Bitcoin Bubble


#563

How much money will Musk accumulate in North Korea? Possibilities change when the rules change


#564

I am totally lost here.
Could you elaborate (with example if possible)?

How can Bitcoins work as a transition to communism?


#565

How do you explain Ford, Mellon, Rockefeller, etc? They amassed huge fortunes while on the gold standard. Don’t believe some fantasy land hype when there are a bunch of real-world examples that prove it’s not true.


#566

Moderate inflation is a good thing. Did you guys all forget how scary it was 10 years ago when we were on the verge of deflation?

Bitcoin may be brilliant technically but it is super naive in economic terms. It’s just a fancy version of the gold standard. And it even fail at that as any random person can create their own alphabet soup of coins.


#567

I still don’t get why deflation is scary. It’s actually great for savers. I think the big reasons they convince everyone it’s scary are social security, medicare, and pensions. They need inflation to make those programs cheaper in future dollars. If they can index benefits to an index that increases slower than inflation, then they make them more affordable. I think they are just delaying the inevitable of doom with them though.


#568

With deflation people have incentive to delay their purchase because it will always be cheaper next year. Consumer spending slumps so the whole economy sinks. Just look at Japan.

Debt will get more expensive as years go by. Businesses won’t borrow and without lending many choose to not expand. Customers don’t spend anyway so why expand?


#569

People want a good life, not spending. Wasteful spending is bad for the environment and global warming and human health. It then increases healthcare spending, increases stress and depression

Also debt is the way for the rich to take advantage of the poor. Some liberals were protesting against Yellen interest rate raise

Deflation will save the globe.

Economy growth is for the elitists to become wealthy. Everyone else just want a life not a hyper growth and inflation. Did global warming accelerate with inflation?


#570

Americans are HORRIFIC at delayed gratification. We all know TVs and PCs will be cheaper 6 months from now, but yet people buy millions of both.


#571

Seems particularly relevant to this thread…


#572

Mark Twain was a horrible investor… needed to write books to save his dear life from financial ruin.


#573

https://finance.yahoo.com/news/bitcoin-apos-dangerous-speculative-bubble-024041201.html


#574

The total energy use of this web of hardware is huge — an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year.

In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.


#575

I just realize the biggest argument against bitcoin as currency is that it will become technologically obsolete very fast. Because of its decentralized governance structure, changes need consensus and very hard to bring forward. The entire Bitcoin Cash episode came about because they can’t agree on things as simple as a bigger block size.

So every new feature will require a new offshoot. You want more privacy? A new coin. Faster transaction? A new coin. Less energy consumption? A new coin. Every feature needs branching off of the original bitcoin code so to speak.

You can’t have a currency like that. Therefore it’s really just a collectible like Mark Cuban said. For collectibles being technologically obsolete is almost like a feature. There is no utility in the Mona Lisa painting.


#576

Bitcoin is no longer a currency but a store of value, according to some pundits. It is the “digital gold”. As such, it will not require much energy for storage.

Which begs the question, I thought GLD was digital gold…


#577

Bitcoin Price Mania: A BTC ATM Experiment


#578

OK. Done. 15k by the end of the week? Still got 5 days left. Plenty of time… :smile:


#579

Korean exchanges apparently are in 14k mark already


#580

That’s the thing I don’t get. Given the wide disparity in different exchanges aren’t there a lot of arbitrage opportunities? Buy on the cheap exchange and immediately sell on the expensive one?


#581

Not sure, you can.

I guess you need to be a local resident to open an account there. I think. This is still very early in this area, some exhanges like bitfinex are showing fake volumes etc.

Stumbled upon this YouTube video from a standard professor, who is also on the board of ripple. Akip to the end of the presentation where she talks about specific use cases for Bitcoin


#582

I don’t doubt there are many use cases for block chain. But regardless of ones position on the tech bitcoin price is now at a parabolic phase. Nothing parabolic ever ended well.