Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this8:47 am
October 20, 2023
Offline
Bitcon $BTC ... as an investment advisor, I can't help but shake my head at those fools buying it.
Ripping apart the savings of untold fools that were guided by fools that will never invest again.
"Never argue with a (bitcoin) fool, onlookers may not be able to tell the difference."
8:59 am
January 12, 2019
Offline
.
- That ⬆
.
And this ⬇
.
'Caveat Emptor'
- Dean
" Live Long, Healthy ... And Prosper! "
10:21 am
March 30, 2017
Offline
Technical Analyst said
Bitcon $BTC ... as an investment advisor, I can't help but shake my head at those fools buying it.Ripping apart the savings of untold fools that were guided by fools that will never invest again.
"Never argue with a (bitcoin) fool, onlookers may not be able to tell the difference."
All asset classes not just bitcoin, there can be 99 men making profit on the way up, its only the 1 men holding the bag at the end that gets hurt. Or maybe a few men on the way down if they pass the burning torch quick enuf.
9:58 am
October 20, 2023
Offline
savemoresaveoften said
All asset classes not just bitcoin, there can be 99 men making profit on the way up, its only the 1 men holding the bag at the end that gets hurt. Or maybe a few men on the way down if they pass the burning torch quick enuf.
You have it the wrong way around, the majority do not benefit from speculation.
And no, not all asset classes are equal in risk. Some asset classes, like Bitcoin, are the defacto definition of risk itself. It's backed by nothing, worth nothing and will return to it's historical value of...say it...nothing. At least tulip bulbs you could do something with in the end.
Believing 2+2 equals 5 does not make it a truth.
4:19 pm
February 4, 2017
Offline
Bitcoin. Foolish money. I be foolish. Much foolish profit.
7:18 pm
January 10, 2017
Offline
What is being missed here is that Bitcoin has somehow managed to be the world's first 'perpetual ponzi scheme'. It has all the right elements as follows:
0. Bitcoin as a currency has unparalleled features.
1. Available worldwide.
2. Most of the world does not own any but ownership expansion is slow but always on an upward trajectory.
3. There are untold Bitcoin pumpers in the world.
4. The last of the 21 million bitcoins will be mined around 2040, so lots of hype and new owners to come.
So yes, Bitcoin has relentless demand, and as such the price will keep going up...but not in a straight line. Pumpers have quoted 1M USD a coin is coming. I can see it happening before 2040.........UNLESS........the US central bank issues it own government backed "USACoin" with all the benefits and none of the drawbacks of Bitcoin. And yes, the US, Canada and many other central banks are already looking into it.
Bottom line: Buyer beware!
4:55 am
November 8, 2018
Offline
Lodown said
What is being missed here is that Bitcoin has somehow managed to be the world's first 'perpetual ponzi scheme'.
We'll see how perpetual this Ponzi scheme is.
Also:
>0. Bitcoin as a currency has unparalleled features.
It is not a currency. Just because you can exchange something for currency, does not make that something currency.
>1. Available worldwide.
Banned in some places including one really big (by the population) country.
> 2. Ownership expansion is slow but always on an upward trajectory.
Past performance does not necessarily equate to future results.
> 3. There are untold Bitcoin pumpers in the world.
So do for other types of "investments." Nothing new or different here.
>4. The last of the 21 million bitcoins will be mined around 2040, so lots of hype and new owners to come.
The link between producing tons of nothing and inflow of new people wanting to pay something for that nothing is not clear.
>So yes, Bitcoin has relentless demand...
Till another Ponzi scheme appears...
5:10 am
April 27, 2017
Offline
Alexandre said
Good one, Alexandre, from 2 years ago. You missed the mark completely. Wait, am I talking to myself?
I see good news and bad news in bitcoin appreciation.
Bad news: people still have too much money on their hands they don't know what to do with. Meaning, underlying conditions that facilitate inflation rising has not been deal with yet.
Good news: it is possible we starting to face long-term financial market downturn, with seniors trying to cash their stock market investments, while younger generation prefers crypto, gold and real estate as a place to park their money.
What's good about it? Well, wiping out ponzi part of financial market in the form of extremely overvalued equities would be a good start.-----------
Who knows, I may be wrong again. Looking forward for someone to bring back this post 2 years from now.
Well, your comment had a redeeming question mark. A bunch of others expressed complete certainty. Usually, the more certainty in the comment, the less accurate the prediction.
8:10 am
October 7, 2019
Offline
To me the biggest downside to Bitcoin is the possibility to force an altered blockchain on bitcoin. If an attacker can achieve 51% of broadcast with a fraudulent blockchain, nodes would switch over and reverse previously confirmed transactions.
Today this is not very likely but the trajectory is clear as mining depletes there will be less validation done of the blockchain, the official plan is to charge a surcharge on transactions and pay to validate the blockchain.
However, as hardware cost drop and processing power is really growing with the AI buildup the cost to force an altered blockchain will fall. I’m sure someone will reply that this cannot happen, so bookmark this comment because as the hardware/processing costs drop and the value of bitcoin increases, someone will achieve it (i.e. rogue government) and it could rob many bitcoin holders + the ripple lack of confidence in bitcoin could cause substantial price decay.
9:07 am
April 6, 2013
Offline
Blockchain security is not voting based. What 50%+ of the nodes think doesn't make transactions valid. Blockchains are not democracies.
Anyone can verify the transactions by checking the digital signatures on them against the public key of the wallets the bitcoins are coming from.
