The economics of BitCoin

ben501

AG47 wrote: »

Bitcoin Uranium: Forking on 31st December 2017, For each 1 BTC you get 1 BUM.

:rotfl:
Wouldn't Bitcoin Uranus be a better name, and for each BUM you get shafted!

Are any of these actually 'worth' anything, and by that I mean have the traders managed to push the price up enough to make it worth trying to extract the coins, or whatever system is used to get them?

I did managed to get myself a BCH wallet and traded my coins for about $600. Annoyingly the price doubled the week after, but as I'd just got myself $600 for free I wasn't too bothered.

Bitcoin Gold trading at over $100 so that could be worth a bit of effort, but by the time I get around to it the price will probably have dropped a lot more.

chucknorris

AG47 wrote: »

Anybody who bought bitcoin before August last year were given for free all these.... will it be the same for litecoin forking craziness? I hope so!!!55357;!!!56833;




List of Bitcoin forks

fork bitcoin
Bitcoin Cash: Forked at Block 478558, 1 August 2017, For each 1 BTC you get 1 BCH
Bytether: Cross fork from Bitcoin to Ethereum blockchain at block 478558, 1 August 2017. For each 1 BTC you get 1 BTH ERC-20 token.
Bitcoin Clashic: Forked at Block 478558, 1 August 2017. For each 1 BTC you get 1 BCHC / BCL
Bitcoin Gold: Forked at Block 491407, 24 October 2017, For each 1 BTC you get 1 BTG
Bitcoin Diamond: Forked at Block 495866, 24 November 2017, For each 1 BTC you get 10 BCD
UnitedBitcoin: Forked at Block 498777, 12 December 2017, For each 1 BTC you get 1 UB
Bitcoin Hot: Forked at Block 498848, 12 December 2017, For each 1 BTC you get 100 BTH
Super Bitcoin: Forked at Block 498888, 12 December 2017, For each 1 BTC you get 1 SBTC
BitcoinX: Forked at Block 498888, 12 December 2017, For each 1 BTC you get 10,000 BCX
Oil Bitcoin: Forked at Block 498888, 12 December 2017, For each 1 BTC you get 1 OBTC
Bitcoin World: Forked at Block 499777, 17 December 2017, For each 1 BTC you get 10000 BTW
Lightning Bitcoin: Forked at Block 499999, 19 December 2017, For each 1 BTC you get 1 LBTC
Bitcoin Stake: Forked at Block 4999999, 19 December 2017, For each 1 BTC, you get 100 BTCS
BitEthereum: Forking on 21 December 2017, For each 1 BTC you get 3.940616 BITE
Bitcoin Top: Forked at Block 501118, 26 December 2017, For each 1 BTC you get 1 BTT
Bitcoin God: Forked at Block 501225, forked on 27th December 2017. For each 1 BTC you get 1 GOD
Bitcoin FILE: Forked at Block 501225, forked on 27th December 2017. For each 1 BTC you get 1000 BIFI
Bitcoin SegWit2X X11 Not to be confused with a previous fork SegWit2X with the same name. Forked at Block 501451, 28 December 2017. For each 1 BTC you get 1 B2X
Bitcoin Uranium: Forking on 31st December 2017, For each 1 BTC you get 1 BUM.
Bitcoin Pizza: Forking at Block 501888, 1st January 2018, For each 1 BTC you get 1 BPA
Bitcoin All: Forking on 1st January 2018, For each 1 BTC you get 1 BTA. Referenced on steemit post.
Bitcoin Cash Plus: Forking at Block 501407, Expected on 2nd of January 2018, For each 1 BTC you get 1 BCP
Bitcoin Smart: Forking at Block 505050, 21 January 2018, For each 1 BTC you get 1 BCS
Bitcoin Interest: Forking at Block 505083, 22 January 2018, For each 1 BTC you get 1 BCI
Quantum Bitcoin: Forking on 28th January 2018, For each 1 BTC you get 1 QBTC
Bitcoin LITE: Forking on 30th January 2018, For each 1 BTC you get 1 BTCL
Bitcoin Ore: Forking on 31st January 2018, For each 1 BTC you get 1 BCO
Bitcoin Private: Forking TBA in January 2018, For each 1 BTC you get 1 BTCP (also if you have 1 ZCL you get 1 BTCP)
Bitcoin ATOM: Forking TBA in January 2018, For each 1 BTC you get 1 BCA

Yep, bitcoin 'investors' have definitely been forked.

AG47

There is so much confusion in crap-to for years now.

I remember in the early days when the first few copies of Bitcoin started coming out, and they were all called scams, they were saying Litecoin was a scam.

Now this is what Charlie Le is saying about Litecoin cash...

"Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *... all scams trying to confuse users into thinking they are Litecoin.

