On Radio 4 the other day they said it was seen as the currency of drug dealers and criminals but was now being traded on Wall Street. I can't see any difference in the three categories myself.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
BIT COIN (S)
- Thread starter bol-uk
- Start date
- Status
Blue83
Player Valuation: £25m
Citations ? Just go and look at coinmarketcap for Bitcoin exchanges Korea and Japan have been the highest in combined volume in the last few weeks as they all look to cash in
Korea 24 hour volume - $745,098,000 @ Bithumb
Japan 24 hour volume - $299,722,000 @ Bitflyer
And that's just Bitcoin without factoring all the alt coins
At the end of the day you need to understand what Bitcoin and cryptocurrencies are all about and what the blockchain technology actually offers us in the future in terms of day to day use
If you really wanted any validation that this something to be considered seriously then you only need look to CBOE introducing the Bitcoin futures last night, Wall Street and the big boys with money are getting in on it now, which the cause for the sudden rise in price combined with Japan & Korea jumping in too
It's fine if you don't want to touch it but it's here and it's here to stay
Bitcoin is less vulnerable than paper money
So someone steals my harddrive with my bitcoins ? So what, they don't have the passphrase or private keys so those Bitcoins are not accessible and unless they've got a Quantum computer trying to brute force my passphrase they're never going to guess a 256 bit encrypted password in my lifetime, which is plenty time for me to just get my backups of private keys, import them, send the coins to a new wallet and backup the new private keys.
A fire burns my house ? I have backups of my private keys stored at family members house, my bitcoins are still on the blockchain all I need is to download a new wallet import my private key and my bitcoins are back
Same with a flood
Same with a virus, unless it's a keylogger but if I'm stupid enough to get a virus or keylogger on my pc I deserve to lose my digital currency (FYI I've not had a virus in over 20 years of using computers because I'm not careless or stupid)
In terms of more large scale issues like EMP's or Solar Flares knocking out the power grid, what do you think is going to happen to all your £'s stored on computers in banks if that happens, you think they're going to be safe ? lol
You clearly know very little about how blockchain and cryptocurrency actually work
It's easier to steal money from a bank account than it is to steal somebodies bitcoin, most of the bitcoin thefts have been due to negligence from users by leaving them in insecure places like dodgy exchanges or dodgy mining pool wallets, anyone involved in cryptocurrency will tell you to NEVER leave your money on an exchange unless you're trading it.
You should actually go do some research on what blockchain technology and cryptography actually are before spouting utter nonsense
As for Gold being worth something, it's only worth what people are willing to pay in terms of a useful product it's actually pretty useless unless you like trinkets, Bitcoin actually has more value because you can use it to buy things, good luck trying to buy anything for a block of gold.
There have been many cases of people losing their bitcoin by hacks or their technology failing. Their have been cases of passphrase and encryption been hacked too.
Also there have been several articles talking about power consumption of late. I think someone even posted one here.
The fact that the mines need so much power that has become an issue for some of them too.
Anything that requires power and hardware can fail including their backups. Most of the mines out there are run by guys in their own homes.
That's what i was alluding too.
I never even touched on how many hacks have happened sure here you go
https://cointelegraph.com/news/bitcoinfail-top-10-failures-in-bitcoin-history
I'm sure i can find many other articles contradicting the bitcoin experts on how they can be compromised. But sure its super solid and safe right?
How funny you say i know nothing but you sit there on a high horse and read what you wanted to read.
The more popular it gets the more frantic people get the more mistakes they make the more hacks that occur.
Also you contradict yourself twice in your summation of my poor knowledge. You say it cant be lost and then proceed to give examples of just that.
Either way you proved my point. But hey stay arrogant and insulting about the whole thing as that will convince people right? How defensive and demeaning you get about it. Go back to your bitcoin forum and sit their convincing each other it won't burst eventually.
Righto Kev.
The pro bit coiners on here will claim that, that is behind them because the original group of guys who came up this whole thing figured it out and addressed it etc... after some controversy in the early days.
Blue83
Player Valuation: £25m
The only way it can be lost is due to negligence or getting scammed
Much like FIAT currency and those morons who fall for the "Nigerian Prince has billions of $'s to give you in exchange for a few hundred £"
Is it the fault of the technology if the user is inept ? Is the fault of the tech if the user sets their password to one of the most commonly used passwords ? Or uses the same password for every single website they visit and one of those sites gets hacked ?
