Bitcoins/Cryptocurrency

Malthusian

ExremelyCautiousSocialist wrote: »

Is the zero-sum/money games angle as relevant when you dealing with something still growing?

Yes. A zero-sum game into which somebody injects more money is still a zero-sum game. It is still mathematically impossible for everyone including the new player to cash out at a profit.

One million people can join and leave a poker game and the amount of money taken off the table by everyone at the end will still add up to exactly the same as the amount put on it.

ben501

What could be interesting, and possibly an awakening to the get rich quick fans, is to know how many of the 17 million+ Bitcoins that have so far been generated are being used in everyday transactions. I don't know if it's even possible to get an accurate estimate from studying the blockchain, but I'm guessing it's actually a very small amount.


How many bitcoins would have to be put on the market at one time for supply to far outstrip demand and send prices plummeting?
Maybe I'm over simplifying it, but I'm surprised they've even managed to pump the price this high again.

ExremelyCautiousSocialist

ben501 wrote: »

but I'm surprised they've even managed to pump the price this high again.

$1 each was considered high back in the day. $3000 is now considered low.

WillGates

Sunday surge to $10,000, we'll see.

Meanwhile...

"Facebook’s (FB) new cryptocurrency Libra could “substantially improve financial inclusion and dramatically lower the cost of domestic and cross border payments,” Bank of England governor Mark Carney will say on Thursday evening.

Carney’s words are a significant boost for Facebook and the consortium of corporate giants backing Libra.

The new cryptocurrency project was officially launched earlier this week but met an immediate backlash from politicians and regulators around the world. Carney’s words are the strongest endorsement so far from a policymaker. Carney will also say on Thursday that Libra could become “systematically important” to global finance.

....Facebook and a consortium of 27 other backer, including PayPal (PYPL), Uber (UBER), MasterCard (MA), Visa (V), and eBay (EBAY), on Tuesday announced Libra, a new global cryptocurrency set to launch in 2020. It will be controlled by a Swiss-based non-profit and aims to help the 1.7 billion people around the world without a bank account access financial services."

fun4everyone

Libra is irrelevant to bitcoin. Facebook is a centralised controller (no matter how it is framed). They will also be forced to adhere to local rules and regulations everywhere.

It will make people think about bitcoin which I guess is a positive but it is irrelevant in the big scheme of things. It will have absolutely no effect on bitcoins medium to long term prospects

Anyway it doesn't matter. Newsflash for the haters, the ignorant, and the deniers, Bitcoin doesn't care what anyone thinks. £10k bitcoin is incoming for the second time but just wait for £100k bitcoin - it's going to be one hell of a party.

masonic

fun4everyone wrote: »

Anyway it doesn't matter. Newsflash for the haters and deniers, Bitcoin doesn't care what anyone thinks. £10k bitcoin is incoming for the second time but just wait for £100k bitcoin - it's going to be one hell of a party.

Bitcoin is a scam

ExremelyCautiousSocialist

fun4everyone wrote: »

Anyway it doesn't matter. Newsflash for the haters, the ignorant, and the deniers, Bitcoin doesn't care what anyone thinks. £10k bitcoin is incoming for the second time but just wait for £100k bitcoin - it's going to be one hell of a party.

If they are "surprised" by the current "high" price i cant wait for this moment.



Looks like facebook news has been seen as a major positive by the Bitcoin market.

ExremelyCautiousSocialist

WillGates wrote: »

Sunday surge to $10,000, we'll see.

Its looking likely soon.

fun4everyone

ExremelyCautiousSocialist wrote: »

If they are "surprised" by the current "high" price i cant wait for this moment.

Bitcoin has exposed how many intelligent people don’t actually understand finance or technology. The wealth transfer going on now will be taught in classrooms for centuries to come. Those who are too ignorant to realise what is happening this very second are going to soon regret it. The rich don't always get richer. Those with intelligence, patience and an ability to understand what is the truth are being rewarded this time.

short_butt_sweet

fun4everyone wrote: »

Bitcoin has exposed how many intelligent people don’t actually understand finance or technology. The wealth transfer going on now will be taught in classrooms for centuries to come. Those who are too ignorant to realise what is happening this very second are going to soon regret it. The rich don't always get richer. Those with intelligence, patience and an ability to understand what is the truth are being rewarded this time.

you need deprogramming.

bitcoin doesn't stop the rich getter richer.