lombardo Posted November 8, 2017 Share Posted November 8, 2017 56 minutes ago, goldbug9999 said: I don't like POS. At least with POW acquiring new money is equally difficult for everyone, with POS the more money you already have the easier it gets, I just cant see any way that can end well in the long term. Also POW keeps the vested interest of large holders and miners separate. You can't mine without money too. Buy miners, buy electricity etc. Quote Link to comment Share on other sites More sharing options...
adamLancs Posted November 8, 2017 Share Posted November 8, 2017 1 hour ago, tomandlu said: heh - if you can steal (and lose) $3,000,000,000 by accident, I'd say "fundamentally flawed" just about covers it... (in fairness, it looks like this was a flaw they introduced whilst trying to deal with another flaw, so... err. That doesn't really help, does it?) It doesn't help, because this is a shining example of moral hazard at play... Parity already screwed up once and yet because everybody got saved, now they messed up again and there's still a bunch of companies using them (because the funds got returned), who now have their ETH frozen, forcing a hard fork to bring them back again (yes it will happen like this). It's just like saving the risky banks... everybody still uses the risky banks... because nobody lost their money, although they technically did, the white knights saved them. With Bitcoin, when it's gone, it's gone. And you better trust the right companies to hold your coins, because there are no white knights to bring them back... Quote Link to comment Share on other sites More sharing options...
adamLancs Posted November 8, 2017 Share Posted November 8, 2017 1 hour ago, jiltedjen said: all the 'young people' at my work get it. and want to buy. which is concerning for me, considering they are the people least able to take a finical hammering if/when it crashes. i would say maybe 1 more year before we hit shoe-shine moment. I'm not encouraging anyone to buy, i'm only highlighting the risk. Im quite uncomfortable talking about it when faced with 'it can only ever go up, like houses yeah' as i am well positioned in bitcoin i cant help to wonder if i will get resentment when it crashes. The newer people getting interested are plain gamblers, with little or no understanding of bitcoin. i hope they learn and do buy and hold. I just hope they understand the temptation to sell when it crashes will be very strong. The positive is that the new generation are fully on board with bitcoin, and likely will be very long term holders. The young will inherit the earth i guess, perhaps this is the start of poverty stricken boomers finally. At least people do value my opinion on bitcoin, back in 2013 no-one took me seriously. So bitcoin is slowly becoming more serious. Still think we will reach £6,000 on reducing volume then its crash-time. who knows. It is a once-in-a-lifetime event, nobody knows how it will play out. It's possible it doesn't crash again at all. That it might have reached some sort of terminal velocity is possible, given that adoption is now worldwide and will only increase. It simply needs the number of new entrants to be steadily higher than the number of people selling to avoid a crash. I would say adoption is just breaking out of it's infancy right now. Also, playing with cryptocurrencies can be very much like gambling... do not underestimate the attractiveness of altcoins to the percentage of the population predisposed to throwing their wages on a fire every weekend. Also, crypto market cap now back through it's ATH and 200bln+ Nobody's gonna be waiting for it to hit 1trln before they invest... they are getting in now. The next 2 years, change is going to come fast... I predict 3 years from now, using a Bitcoin debit card will be quite normal for a lot of people and the reliance on banks for them will start to decline, mostly to debt and debt servicing (which will also move to crypto eventually). Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted November 8, 2017 Share Posted November 8, 2017 11 minutes ago, adamLancs said: t is a once-in-a-lifetime event, nobody knows how it will play out. It's different this time Go with the trend New paradigm Fear of missing out Sky is the limit = Bubble Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 8, 2017 Share Posted November 8, 2017 1 hour ago, adamLancs said: It is a once-in-a-lifetime event, nobody knows how it will play out. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 8, 2017 Share Posted November 8, 2017 57 minutes ago, Wurzel Of Highbridge said: It's different this time Go with the trend New paradigm Fear of missing out Sky is the limit = Bubble I've stopped getting junk email telling me to buy pwopatee in Lancaster and now it's all Bitcoin. Matter of time.... Quote Link to comment Share on other sites More sharing options...
Inoperational Bumblebee Posted November 8, 2017 Share Posted November 8, 2017 1 hour ago, Wurzel Of Highbridge said: It's different this time Go with the trend New paradigm Fear of missing out Sky is the limit = Bubble Remember all that fuss about 'the internet'? Whatever happened to that, eh? Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted November 8, 2017 Share Posted November 8, 2017 2 hours ago, Wurzel Of Highbridge said: It's different this time Go with the trend New paradigm Fear of missing out Sky is the limit = Bubble Imagine if you could transfer gold over the internet at little cost, and then store it securely at each end, at zero cost. I'd agree that ICOs, private blockchains, and the vast majority of the altcoins are in a bubble, but the technology (with the most likely winner being Bitcoin) is here to stay. The bursting of the ICO bubble will no doubt have a knock-on effect on legitimate projects to their detriment, but there'll be a vacuum to fill with institutional money. BTW, I do remember that you're an accountant. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted November 8, 2017 Share Posted November 8, 2017 39 minutes ago, Inoperational Bumblebee said: Remember all that fuss about 'the internet'? Whatever happened to that, eh? So, did you buy shares in the internets? Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted November 8, 2017 Share Posted November 8, 2017 6 minutes ago, tomandlu said: So, did you buy shares in the internets? Unfortunately you couldn't. But thanks to the way gold 2.0 works, you can in Bitcoin! Quote Link to comment Share on other sites More sharing options...
