Bitcoin

EdGasketTheSecond

thegentleway said:

EdGasketTheSecond said:

thegentleway said:

EdGasketTheSecond said:

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around. Some have come and gone already. What about when there are no more BitCoins to be mined, there isn't then much incentive to keep the servers running consuming vast amounts of energy when all the operators will get is some transaction fees from speculators. It will die a death one way or another.

Why would having mined all the bitcoins make them worthless!? It's the other way round, scarcity increases value. Do you think gold will all of sudden become worthless when it has all be mined? In any case, they can change the protocol and create more bitcoins if desired.

After the last bitcoin has been mined, what incentive is there to support the blockchain other than some commissions on transactions? If the servers are turned off then its bye bye BitCoin. Gold is totally different as it is a hard physical metal you can carry around in your pocked, bury in the garden, make jewelry or deposit in a vault; it doesn't need huge amounts of energy and an IT infrastructure to support it.

You seem very confused about what a blockchain is. The incentive is that people can't trace your transactions back to you. There isn't a central server the blockchain is stored on that someone can turn off. It's spread across a network of computers...
The analogy was that both gold and bitcoin can be used as currency/commodities. What you list has very little relevance to discussion about currencies/commodities...

I think you are the one who is confused. Blockchain and BitCoin do not guarantee anonymity anymore:

https://www.fintechweekly.com/magazine/articles/an-untraceable-currency-bitcoin-privacy-concerns

Sure the blockchain is spread across servers but what incentive is there to run those servers without the lure of discovering additional BitCoins?

thegentleway

EdGasketTheSecond said:

thegentleway said:

EdGasketTheSecond said:

thegentleway said:

EdGasketTheSecond said:

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around. Some have come and gone already. What about when there are no more BitCoins to be mined, there isn't then much incentive to keep the servers running consuming vast amounts of energy when all the operators will get is some transaction fees from speculators. It will die a death one way or another.

Why would having mined all the bitcoins make them worthless!? It's the other way round, scarcity increases value. Do you think gold will all of sudden become worthless when it has all be mined? In any case, they can change the protocol and create more bitcoins if desired.

After the last bitcoin has been mined, what incentive is there to support the blockchain other than some commissions on transactions? If the servers are turned off then its bye bye BitCoin. Gold is totally different as it is a hard physical metal you can carry around in your pocked, bury in the garden, make jewelry or deposit in a vault; it doesn't need huge amounts of energy and an IT infrastructure to support it.

You seem very confused about what a blockchain is. The incentive is that people can't trace your transactions back to you. There isn't a central server the blockchain is stored on that someone can turn off. It's spread across a network of computers...
The analogy was that both gold and bitcoin can be used as currency/commodities. What you list has very little relevance to discussion about currencies/commodities...

I think you are the one who is confused. Blockchain and BitCoin do not guarantee anonymity anymore:

https://www.fintechweekly.com/magazine/articles/an-untraceable-currency-bitcoin-privacy-concerns

Sure the blockchain is spread across servers but what incentive is there to run those servers without the lure of discovering additional BitCoins?

Cool! So you reckon Bitcoin will last another 120 years until the last one is mined with the protocol unchanged then disappear? 

BearWhite

I think one of the problems with Bitcoin is that people are so dogmatic about it, one way or the other. To me the past 12 years of Bitcoin (with the booms and the busts) tells me that nobody has any real idea where the price will go. It might go to 0, or it might go to a million. In 50 years I suspect it will be one of those.

I have 2.5% of my total wealth in it, so not a lot but enough skin in the game that if it does go up I'll make some serious money. In the meantime I have a debit card which gives me 2% back on most of my purchases in Crypto, which I convert to Bitcoin, as well as getting 5-6% in interest on my Bitcoin in savings accounts. So you can accumulate it fairly quickly without actually buying it.

