The Bitcoin Thread

[JerryMungo]

It is if many get burned and never return. How many would have sold for more than they bought with the price only going down?

Also what's to stop BCH splitting in a few months, giving offspring to a new coin which makes it crash just like now? It's like a neverending cycle which is a bad thing for cryptocurrency since if people are unsure of where to put their money, they won't put anything down at all.

I doubt that's relevant. Those who get burned and never return weren't in it for the right reasons. At some point it will mature and move from it's image as a 'get rich quick' opportunity to offer a real world value proposition.

BCH could absolutely go the same way. If the product doesn't perform, it'll be the next has been. If it's nimble and flexible, it'll meet a need and be in demand.

 

[SaiyanZ]

I doubt that's relevant. Those who get burned and never return weren't in it for the right reasons. At some point it will mature and move from it's image as a 'get rich quick' opportunity to offer a real world value proposition.

BCH could absolutely go the same way. If the product doesn't perform, it'll be the next has been. If it's nimble and flexible, it'll meet a need and be in demand.

Yet you're cashing out and jumping on the next thing whilst talking about "in it for the right reasons".

 

[JerryMungo]

Yet you're cashing out and jumping on the next thing whilst talking about "in it for the right reasons".

Well what are the right reasons? And what exactly am I cashing in?
I could lose all my crypto overnight and still not "be burned".
I'm not playing with my retirement here. It's been one way street for me with mining - other than having to pay the hardware off.

That's what I'd recommend to everyone else here reading this - don't sink your retirement into this. If it's spare cash you can afford to lose, have at it.

 

[Adenoid Hynkel]

The graphs

 

[iFan]

Vok so what to do now? Sell before it is too late?

Do you guys reckon it will still come up?

 

[iFan]

Feck it I just sold...will just keep an eye and hopefully buy before it rises again...Why does this happen over the weekend when I am busy and not watching? :crylaugh:

 

[iedergeval]

btc is an evolutionary process......the btc in 5 years time will likely be a totally different animal. There will be clones like bc cash , bc gold etc. One cannot assume that the current btc will be able to satisfy the diverse needs of groupings across the cyberspace, so things will change , live with it. Volatility will be there, price will fluctuate---wildly.
currently my gut feeling says: btc will remain , primarily as a gold standard .Ethereum will remain as an experimental blockchain project--invest with caution , it is like an ICO , not securely underpinned.Underlying projects may be worthwhile if you can weed out junk. Montero will survive and likely morph with time. BCH ,BC gold? No one knows but the big fear is centralized control ---see Big Banker /Visa/Paypal/Tencent/Bitmain/Google
Currently I am lying low , till dust settles , then I will keep hodling btc and convert a chunk of the bonus coins into montero. I will watch the ethereum/blockstream etc space carefully and try to see if there is a stand-out , a "google" to invest in
Things change

 

[MrGray]

Well what are the right reasons? And what exactly am I cashing in?
I could lose all my crypto overnight and still not "be burned".
I'm not playing with my retirement here. It's been one way street for me with mining - other than having to pay the hardware off.

That's what I'd recommend to everyone else here reading this - don't sink your retirement into this. If it's spare cash you can afford to lose, have at it.

+1

And to add to this, it's not a passive investment. It's a new asset class which is in a constant state of flux due to the newness of the underlying technologies, competing philosophies over how the blockchain should scale and political tensions between different camps of developers, miners, regulators and investors. You need to understand the environment, keep abreast of the news and be prudent. Anyone doing that would likely have started hedging into BCH last week.

Does this make BTC a bursting bubble? From some perspectives, yes. But another perspective would be that the total market cap of all cryptos has actually increased significantly in the last week and 1 BTC plus 1 BCH is worth much the same as it was a week ago, the market is just reorganizing into what it perceives to be a vehicle with better scaling technology.