The biggest risk is that people in the future won't be willing to pay the current price for a bitcoin. Just like no-one could be found later who was willing to pay the $9.48 million price from 2014 for that rare British Guiana 1¢ magenta stamp. Last sale was in 2021 for around $8.3 million.
11:46 am
April 27, 2017
Offline
I think governments still pose a major risk. Its harder for them to act the longer crypto is in circulation; governments would effectively “rob” bitcoin holders even though buying was completely legal.
1:52 pm
March 30, 2017
Offline
Norman1 said
Blockchain security is not voting based. What 50%+ of the nodes think doesn't make transactions valid. Blockchains are not democracies.Anyone can verify the transactions by checking the digital signatures on them against the public key of the wallets the bitcoins are coming from.
The biggest risk is that people in the future won't be willing to pay the current price for a bitcoin. Just like no-one could be found later who was willing to pay the $9.48 million price from 2014 for that rare British Guiana 1¢ magenta stamp. Last sale was in 2021 for around $8.3 million.
Speaking of stamps, Bill Gross is selling his stamps collection. He owns the rare 1cent 1866 America stamp, which is expected to fetch $5m, a lot of money for a tiny piece of paper.
I do think bitcoin or digital currency is here to stay. However I wont feel comfortable having a $$$$$ sitting on a hard drive basically, whether its a stack of disc or SSD. It simply does not sound fool proof to me.
And isnt bitcoin totally a carbon emission hog, why is there not a super carbon tax for miners ?
2:40 pm
January 10, 2017
Offline
mordko said
I think governments still pose a major risk. Its harder for them to act the longer crypto is in circulation; governments would effectively “rob” bitcoin holders even though buying was completely legal.
Central banks will develop their own Cryptocurrency due to demand from businesses and citizens to have all the benefits and none of the drawbacks.
Benefits include:
- instantaneous transactions
- registering/checking of/for ownership of one's assets/contracts will be a breeze
- unlike Bitcoin, your holdings will be registered with full credentials thereby eliminating ransomware.
- unlike Bitcoin,funds can be recovered if digital keys are lost.
Despite the issuing of a government cryptocurrency, Bitcoin can still exist as some people will want to retain the anonymity it provides and the ability to transact across borders. But yes, the value of Bitcoin will take a large hit.
4:33 pm
November 8, 2018
Offline
Lodown said
Central banks will develop their own Cryptocurrency due to demand from businesses and citizens to have all the benefits and none of the drawbacks.
None of the drawbacks, except having all your financial activities exposed to the Government, and also giving Central Bank ability to set expiration date for money you personally hold.
I wonder how that would fly in countries where privacy advocates fret to a mere automatic license plate reading by the police.
7:58 pm
April 6, 2013
Offline
Bank of Canada has the power to expire cash now.
On January 1, 2021, all $1, $2, $25, $500, and $1,000 bank notes are no longer legal tender.
8:06 pm
April 6, 2013
Offline
Lodown said
Central banks will develop their own Cryptocurrency due to demand from businesses and citizens to have all the benefits and none of the drawbacks.
…
No, they won't. Cryptocurrencies have lots of undesirable issues as the result of trying to solve problems most people don't have.
Bank of Canada has actually been looking at digital cash, not a cryptocurrency, in case one day, people want the Bank of Canada to directly provide digital Canadian dollars. Don't need a blockchain. Just an account with the Bank of Canada.
8:13 pm
April 6, 2013
Offline
savemoresaveoften said
I do think bitcoin or digital currency is here to stay. However I wont feel comfortable having a $$$$$ sitting on a hard drive basically, whether its a stack of disc or SSD. It simply does not sound fool proof to me.
One's bitcoins are actually in a blockchain. Copies of the blockchain are in a network of computers, not on one's hard drive. Just like one's house ownership is at the land titiles office and not in a filing cabinet at home.
All one has on one's hard drive or USB stick is the private key needed to sign a transfer of bitcoins out of one's bitcoin address to another bitcoin address. There is also a corresponding public key that is used to generate the bitcoin address.
5:32 am
November 8, 2018
Offline
Norman1 said
Bank of Canada has the power to expire cash now.
It does not have the power to expire $20 you personally hold without impacting $20 I hold.
With digital dollar, it can.
That does not have to be something nefarious, it could be good intentions, such as: monthly grocery supplement for eligible group of people, that expires at the end of the month.
5:38 am
March 30, 2017
Offline
Norman1 said
Bank of Canada has the power to expire cash now.On January 1, 2021, all $1, $2, $25, $500, and $1,000 bank notes are no longer legal tender.
but one can also take the expired cash to a bank to get a new unexpired cash
5:41 am
March 30, 2017
Offline
Norman1 said
savemoresaveoften said
I do think bitcoin or digital currency is here to stay. However I wont feel comfortable having a $$$$$ sitting on a hard drive basically, whether its a stack of disc or SSD. It simply does not sound fool proof to me.
One's bitcoins are actually in a blockchain. Copies of the blockchain are in a network of computers, not on one's hard drive. Just like one's house ownership is at the land titiles office and not in a filing cabinet at home.
All one has on one's hard drive or USB stick is the private key needed to sign a transfer of bitcoins out of one's bitcoin address to another bitcoin address. There is also a corresponding public key that is used to generate the bitcoin address.
yes i was trying to simplify the description. But isnt true the ONLY key is the "physical" key thats on some type of physical device ? Its not like someone can just "write' it down and be able to access their coins on ANY computer ? Dont hold any bitcoin even tho I knew about it years ago when it was still trading at $100 per....
Please write your comments in the forum.