Bitcoin

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cr
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6:09p, 12/6/17
Is out of control!

Every day I think it's way overvalued and people will jump ship, yet it just keeps climbing.

The market cap is larger than the GDP of most countries now.
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Very Tolerant Nice Guy
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6:11p, 12/6/17
I saw a report that bitcoin currently uses as much energy as Denmark, in 18 months as much as the entire U.S.....is that true?
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cr
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In reply to Very Tolerant Nice Guy • 6:15p, 12/6/17
Very Tolerant Nice Guy said:
I saw a report that bitcoin currently uses as much energy as Denmark, in 18 months as much as the entire U.S.....is that true?


At $14000 per coin and climbing, I would not be surprised. This is like the California gold rush.
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AggieMavsfan
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6:17p, 12/6/17
AG
Block chain is an impressive technology, but Bitcoin is digital tulip mania at this point.
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bmks270
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In reply to Very Tolerant Nice Guy • 6:20p, 12/6/17
AG
Very Tolerant Nice Guy said:
I saw a report that bitcoin currently uses as much energy as Denmark, in 18 months as much as the entire U.S.....is that true?


Yes.... it's a fundamental requirement to how the block chain technology works.... computers solve an encryption to verify transactions.... that uses CPU power, that uses grid power.... it is extremely wasteful
of energy compared to a normal visa transaction. Surprised the global warming crowd hasnt started barking at it yet.
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Foamcows
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7:03p, 12/6/17
AG
in before wheel....
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45-70Ag
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7:07p, 12/6/17
AG
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Brock Landers
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In reply to bmks270 • 7:22p, 12/6/17
AG
bmks270 said:
Very Tolerant Nice Guy said:
I saw a report that bitcoin currently uses as much energy as Denmark, in 18 months as much as the entire U.S.....is that true?


Yes.... it's a fundamental requirement to how the block chain technology works.... computers solve an encryption to verify transactions.... that uses CPU power, that uses grid power.... it is extremely wasteful
of energy compared to a normal visa transaction. Surprised the global warming crowd hasnt started barking at it yet.


Yea. That seems unsustainable very soon.
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HelloUncleNateFitch
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7:28p, 12/6/17
On track for biggest bubble in modern times. Fun to watch though
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MouthBQ98
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In reply to Very Tolerant Nice Guy • 7:31p, 12/6/17
AG
Yes, at the rate of increase of mining, we will soon have to slow that mining due to the huge real world power consumption. The function of the currrent rate of increase isn't a difficult one to roughly estimate.
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MouthBQ98
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7:35p, 12/6/17
AG
What happens when someone builds an array of quantum computers and is able to crack it or hypermine it?
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TexasRebel
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In reply to MouthBQ98 • 7:36p, 12/6/17
AG
Maybe mining should be done by hand.
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TexasRebel
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In reply to MouthBQ98 • 7:37p, 12/6/17
AG
MouthBQ98 said:
What happens when someone builds an array of quantum computers and is able to crack it or hypermine it?


What, indeed.

...or maybe if a pattern is found... or a faster prime sieve...
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BenFiasco14
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7:40p, 12/6/17
AG
You bitcoin people are weird
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HelloUncleNateFitch
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In reply to BenFiasco14 • 7:54p, 12/6/17
BenFiasco14 said:
You bitcoin people are weird


Yep, they're digital beanie baby enthusiasts.
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thirdcoast
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8:10p, 12/6/17
AG
How long until we see "crypto carbon credits"?
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Lot Y Tailgate
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In reply to thirdcoast • 8:12p, 12/6/17
AG
thirdcoast said:
How long until we see "crypto carbon credits"?


There already are.
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Lot Y Tailgate
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8:13p, 12/6/17
AG
The crypto market place right now is the dotcom bubble, it will crash, and there will be an Amazon and google.
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lataqueria
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8:17p, 12/6/17
Since I'm not using energy to process bitcoins and as a result, not contributing to global warming, does that mean I'm eligible for crypto carbon credits? Where do I pick those up?
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bmks270
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9:16p, 12/6/17
AG
Price has literally doubled in less than 30 days.... is some huge institutional buying going on? Just seems impossible.
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In reply to MouthBQ98 • 9:19p, 12/6/17
TexasRebel
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In reply to bmks270 • 9:21p, 12/6/17
AG
There's a glitch in the programming that isn't apparent.

Prices are going up because it takes so long for confirmations.

Confirmations take so. Long because of the idiots buying.

Idiots buy because the prices are going up.
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panhandlefarmer
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10:34p, 12/6/17
AG
Long term investors in stocks try to invest in companies with a history and future of creating value. It is the idea of value creation that underpins the stock market. A lot of stock investing is also more speculation than investing, but I don't believe there is any crypto investing going on. It is all pure speculation, which is fine, but be honest.

For me to win in my stock picks long term, the companies I invest in need to generate value. For crypto investors to win long term, other currency investors must lose. It is more like gambling, isn't it? It even feels like it?
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SpreadsheetAg
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10:48p, 12/6/17
AG
I do not understand BitCoin!!!!!!

Explain to me
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bmks270
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In reply to panhandlefarmer • 10:53p, 12/6/17
AG
panhandlefarmer said:
Long term investors in stocks try to invest in companies with a history and future of creating value. It is the idea of value creation that underpins the stock market. A lot of stock investing is also more speculation than investing, but I don't believe there is any crypto investing going on. It is all pure speculation, which is fine, but be honest.

