Bitcoin discussion and news

Discussion in 'world politics, current affairs and news' started by camouflage, Dec 25, 2010.

  1. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    Yeah fair enough. Some early cars were electric too!
     
  2. gosub

    gosub ~#

    It'll need a real alpha bully to go ..this is the route we're going down
     
  3. mauvais

    mauvais change has become unavoidable

    I get the point being made but a lot of the early car manufacturers, long before Standard Oil, did fine - Karl Benz etc.
     
  4. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    I don't know if any of them have overcome the mining problem. Far as I know all the main ones use a similar formula. All of those will go - it's not a case of petrol vs coal vs electricity, it's all of them disappearing.
     
  5. 1927

    1927 Funnier than he thinks he is.

    Isn’t the whole crypto currency thing a bit like anarchy. In that there are some good ideas, but for it to work needs some sort of regulation, but that’s the one thing that they don’t want, so ultimately it’s an unworkable model.
     
  6. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    Isn't car manufacturing more like the dotcom bubble - new technology that would go on to be huge, with loads of competitors, most of whom went to the wall, those that were left turning into giants.

    This isn't even that, imo.
     
  7. bimble

    bimble noisy but small

    Totally on a tangent but I just learnt this so:
    Did You Know .. William Rockefeller (father of the famed John d) was a conman snake oil salesman who claimed his concoctions could cure cancer.
     
  8. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    I stand to be proved wrong as blockchain technology enters all kinds of areas of life, but I can't get excited by its possibilities. I don't see it as transformative. Also, it's the only good idea in this mess. The rest of it is all terrible.
     
  9. mauvais

    mauvais change has become unavoidable

    Not exactly, because it took place long before globalisation, so there was a lot more room for each nation to have at least one manufacturer, even if not competitive overall, and a lot of those lasted indefinitely until mergers and acquisitions bundled them up into something else. Look at the history of contemporary car mfgs, Tesla aside, and most go back to late 1800s or early 1900s in some form. Of course, we don't remember the minnow losers, so it's a little skewed.

    In comparison the dotcom boom was more straightforward free market gold rush with a very high number of casualties.
     
    littlebabyjesus likes this.
  10. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    And in comparison to the dotcom boom, cryptoshit is just a con.
     
  11. mauvais

    mauvais change has become unavoidable

    So were many dotcom propositions from an investment perspective - no point talking about theoretical use value if it never stacked up at all. OTOH, obviously some dotcom survivors make up internet fundamentals like eBay.

    But contemporary crypto is, certainly once it'd been turned into what it is now as a mass trend, closer to a pure con.
     
  12. ddraig

    ddraig dros ben llestri

    that's over a year not 24hrs, sort your info out
     
  13. bimble

    bimble noisy but small

  14. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    It shows 24 hr volume at the bottom, but I couldn't find info about whether that was volume by usd or by bitcoin numbers. If it's btc numbers, then Yossarian is right that there was a big influx of money towards the end of last year.

    Looking at it again, it does seem likely that it's bitcoin numbers rather than usd value.
     
  15. ddraig

    ddraig dros ben llestri

    the graph is from 2 jan to 4 dec
    and has 1yr selected at the top
     
    gosub likes this.
  16. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    The bar chart shows volume per 24 hours over that year.

    It covers the period from 6 Dec 2016 to 6 Dec 2017
     
  17. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    You can explain exponential growth in price from linear growth in buyers. There are many bitcoin hoarders, so a steady increase in demand could lead to a rapid increase in scarcity.

    As for all the ads, etc, there is an absurd amount of bullshit around about bitcoin.
     
  18. ricbake

    ricbake working out how

    10.4 million users @ Dec 16 -> 19.7 million users Dec 17
    It hardly surprising there are more transactions...
     
  19. kabbes

    kabbes "A top 400 poster"

    Did you hear John Humphries this morning utterly failing to get with grips with it whilst being told by people with a vested interest in flogging cryptocurrencies that crypto was definitely the future of finance? Humphries was lapping it up and not challenging a single piece of their bullshit.
     
  20. gosub

    gosub ~#

    So that's nearly half the punters out of pocket...
     
  21. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    Oh yeah, shit, sorry about that.

    /ddraig
     
  22. ricbake

    ricbake working out how

    Current price is the same as it was mid November 17 - you would be out of pocket if you bought after that
     
  23. gosub

    gosub ~#

    I think this is where block chain will change things
    Britain's £1m and £100m banknotes
    And as such it'll be a closed code written by /for banks rather than a free lunch for some chancer early adopters
     
    Last edited: Feb 5, 2018
  24. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    True right now. But it is the nature of such a speculation bubble that it is a zero-sum game. Anyone who's made a profit has done so at the expense of those left holding the tokens at the end. In this case, it's even worse than that due to the mining costs, so the overall real-world wealth available to be shared out equals all the money used to buy bitcoin minus the mining costs.

    Edited: transaction fees are paid for in bitcoin, so those are not more money coming in.
     
  25. kabbes

    kabbes "A top 400 poster"

    And now October 29.

    It’s a
    [​IMG]
     
  26. cupid_stunt

    cupid_stunt Dyslexic cnut, & all round knob-head.

    On Sunday it was down to £5700, looked about 5 mins ago & it was £4300, now back to £4500, so all over the place.
     
  27. 1927

    1927 Funnier than he thinks he is.

    Has anyone got 2 BTC they don’t want? I need to get a coffee on the way to work!
     
    Last edited: Feb 6, 2018
    8ball and cupid_stunt like this.
  28. mauvais

    mauvais change has become unavoidable

    It will continue to bounce around, there is no 'it's gone bust' hard stop on the thing, but obviously the trend is significantly downwards. Two important things have happened: a lot of people will have been burned now, and the meteoric rise that it was sold on the back of is toast, so it makes it harder to market. Not completely, just iteratively so.

    I wouldn't be surprised if there were further big rises but it doesn't change anything. Obviously no point trying to buy the dip either unless you have a very good handle on global consumer stupidity.
     
  29. phillm

    phillm Trolling through Life (TM)

    back to being the default currency of drugs , kiddie fiddlers and nazis then.
     
  30. mauvais

    mauvais change has become unavoidable

    Not even that if its value is so unpredictable. Just use Monero or something (although that may ultimately be the same, haven't looked at it in detail)
     

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