Purple Parrot said:

---

You should have held on for a minute. BTC will be at 500k in 2 years

---

I could always buy it back. But how do you get a value of $500,000/Bitcoin and how did you come up with reaching that value in 2 years?

For the anti fiat money crowd, two questions;

All things being equal, would you prefer currency inflation or deflation, if you had to choose one?

Also, would you prefer a currency backed by one commodity (gold or silver) or by a much larger basket of goods?

I have been watching from the sidelines for the last six months. I regret not buying bitcoin at around 3k. I want to jump in, just can't stomach the volatility!

pfo said:

---

Purple Parrot said:

---

You should have held on for a minute. BTC will be at 500k in 2 years

---

I could always buy it back. But how do you get a value of $500,000/Bitcoin and how did you come up with reaching that value in 2 years?

---

It's speculation based off its current growth rate

VinnyTAMU said:

---

I have been watching from the sidelines for the last six months. I regret not buying bitcoin at around 3k. I want to jump in, just can't stomach the volatility!

---

Jump in. Not too late

Bitcoin is worthless when there is no electricity.

someday, they'll remake Back to the Future and use Bitcoin instead of the sports almanac

Lot Y Tailgate said:

---

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.

---

Nobody wanted to buy my tiBnioCs...

SpreadsheetAg said:

---

I do not understand BitCoin!!!!!!

Explain to me

---

I'm no expert on it.

Basically, two people make a transaction with bitcoins, something needs to verify that person A has enough to do so. Assuming they do, something needs to record the change in balance of both person A and person B's wallets. This is where "miners" come in.

Miners are computers that are constantly connected to the bitcoin network and are sending the latest blocks of data to each other to make sure everyone has the latest data at all times. When people make a transaction, the transaction is blasted to the network and all the miners on it, who basically make sure that the transaction is legitimate. These transactions are entered into new blocks which are discovered by some lucky miner every 10 minutes or so, and those miners are rewarded with 12.5 new bitcoins, currently valued at $175,000. There are a bunch of safety precautions built into the software and algorithms to ensure that the blocks themselves are legitimate.

I'm not doing this very well. Basically miners build super computers to run the software that contain blocks of recent bitcoin transaction as well as keys of everyone with a wallet and the faster they can verify the transactions the faster they build/discover new blocks and get rewarded with new bitcoins. It's the fact that they use super computers that make the transactions happen so quickly. Because blocks contain pieces of old blocks and can only be built with the keys of legitimate transactions, it makes it virtually impossible for anyone to take the pieces of old blocks and combine them with made up keys that actually fit the algorithm before another block is discovered and the one they're working on is worthless and invalid.

Like I said I'm no expert, so I'm sure someone is shaking their head, but long story short they're ultimately worthless and the first time there's a panic everyone except those that bought some of at the very beginning will lose.

Why do you think the guy that invented it has chosen to remain anonymous? I'd bet anything that he mined himself the first 100,000 coins and is sitting back laughing with his $1.4 billion fortune.

How would you cash that in?

OnlyForNow said:

---

How would you cash that in?

---

Sell the bitcoins to the greater fool...

Quote:

---

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?

---

Anyone ever calculate what it takes to run HFT algorithms?


BTW - it's the blockchain technology that is the real story behind this run up.

History is repeating itself. Bitcoin is AOL of the early 90s. It will run hot as a stock the hit a wall when competitors offer better products and services. The real money will be made in the Altcoins that offer real businesses based on the blockchain.

Do your research and learn what is happening behind the headlines. You'll find real businesses with great upside poised to disrupt industries with low coin prices. 2018 is going to be a crazy year.

Mr.Infectious said:

---

Quote:

---

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?

---

Anyone ever calculate what it takes to run HFT algorithms?


BTW - it's the blockchain technology that is the real story behind this run up.

History is repeating itself. Bitcoin is AOL of the early 90s. It will run hot as a stock the hit a wall when competitors offer better products and services. The real money will be made in the Altcoins that offer real businesses based on the blockchain.

