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The Bubbly Bitcoin Thread -- Merged Threads


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2 minutes ago, doomed said:

Dunning Kruger in action here folks. A huge multi billion  institution with all kinds of due process to follow got scammed by 2 pretenders, but some useful idiot on a forum seen right through them.

@evetsm is beyond hope but I hope others can see how ridiculous it is.

I feel sorry for you. You're a victim. A bit thick, but that's not a crime.

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Shoot me down, but a few members seems a bit obsessed with this thread.  There are a lot of threads on HOUSEpricecrash and other things to do in general than aggressively defend Bitcoin (e.g. see fami

They could certainly put various things in place to try and stop but I just don't seem them doing it. Obviously they could make dealing, trading, holding or using bitcoin punishable with 10 years

Bitcoin Cash can and will scale on chain. The technology advance within the next decade will allow it to happen with ease and always remain ahead of demand. What Core have done to Bitcoin is criminal

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Craig Wright (more from the link above):

Timothy M. Mullen, a computer and information security expert with more than 30 years of experience who has worked for Microsoft, the U.S Air Force and the U.S Court System as well as written a number of books on the subject with one reviewer stating that “[t]he introduction for Thor’s Microsoft Security Bible by Timothy "Thor" Mullen is one of the best I have read of any security related books”, Mullen had enough. In publicly calling out Craig Wright, who claimed in his now deleted website that he is “the most highly accredited Global Information Security Professional", Mullen states:

    “People like you are dangerous and need to be exposed before someone in a position of power actually believes that you know what you are talking about.”

The unqualified statement was made in reply to a post by Craig Wright where he claims that he can quantify the “probability of compromise” with a simple formula:

    “Where a system uses an SMS response with a separate system (such as a web page), the probability that the banking user is compromised and a fraud is committed, P(Compromise), can be calculated as: P(Compromise) = P(C.SMS) x P(C.PIN)

    Where: P(C.SMS) is the probability of compromising the SMS function and P(C.PIN) is the compromise of the user authentication method [sic]

    The user can be compromised by Trojan apps, poor pins that are pasted to a monitor etc.”

The above may sound reasonable to someone unfamiliar with information security. However, it was sufficient to convince Muller that Wright was “dangerous” and “ignorant” to the point where he states:

    “Not only will I take your money, and ruin your reputation in this bet, but I'll tell you how I will do it UP FRONT.  If I have someone show up at the door with a shotgun and ask for the hardware, do I win? … Where in your formula do you plug that in?”

Muller’s overall assessment is backed by Carl Jongsma, a security expert at Sunnet Beskerming, who states:

    “I read through the post that Craig has placed online and there are a couple of seemingly critical faults in the model that have a massive effect on the overall reliability / strength against attack / resilience… that a system displays.”

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7 hours ago, evetsm said:

What drivel. Go and get yourself 1 trillion Zim dollars instead of 1 USD. Because it's unit bias.

Pure FUD nonsense. This is the level these people have sunk.

This one seems to have hit a nerve, but it's a valid point. Nobody wants to own less than one of anything, especially when spending a significant amount of cash. 

All of the guys I know buying crypto are buying Alts, ICO's or are  involved in pump and dumps. The potential for Bitcoin to go up in multiples is far less than any of these alts. 

Think about it, if Bitcoin doubles from here, you can guarantee Alts are going to go up 5, 10 or 20 times easily.  Buying crypto is a lot like putting on a sweepstake at the Grand National. 

Although 2017 was the best year for Bitcoin (in terms of price), it was the year that ended any chance of it ever being a threat to fiat, as market dominance dropped from 87% down to 34%. 

Why doesn't Andreas Antonopoulos talk about Alts or the drop in Bitcoin's market dominance? The guy is regurgitating the same drivel from 2013. 

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Is it that straightforward though?

The size of the accessible market is the crucial thing; it's true that your friends are currently buying Alts - and it may be that crypto is at a stage where people like your friends are currently the ones most interested in the space. 

But Bitcoin is the Crypto that has now been made public to the general population and instititions - the majority of whom haven't heard of Alts (maybe Ethereum at a push) or would not consider moving big money in due to problems of liquidity and security.

