Surely things are too big to fail when people's pensions and homes are tied up on a mass scale. This is nowhere even close to that. If you think any state will bail out your investment I fear you'll be hugely disappointed.
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BIT COIN (S)
- Thread starter bol-uk
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Surely things are too big to fail when people's pensions and homes are tied up on a mass scale. This is nowhere even close to that. If you think any state will bail out your investment I fear you'll be hugely disappointed.
larrygobfiend
Player Valuation: £40m
The way I see it, at 20k there's still gonna be people who are just about willing to pay for Bitcoin on the exchanges in the hope of turning over a profit themselves. I just can't see people willing to do that at 40k, so you'll have all that Bitcoin money, but no means to shift it.
Kev The Rat
Player Valuation: £70m
You’ve got no idea whose buying. A lot of the action is coming from Korean exchanges and with the border to the north so close it wouldn’t surprise me if the North Korean government was in on this.
larrygobfiend
Player Valuation: £40m
Well good luck to you, mate. Be warned though, it is still a gamble and you're showing a gamblers mentality by now wanting double of what you did yesterday.
orly
Please check with me for Blammo criteria
This is potentially the silliest thing I've seen in this thread. Massive misunderstanding of how that region works.
Azzurri
Player Valuation: £70m
The North Korean government are in on bitcoin??? What? How? Why?
Kev The Rat
Player Valuation: £70m
12k gbp should be hit within a few hours
orly
Please check with me for Blammo criteria
While also operating brazenly on south korean exchanges, apparently
Azzurri
Player Valuation: £70m
Bitcoin. That's what they're funding all this nuclear weapons research with.
orly
Please check with me for Blammo criteria
BernieH
Player Valuation: £35m
http://www.pcgamer.com/valve-drops-bitcoin-as-a-steam-payment-option/
I still don't know much about this, but found this article
Less than two years after adopting Bitcoin as a payment option on Steam, Valve has announced that it is dropping support for the virtual currency. The decision to eliminate the option comes as a result of both the extremely high transaction fees charged by Bitcoin, and recent, also-extremely-high levels of instability in its value.
"In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin)," Valve explained.
"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically."
Bitcoin valuation has become a problem recently as well, as the value fluctuates wildly over very short spans of time. Bitcoin values are only guaranteed for a certain window of time, and if for some reason a transaction isn't completed within that window, the amount required to complete the purchase can change. That may sound like an improbable scenario but as Coindesk reported earlier today, Bitcoin's value recently surged by more than $1000 in just 24 hours—and Valve said that "we've seen increasing numbers of customers get into this state" this year.
Normally when this occurs, Valve will either refund the overpaid amount or require additional funds to cover the shortfall, but in both cases the customer has to eat yet another Bitcoin transaction fee. "With the transaction fee being so high right now, it is not feasible to refund or ask the customer to transfer the missing balance (which itself runs the risk of underpayment again, depending on how much the value of Bitcoin changes while the Bitcoin network processes the additional transfer)," Valve wrote.
All of that makes the continued support of Bitcoin "untenable," and thus it is out. Valve said it may be brought back at some later date, presumably when (or if) it stabilizes, but at least one economist believes that stabilization will come in the form of a crash, which may make it a moot point anyway.
I still don't know much about this, but found this article
Less than two years after adopting Bitcoin as a payment option on Steam, Valve has announced that it is dropping support for the virtual currency. The decision to eliminate the option comes as a result of both the extremely high transaction fees charged by Bitcoin, and recent, also-extremely-high levels of instability in its value.
"In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin)," Valve explained.
"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically."
Bitcoin valuation has become a problem recently as well, as the value fluctuates wildly over very short spans of time. Bitcoin values are only guaranteed for a certain window of time, and if for some reason a transaction isn't completed within that window, the amount required to complete the purchase can change. That may sound like an improbable scenario but as Coindesk reported earlier today, Bitcoin's value recently surged by more than $1000 in just 24 hours—and Valve said that "we've seen increasing numbers of customers get into this state" this year.
Normally when this occurs, Valve will either refund the overpaid amount or require additional funds to cover the shortfall, but in both cases the customer has to eat yet another Bitcoin transaction fee. "With the transaction fee being so high right now, it is not feasible to refund or ask the customer to transfer the missing balance (which itself runs the risk of underpayment again, depending on how much the value of Bitcoin changes while the Bitcoin network processes the additional transfer)," Valve wrote.
All of that makes the continued support of Bitcoin "untenable," and thus it is out. Valve said it may be brought back at some later date, presumably when (or if) it stabilizes, but at least one economist believes that stabilization will come in the form of a crash, which may make it a moot point anyway.
Kev The Rat
Player Valuation: £70m
Who said anything about brazenly ?
I’m sure they’ve got fronts and businesses on the border
orly
Please check with me for Blammo criteria
they'd do well to do that, as there is a demilitarized zone 160 miles long, 2 and a bit miles wide on the border. Perhaps they've put the fronts and businesses in the minefields?
An interesting metaphor, certainly.
orly
Please check with me for Blammo criteria
It's by no means the death knell, but it is an insight into the hyper-deflation problems with BitCoin at the moment and why a correction is inevitable. If you can't buy anything with it (and a HUGE amount of hype is coming from the video game / streamer industry at the moment, with their impressionable followers) what value does it have as a currency?
Nothing, no one is going to touch it.
Its like the 1920's again, when will people learn from the mistakes of the past??
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