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Old 20th September 2018, 12:48 PM   #3041
lomiller
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Originally Posted by Roger Ramjets View Post
Why we might need to burst the Bitcoin bubble


Don't worry Jay, we won't need to burst the Bitcoin bubble - it's already doing that all by itself. A few 'whales' (less than 1% of all wallets) hold 55%, and 42% of them have been HODLing since the peak. Eventually they will realize that the only sensible thing to do is pull out - and when they do...
Quote:
Satoshi Nakamoto got behind the Bitcoin with the intention to fight central authority's control over money, which had led to the financial crisis of 2008.
Herein lies the fundamental flaw with the bitcoin concept. Central bank authority didnt cause the 2008 crisis the inherent instability of a poorly regulated market caused it. Central bank authority stepped into stabilize the situation and order was gradually restored. Mistaking both cause and resolution to the crisis, bitcoin creator(s) created a system that was impossible to regulate and had no central authority that could step in to deal a crisis. It was from the beginning a recipe for disaster.

With that said I have changed tune slightly. I do not think bitcoin will drop to zero or disappear. Its actually found a way to create value for at least some people which gives it inherent value in its own right. How large of a niche it fills is a different question. This may be impossible to truly evaluate since its niche is in dark or at least grey money where people, usually criminals, want to transfer or store money somewhat untraceably. Without knowing how big this demand is, it's impossible to assess where the price will go, so I still wouldn't touch it.
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Old 20th September 2018, 08:29 PM   #3042
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Originally Posted by lomiller View Post
Bitcoin appeals to a similar group of people, my guess is many were wiped out in similar leveraging schemes. Others could have been wiped out in the various compromises where bitcoin exchanges were people’s wallets were plundered of all their bitcoin.
If guesses were facts . . . . . . . ..
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Old 21st September 2018, 01:03 AM   #3043
Eddie Dane
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Originally Posted by lomiller View Post
Herein lies the fundamental flaw with the bitcoin concept. Central bank authority didnt cause the 2008 crisis the inherent instability of a poorly regulated market caused it. Central bank authority stepped into stabilize the situation and order was gradually restored. Mistaking both cause and resolution to the crisis, bitcoin creator(s) created a system that was impossible to regulate and had no central authority that could step in to deal a crisis. It was from the beginning a recipe for disaster.

With that said I have changed tune slightly. I do not think bitcoin will drop to zero or disappear. Its actually found a way to create value for at least some people which gives it inherent value in its own right. How large of a niche it fills is a different question. This may be impossible to truly evaluate since its niche is in dark or at least grey money where people, usually criminals, want to transfer or store money somewhat untraceably. Without knowing how big this demand is, it's impossible to assess where the price will go, so I still wouldn't touch it.
I've noticed that the Central Bank-haters have something in common with anti-vaxxers; the never talk about what things were like before Central banks and vaccines existed...
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Old 21st September 2018, 11:10 AM   #3044
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Originally Posted by psionl0 View Post
If guesses were facts . . . . . . . ..
....you'd be right
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Old 21st September 2018, 07:56 PM   #3045
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Originally Posted by applecorped View Post
....you'd be right
....about what?
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Old 27th September 2018, 03:34 AM   #3046
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Severe bitcoin bugs 'inevitable'

In Wake of 'Major Failure,' Bitcoin Code Review Comes Under Scrutiny
Quote:
"Shock" is perhaps the word that best describes the mood ever since one of bitcoin's most severe bugs was discovered and patched last week.

As the community reels over the vulnerability that was hiding in the code for two years, and that could have been exploited to print more bitcoins than the 21 million is hard-coded to be produced, developers are wondering: Is there a way to prevent such a severe bug from being added to the code again?

Days after the discover, there hasn't been any formal proposals...

"If all of Bitcoin Core's policies and practices are kept the same, then it's inevitable that a similar failure will eventually happen again, and we might not be so lucky with how it turns out that time."
Inevitable? Duh! You don't have to be a cryptography expert to know that all complex software has bugs, and without constant review to find and fix them they will inevitably be exploited.

But unlike fiat currency there is no central authority tasked with maintaining the bitcoin core code, just a 'community' of anonymous developers and users. So who is responsible for reviewing it?

Quote:
"The entire project is open, there is no 'membership' and users have just as much of a responsibility to audit code as developers actively contributing," pseudonymous bitcoin enthusiast Shinobimonkey told CoinDesk.
That's right. If you are a bitcoin user then it's your responsibility to audit the code. Not an expert programmer? Don't have the time? Then expect more severe bugs - and they will be your fault!
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Old 27th September 2018, 03:40 AM   #3047
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Hedgefund manager Ray Dalio predicts a recession in 2020. Regardless when the next bust cycle starts, a recession would have investors run to a safe haven.
Traditionally this has been gold, but could BTC get some of that cash?

I wouldn't put my money in it, but there are still people who see BTC as digital gold. A recession might give Bitcoin a bump.

