The economics of BitCoin

Intoodeep

Worth a listen https://www.bbc.co.uk/programmes/b09tdyjz#play


Think I'll still go with cash in my pocket thanks

MobileSaver

AG47 wrote: »

I still think bitcoin will be [STRIKE]$100k[/STRIKE] $1,000 by 2019, we have all seen how it like to go [STRIKE]up[/STRIKE] down thousands per week when there is a [STRIKE]buying frenzy[/STRIKE] realisation it's simply an extremely high-risk gamble.

Fixed that for you.

I think it is much more likely that Bitcoin will be worth $1,000 or less by 2019 as people lose their shirts, wise up to the ramping and realise its inherent design flaws make it the weakest and most vulnerable of all the crypto currencies.

Mnd

It's dropped 8.6% today.. i don't understand if and I will not be going to invest in it at all

chucknorris

Mnd wrote: »

It's dropped 8.6% today.. i don't understand if and I will not be going to invest in it at all

Why on earth would you even consider Bitcoin an investment, never mind whether you should 'invest' in it?

Mnd

Ok I will rephrase.. I won't buy bitcoin.It's not for me

MobileSaver

AG47 wrote: »

I still think bitcoin will be $100k by 2019,

MobileSaver wrote: »

I think it is much more likely that Bitcoin will be worth $1,000 or less by 2019 as people lose their shirts, wise up to the ramping and realise its inherent design flaws make it the weakest and most vulnerable of all the crypto currencies.

Google bans crypto adverts

I think I may have to revise my prediction down even further following the news that Google is to ban all ads for cryptocurrencies. Facebook banned crypto ads earlier in the year and now Google have followed suit, not looking too good for Bitcoin is it?

westernpromise

It's not looking too good for poor old AG47 either. He's frantically been ramping Bitcoin and talking down house prices, but unfortunately, what he wants to happen looks increasingly like the complete opposite of what's going to happen.

These posts about how Bitcoin's sure to go up look eerily like those Usenet of posts of 22 years ago that were equally confident house prices were sure to go down.

Aegis

padington wrote: »

If you want a crypto tip, check out Vechain (Ven), cardano (Ada) and Request Network (REQ).

VEN is the one that is / will blow up this quarter. All available on binance. You can secure your ether or BIt coin to trade into them on coinbase.

So the quarter is over, and what happened?

21 January 2018
VEN price $8.17

09 April 2018
VEN price $2.60

I sincerely hope no-one followed that tip, as that's a 68% drop in value over that time frame. Certainly it seems that the days of being able to buy any crypto and make money are over, and it's likely only a matter of time before the majority of coins go the way of dotcom stocks in 2000.

Malthusian

Aegis wrote: »

I sincerely hope no-one followed that tip, as that's a 68% drop in value over that time frame. Certainly it seems that the days of being able to buy any crypto and make money are over, and it's likely only a matter of time before the majority of coins go the way of dotcom stocks in 2000.

The days of being able to make money by launching an ICO, however, are very much alive. All this involves is getting an off-the-shelf blockchain script and attaching it to some random concept picked by manatees in a tank (artificial intelligence - on the blockchain! invoice financing - on the blockchain! ICOs - on the blockchain!) and then people give you money for your made-up points in the hope that a greater idiot will give them more money for their made-up points later on.

Fitness - on the blockchain! !!!!!! - on the blockchain! Binary options - on the blockchain! No, I didn't make the last one up. hey bro i heard you like scams so i put scams in your scams. It's raised $4.1 million to date apparently.

GreatApe

These coins will have a use for a very long time as simple gambling tokens

In the same way stocks act as gambling tokens for retail day traders. Apparently 90% of retail day traders lose and 'professional' traders eg investment banks win 90 out of 100 days. These tokens will just take some of that trade away from stocks. The 20 year old kid or 65 year old pensioner who fancies themselves a trader might as well lose their savings trading crypto tokens than lose it trading stocks

But with stocks many companies like the big spread betting firms spend a huge amount of money trying to convince retail traders they can make it big trading/spread-betting/gambling (very short term trading) stocks. What happens is fools come in lose their money and get burnt so learn their lesson but the firms that took their money spend 30-40% of it advertising for the next bath of fools.

I wonder if crypto can do the same and make it last decades?
I think it can. While there isnt a central company spending advertising dollars to pull in the next batch of idiots there are thousands of kids on youtube facebook etc explaining how skilled and marvelous they are and how easy it is to make a killing without realizing they are just the tail end of a normal distribution.

While it provides no real benefit to society who are we to judge? The gambling industry is huge and these tokens will live on as simple gambling. I wish I was aware of this five years ago when I disregarded it totally without value. It does have value not value to society but value in feeding a bad habit which is legal and accepted.

All the stories of how block chain will change this or that is just advertising fluff.