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Started By
Message
Are bitcoins dead? WIKI Where u at?
Posted on 1/19/16 at 7:59 pm
Posted on 1/19/16 at 7:59 pm
8
Posted on 1/19/16 at 8:10 pm to Broke
He bought a private island and is laughing at you right now.
Posted on 1/19/16 at 8:24 pm to Broke
That article sounds like the same posts you and I had two or three years ago everytime Wiki and JoshNorris told us how impervious btc was to manipulation.
The point we kept trying to make was any entity with enough deep pockets could manipulate the process to the detriment of all owners of btc. They said it was impossible.
The Chinese military has done it apparently.
Thanks for posting the link. I stopped keeping up with btc news a year or so ago.
The point we kept trying to make was any entity with enough deep pockets could manipulate the process to the detriment of all owners of btc. They said it was impossible.
The Chinese military has done it apparently.
Thanks for posting the link. I stopped keeping up with btc news a year or so ago.
Posted on 1/19/16 at 8:37 pm to Broke
I always found it laughable that people were arguing Bitcoin would eventually supplant or even compete with the USD/other dominant currencies due to Moore's Law and the power of the sun. My opinion was further bolstered when Ron Paul replaced his skepticism with belief in the "currency."
But the blockchain technology that it brought about seems like a genius concept that could have far-reaching effects in the future in the retail financial industry, and it is supposedly already being implemented to some degree at present. I guess we will need to separate the idiocy of the message board anarchists from this concept.
But the blockchain technology that it brought about seems like a genius concept that could have far-reaching effects in the future in the retail financial industry, and it is supposedly already being implemented to some degree at present. I guess we will need to separate the idiocy of the message board anarchists from this concept.
Posted on 1/19/16 at 9:31 pm to Lou Pai
its definitely not dead, it is over $300
Posted on 1/19/16 at 9:40 pm to LSURussian
I pointed out several of the issues discussed in the article. I was laughed at by Wiki and Josh as a know nothing when I pointed out that the system had a limited capacity to process transactions in a timely manner and that miners would eventually require compensation for performing the computations necessary to verify transactions in order for them to be economically viable.
I wonder when we'll see some other the Bitcoin believers come clean about the economic results of their Bitcoin activities? Where are all of the mining magnates and speculator tycoons these days? I'm sure not a one of them lost any money.
I wonder when we'll see some other the Bitcoin believers come clean about the economic results of their Bitcoin activities? Where are all of the mining magnates and speculator tycoons these days? I'm sure not a one of them lost any money.
Posted on 1/19/16 at 10:06 pm to Lou Pai
The blockchain tech is going to do wonders for speeding up underwriting and securing electronic transactions. Still likely 3-5 years away though.
Posted on 1/20/16 at 9:11 am to Broke
Bitcoin may be dead but it's just the first of it's kind. The idea and purpose is still needed in some parts of the world and with some refining, a replacement could still thrive one day.
Hell, with all of the civil asset forfeitures our local Governments have become fond of, I wish Bitcoin was a more stable alternative to stashing and moving money.
Hell, with all of the civil asset forfeitures our local Governments have become fond of, I wish Bitcoin was a more stable alternative to stashing and moving money.
Posted on 1/20/16 at 9:12 am to Broke
Bitcoins have done less poorly than a lot of the common stocks I've seen peddled here
Posted on 1/20/16 at 9:16 am to Poodlebrain
quote:
Where are all of the mining magnates and speculator tycoons these days? I'm sure not a one of them lost any money.
I have a gaming computer that I would let mine when not in use. I quit when it stopped making sense to do so. Care to tell me how I lost money?
Posted on 1/20/16 at 9:33 am to stout
quote:
mining magnates
quote:
I have a gaming computer that I would let mine when not in use
I think he was referring to the people that set up huge operations of specialized computers
Posted on 1/20/16 at 9:34 am to stout
quote:
I have a gaming computer that I would let mine when not in use. I quit when it stopped making sense to do so. Care to tell me how I lost money?
How much did you spend mining? How much did you make?
Posted on 1/20/16 at 9:41 am to Hermit Crab
quote:
I think he was referring to the people that set up huge operations of specialized computers
Yea only the very early adopters that did this made serious money. Much like a pyramid scheme.
Posted on 1/20/16 at 10:23 am to stout
quote:
Bitcoin may be dead but it's just the first of it's kind. The idea and purpose is still needed in some parts of the world and with some refining, a replacement could still thrive one day.
And that is a concession that we made over and over and over. We were called horrendous names (luddite, etc) and were dismissed on most of our positions. Bitcoin was supposed to topple governments and crash monetary systems. Well....................
Posted on 1/20/16 at 10:31 am to stout
quote:I don't know exactly how many Bitcoins you were able to mine, how much you were able to exchange for them or how much your cost for electricity was for mining, etc. So I can't tell whether you made or lost money. Given your admission that you stopped mining, I think it is safe to say you realized it was not an economically positive venture. You were practical in your approach to Bitcoins. My intentionally exaggerated taunting was aimed at those who were impractical, get rich quick wannabes, and those were mainly the speculators who didn't even have any idea what Bitcoins were, how they functioned and, most importantly, were trading them on unregulated exchanges operated by amateurs.
I have a gaming computer that I would let mine when not in use. I quit when it stopped making sense to do so. Care to tell me how I lost money?
Posted on 1/20/16 at 10:40 am to Broke
Jamie Dimon, CEO of JP Morgan Chase, was interviewed on CNBC this morning from Davos, Switzerland and one of the questions he was asked was about bitcoin.
His most interesting comment for me was while BTC itself has no future because of the limitations and flaws already mentioned, the concept of a block chain system for payment transfers and certain record keeping functions has potential for reducing costs significantly. Many of us have been saying that to wiki, et al, for several years.
As an aside, DAY-UM that guy is smart! And articulate.
He articulated what's going on in the world's economy and markets in 2 minutes better than Yellen, Lew or any talking head could do in an hour.....
His most interesting comment for me was while BTC itself has no future because of the limitations and flaws already mentioned, the concept of a block chain system for payment transfers and certain record keeping functions has potential for reducing costs significantly. Many of us have been saying that to wiki, et al, for several years.
As an aside, DAY-UM that guy is smart! And articulate.
He articulated what's going on in the world's economy and markets in 2 minutes better than Yellen, Lew or any talking head could do in an hour.....
Posted on 1/20/16 at 10:50 am to Broke
quote:
And that is a concession that we made over and over and over. We were called horrendous names (luddite, etc) and were dismissed on most of our positions. Bitcoin was supposed to topple governments and crash monetary systems. Well....................
To be fair to Wiki, I did see him say several times that Bitcoin was only the first and may not stick. He was more into the idea of it than actual Bitcoins and I still think that, if a better version of it were to work, it could cause issues in weaker economies like he said.
Josh Norris, on the other hand, went full retard on that shite.
Posted on 1/20/16 at 10:56 am to stout
quote:Yes, he did, while continuing to eviscerate anyone who questioned the viability of bitcoin.
To be fair to Wiki, I did see him say several times that Bitcoin was only the first and may not stick.
He was adamant that bitcoin, not some future digital currency successor to bitcoin, was going to topple governments and central banks around the world.
I repeatedly called him out for being a hypocrite for wanting to have it both ways of urging people to buy btc (and saying anyone who didn't buy was ignorant) and then saying in subsequent posts it was risky and might collapse.
Posted on 1/20/16 at 11:02 am to LSURussian
I caught that too, he was on the money
Posted on 1/20/16 at 11:04 am to LSURussian
I caught that too, he was on the money
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