That's a fork, thus a new currency, not the same a new BTC.

bmks270 said:

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TexasRebel said:

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Deats said:

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Not exactly true.

Its only 21MM, not 28MM.

See this.

https://en.bitcoin.it/wiki/Controlled_supply

You could create a new version of btc, but there are only 21MM btc.

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Once again. There is no physical limit. It is arbitrary and artificial. Additionally, if 51% of the blockchain miners agree that the blockchain should be altered... it is.

These things can literally be created from nothing.... or vanish...

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Not really since the blockchain can't be replicated (well except by a 51% attack). That's the revolution of computer science...

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To summarize your post:

Not really, but yes, it can.

Deats said:

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JJxvi said:

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As far as Bitcoin goes, I dunno about it. Most arguments about its value revolve around scarcity and comparisons to gold, etc. But, what does bitcoin become worth when any kind of new coin with a jump in technology becomes available? Bitcoin might be scarce, but the potential supply of new cryptocurrency of all kinds is infiinite in the long term.

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Correct.

Gold has a "jewelry" value and take $$ to get it out of the ground.

I could create DeatsCoin tomorrow.

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Where can I buy?

venmo to user name

Deats said:

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That's a fork, thus a new currency, not the same a new BTC.

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A 51% attack would not be a fork. It might cause one if caught though. You'd have each group claiming the other is wrong with no mediation.

TexasRebel said:

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Deats said:

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Not exactly true.

Its only 21MM, not 28MM.

See this.

https://en.bitcoin.it/wiki/Controlled_supply

You could create a new version of btc, but there are only 21MM btc.

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Once again. There is no physical limit. It is arbitrary and artificial. Additionally, if 51% of the blockchain miners agree that the blockchain should be altered... it is.

These things can literally be created from nothing.... or vanish...

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Hey it only took him 1000 posts, but he finally posted an actual flaw in bitcoin! Yes it is vulnerable to a 51% attack.

I'm now getting banner ads for cryptocurrencies, thanks dorks

How are they valued in relation to Schrute bucks?

Lot Y Tailgate said:

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TexasRebel said:

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Deats said:

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Not exactly true.

Its only 21MM, not 28MM.

See this.

https://en.bitcoin.it/wiki/Controlled_supply

You could create a new version of btc, but there are only 21MM btc.

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Once again. There is no physical limit. It is arbitrary and artificial. Additionally, if 51% of the blockchain miners agree that the blockchain should be altered... it is.

These things can literally be created from nothing.... or vanish...

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Hey it only took him 1000 posts, but he finally posted an actual flaw in bitcoin! Yes it is vulnerable to a 51% attack.

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I guess you don't read all of my posts. Not nearly the first time I've mentioned it.

Also, how are you going to deal with the lost coin issue?

How are you going to deal with the lost gold issue? Take all your arguments then first test them against themselves by replacing "cash" with " bitcoin".

John Maplethorpe said:

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How are you going to deal with the lost gold issue? Take all your arguments then first test them against themselves by replacing "cash" with " bitcoin".

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But you can print cash... that is the point of the specific question.

Lost gold/cash/physical object can be found and claimed by anyone and re-enter circulation.

If a private key is in properly protected digital cold storage... let's say the owner dies without leaving the key behind... or even telling anyone that the BTC are on that hard drive. Or there are no backup copies and the drive fails...

A quarter forgotten in a trunk in the attic in 1967 is worth a quarter when it is found. A BTC forgotten on an encrypted hard drive is just... gone.

The Coinbase site has been down due to overwhelming volume

That's the downside to making it unseizable. Physical objects have been lost forever as well. Crazy uncle Jerry buries 3 gold bars in the woods. Tells nobody, dies.

What if someone finds uncle Jerry's cold storage device in the attic?

TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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yeah, its crashed numerous times this morning!

TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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Reddit reports are that a number of exchanges are down.

John Maplethorpe said:

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That's the downside to making it unseizable. Physical objects have been lost forever as well. Crazy uncle Jerry buries 3 gold bars in the woods. Tells nobody, dies.

What if someone finds uncle Jerry's cold storage device in the attic?

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Actually this happened in my family. My grandfather had some gold hidden in some furniture pieces and only one of his children knew about it. When he passed away the other kids sold the furniture not knowing gold coins were hidden in some of them. The child who knew about them was livid.

garc said:

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TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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yeah, its crashed numerous times this morning!