For me to win in my stock picks long term, the companies I invest in need to generate value. For crypto investors to win long term, other currency investors must lose. It is more like gambling, isn't it? It even feels like it?


Nobody loses if the price never falls....

Its truely bizarre but that is the reality. Bitcoin isn't a thing. It literally creates nothing, produces nothing, it's an algorithm. It had a value as a non tracable digital cash, but that is not driving the prices now.

Bitcoin "investors" create no value for the world either. Not that stock investors do, but at least they own part of a company that offers real value for customers or the stock IPO helps fund a young company.

And a "bitcoin" doesn't even exist just the blockchain. Just a list of imaginary coins...
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Purple Parrot
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In reply to TexasRebel • 10:53p, 12/6/17
TexasRebel said:
There's a glitch in the programming that isn't apparent.

Prices are going up because it takes so long for confirmations.

Confirmations take so. Long because of the idiots buying.

Idiots buy because the prices are going up.

Hmmm well I'm making free money
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bmks270
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In reply to SpreadsheetAg • 10:57p, 12/6/17
AG
SpreadsheetAg said:
I do not understand BitCoin!!!!!!

Explain to me


I make a list of imaginary coin transactions....

I store the list on a million different computers....

Each time I want to record a new imaginary coin transaction all the computers have to solve some encryption or something and verify the change to the list of the imaginary coin transactions. Once they verify thing, the list is then updated and a copy saved on all the millions of computers....
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SpreadsheetAg
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11:00p, 12/6/17
AG
How is this helpful or superior to current currency or fiat money?
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Purple Parrot
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In reply to SpreadsheetAg • 11:02p, 12/6/17
SpreadsheetAg said:
How is this helpful or superior to current currency or fiat money?

BTC is a store of value. It's worth comes from its scarcity. Fiat money isn't backed by anything and can be printed
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bmks270
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In reply to SpreadsheetAg • 11:03p, 12/6/17
AG
SpreadsheetAg said:
How is this helpful or superior to current currency or fiat money?

No one controls the listing of imaginary coins... no one can edit it (or: no more get printed)... no inflation.
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bmks270
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In reply to Purple Parrot • 11:04p, 12/6/17
AG
Purple Parrot said:
SpreadsheetAg said:
How is this helpful or superior to current currency or fiat money?

BTC is a store of value. It's worth comes from its scarcity. Fiat money isn't backed by anything and can be printed


Like fine art...can't create more of it.
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Lot Y Tailgate
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In reply to TexasRebel • 11:06p, 12/6/17
AG
TexasRebel said:
There's a glitch in the programming that isn't apparent.

Prices are going up because it takes so long for confirmations.

Confirmations take so. Long because of the idiots buying.

Idiots buy because the prices are going up.


Why don't you create a fork, fix the glitch and premine it? You will be immediately wealthy.
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pfo
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11:07p, 12/6/17
AG
I just sold my Bitcoin Investment Trust (GBTC). It's been an incredible ride but I took my profits because it's value is accelerating too fast.

I have been using the ratio of new virtual wallets opened and the increasing number of transactions (buyers and sellers using Bitcoin) to value Bitcoin. It's a similar method to valuing Visa, Mastercard, Paypal, Square by the number of transactions processed and makes sense to me.

It's really telling that many people worldwide are putting more value in Bitcoin (a currency made up by two brothers in their office and not backed by anything) than they are in their own country's currencies. That's one Helluva an indictment of worldwide governments, deficit spending and "the full faith and credit of the USA's gov and others).

Let's face it, all governments destroy the value of their paper currencies because they spend more than they take in and they can't stop and they can't pay it back with anything other than worthless paper currrncies.
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panhandlefarmer
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In reply to bmks270 • 11:07p, 12/6/17
AG
bmks270 said:
panhandlefarmer said:
Long term investors in stocks try to invest in companies with a history and future of creating value. It is the idea of value creation that underpins the stock market. A lot of stock investing is also more speculation than investing, but I don't believe there is any crypto investing going on. It is all pure speculation, which is fine, but be honest.

For me to win in my stock picks long term, the companies I invest in need to generate value. For crypto investors to win long term, other currency investors must lose. It is more like gambling, isn't it? It even feels like it?


Nobody loses if the price never falls....

Its truely bizarre but that is the reality. Bitcoin isn't a thing. It literally creates nothing, produces nothing, it's an algorithm. It had a value as a non tracable digital cash, but that is not driving the prices now.

Bitcoin "investors" create no value for the world either. Not that stock investors do, but at least they own part of a company that offers real value for customers or the stock IPO helps fund a young company.

And a "bitcoin" doesn't even exist just the blockchain. Just a list of imaginary coins...
Stock investors definitely create value because their capital is what allows the company they invest in to accomplish it's goals to create a good or service. The consumer rewards the value created by the company with their capital and the investor is rewarded for their investment with a dividend or increase in the value of their investment. In that way, the investor is a part of the company and thus a part of the value creation.

People who buy bitcoins or equipment to mine are speculators. Like I said, some people that buy stocks are speculators too.
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Purple Parrot
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In reply to pfo • 11:13p, 12/6/17
You should have held on for a minute. BTC will be at 500k in 2 years
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