Aside from Bitcoin I have plenty of money in low cost global trackers and am very responsible with money in general, so maybe Bitcoin is my little gamble? I would echo the comments around taking caution though to anyone getting involved, there are plenty of scammers out there so do your own research before jumping in and don't invest/gamble/speculate any money you aren't willing to lose.

barnstar2077

BearWhite said:

I think one of the problems with Bitcoin is that people are so dogmatic about it, one way or the other. To me the past 12 years of Bitcoin (with the booms and the busts) tells me that nobody has any real idea where the price will go. It might go to 0, or it might go to a million. In 50 years I suspect it will be one of those.

I have 2.5% of my total wealth in it, so not a lot but enough skin in the game that if it does go up I'll make some serious money. In the meantime I have a debit card which gives me 2% back on most of my purchases in Crypto, which I convert to Bitcoin, as well as getting 5-6% in interest on my Bitcoin in savings accounts. So you can accumulate it fairly quickly without actually buying it.

Aside from Bitcoin I have plenty of money in low cost global trackers and am very responsible with money in general, so maybe Bitcoin is my little gamble? I would echo the comments around taking caution though to anyone getting involved, there are plenty of scammers out there so do your own research before jumping in and don't invest/gamble/speculate any money you aren't willing to lose.

You speak words of wisdom.

EdGasketTheSecond

BearWhite said:

I have 2.5% of my total wealth in it, so not a lot but enough skin in the game that if it does go up I'll make some serious money. In the meantime I have a debit card which gives me 2% back on most of my purchases in Crypto, which I convert to Bitcoin, as well as getting 5-6% in interest on my Bitcoin in savings accounts. So you can accumulate it fairly quickly without actually buying it.

Can you please explain how you get 5-6% inerest on your Bitcoin in savings accounts when most cash savings are paying only 0.5%?

eskbanker

Another_Saver said:

Every time someone asks about bitcoin the thread keeps going until someone creates a new thread... Let it end 😭

Or to follow on from a couple of posts ago:

barnstar2077 said:

You speak words of wisdom.

"....let it be"

BearWhite

EdGasketTheSecond said:

BearWhite said:

I have 2.5% of my total wealth in it, so not a lot but enough skin in the game that if it does go up I'll make some serious money. In the meantime I have a debit card which gives me 2% back on most of my purchases in Crypto, which I convert to Bitcoin, as well as getting 5-6% in interest on my Bitcoin in savings accounts. So you can accumulate it fairly quickly without actually buying it.

Can you please explain how you get 5-6% inerest on your Bitcoin in savings accounts when most cash savings are paying only 0.5%?

There are several companies. BlockFi, Celsius Network, Nexo and Crypto.com are the people I use.

EdGasketTheSecond

BearWhite said:

EdGasketTheSecond said:

BearWhite said:

I have 2.5% of my total wealth in it, so not a lot but enough skin in the game that if it does go up I'll make some serious money. In the meantime I have a debit card which gives me 2% back on most of my purchases in Crypto, which I convert to Bitcoin, as well as getting 5-6% in interest on my Bitcoin in savings accounts. So you can accumulate it fairly quickly without actually buying it.

Can you please explain how you get 5-6% inerest on your Bitcoin in savings accounts when most cash savings are paying only 0.5%?

There are several companies. BlockFi, Celsius Network, Nexo and Crypto.com are the people I use.

Must admit I cannot fathom how they are paying interest on Bitcoins of 6%; it flashes red warning signs immediately. If they are using your Bitcoins and/or cash and loaning out, then you have third party risk.

DiggerUK

Another_Saver said:

Every time someone asks about bitcoin the thread keeps going until someone creates a new thread... Let it end 😭

No, let them continue. I may get the answers I seek.
1. What is the correlation and causality between bitcoins use value and exchange value.
2. How exactly are they burning up the electric grid and using so much power.
3. Will the law of diminishing returns or declining rates of profit end the viability of mining.
4. Will all the lost bitcoins be resurrected to the original owners on judgement day..._

EdGasketTheSecond

I'd stab at:

1) Little correlation because Bitcoin is a speculation between punters

2) Whole warehouses full of computers looking for the next bitcoin and tracking every transaction there ever was.

3) It might well do

4) I doubt it as no-one will have need of anything, least of all bitcoin