It's like saying guns are dangerous because people kill people, the problem isn't the gun it's the person holding it
No way have I contradicted myself but all I'll say is do your own research or remain ignorant, it's your choice
You talk about power usage ? You realise the majority of the places which are set up as large scale mines are in regions where they use renewable energy which is cheap in order to maximise profits
Keep on with your ignorance while everyone begins to adopt bitcoin and you sit on a forum moaning about how it'll never take off because it's too risky because "reasons"
Do you have any trends for Korea and Japan outside the freak spike in price that we've seen in the past few weeks? How does their trade volume increase compare to other countries because without context the two numbers you've given me don't tell me too much mate.
I'd imagine that trading volume in every country has gone up with the speculators piling in as there is a cycle of publicity generated as more speculators enter the market increasing the value and volume of the coin trade which further produces value growth and attracts further speculators. That's what I'm seeing.
This makes me think of what Kev just said:
What Kev means here is that speculators and people are treating it like it is an asset, but there is a misunderstanding that speculators piling in because they treat it like an asset and expect it grow in value is also being interpreted as "uptake" or what I've been referring to as adoption. Except, the technology isn't really being adopted and this isn't actually the bitcoin technology on an uptake curve because nobody is using the technology for transactional functions but rather as a temporary store of wealth before re-converting it into fiat currency which they can actually spend. That's the source of the bubble if you ask me.
Can you provide me anything on this? Someone posted a video but there was nothing that I considered to be groundbreaking technology and it mostly seemed to be used in augmenting already existing processes rather than revolutionizing anything or even changing the business processes themselves to adapt to the technology.
Can you tell me what it is that I'm not understanding? That would be a help as well. I'm not offering myself up as an expert, I'm sharing my layman opinions on a football forum while watching the phenomenon from the sidelines.
No, I don't agree with this claim. This is a factor in the rise in value, I'll give you that, but not the sole cause for the sudden rise in price. It seems entirely based on speculation still.
As for all of the stuff about the theft security I'm not having most of that. You yourself have said that there's the possibility of a keylogger getting your private key. I'd be very worried because in the future that's a potential goldmine for cyber criminals.
But who's actually adopting it?
I see people are buying it, but who's actually using it?
Blue83
Player Valuation: £25m
Blue83
Player Valuation: £25m
Plenty people, I've used it to buy mining hardware and gift cards for the likes of Amazon etc, I have a credit card which is funded via my Bitcoins
There's pubs and cafes and other home grown startups around the country with smart owners who have been accepting Crypto's for years now, hell Steam accepted Bitcoin until last week and only stopped because transaction fees are through the roof now due its value.
Just wait until Plumbers, Builders etc start accepting Bitcoin/alt coins for services
Blue83
Player Valuation: £25m
It wasn't just the fees, it was also because it is so volatile which is one of the big things currently standing in its way of becoming a proper currency at the moment.
https://www.cryptocoinsnews.com/gam...epts-bitcoin-due-to-high-fees-and-volatility/
The other thing is that so many people are incredibly bullish over the price of BTC continuing to rise that they don't want to spend what they have, which adds to the volatility. Until it finds its level it will struggle to get widespread acceptance as a currency.
So Steam's dropping it because the transactions fees are through the roof then why is anyone going to be using it in pubs and cafes? I haven't seen it much around Canada.
I'm reading the RNDR whitepaper right now from your other post. Thanks for that, I had no idea where to begin.
Do you not see an issue with people not particularly wanting to convert the fiat currency, in which they are paid in, into a variety of different cryptocurrency tokens required to access individual P2P networking services? I mean, I personally can't particularly see people wanting to keep various odd bits of wealth stored across multiple cryptocurrencies.
EDIT: Getting into the Golem Whitepaper and it is essentially the same thing as RNDR. Blockchain P2P processing as a rental service using a cryptocurrency to attract and fund decentralized hardware providers. Like Uber for your cloud networking except you have to convert your fiat currency into a specialized cryptocurrency in RNDRs case whereas Golems was a bit more open.
Last edited:
- Status