Do your research and learn what is happening behind the headlines. You'll find real businesses with great upside poised to disrupt industries with low coin prices. 2018 is going to be a crazy year.

---

This is my outlook too. I've been reading about the alt-coins. There are some business based ones, and there are others that do what bitcoin set out to do as a currency medium but they do things better (more decentralized, lower fees, scalable, more private, etc.).

SpreadsheetAg said:

---

I do not understand BitCoin!!!!!!

Explain to me

---

Hit wheelskjm up for a really solid explanation.

Diyala Nick said:

---

For the anti fiat money crowd, two questions;

All things being equal, would you prefer currency inflation or deflation, if you had to choose one?

Also, would you prefer a currency backed by one commodity (gold or silver) or by a much larger basket of goods?

---

I think they kind of work out the same. If we were to return to a gold standard tomorrow, the value of gold would skyrocket. Gold value would likely be the same as bitcoin value. If you were to trade in a gold backed dollar for an equal amount in gold, I doubt you could see it with the naked eye; much less put it in your pocket.

hypeiv said:

---

When there is a run on trying to cash out Bitcoin things will get ugly quick. If there was a panic and everyone started pulling out at once, the network would get flooded with transactions faster than they can confirm them. Once the price plummets so much it's not worth it to mine anymore, the majority of miners will switch to another currency which will slow transactions down even further. Once people start realizing it's taking hours to complete transactions the real panic will start.

---

The speculators better hope this doesn't happen before their lauded lightning network is up and running.

Since no one controls bitcoins, literally no one. If there is a run on exiting bitcoins and transactions slow and fees sky rocket no one is there to catch you if you fall. No FDIC insurance if an exchange goes bust, nothing.

The current madness forced Steam to stop accepting bitcoin as payment. So it seems that is the opposite of adoption as a currency.

hypeiv said:

---

When there is a run on trying to cash out Bitcoin things will get ugly quick. If there was a panic and everyone started pulling out at once, the network would get flooded with transactions faster than they can confirm them. Once the price plummets so much it's not worth it to mine anymore, the majority of miners will switch to another currency which will slow transactions down even further. Once people start realizing it's taking hours to complete transactions the real panic will start.

---

Feedback loop... interesting.

bmks270 said:

---

hypeiv said:

---

When there is a run on trying to cash out Bitcoin things will get ugly quick. If there was a panic and everyone started pulling out at once, the network would get flooded with transactions faster than they can confirm them. Once the price plummets so much it's not worth it to mine anymore, the majority of miners will switch to another currency which will slow transactions down even further. Once people start realizing it's taking hours to complete transactions the real panic will start.

---

The speculators better hope this doesn't happen before their lauded lightning network is up and running.

Since no one controls bitcoins, literally no one. If there is a run on exiting bitcoins and transactions slow and fees sky rocket no one is there to catch you if you fall. No FDIC insurance if an exchange goes bust, nothing.

The current madness forced Steam to stop accepting bitcoin as payment. So it seems that is the opposite of adoption as a currency.

---

Why would any vendor in their right mind accept it now?

how does this happen?

Quote:

---

TOKYO (AP) A bitcoin mining company in Slovenia has been hacked for the possible theft of tens of millions of dollars, just days before the virtual currency, which hit a record above $15,000 on Thursday, is due to start trading on major U.S. exchanges.

NiceHash, a company that mines bitcoins on behalf of customers, said it is investigating a security breach and will stop operating for 24 hours while it verifies how many bitcoins were taken.
Research company Coindesk said that a wallet address referred to by NiceHash users indicates that about 4,700 bitcoins had been stolen. At Thursday's record price of about $15,000, that puts the value at over $70 million.

---

https://www.usnews.com/news/business/articles/2017-12-07/bitcoin-miner-nicehash-reports-hack-theft-of-its-wallet

Quote:

---

NiceHash, a company that mines bitcoins on behalf of customers, said it is investigating a security breach and will stop operating for 24 hours while it verifies how many bitcoins were taken.

