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(Forbes)   Bitcoin's unlucky number is four billion   (forbes.com) divider line
    More: PSA, Bank of America, Finance, JPMorgan Chase, Put option, Financial Times, bitcoin price, Call option, Speculation  
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1859 clicks; posted to Business » and STEM » on 26 Jan 2021 at 10:46 PM (11 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



25 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-01-26 6:17:52 PM  
So, move it all over to Game Stop shares?
 
2021-01-26 9:42:15 PM  
It's a speculative investment. If it was a real currency, they'd be happy it was flatlined and desire it to remain so.
 
2021-01-26 10:16:10 PM  
I'm betting it all on Lucky's Horseshoe in the seventh race at Aqueduct.
 
2021-01-26 10:50:14 PM  

homeless_need_help: So, move it all over to Game Stop shares?


brilliant!
 
2021-01-26 11:12:04 PM  
Hope it tanks.

Hard enough getting GPUs with the damn miners screwing up the supply.
 
2021-01-26 11:28:28 PM  
Not gonna lie, this ape is socking part of the GME payout in doge.
 
2021-01-26 11:28:39 PM  
Scaramucci and Steve Saylor (of Microstrategy - remember them?) have been pimping a bitcoin fund for the last 2 months.

How much you want to bet that they have massive exposure to this?
 
2021-01-26 11:58:06 PM  

Abe Vigoda's Ghost: Hope it tanks.

Hard enough getting GPUs with the damn miners screwing up the supply.


People aren't mining Bitcoin with GPUs
 
2021-01-26 11:58:50 PM  
I've been hearing about XRP as an international banking currency, scam or bright future?
 
2021-01-27 12:00:47 AM  

Likwit: Abe Vigoda's Ghost: Hope it tanks.

Hard enough getting GPUs with the damn miners screwing up the supply.

People aren't mining Bitcoin with GPUs


I always buy used antminers and then stab myself to death.
 
2021-01-27 12:01:11 AM  

Billy Bathsalt: I've been hearing about XRP as an international banking currency, scam or bright future?


Both, lol.
 
2021-01-27 12:38:46 AM  

Billy Bathsalt: I've been hearing about XRP as an international banking currency, scam or bright future?


Yeah, its purpose is to move money between banks quickly. So far it is mostly being used by banks in Africa, Latin America and Asia, and has not really been picked up by larger banks. the problem is that the coin is owned by a corporation, and the price is set by that corporation to what ever they want it to be. So while it does have a use, and is being used for that purpose, it is not a very good coin for investment
 
2021-01-27 12:46:22 AM  

aungen: Likwit: Abe Vigoda's Ghost: Hope it tanks.

Hard enough getting GPUs with the damn miners screwing up the supply.

People aren't mining Bitcoin with GPUs

I always buy used antminers and then stab myself to death.


I use my antminer to heat my house.
 
2021-01-27 12:50:13 AM  

TedCruz'sCrazyDad: aungen: Likwit: Abe Vigoda's Ghost: Hope it tanks.

Hard enough getting GPUs with the damn miners screwing up the supply.

People aren't mining Bitcoin with GPUs

I always buy used antminers and then stab myself to death.

I use my antminer to heat my house.


Careful. Miners and antiminers cancel each other out.
 
2021-01-27 1:52:53 AM  

ongbok: Billy Bathsalt: I've been hearing about XRP as an international banking currency, scam or bright future?

Yeah, its purpose is to move money between banks quickly. So far it is mostly being used by banks in Africa, Latin America and Asia, and has not really been picked up by larger banks. the problem is that the coin is owned by a corporation, and the price is set by that corporation to what ever they want it to be. So while it does have a use, and is being used for that purpose, it is not a very good coin for investment


And they are being charged by the SEC: https://www.sec.gov/news/press-r​elease​/2020-338 , https://www.wsj.com/articles/cryptocu​r​rency-startup-ripples-future-hinges-on​-sec-case-11611500401
 
2021-01-27 7:11:38 AM  
I wrote on 12/18/2020, "MassMutual just invested $100m in bitcoin on the 11th. Bitcoin isn't going anywhere until they get significantly more powerful quantum computers, and even then, when will they spend the time breaking the blockchain? Quantum computers are not instant, they still take time to compute and I'm sure some facility that will build the quantum computers capable of handling the problem will not give out their time frivolously."

I said the same day here when bitcoin was at $24,000 I wrote that it "might be a really good time to buy" and I mostly got funnied. My brother didn't do anything with bitcoin at that point but did invest more at $28,000.. My brother through using his intellect has been involved with cryptocurrencies and made a good deal off of his secondary "hobby" - his main hobby is board games. You probably would be disgusted at the amounts invested and received. He has played the markets. Since he taught me a good deal about bitcoin, he now asks my opinion on market fluctuations. We recently agreed now is the time to hold for him and maybe buy some, again, for his investments and strategy.