If those people start buying in - and there are potentially billions of them - then BTC goes on another bull run and Alt holders will cash in their holdings in order that they don't miss out.

I prefer Madeon to Ed Sheeran but it's the ginger one who is making all the money.

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1 minute ago, ThePrufeshanul said:

If those people start buying in - and there are potentially billions of them - then BTC goes on another bull run and Alt holders will cash in their holdings in order that they don't miss out.

I prefer Madeon to Ed Sheeran but it's the ginger one who is making all the money.

The point is that Bitcoin can't even dominate the crypto market. How the hell has it got any chance of adoption in the real world, as in being any real threat to fiat?

I'm not saying it wont go up from here or again, but if you're sat there expecting million dollar Bitcoin (or even $100k) you're sat in a 2013 bubble ..

I'd be surprised is we take out the $20k high within the next 2 years. I'm more confident that in 2 years Bitcoin will be much less relevant than it is today. 

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41 minutes ago, narco said:

The point is that Bitcoin can't even dominate the crypto market. How the hell has it got any chance of adoption in the real world, as in being any real threat to fiat?

If bitcoin has no chance then by by this (flawed) logic the others have even less. Its flawed logic because whatever their flaws the other cryptos at least generally have a highly constrained supply and are all superior to fiat in that respect.

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1 hour ago, goldbug9999 said:

If bitcoin has no chance then by by this (flawed) logic the others have even less. Its flawed logic because whatever their flaws the other cryptos at least generally have a highly constrained supply and are all superior to fiat in that respect.

How is a supply constrained deflationary currency superior to fiat?

Edited by narco
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9 minutes ago, narco said:

How is a supply constrained deflationary currency superior to fiat?

How is it not? 

If you are a statist and want to be able to steal wealth with ease and redistribute it to your special flowers sure fiat is great. If you want to protect yourself from theft via inflation and make it difficult for the state to redistribute your wealth it is no contest.

Edited by doomed
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Better word for cryptospace is tokenistan. Blockchain will be superceded by something better- it may be hashgraph. It could be something else. Calling the current space tokenistan ( based on Taleb's extermistan concept which is raised in fooled by randomness), makes it what it really is.

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1 hour ago, narco said:

How is a supply constrained deflationary currency superior to fiat?

It isn't, but I honestly don't think they understand why. Hint 1 - if the government offered me the kind of deal that the BTC HODLers want to offer me, I'd not be very happy. Hint 2 - the supply will inevitably trend towards zero.

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3 minutes ago, tomandlu said:

It isn't, but I honestly don't think they understand why. Hint 1 - if the government offered me the kind of deal that the BTC HODLers want to offer me, I'd not be very happy. Hint 2 - the supply will inevitably trend towards zero.

1. I am extremely unhappy with the deal being currently offered by the government 

2. Digital money is infinitely divisible so this argument is dumb, on par with if there is no electricity.

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39 minutes ago, doomed said:

1. I am extremely unhappy with the deal being currently offered by the government 

2. Digital money is infinitely divisible so this argument is dumb, on par with if there is no electricity.

1. Targeted low inflation isn't a bad deal - "if you want your money to make money, invest it; don't sit on it"

2. Zero is indeed infinitely divisible - which is just as well as that will, one day, be the number of usable bitcoins*

* if you thought that I meant that there weren't enough btc to go around, that's really my first point. Still, slightly better than the crypto-fan who told me that, because it was infinitely divisible, it couldn't be deflationary.

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25 minutes ago, tomandlu said:

1. Targeted low inflation isn't a bad deal - "if you want your money to make money, invest it; don't sit on it"

2. Zero is indeed infinitely divisible - which is just as well as that will, one day, be the number of usable bitcoins*

* if you thought that I meant that there weren't enough btc to go around, that's really my first point. Still, slightly better than the crypto-fan who told me that, because it was infinitely divisible, it couldn't be deflationary.

1. My money is invested in bootstrapping a technology that allows monetary exchange without the Need of state involvement or permission.

2. I think it is conservative to predict a half life of 100s of years for the supply so again it is a dumb point. It is very likely for the next 50 years Bitcoin Cash will remain net inflationary, just everyone will know by how much in advance.

