Do you think bitcoin...

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January 10th, 2018 at 11:22:43 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 105
Posts: 7353
Quote: Evenbob
Why Bitcoin Is the Largest Ponzi Scheme in Human History

https://www.linkedin.com/pulse/why-bitcoin-largest-ponzi-scheme-human-history-vivek-wadhwa/?trk=Inc

"A PayPal director predicts that bitcoin's price will reach $1 million in the next five to 10 years; asset managers say it is the new gold.
This is complete nonsense. Yes, the price of bitcoin may yet double or even quadruple -- because its price is based on pure speculation, and these stories are feeding such speculation. But bitcoin's market price is almost certain at some point to crash and burn, just as the dot-coms' did, and for the same reason: because it is all hype. And there will be no one to turn to when it does, because no government or bank is backing bitcoin up; and the people who are hyping bitcoin will have cashed out and be long gone."


You cannot compare it to a stock. It may crash or it may not, my plan is make cash off of it either way.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
January 10th, 2018 at 12:06:37 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 111
Posts: 12481
Quote: AZDuffman
You cannot compare it to a stock. It may crash or it may not, my plan is make cash off of it either way.


That's what you do in a Ponzi Scheme.
My problem is with people who think
this fantasy money is here to stay and
will be our currency one day. No, it will
not.
If you take a risk, you may lose. If you never take a risk, you will always lose.
January 10th, 2018 at 1:14:33 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 764
Posts: 9032
Quote: Evenbob
My problem is with people who think this fantasy money is here to stay and will be our currency one day. No, it will not.


Electronic Cash may work like a Prepaid VISA card or it may be a phone app.


Instead of charging a 7% fee like most cards do today, it might be more profitable for companies to allow you easy access to speculate in private cryptocurrencies (for a fee).

With this kind of easy access, I could imagine private crypto currencies being a permanent fixture in the financial landscape.
January 10th, 2018 at 2:01:23 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 111
Posts: 12481
Quote: Pacomartin
I could imagine private crypto currencies being a permanent fixture in the financial landscape.


Imagine is the correct word. I can imagine
crypto's completely disappearing overnight.
They aren't based on anything except
speculation and availability, the same as any
other collectible. Been there and did that
for 20 years, saw tons of people lose their
asses investing in stuff that was guaranteed
to always be worth more than they paid for
it. Even the USD you stuffed under the mattress
in 1985 are worth far less today.
If you take a risk, you may lose. If you never take a risk, you will always lose.
January 10th, 2018 at 7:06:29 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 764
Posts: 9032
Quote: Evenbob
I can imagine crypto's completely disappearing overnight. They aren't based on anything except speculation and availability, the same as any other collectible.


I don't think completely disappearing is possible. Certainly the underlying concepts of blockchains are considered instrumental to a lot of future endeavors.

The Wizard could well be correct in that BTC will return to $1000 by September.


Quote: Satoshi Nakamoto satoshin@gmx.com www.bitcoin.org

Bitcoin: A Peer-to-Peer Electronic Cash System

Abstract.

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.

We propose a solution to the double-spending problem using a peer-to-peer network.

The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.

The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power.

As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers.

The network itself requires minimal structure.

Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
January 10th, 2018 at 7:44:01 PM permalink
Wizard
Administrator
Member since: Oct 23, 2012
Threads: 178
Posts: 3649
Quote: Evenbob
Why Bitcoin Is the Largest Ponzi Scheme in Human History...


EB, I think we've found another thing to agree on.

As I've said several times, I think there may be a place for cryto-currency, and Bitcoin was a good first try, but it has too many flaws, as you're article pointed out, before people admit the emperor has no clothes and it becomes the next Beanie Baby.

I'm still open to selling Wizcoin to anyone who feels differently.
Knowledge is Good -- Emil Faber
January 10th, 2018 at 8:14:22 PM permalink
rxwine
Member since: Oct 24, 2012
Threads: 123
Posts: 5684
Quote: Wizard
I'm still open to selling Wizcoin to anyone who feels differently.


There's an unfortunate expression about urinating one's riches away you might not want to make your potential customers think of.
No one has ever proven I am not God.
January 10th, 2018 at 9:31:20 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 111
Posts: 12481
There were collectibles in 1900 and those
are still valuable today. Coins and old
currency, art of all kinds, antique books
and furniture and antiquities of all kinds.

It wasn't until much later in the 20th
century that we 'invented' artificial
collectibles and declared they had
value. Some did for awhile, but that
bubble always burst, just like the
crypto bubble will burst. They are
a form of man made gold, but unlike
gold they have no other function than
to be collectible.
If you take a risk, you may lose. If you never take a risk, you will always lose.
January 11th, 2018 at 3:48:30 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 764
Posts: 9032
Quote: Wizard
I'm still open to selling Wizcoin to anyone who feels differently.


I think that a better product would be a Wizbet.

Traditional bets (can Luke eat 50 eggs) involve a trusted third party to hold the stakes. This third party determines if the gambler actually won the bet and pays off the winner.


Possibly in the future a "smart contract" could be created that pays off the winner without exposing the third party to possible legal actions.
https://en.wikipedia.org/wiki/Smart_contract
January 17th, 2018 at 8:38:33 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 111
Posts: 12481
One month ago today, 12/17, Bitcoin was $19,000
and today it's $11,000. What does this mean. If
you bought it at $19K you're not very happy?

LOL
If you take a risk, you may lose. If you never take a risk, you will always lose.
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