All the alt-coins seem to have lost their shine so badly, I don't think they'll benefit from a downturn.
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Old 29th September 2018, 04:22 PM   #3048
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Originally Posted by Eddie Dane View Post
All the alt-coins seem to have lost their shine so badly, I don't think they'll benefit from a downturn.
If anything, I'd think that alt-coins would be more vulnerable to a recession; flight to quality and all that.
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Old 30th September 2018, 12:47 AM   #3049
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Originally Posted by jhunter1163 View Post
If anything, I'd think that alt-coins would be more vulnerable to a recession; flight to quality and all that.
Do you really want to reset this thread back to 2011?
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Old 4th October 2018, 03:34 AM   #3050
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The Most Important Creation In The History Of Man.




Lol
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Old 4th October 2018, 06:05 AM   #3051
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Originally Posted by applecorped View Post
The Most Important Creation In The History Of Man.




Lol
Obviously, that honour goes to Airmiles.
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Old 5th October 2018, 01:41 AM   #3052
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Originally Posted by applecorped View Post
The Most Important Creation In The History Of Man.




Lol
Another blast from the past.
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Old 5th October 2018, 03:00 AM   #3053
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bitcoin, oil
One of above is useful the other useless.
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Old 5th October 2018, 06:02 AM   #3054
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Originally Posted by Samson View Post
bitcoin, oil
One of above is useful the other useless.
So bitcoin isn't fattening, flammable, poisonous, bulky, shiny, . . . (and you can't wipe your arse with it). That doesn't prove that it is useless.

If you really want to reset the debate back to the beginning then you need to list the posts dating back to 2011 which prove your assertion.
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Old 7th October 2018, 04:52 AM   #3055
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The Most Important Creation In The History Of Man.
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Old 7th October 2018, 08:12 AM   #3056
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Originally Posted by applecorped View Post
The Most Important Creation In The History Of Man.
Your short term memory is seriously deficient.
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Old 11th October 2018, 04:48 AM   #3057
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Bitcoin kicked in the cojones

I love seeing this fake currency implode.
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Old 11th October 2018, 04:52 AM   #3058
Eddie Dane
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So, we now have a major market correction.

And BTC just tanked more than 5%.

I guess that answers my question if it is a refuge in a crisis.

Gold went up a bit to levels seen last week.
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Old 11th October 2018, 08:46 AM   #3059
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Originally Posted by Samson View Post
Bitcoin kicked in the cojones

I love seeing this fake currency implode.
How is this current price drop different to the one on Sept 5?
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Old 11th October 2018, 04:56 PM   #3060
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Originally Posted by psionl0 View Post
How is this current price drop different to the one on Sept 5?
One difference is that this time it followed the stock market. So much for being superior to all other currencies in existence!
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Old 17th October 2018, 12:08 PM   #3061
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Crypto "More Centralized Than North Korea"

Crypto Is More Centralized Than North Korea, Says Dr. Doom Economist Roubini
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"Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is "dictator for life" ) & the Gini inequality coefficient of bitcoin is worse than North Korea."

"Crypto beats Kim Jong-un in regards to centralization and inequality."

In May of this year, Roubini called BTC a "gigantic speculative bubble" that "feeds on itself,"... Back in November 2017, he predicted that Bitcoin would "find its end" as more countries establish stricter regulation
Just because he 'allegedly' predicted the 2008 Financial crisis doesn't mean squat. We all know it was just a lucky guess.

But the centralization issue is troubling. Venezuela has just developed its own cryptocurrency, the Petro. Which centralized dictatorship will be next - Turkey? Iran? North Korea? This isn't what crypto was meant to be!
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Old 18th October 2018, 08:03 AM   #3062
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Quote:
In August, speaking as a panelist at BlockShow Americas, Roubini attacked blockchain technology, saying that fintech had "zero" to do with blockchain or crypto, arguing that people were doing just fine with traditional, fiat digital payment systems.
Just another so called professional who feels threatened by this new fangled technology.
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Old Yesterday, 11:06 AM   #3063
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How to Profit from Cryptos

North Korean Hacking Group Lazerus Stole $571 Million in Cryptos:
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North Korea's infamous hacking group, dubbed Lazarus, has managed to steal over half a billion dollars in cryptocurrencies, a report indicates...

More generally, Group-IB also indicates that $882 million in cryptocurrency was stolen from exchanges in total from 2017 to 2018, according to a summary of the report obtained by the tech news source.

The security provider said the number of attacks targeting crypto exchanges is likely to rise further, with hackers of more traditional financial institutions such as banks being drawn to the space seeking big gains.
So much for 'blockchain ensures security by being decentralized'!
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Old Yesterday, 11:10 AM   #3064
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Originally Posted by Roger Ramjets View Post
North Korean Hacking Group Lazerus Stole $571 Million in Cryptos:So much for 'blockchain ensures security by being decentralized'!
See, that's why you listen to computer experts, not BTC advocates.

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Old Yesterday, 05:59 PM   #3065
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Originally Posted by Roger Ramjets View Post
North Korean Hacking Group Lazerus Stole $571 Million in Cryptos:So much for 'blockchain ensures security by being decentralized'!
WOW! You did it! You equated a bitcoin exchange with blockchain! You can't tell the difference!

That is unbelievably ignorant.

Originally Posted by Belz... View Post
See, that's why you listen to computer experts, not BTC advocates.

https://imgs.xkcd.com/comics/voting_software.png
Wrong thread.
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