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4 hours ago, dragging boot straps said:

I think it is too soon to be writing off bitcoin dominance but 87% to around 35% in a year is not the best looking. 

Market cap is useless. I can mint a new coin tomorrow , issue 50 billion . Trade it with my mate and his girlfriend repeatedly  for $5, back and forth a few times, and I have 1/2 the crypto market cap.  Load of b*llocks.

The only thing that counts :

 

2018-02-12-210530_1024x576_scrot.png

Edited by evetsm
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16 minutes ago, evetsm said:

Market cap is useless. I can mint a new coin tomorrow , issue 50 billion . Trade it with my mate and his girlfriend repeatedly  for $5, back and forth a few times, and I have 1/2 the crypto market cap.  Load of b*llocks.

The only thing that counts :

 

2018-02-12-210530_1024x576_scrot.png

Bitcoin is still the primary gateway to all other cryptos but that is starting to change. Bitcoin for a long time was the only coin that could be traded directly for fiat. 

Additionally, almost every pair is traded against BTC so of course it will still have the highest volume. 

When I look at that list, Bitcoin is the most expensive  by far, with the slowest transaction times and the highest fees. Litecoin has proven to be just as secure over the last 7 years and is simply a much better experience. 

With £1,000 I can buy  almost 10 Litecoin. For the same price I can get get 0.16 Bitcoin.  Can you explain why anyone should buy Bitcoin instead?

Edited by narco
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1 minute ago, narco said:

Bitcoin is still the primary gateway to all other cryptos but that is starting to change. Bitcoin for a long time was the only coin that could be traded directly for fiat. 

Additionally, almost every pair is traded against BTC so of course it will still have the highest volume. 

When I look at that list, Bitcoin is the most expensive  by far, with the slowest transaction times and the highest fees. Litecoin has proven to be just as secure over the last 7 years and is simply a much better experience. 

With £1,000 I can buy  almost 10 Litecoin. For the same price I can get get 0.16 Bitcoin.  

+1

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19 minutes ago, narco said:

Bitcoin is still the primary gateway to all other cryptos but that is starting to change. Bitcoin for a long time was the only coin that could be traded directly for fiat. 

Additionally, almost every pair is traded against BTC so of course it will still have the highest volume. 

When I look at that list, Bitcoin is the most expensive  by far, with the slowest transaction times and the highest fees. Litecoin has proven to be just as secure over the last 7 years and is simply a much better experience. 

With £1,000 I can buy  almost 10 Litecoin. For the same price I can get get 0.16 Bitcoin.  Can you explain why anyone should buy Bitcoin instead?

Take away bitcoin and ethereum from that chart and you've not got much at all.

And Ethereum is just an ICO platform and very little else. That leaves only one coin worth a spit.

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4 minutes ago, evetsm said:

Take away bitcoin and ethereum from that chart and you've not got much at all.

And Ethereum is just an ICO platform and very little else. That leaves only one coin worth a spit.

EOS? no, no let me guess, litecoin? haha,

I have to admit whenever i want to shift coins back to fiat, i go via litecoin to send it back to the exchange i have KYC to fiat and a link back to my bank account. Whys that? because its the cheapest and fastest route, i like litecoin.

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7 minutes ago, evetsm said:

Take away bitcoin and ethereum from that chart and you've not got much at all.

And Ethereum is just an ICO platform and very little else. That leaves only one coin worth a spit.

I may come across as anti crypto and anti Bitcoin but this isn't totally the case. 

I just don't see anything attractive with Bitcoin in it's current state. 

I think we will get another bull run for all cryptos which will probably be the final move before everything gets smashed as the economy rolls over (maybe later this year or early next). 

If Bitcoin drops to $1350 in the next crash, I'll dip in and buy one on the speculative basis it will eventually be a far better coin. If it goes to the moon from here, then I've no interest in chasing it. 

 

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1 hour ago, narco said:

With £1,000 I can buy  almost 10 Litecoin. For the same price I can get get 0.16 Bitcoin.  Can you explain why anyone should buy Bitcoin instead?

The high price indicates the value placed upon it by millions of others. Would you rather have one share in Berkshire Hathway or millions of penny shares?

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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