 

[iedergeval]

quote from a good book

"The introduction of new technologies into anachronistic
settings caused confusion and moral crises.The success of Christian missionaries in converting millions of indigenous peoples can be laid in large measure to the local crises
caused by the sudden introduction of new power arrangements from the outside. Such encounters recurred over and over, from the sixteenth century through the early decades
of the twentieth century. We expect similar clashes early in the new millennium as Information Societies supplant those organized along industrial lines
It will therefore be crucial that you see the world anew. That means looking from the outside in to reanalyze much that you have probably taken for granted. This will
enable you to come to a new understanding. If you fail to transcend conventional thinking at a time when conventional thinking is losing touch with reality, then you will
be more likely to fall prey to an epidemic of disorientation that lies ahead. Disorientation breeds mistakes that could threaten your business, your investments, and your way of life.
In two previous volumes, Blood in the Streets and The Great
Reckoning, we argued that the most important causes of change are not to be found in political manifestos or in the pronouncements of dead economists, but in the hidden
factors that alter the boundaries where power is exercised. Often, subtle changes in climate, topography, microbes, and technology alter the logic of violence. They transform the way people organize their livelihoods and defend themselves
To the contrary, we look from the outside in. We are knowledgeable around the subjects about which we make
forecasts. Most of all, this involves seeing where the boundaries of necessity are drawn. When they change, society necessarily changes, no matter what people may wish to the
contrary.

In our view, the key to understanding how societies evolve is to understand factors that determine the costs and rewards of employing violence, Every human society,
from the hunting band to the empire, has been informed by the interactions of megapolitical factors that set the prevailing version of the "laws of nature." Life is
always and everywhere complex. The lamb and the lion keep a delicate balance, interacting at the margin. If lions were suddenly more swift, they would catch prey that now escape. If lambs suddenly grew wings, lions would starve. The capacity to utilize and defend against violence is the crucial variable that alters life at the margin.
We put violence at the center of our theory of megapolitics for good reason. The control of violence is the most important dilemma every society faces"

 

[Damac10]

+1

And to add to this, it's not a passive investment. It's a new asset class which is in a constant state of flux due to the newness of the underlying technologies, competing philosophies over how the blockchain should scale and political tensions between different camps of developers, miners, regulators and investors. You need to understand the environment, keep abreast of the news and be prudent. Anyone doing that would likely have started hedging into BCH last week.

Does this make BTC a bursting bubble? From some perspectives, yes. But another perspective would be that the total market cap of all cryptos has actually increased significantly in the last week and 1 BTC plus 1 BCH is worth much the same as it was a week ago, the market is just reorganizing into what it perceives to be a vehicle with better scaling technology.

On the plus theres people waiting on their free 'BCC' from exchanges who promised January 2018 etc . They must be chuffed

 

[iedergeval]

note that (I think) the authors use "violence" both concretely and metaphorically--as in "change =violence"

 

[Awesum]

BTC made a U turn at R81k and BCH is now over $2k

 

[JerryMungo]

On the plus theres people waiting on their free 'BCC' from exchanges who promised January 2018 etc . They must be chuffed

I managed to get mine out of a wallet it was stuck in on Friday lol.

And people - which sucker bought in at R90k??

 

[JerryMungo]

quote from a good book

"The introduction of new technologies into anachronistic
settings caused confusion and moral crises.The success of Christian missionaries in converting millions of indigenous peoples can be laid in large measure to the local crises
caused by the sudden introduction of new power arrangements from the outside. Such encounters recurred over and over, from the sixteenth century through the early decades
of the twentieth century. We expect similar clashes early in the new millennium as Information Societies supplant those organized along industrial lines
It will therefore be crucial that you see the world anew. That means looking from the outside in to reanalyze much that you have probably taken for granted. This will
enable you to come to a new understanding. If you fail to transcend conventional thinking at a time when conventional thinking is losing touch with reality, then you will
be more likely to fall prey to an epidemic of disorientation that lies ahead. Disorientation breeds mistakes that could threaten your business, your investments, and your way of life.
In two previous volumes, Blood in the Streets and The Great
Reckoning, we argued that the most important causes of change are not to be found in political manifestos or in the pronouncements of dead economists, but in the hidden
factors that alter the boundaries where power is exercised. Often, subtle changes in climate, topography, microbes, and technology alter the logic of violence. They transform the way people organize their livelihoods and defend themselves
To the contrary, we look from the outside in. We are knowledgeable around the subjects about which we make
forecasts. Most of all, this involves seeing where the boundaries of necessity are drawn. When they change, society necessarily changes, no matter what people may wish to the
contrary.