Bitcoin will become known as the VW Bug of cryptocurrencies because it is one of the most popular, and because it is simple and reliable. Bitcoin will remain popular for a long time but there are far better qualities in other existing currencies and many more will come. Bitcoin is not the same concept as a gold standard, because it is certainly not the only game in town like a "standard". I don't use or have anything in bitcoin, I am on disability and obviously don't have any money. I use litecoin because it is far faster and far cheaper for buying my medically recommended marijuana off the dark markets.

If you google "are quantum computers instant Grover's" you get that part of them are instant. The actual sorting of the data, through Grover's Algorithm, still takes time to crack crypto.
 
2021-01-27 7:13:43 AM  

Sim Tree: Careful. Miners and antiminers cancel each other out.


Well that's why you need the dilithium - to act as a medium and stabilize the reaction. Right Cmdr LaForge?
 
2021-01-27 7:17:07 AM  
My problem with Bitcoin isn't the speculation or insanity (I own a few shares of GME now, so insanity it's obviously okay).  My problems are on the technical implementation side.

First, Bitcoin requires transactions distributed across multiple nodes to process a 300Gb blockchain.  Then you add in the fact that block size for those transactions is limited in both size and speed.  That's the whole reason the thing forked way back when before the start of the apocalypse we're all living through now.

And nothing about how blockchains work is going to fix those problems easily (hence, forking not fixing being the first real attempt).

But hey, at least you can buy your weed in an anonymous way that publicly tracks every transaction ever made, right?
 
2021-01-27 7:21:30 AM  
It looks like someone tried to combine a helicopter and a submarine.
 
2021-01-27 8:12:21 AM  
I bet you 1 Bitcoin that you're wrong.  Wait!  Make that 0.75 Bitcoins!  Shiat!  It fell!  Make that 2.45 Bitcoins!

Bitcoin is the future of currency.
 
2021-01-27 8:51:14 AM  
Sold all my bitcoin to get in to GME. Seemed like the right time to finally get out and take my profits.
 
2021-01-27 11:10:46 AM  

RealXavori: My problem with Bitcoin isn't the speculation or insanity (I own a few shares of GME now, so insanity it's obviously okay).  My problems are on the technical implementation side.

First, Bitcoin requires transactions distributed across multiple nodes to process a 300Gb blockchain.  Then you add in the fact that block size for those transactions is limited in both size and speed.  That's the whole reason the thing forked way back when before the start of the apocalypse we're all living through now.

And nothing about how blockchains work is going to fix those problems easily (hence, forking not fixing being the first real attempt).

But hey, at least you can buy your weed in an anonymous way that publicly tracks every transaction ever made, right?


The biggest problem is how it wastes resources (energy and hardware). If every miner around the world permanently turned off 99% of their equipment, the Bitcoin network would function exactly as well as it does today (after a temporary adjustment period). Conversely everyone could scale up their factories by a factor of 100 and the network would perform no better than it does today. The system only rewards resource disparities when one entity happens to control a larger fraction of the equipment currently in operation, regardless of the size of the total pool.

That alone should have kept Bitcoin in the realm of academic curiosity, a nice proof of concept but ultimately of no more relevance than a SETI screensaver. But here we are...
 
2021-01-27 11:58:52 AM  

Rapmaster2000: I bet you 1 Bitcoin that you're wrong.  Wait!  Make that 0.75 Bitcoins!  Shiat!  It fell!  Make that 2.45 Bitcoins!

Bitcoin is the future of currency.


When your time frame is minutes and not years, you make irrational decisions.
 
2021-01-27 12:27:13 PM  

CokeBear: Sold all my bitcoin to get in to GME. Seemed like the right time to finally get out and take my profits.


Apes together strong. 🥜
 
2021-01-27 6:18:31 PM  

Billy Bathsalt: I've been hearing about XRP as an international banking currency, scam or bright future?


The interesting problem recently has been Tether - according to one article I read recently, they seem to be issuing lots of Tether, which they claim is backed by $US, and other people are selling lots of Tether and buying Bitcoins with it, and the author predicted the bottom's going to suddenly fall out of Tether pretty soon, because whoever's been doing this can't keep it up too long (unless it's really the same people buying and selling those Tethers to launder money, of course.)

That doesn't mean Bitcoin would be directly trashed, but it's apparently been a large part of Bitcoin purchases for a while, and without that stream of demand coming in, the price is likely to fall.
 
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