news for miners that aren't running huge asic farms? If thousands of machines drop off the network the difficulty drops and profitability goes up. So it should correct for miners (not hobbyists or those mining alts of course). I remember saying all the same "bitcoin is dead" stuff when I sold into the first big crash. If I had held those coins I could have sold for £40k in the big pump. The price just dragged down and down for a whole year down to like 150 dollars. So yeah, unless you have a crystal ball I wouldn't be so sure.
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And... it's image as a dark currency will eventually draw the permanent ire of the West.
 
I really don't get where you get this whole 'dark currency' toff from. Only deluded politicians use that (and politicians who know what they're talking about refute them). Anyone with a clue of how blockchain works know that Bitcoin isn't actually used for anything illegal (by anyone with half a brain) because it can be completely tracked through permanent blockchain record.

The real dark currency is Monero, and that is the one the dark web uses for transactions, not Bitcoin. I don't expect this one to survive government regulation due to how it is actually completely anonymous.

All of the regulatory developments from the west in the past year haven't had anything to do with banning or suppressing bitcoin, in fact they've been embracing the whole concept slowly. You can't just say they're going to suddenly 180 on all that progress because you don't like it lol.
 
I've been waiting for the market to re-adjust and maybe move away from mining and of course the market dominance of Bitcoin which just wastes resources better used elsewhere. I'm into the tech of crypto not just the monetary value though I have profited in the past and am grateful for that opportunity. I only got into it because of the command line utils required the time needed to setup and run a rig in the early days which could be quite a challenge. After a year or so running that it was just easier to trade on the exchanges and you could hardly fail to make a profit. I will miss those days!

Now maybe some of the uses for crypto can be developed to a more mature state with tangible benefits to everyday life. That'll take time as many of the blockchains only released their whitepapers in the last couple of years and have road maps that only reach some useful stage in the next few. Hasn't helped that much of the wider public's exposure to blockchain tech has been the seedy and hacking side which is inevitable when money is involved.
 
The idea that bitcoin can't go below a certain value because it costs that much to mine is just daft. Bitcoin is worth what someone is willing to pay for it and what the last 12 months have shown is that no one really knows what it's actually worth.

Long term I can see crypto currency having a role to play but right now they're far from a proper currency and a lot of people will have been put off after the hype at the end of last year. Some people obviously believe in the principle and fair play to them but the majority were just hoping to get a return (quick or otherwise) and that's still why most people are holding.

At least with gold or property or shares, you are buying something that has a tangible purpose and inherent value. For that reason alone, bitcoin isn't for me right now as I just can't see what the value of it is (that's not to say it has none but I have no basis to say it's worth $100 or $100,000).

Just my 2 cents of course!
 
Tephnos said:
There's nothing to stop it, no. That being said, I don't believe anything is going to surpass Bitcoin unless it is technically superior, which we have yet to see.
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What do you mean by that? There are already different versions of bitcoin and there are various other crypto currencies available that could be argued to have specific features that are deemed by some to me more beneficial.

Bitcoin doesn't have anything special technology wise that couldn't be adopted by others - the things it has going for it are that it was first and it has the name recognition as a result of that.

A government making its own crypto currency could easily eclipse bitcoin.

Tephnos said:
Considering the US Dollar is the global currency I don't see how this is an argument at all. It doesn't need to have the most relative purchasing power (as some small oil countries have currencies with massive values), it just needs to be the currency that all others are compared against, which the US dollar has absolutely done.
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You probably need to re-read what you originally posted/claimed then. You referred to "The value of a nation's currency". FYI Switzerland doesn't produce oil. You're now talking about the US dollar being the global currency.

The use of the US dollar as the main reserve is related more to the fact that the US has the biggest economy of any nation and has done for some time now - previously it was backed by gold and the US has the world's largest gold reserves. See the Bretton woods agreement etc..

Yes the world's most powerful country economically also now has the world's most powerful military (thanks to various events int he 20th century) however that isn't the reason for the US dollar being the global currency.
 
As if financial institutions have never ever been wrong huh? Calling it dead is akin to living in the opposite end of the echo chamber of Bitcoin Maximalists. Speculative , yes , dying, err...no.
 
the_chicco said:
We can all sit here going back and forth being armchair economists but let's look at it in the actual real world.

Bitcoins inception was in what, 2009? Everyone raving on about it, the next biggest thing, blah blah blah.

We are now 10 years ahead and where are we? No major financial institutions trading in it and practically all have shelved any plans to do so. 'Traders' hodling in the hopes of another bounce. I mean come on. Speak to the majority of 'bitcoin' enthusiasts and they are utterly convinced it's going to take off, despite all evidence to the contrary. And whilst they are shouting this the rest of the world just gets on with their lives.
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Traders don't HODL - The clue is in the name.

Yes, it's 10 years old. Not only has it lasted a decade, but it's never been successfully attacked, despite being attacked constantly. I'd say that's quite a feat.

Bitcoin enthusiasts tend not to like banks. Partly because billions of people are un-banked, partly because they can cut you off from your funds if they're told to by the government, and partly because of fractional reserve banking, where money is created out of thin air every time someone takes out a loan or uses a credit card.

Bitcoin was the best performing asset of the last decade. The institutions want their cut.
 
Bigpops said:
Traders don't HODL - The clue is in the name.

Yes, it's 10 years old. Not only has it lasted a decade, but it's never been successfully attacked, despite being attacked constantly. I'd say that's quite a feat.

Bitcoin enthusiasts tend not to like banks. Partly because billions of people are un-banked, partly because they can cut you off from your funds if they're told to by the government, and partly because of fractional reserve banking, where money is created out of thin air every time someone takes out a loan or uses a credit card.

Bitcoin was the best performing asset of the last decade. The institutions want their cut.
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To add to this countless researches have kicked off in terms of economics/privacy , a good influx of developers to open source efforts. I feel it is a shame when people compare only the negatives by considering USD value proposition.
 
the_chicco said:
But for it to go anywhere it has to have major backing from the financials, no? Who else is going to give ''value" to the magic beans you've got stored in your virtual wallet.

Anyway it's a lost cause arguing with the bitcoin circle.
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Oh pretty-please save bitcoin, without your goldman sach's stamp of approval no one will accept my chuck-e-cheese/magic internets money token , my lambo dreams are crushed :'(
 
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