---

Bet you 0.0005 Bitcoin it was an inside job.

garc said:

---

hypeiv said:

---

When there is a run on trying to cash out Bitcoin things will get ugly quick. If there was a panic and everyone started pulling out at once, the network would get flooded with transactions faster than they can confirm them. Once the price plummets so much it's not worth it to mine anymore, the majority of miners will switch to another currency which will slow transactions down even further. Once people start realizing it's taking hours to complete transactions the real panic will start.

---

Feedback loop... interesting.

---

I wonder what this type of scenario would do to the alt-coin prices.

Quote:

---

in before wheel.....

---

Wheels took a ban hammer a week or so ago. I'm sure he's monitoring this thread from a private island somewhere in the Caribbean. Must be tough being right about all of this......

So much butthurt in this thread by people who didn't listen to wheelskjm! Since the complainers started, the damned thing has gone up $2000. I think most are pissed that they missed the wave.

So it crashes? I'm out $2000? Oh no!!! I'll be ruined! Please, I spent more on food and souvenirs at Disney world .

I would imagine Wheelskjm is diving into his giant pool of money right now. The guy is a visionary. I thank him for turning me on to crypto.

What a fun ride if you got in early. I'm really interested in it, but I know almost nothing.

I looked at the "mining computers", but low cost energy is a real problem. I wonder if a fuel cell would be cost effective to power your computer. (Seriously, but kind of nerding out a bit)

AggieMavsfan said:

---

Block chain is an impressive technology, but Bitcoin is digital tulip mania at this point.

---

I have been thinking the same thing. Gotta like a man that knows his history!!

FriscoKid said:

---

What a fun ride if you got in early. I'm really interested in it, but I know almost nothing.

I looked at the "mining computers", but low cost energy is a real problem. I wonder if a fuel cell would be cost effective to power your computer. (Seriously, but kind of nerding out a bit)

---

My brother and I were looking into solar.

queso1 said:

---

FriscoKid said:

---

What a fun ride if you got in early. I'm really interested in it, but I know almost nothing.

I looked at the "mining computers", but low cost energy is a real problem. I wonder if a fuel cell would be cost effective to power your computer. (Seriously, but kind of nerding out a bit)

---

My brother and I were looking into solar.

---

Did it come close to making sense? It's a big startup cost.

I sort of have my head around how theoretically, a cryptocurrency could replace sovereign currency if everyone agreed to use it, but I still don't see how "miners" verify that something of identifiable value was exchanged electronically. Seems like a commodity market for bits of code that are somewhat complicated to create, like getting paid to run on a treadmill. That's not actually creating any value.

I also don't see any governments accepting them to satisfy your tax obligations, so at best they would have to parallel a regular currency and float along in an exchange market. Legal tender needs the law behind it. Whether its theoretically workable or not, I can't tell and remain highly skeptical, but if it's not recognized as valuable by the guy with guns, you're going to be up a creek really fast.

And FWIW, I Love fuel cells over wind or solar. I might use solar or wind to make my hydrogen, but fuel cells are awesome.

garc said:

---

how does this happen?

Quote:

---

TOKYO (AP) A bitcoin mining company in Slovenia has been hacked for the possible theft of tens of millions of dollars, just days before the virtual currency, which hit a record above $15,000 on Thursday, is due to start trading on major U.S. exchanges.

NiceHash, a company that mines bitcoins on behalf of customers, said it is investigating a security breach and will stop operating for 24 hours while it verifies how many bitcoins were taken.
Research company Coindesk said that a wallet address referred to by NiceHash users indicates that about 4,700 bitcoins had been stolen. At Thursday's record price of about $15,000, that puts the value at over $70 million.

---

https://www.usnews.com/news/business/articles/2017-12-07/bitcoin-miner-nicehash-reports-hack-theft-of-its-wallet

---

This what you will see more of till it collapses.