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THE END OF BITCOIN IS NIGH

bmks270 said:

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John Maplethorpe said:

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That's the downside to making it unseizable. Physical objects have been lost forever as well. Crazy uncle Jerry buries 3 gold bars in the woods. Tells nobody, dies.

What if someone finds uncle Jerry's cold storage device in the attic?

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Actually this happened in my family. My grandfather had some gold hidden in some furniture pieces and only one of his children knew about it. When he passed away the other kids sold the furniture not knowing gold coins were hidden in some of them. The child who knew about them was livid.

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And somebody else is now either sitting on them or cashed them in...

Even finding the cold storage device doesn't help if you don't have an encryption key to read it... or if time has rendered it inoperable.

Put instructions in your will. In the story above, what happens if the kid forgets about it? Or they sell the furniture...oops.

TexasRebel said:

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bmks270 said:

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John Maplethorpe said:

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That's the downside to making it unseizable. Physical objects have been lost forever as well. Crazy uncle Jerry buries 3 gold bars in the woods. Tells nobody, dies.

What if someone finds uncle Jerry's cold storage device in the attic?

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Actually this happened in my family. My grandfather had some gold hidden in some furniture pieces and only one of his children knew about it. When he passed away the other kids sold the furniture not knowing gold coins were hidden in some of them. The child who knew about them was livid.

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And somebody else is now either sitting on them or cashed them in...

Even finding the cold storage device doesn't help if you don't have an encryption key to read it... or if time has rendered it inoperable.

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So does that mean the finite supply will have some leakage? Wouldn't that make the underlying value of the remaining pool more?

I would recommend selling at this level, there is no meme support.

Sure... if you consider it a collectible.

Lot Y Tailgate said:

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I would recommend selling at this level, there is no meme support.

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You are trying to tell us that you looked at the charts for bitcoin and from a technical trading perspective you don't see support at this level and people should sell? That's amazing.

(Assuming you were suggesting a technical trade, which you were, you look for resistance in a rising asset and support in a declining asset)

I am saying that there is solid support at the 9,000 Vegeta memes, and decent support at the 11,000 Stranger Things memes, but its all bubble with no support from there.

The lack of memes is adding resistance here in the 15,000 range.

That's exactly what it means. Lost gold increases the value of all other gold. When China burns our dollars we send them in exchange for goods, it increases the value of all other dollars.

bmks270 said:

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TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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Reddit reports are that a number of exchanges are down.

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This makes me worry that the common folk will not be able to sell during the coming crash.

Doctor Zhivago said:

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bmks270 said:

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TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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Reddit reports are that a number of exchanges are down.

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This makes me worry that the common folk will not be able to sell during the coming crash.

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Doctor Zhivago said:

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bmks270 said:

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TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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Reddit reports are that a number of exchanges are down.

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This makes me worry that the common folk will not be able to sell during the coming crash.

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Nobody will be able to sell in the crash because of the 1MB blocksize limit.

I have an angle on frozen concentrated orange juice futures. Who wants in?

We will make these Bitcoin chumps look foolish!

Lot Y Tailgate said:

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Doctor Zhivago said:

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bmks270 said:

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TexAgs91 said:

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The Coinbase site has been down due to overwhelming volume

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Reddit reports are that a number of exchanges are down.

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This makes me worry that the common folk will not be able to sell during the coming crash.

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Nobody will be able to sell in the crash because of the 1MB blocksize limit.

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If it's crowded getting in wait until the exit.... HODLing won't be voluntary.

This why the other currencies will win I think. Everyday without lightning network bitcoin will lose ground to the competing currencies who don't have the bottleneck.

I think Bitcoin with huge block size + segwit + LN + 3rd layer applications will win.

pfo said:

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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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99% of "people" that buy Bitcoin are buying because they want to later convert it to USD or some other actual currency. Just. Like. You. Did.

Deats said:

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That's a fork, thus a new currency, not the same a new BTC.

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Don't bother. He's willfully trying not to get it.


"OH, AMZN is worth $1,200? So what? New stocks can be created out of air. ENRON could issue 1000000000000000000 new shares and the price will crash."

That's not how any of this works.

I mean... maybe there will be a market for rare keys... like if a key has the Birthday of a guy named ABE...