adamLancs Posted November 8, 2017 Share Posted November 8, 2017 5 minutes ago, tomandlu said: So, did you buy shares in the internets? Domain names were a kind of share in the internet, if you got a couple of good ones and held on to them for a few years you were quids in. Lots of people made money on the back of internet adoption and a lot of those names are still worth decent sums. Quote Link to comment Share on other sites More sharing options...
brunobald Posted November 8, 2017 Share Posted November 8, 2017 Blockchain has value. Bitcoin is more of a brand and not comparable to the internet. Not sure what will happen but when we have a situation where a very small percentage of the world holds the majority of bitcoin I can't imagine the rest of the world backing it. A blockchain that slowly expanded its use base and value would be much more valuable as a currency. It needs to be seen as a fair system otherwise what's the point apart from making a few insightful miners incredibly rich. I thought bitcoin was supposed to be a revolution not a lot power hungry pyramid scheme. Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted November 8, 2017 Share Posted November 8, 2017 So it now hit the £6,000 mark. bubbles are bubbles, it’s never different this time. im making money which is nice, but I’m not kidding myself, it’s clearly a bubble. so there it is. I think it’s going to crash. It would be much better for me if it doesn’t. i actually think those horrible senior bankers were right, the people I see getting involved will probably put much more in than they can afford to loose. and perhaps we are reaching a whole new mania phase. but I can tell people to be careful. that it’s risky. they can’t hate me for being right, both originally with bitcoin, and the crash. Quote Link to comment Share on other sites More sharing options...
Kilham Posted November 8, 2017 Share Posted November 8, 2017 Fork off. BTC just spiked to 7900USD. It certainly is a once in a lifetime event, but what history will say we will just have to wait and see. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted November 8, 2017 Share Posted November 8, 2017 (edited) Bitcoin hard fork cancelled according to a message on the 2X mail list from one of the ringleaders. https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html Edited November 8, 2017 by Eddie_George Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 8, 2017 Share Posted November 8, 2017 19 minutes ago, jiltedjen said: So it now hit the £6,000 £225,0000 mark. bubbles are bubbles, it’s never different this time. im making money which is nice, but I’m not kidding myself, it’s clearly a bubble. so there it is. I think it’s going to crash. It would be much better for me if it doesn’t. i actually think those horrible senior bankers were right, the people I see getting involved will probably put much more in than they can afford to loose. and perhaps we are reaching a whole new mania phase. but I can tell people to be careful. that it’s risky. they can’t hate me for being right, both originally with bitcoin housing , and the crash. Quote Link to comment Share on other sites More sharing options...
Kilham Posted November 8, 2017 Share Posted November 8, 2017 At least you don't need a bitcoin to live in so if it is a bubble the damage should be limited to those of us riding it. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted November 8, 2017 Share Posted November 8, 2017 7 minutes ago, Kilham said: At least you don't need a bitcoin to live in so if it is a bubble the damage should be limited to those of us riding it. You and 1,000,000,000 pai gow gamblers. If this isn't the trigger event that collapses the Chinese ponzi then I don't know what will. Most excellent! Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted November 8, 2017 Share Posted November 8, 2017 (edited) 1 hour ago, Eddie_George said: Bitcoin hard fork cancelled according to a message on the 2X mail list from one of the ringleaders. https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html Yes holy sh*t, in the process of selling my BCH now .... (but maybe its a trick and mr ver can buy it all back for himself) Edited November 8, 2017 by goldbug9999 Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted November 8, 2017 Share Posted November 8, 2017 well to stick to my guns, i think we have a long way down from here. It did hit the 6K and so far seems to be falling as predicted. All alts will eventually fail as has been shown today. Seems everyone just wanted free coins. cold splash of water on the bitcoin mania. 3K here we come, heres your buying opportunity coming boys. Quote Link to comment Share on other sites More sharing options...
doomed Posted November 8, 2017 Share Posted November 8, 2017 (edited) 1 hour ago, goldbug9999 said: Yes holy sh*t, in the process of selling my BCH now .... (but maybe its a trick and mr ver can buy it all back for himself) You may end up regretting that. Edited November 8, 2017 by doomed Quote Link to comment Share on other sites More sharing options...
tomandlu Posted November 8, 2017 Share Posted November 8, 2017 2 hours ago, adamLancs said: Domain names were a kind of share in the internet, if you got a couple of good ones and held on to them for a few years you were quids in. Lots of people made money on the back of internet adoption and a lot of those names are still worth decent sums. So is BTL if you got in earlier enough. I'm happy for people to make unearned wealth (well, not happy, but accepting), but let's not fool ourselves. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted November 8, 2017 Share Posted November 8, 2017 2 hours ago, Eddie_George said: Imagine if you could transfer gold over the internet at little cost, and then store it securely at each end, at zero cost. More to the point, imagine most people have no interest in transferring gold at all. They just want to earn a living and be treated fairly, and I'm not sure bitcoin has anything to do with that. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted November 8, 2017 Share Posted November 8, 2017 25 minutes ago, doomed said: You may end up regretting that. Its always a risk, I'm just not seeing much upside in BCH though and I want to rationalise my wallets, cant be arsed having to manage 2 sets of wallets any more. Quote Link to comment Share on other sites More sharing options...
Traktion Posted November 8, 2017 Share Posted November 8, 2017 1 hour ago, jiltedjen said: All alts will eventually fail as has been shown today. Seems everyone just wanted free coins. What has been shown today? That people wanted free fork coins, so bought some Bitcoin with their alts, but then switched back when fork was cancelled? Quote Link to comment Share on other sites More sharing options...
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