In our view, the key to understanding how societies evolve is to understand factors that determine the costs and rewards of employing violence, Every human society,
from the hunting band to the empire, has been informed by the interactions of megapolitical factors that set the prevailing version of the "laws of nature." Life is
always and everywhere complex. The lamb and the lion keep a delicate balance, interacting at the margin. If lions were suddenly more swift, they would catch prey that now escape. If lambs suddenly grew wings, lions would starve. The capacity to utilize and defend against violence is the crucial variable that alters life at the margin.
We put violence at the center of our theory of megapolitics for good reason. The control of violence is the most important dilemma every society faces"

I'd read it but the font hurts my eyes. So I quoted it here to see what you posted

 

[SaiyanZ]

Well what are the right reasons? And what exactly am I cashing in?

Is it relevant if you sold and bought the next bubble?

You mentioned the right reasons so maybe enlighten.

Regarding being burned, I was speaking in general and not referring to your cash situation. If too many people make losses, the news spreads. Then fewer and fewer people come back to cryptocurrencies and fewer new people invest so it keeps sinking until dead.

 

[JerryMungo]

You mentioned the right reasons so maybe enlighten.

Mostly anything but "get rich quick" or "replace steady income" or "Invest my hard earned retirement money". It could be "Learn something", "Keep myself entertained", "grow a small investment"... etc.etc. Different stroked for different folks. All I'm saying is

1) if it were predictable, a) we'd all be making money and b) opinions wouldn't differ so much....
and
2) It's far too new (and it's unregulated) to be predictable, so don't make it your primary investment.

Regarding being burned, I was speaking in general and not referring to your cash situation. If too many people make losses, the news spreads. Then fewer and fewer people come back to cryptocurrencies and fewer new people invest so it keeps sinking until dead.

It's never a good idea to give up your day job... that's your real money maker. Good hard work.
And we'd all still be here breathing oxygen. And we'd likely look for something else to entertain us or invest in.

 

[Damac10]

Mostly anything but "get rich quick" or "replace steady income" or "Invest my hard earned retirement money". It could be "Learn something", "Keep myself entertained", "grow a small investment"... etc.etc. Different stroked for different folks. All I'm saying is

1) if it were predictable, a) we'd all be making money and b) opinions wouldn't differ so much....
and
2) It's far too new (and it's unregulated) to be predictable, so don't make it your primary investment.



It's never a good idea to give up your day job... that's your real money maker. Good hard work.
And we'd all still be here breathing oxygen. And we'd likely look for something else to entertain us or invest in.

How is the prohash switchup going? Which bcc wallet you using? psu landed yesterday..

 

[JerryMungo]

How is the prohash switchup going? Which bcc wallet you using? psu landed yesterday..

Ah cool, thanks for letting me know. Still no sign of mine - ordered a few hours before yours :crylaugh:
As for Prohashing - it's $29 since I posted yesterday at current rates, given the steady BCC growth. I may have to switch back when it's settled. Will see. As long as I'm betting on the right payout coin, I should make more at PH than NH... but it's never been more sure than the past couple of days so... hard to call at the best of times. Maybe a good idea to stick with BCC for now.

 

[SaiyanZ]

Mostly anything but "get rich quick" or "replace steady income" or "Invest my hard earned retirement money". It could be "Learn something", "Keep myself entertained", "grow a small investment"... etc.etc. Different stroked for different folks. All I'm saying is

1) if it were predictable, a) we'd all be making money and b) opinions wouldn't differ so much....
and
2) It's far too new (and it's unregulated) to be predictable, so don't make it your primary investment.



It's never a good idea to give up your day job... that's your real money maker. Good hard work.
And we'd all still be here breathing oxygen. And we'd likely look for something else to entertain us or invest in.

Oh ok, I thought the right reason might be buying and holding a cryptocurrency because of its real value and not that people stuff you mentioned. i.e. not dumping it as soon as it goes down.

I doubt most of the money sitting in cryptocurrency is from people who have given up their day jobs so I don't know why you brought that up.

 

[Damac10]

Ah cool, thanks for letting me know. Still no sign of mine - ordered a few hours before yours :crylaugh:
As for Prohashing - it's $29 since I posted yesterday at current rates, given the steady BCC growth. I may have to switch back when it's settled. Will see. As long as I'm betting on the right payout coin, I should make more at PH than NH... but it's never been more sure than the past couple of days so... hard to call at the best of times. Maybe a good idea to stick with BCC for now.

Must pay duty but think they sent invoice to wrong email as they called yesterday but no invoice arrived. Was hoping for delivery Tuesday.. Will check back . Also hoping D3 get delivered tomorrow or Tuesday so perfect timing in a way