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bitcoins

mrzuzzo said:
Not even remotely true.

Most BTC transactions happen off chain.

I think Bitcoin can only process something like 9 transactions a second on the chain.
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The ID of the sender or receiver of bitcoin is recorded on the blockchain, as I stated correctly. Even if its a 3rd party ID of bundled transactions, an ID is used. The final tally of the bundled transactions re-enters on blockchain as one ID, and is traceable to the 3rd party.

The ID is pseudonymous so the reader of the transaction may not necessarily know if those involved are people or 3rd party, as I stated correctly.

do you disagree?
 
Bowling4Bikes said:
The ID of the sender or receiver of bitcoin is recorded on the blockchain, as I stated correctly. Even if its a 3rd party ID of bundled transactions, an ID is used. The final tally of the bundled transactions re-enters on blockchain as one ID, and is traceable to the 3rd party.

The ID is pseudonymous so the reader of the transaction may not necessarily know if those involved are people or 3rd party, as I stated correctly.

do you disagree?
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You did not "state correctly" as you said all bitcoin transactions are traceable, which isn't true because most transactions don't even happen on the chain. Just read what you wrote, which is technically correct with your last statement, and think about how stupid of a system that is.

VicTim said:
I don't own any bitcoin but now that it's under $20,000 I'm thinking it may be time to buy some soon. Maybe wait to see it go even lower? I'm still on the fence over value.
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What's so appealing about BTC at 20K exactly?
 
mrzuzzo said:
You did not "state correctly" as you said all bitcoin transactions are traceable, which isn't true because most transactions don't even happen on the chain. Just read what you wrote, which is technically correct with your last statement, and think about how stupid of a system that is.
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ok. It's possible I am misunderstanding how an offchain transaction works. It's also possible that I'm not and that you are. But I can see our dialogue won't get anywhere.

good luck to you and your digital asset hodlings. I wish you good fortune.
 
VicTim said:
I don't own any bitcoin but now that it's under $20,000 I'm thinking it may be time to buy some soon. Maybe wait to see it go even lower? I'm still on the fence over value.
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Digital tokens have no value.

That said, they certainly do have a price... and I believe these prices have much more to fall.
 
This has been an interesting thread. I'm waiting for some of the btc acolytes to chime back in.
 
mrzuzzo said:
You did not "state correctly" as you said all bitcoin transactions are traceable, which isn't true because most transactions don't even happen on the chain. Just read what you wrote, which is technically correct with your last statement, and think about how stupid of a system that is.
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While transactions can certainly happen off-chain that specify settlement in Bitcoin, can they properly be called Bitcoin transactions?

Just curious, I really don't know.
 
Seems like there is a lot of kicking while they're down going on here.

I don't expect the proponents of Bitcoin to come in for the abuse and nobody in here can say whether or not it will exceed previous highs in the future.
 
Climber said:
Seems like there is a lot of kicking while they're down going on here.

I don't expect the proponents of Bitcoin to come in for the abuse and nobody in here can say whether or not it will exceed previous highs in the future.
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Well, there is still a lot of speculation about pending government regulation since the Fed started grumbling about it in April.

I will be surprised if it shoots back up so high any time soon if strict oversight and regulation is added federally in the US.
 
Climber said:
Seems like there is a lot of kicking while they're down going on here.

I don't expect the proponents of Bitcoin to come in for the abuse and nobody in here can say whether or not it will exceed previous highs in the future.
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I'm used to this; every time the price pulls back, the skeptics chortle and fling poo. This isn't different from normal, but they seem emboldened to fling even more poo when the price is down.

I'm sitting in a house that Bitcoin helped buy. They can chortle all they like, I'm buying the dip.
 
Nah I was here shitting on Bitcoin when the price peaked too.

Congratulations on sitting in a house that "bitcoin" helped buy. No different than sitting in a house that the casino helped buy because you gambled and won.

Nobody cares about any actual future uses of Bitcoin. It's just a sales pitch to get people to buy into the pyramid scheme. Remember the inflation hedge sales pitch? How's that going? All Bitcoin bros really care about is making more fiat and seeing the number go up. Basically a glorified ponzi scheme.
 
mrzuzzo said:
Nah I was here shitting on Bitcoin when the price peaked too.