This also applies to all Bitcoin forks trying to confuse"

I know the truth that they are all the same, just Unbacked Ponzi schemes. Who is to say that butt coin or Shitcoin is not better than Bitcoin or Litecoin or any of the forks, or any of the thousands of virtual token systems being added to the expanding supply.

Watch this video and all your questions will be answered.

https://www.youtube.com/watch?v=HOzUOeq8Ng0

Is Litecoin cash a scam or is it legit?

How can you possibly answer that question?

Surely it was the same question being asked when the first few copies of Bitcoin were coming out like world coin and Litecoin several years ago?

If you come to the conclusion that Litecoin is a scam then yes Litecoin cash could be considered a scam also.

But I don't see how somebody can claim Litecoin is not a scam but Litecoin cash is, but this is indeed what Charlie Lee is claiming.

AG47

chucknorris wrote: »

Yep, bitcoin 'investors' have definitely been forked.

Yes they were given all these new bitcoins for free, bitcoin cash for example is worth a couple of thousand dollars each

Soon it will be the same with litecoin, we will all be given ten litecoin cash tokens for each litecoin we have, yes it’s nonsense but never look a gift horse in the mouth

GreatApe

These coins have some value. As a medium to gamble they will live on
What would be their value if they were just that simple gambling tokens?
Well UK gambling is a $20 billion industry let's multiply that by 100x to scale up to the world and that makes it a $2 trillion yearly industry. Gambling is a huge industry but how much of it would flow to coins?

The much lessor likely case is that one or a few will become digital commodities.
A type of digital gold with a side function as a currency.
If that happens the coin or coins could go towards $20 trillion market cap

AG47

Litecoin cash just sprang into existence a few days ago and already has a market cap of hundreds of millions and millions.

Can you really create wealth out of thin air? Well the central banks do when ever they create fiat currency out of thin air.

AG47

https://youtu.be/h0pD6kboRJo

Lode silver backed crypto sounds like a rip off idea of Kinesis.

http://radio.goldseek.com/nuggets/coughlin.01.23.2018.mp3

First of many - Perth Mint are also at it:

http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-being-developed-perth-mint/9352036

But whichever came first it sounds like a brilliant idea.

When you think of the amount of people who invest in silver and actually pay storage fees to have somebody else hold it for you which I think is absurd.

Far better to store a little silver with one of these silver backed monetary systems like Lode or Kinesis and earn an income from your silver.



.

I have always thought if you dont hold it then you dont own it, so far better to hold most of your silver yourself.

But to risk a small percentage in one of these fully backed crypto vaults to use for buying and selling things is far better than any of the unbacked crypto schemes.

So many people around the world long for an international monetary system that is trustworthy and actually backed by something so it cant go to nothing unlike most unbacked crypto schemes.

I love the sound of accepting digital silver grams for selling things internationally, it wont be difficult to be cheaper and faster than bitcoin

Better than one of the fiat schemes like PayPal.

Malthusian

This is a really old idea, albeit the only precious-metal-backed cryptocurrencies I know of that got off the ground were scams.

Nobody is going to accept payment in gold-backed crypto for the same reason no-one accepts payment in units of iShares Physical Gold ETC. It's too volatile. The metal-backed crypto will have to move up and down in line with the metal; if it doesn't, there will come a point where the value of the crypto is worth less than the value of the metal backing it, and everyone will ask to exchange their crypto for gold or silver bars.

It will just be another commodity to bet/speculate on, not a currency.

RandomDaveKingOfTheLand

All the anti BTC comments are the same kinda stuff people have been saying for years. 3 Questions to the anti bitcoiners:

1.) Have you ever used crypto ?

2.) If not, are you going to just sit back and stay completely out of crypto? Even if not putting any money even from an education point of view are you not even going to test out any crypto and see what the fuss is about ?

3.)Are you afraid to use crypto?

Cant imagine what it must be like to ignore new things when they come along, i should imagine all the anti bitcoiners were really slow getting on the internet etc (unless they had to use it for work).

When the internet started getting popular, i was first person on it out of the people i knew just to test it out, the crypto trend seems similar to me. (not like that hasn't been said before but it does seem that way)

MobileSaver

RandomDaveKingOfTheLand wrote: »

When the internet started getting popular, i was first person on it out of the people i knew just to test it out, the crypto trend seems similar to me

I was online before the Internet even existed so I know where you are coming from.

However, Bitcoin has been around for 9 years, the days of "testing it out" with minimal risk are long gone and in my opinion we are firmly into dot com bubble territory now; only a fool would get into crypto today unless their only rationale was a pure and simple gamble with money they could afford to lose.

RandomDaveKingOfTheLand wrote: »

3.)Are you afraid to use crypto?

I'm afraid that a lot of people are going to lose a lot of money gambling with crypto.