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BIT COIN (S)

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Efcjake said:
Why would most people find that desirable?

I can't see why having a transparent ledger is going to be something any private individual is going to want.
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I think transparent in this case means no tampering with transaction history. An internet of finance. It would make some kinds of transactions easier and others cheaper, by reducing middleman gains.

I'm not sure what, if any, personal data is attached to the ledger, however. That's what isn't clear to me.

Some people seem to think blockchain tech is a big deal, and maybe it will be, but I can't see the normal use for it.
 
SerenityNigh said:
I think transparent in this case means no tampering with transaction history. An internet of finance. It would make some kinds of transactions easier and others cheaper, by reducing middleman gains.

I'm not sure what, if any, personal data is attached to the ledger, however. That's what isn't clear to me.

Some people seem to think blockchain tech is a big deal, and maybe it will be, but I can't see the normal use for it.
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Now there, I can see the value in it long term. We are already seeing in some countries that almost all day to day transactions are touch payments / card payment, so one of the 'values' in currency - that you can tangibly feel the tender - is starting to erode.

The blockchain has value in its finite nature - there is a defined minimum value and there is a defined 'maximum amount' - unlike our economy with the vagaries of quantitative easing.

I agree with a poster earlier - if you want to get involved now, buy into the tech around the blockchain https://investingnews.com/daily/tech-investing/blockchain-investing/blockchain-technology-stocks/ a lot of very very low entry points.

What is interesting here is that a lot of these companies had big value spikes around late November when bitcoin started to go berserk, but have started to plateau or even decline. Would be an interesting disparity if this fork continues.
 
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orly said:
He's even measuring his day by day gains in dollars.
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Ooh, can I play? Bought a new car last year, it cost around 66bc at the time. Moved into a new house almost one year ago this week, it would have been around 526bc.

Now my car is roughly a little more than 3bc, and my house values closer to 28bc. I've lost 498bc value in my house and 63bc value in my car. Given today's prices, I've lost roughly $6.5MM USD and my car has cost me over $830,000 USD. Am I doing this right?
 

SerenityNigh said:
Ooh, can I play? Bought a new car last year, it cost around 66bc at the time. Moved into a new house almost one year ago this week, it would have been around 526bc.

Now my car is roughly a little more than 3bc, and my house values closer to 28bc. I've lost 498bc value in my house and 63bc value in my car. Given today's prices, I've lost roughly $6.5MM USD and my car has cost me over $830,000 USD. Am I doing this right?
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Absolutely mein frondel. Please give me all of your bank details and mother's maiden name so that we can refund you the difference
 
orly said:
Absolutely mein frondel. Please give me all of your bank details and mother's maiden name so that we can refund you the difference
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That sounds like a bad idea, but I'll give you a hint

ezgif.com-resize.gif
 

cronullasharks said:
24 pages and i still don't know what bitcoin is.

Lend me a tenner kev ?
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It's really an amazing technology that nerds think will revolutionize the world, only it won't in its first iteration but will eventually make a useful product that we can't do without, or an extremely complex and conniving attempt to steal money from fools who don't know better
 
SerenityNigh said:
Ooh, can I play? Bought a new car last year, it cost around 66bc at the time. Moved into a new house almost one year ago this week, it would have been around 526bc.

Now my car is roughly a little more than 3bc, and my house values closer to 28bc. I've lost 498bc value in my house and 63bc value in my car. Given today's prices, I've lost roughly $6.5MM USD and my car has cost me over $830,000 USD. Am I doing this right?
Click to expand...
Another reason why nobody is actually using it as a currency right there.
 
SerenityNigh said:
Ooh, can I play? Bought a new car last year, it cost around 66bc at the time. Moved into a new house almost one year ago this week, it would have been around 526bc.

Now my car is roughly a little more than 3bc, and my house values closer to 28bc. I've lost 498bc value in my house and 63bc value in my car. Given today's prices, I've lost roughly $6.5MM USD and my car has cost me over $830,000 USD. Am I doing this right?
Click to expand...
Bitcoin: a poxy currency
Thinking in terms of hyper-deflation makes the mania easier to treat
https://www.ft.com/content/4e391b1a-d502-11e7-8c9a-d9c0a5c8d5c9

What is to be done about a financial mania, an infectious disease of the mind? Greed and curiosity spread crypto-enthusiasm like unwashed hands in cold and flu season. Step one is to reduce transmission: tell friends and family that bitcoin’s price explosion since March, from $1,000 to $11,000, is no reason to put their wealth at risk.

Comparing this infection to previous strains shows its virulence. Far beyond any modern stock market mania, history offers only the South Sea bubble and Dutch tulipmania as comparable outbreaks. But such pestilent comparisons do little to cure the afflicted, due to the pleasant side effect of ephemeral riches. Focusing on the rise in price can feed the hysteria, legitimising the impression it is normal, expected — and sustainable.

Instead, try administering the internal logic of the mania with an example those in its grip might recognise: Zimbabwe. The country became an economic basket case due to hyperinflation. Money printing made existing currency worthless, so ever more was needed to purchase everyday items. Prices rose so fast the incentive was to spend as fast as possible, further pushing up demand for goods and their prices.

Such cautionary tales of printing press misuse are what attracted some to cryptocurrency in the first place. Only 21m bitcoins can ever be created, placing control in the hands of software and the community which supports it.

Yet the experience of recent months is a mirror image of what happened to the Zimbabwean dollar. Bitcoin is experiencing hyper-deflation; the cost of everyday goods (in bitcoin terms) is getting ever cheaper. This creates the reverse incentive: the hoarding of currency, pushing its value higher.

Neither situation suggests a currency useful to business or consumers. But the power of such facts in 2017 is not encouraging. It may take the inevitable crash for the mind’s self-repair mechanism — raw, painful, expensive regret — to kick in.

* * *
By the way, if you have literally hundreds of thousands of dollars worth of bitcoin, shell out for a Financial Times subscription. They've covered cryptocurrencies every day for months now, not always mockingly.

Unless of course you already understanding everything better than they do...

Edit: This one is interesting too: https://ftalphaville.ft.com/2017/12...tell-us-about-the-state-of-modern-monopolies/
 

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