Congratulations on sitting in a house that "bitcoin" helped buy. No different than sitting in a house that the casino helped buy because you gambled and won.

Nobody cares about any actual future uses of Bitcoin. It's just a sales pitch to get people to buy into the pyramid scheme. Remember the inflation hedge sales pitch? How's that going? All Bitcoin bros really care about is making more fiat and seeing the number go up. Basically a glorified ponzi scheme.
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Yup.

Some people came out really well from bitcoin, if they got in early, and got out when it was extremely inflated, but I think it's important to understand exactly what is going on with it.

I don't normally like Breaking Points, but this breakdown on the machinations behind the scenes, and how it will effect crypto markets, is very good.

[YOUTUBE]niXWlUTcmlE[/YOUTUBE]

Essentially, there are 2 main differences between crypto and normal financial products that means crypto is likely in a lot of trouble as the fed stops giving away free money to gamble with. The first is that there is no actual product connected with anything, There might not be a ceiling to the value, but also the floor is at 0. The second, and possibly more damning, is that unlike the normal stock market, there's no indication that the US government will step in and stop the crypto market from cratering. They didn't secure the support in Washington (probably a good thing overall)

That being said, if there is enough pressure on the fed to start handing out free money again, if that happens fast enough that belief in the crypto market's reputation isn't permanently tainted (or the market is just wiped out completely) crypto could recover. On the other hand, crypto's reputation may already be tainted to the point that it won't recover.
 
I think I have asked this before, but I am still waiting for an explanation of how bitcoin can have utility as a currency while also providing large returns?

It seems that it either needs to be stable so it can be used as currency OR it goes up in value substantially but can't be both. The things that make a good currency make a lousy investment.

So far it has provided very high returns for early buyers, but has behaved as a really, really crappy currency. I have trouble seeing a long term path towards bitcoin being useful unless it stops increasing in value and stabilizes.

Basically, if bitcoin behaves as a good currency I see no reason to buy any because the returns will be minimal, or if I think it will continue to go up in value it becomes a lousy currency and then what underlying value am I buying?
 
I always considered crypto as a gamble.
And more power to anyone who had the guts to gamble.

I'm just an old conservative investor.
 
Interesting link Connor. Thanks for that.
 
bpw said:
I think I have asked this before, but I am still waiting for an explanation of how bitcoin can have utility as a currency while also providing large returns?

It seems that it either needs to be stable so it can be used as currency OR it goes up in value substantially but can't be both. The things that make a good currency make a lousy investment.

So far it has provided very high returns for early buyers, but has behaved as a really, really crappy currency. I have trouble seeing a long term path towards bitcoin being useful unless it stops increasing in value and stabilizes.

Basically, if bitcoin behaves as a good currency I see no reason to buy any because the returns will be minimal, or if I think it will continue to go up in value it becomes a lousy currency and then what underlying value am I buying?
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The problem is most people are talking like bitcoin=crypto. It's one particular facet of the landscape. Sort of like saying Google=the internet.
 
kingmoochr said:
The problem is most people are talking like bitcoin=crypto. It's one particular facet of the landscape. Sort of like saying Google=the internet.
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That's true but when you become the de facto major player then you get equated as that thing. I mean does anyone say I searched for something online anymore or do they just say I googled it?

I think most guys in here mine their coins, although from what I have read I think some also buy in dips. I personally treat it like the stock market and don't think it is some kind of replacement currency. Now others may think differently more power to them. If they can play the dips and rises like people play the stock market more power to them and who am I to shit on their parade. I was kind of hoping one of the original posters would come back in and give some info regarding the current dip as I know some of the earlier increases were due to market movement by whales to inflate the price and look forward to their insight on the current situation and their future outlook.
 
kingmoochr said:
The problem is most people are talking like bitcoin=crypto. It's one particular facet of the landscape. Sort of like saying Google=the internet.
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It's more like Google = the search engine. It's technically not true, but they control like 95% of the market, so it's a fair statement regardless.
 
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