Breaky Bitcoin Blues

squawker

The Enbalmer wrote: »

ask them a question about real-world usages for their magic money.

I bought €5000 worth of computer equipment and also a €2500 3D camera with BtC last December and a VW Touran from cashed in BtC from my max investment of €120 in BtC 9 years ago


Blockchain is going to be the future of Internet money like it or not

squawker

squawker wrote: »

I bought €5000 worth of computer equipment and also a €2500 3D camera with BtC last December and a VW Touran from cashed in BtC from my max investment of €120 in BtC 9 years ago


Blockchain is going to be the future of Internet money like it or not

What you've described is capital gains from speculation rather than everyday currency use.

The Enbalmer

squawker wrote: »

Blockchain is going to be the future of Internet money like it or not

Why then after a decade is nobody using it as currency?

rapul

The Enbalmer wrote: »

Some bunch of lunatics over on the Crypto forum.

They remind me of flat earthers or Scientologists.

Definitely a brainwashed cult of some sort..ask them a question about real-world usages for their magic money and you'll get a torrent of abuse and then you'll be banned.

I understand it's difficult when you've been ripped off by a Ponzi scheme but no need to blame everybody who is cynical about the whole nonsense that it Crypto.

Grow up, you were trolling.

The Enbalmer

rapul wrote: »

Grow up, you were trolling.

Not at all. I was asking why people "invest" in this technology when nobody is using it and why do they continue to think bitcoin will "rally" despite all the evidence for it being a burst bubble.

It seems nobody had any answers so they all went running to the mod for help..very Gordon Gecko-like I must say.

rapul

Wow you've changed your tune, read back over your posts maybe. I'm out anyway not bothered spoon feeding you, your questions were answered, just not upto your standard apparently.

Edit: did u read what the Mod wrote about you?!

sk8erboii

The Enbalmer wrote: »

Not at all. I was asking why people "invest" in this technology when nobody is using it and why do they continue to think bitcoin will "rally" despite all the evidence for it being a burst bubble.

It seems nobody had any answers so they all went running to the mod for help..very Gordon Gecko-like I must say.

Its pretty overblown yeah but theres hundreds of uses cases for blockchains nowadays. Dunno why you think no ones using them

https://www.newsbtc.com/2018/12/17/porsche-blockchain-platform-loan/

https://www.pymnts.com/news/b2b-payments/2019/hsbc-blockchain-fx-trading-cryptocurrency/

https://www.cnbc.com/2019/01/15/iberdrola-uses-blockchain-to-ensure-renewable-energy-supply.html

The Enbalmer

sk8erboii wrote: »

Its pretty overblown yeah but theres hundreds of uses cases for blockchains nowadays. Dunno why you think no ones using them

https://www.newsbtc.com/2018/12/17/porsche-blockchain-platform-loan/

https://www.pymnts.com/news/b2b-payments/2019/hsbc-blockchain-fx-trading-cryptocurrency/

https://www.cnbc.com/2019/01/15/iberdrola-uses-blockchain-to-ensure-renewable-energy-supply.html

Fake news and none of those links relate to the everyday use of bitcoin as a currency or to the everyday use of blockchain technology.

BUT let's say this stuff IS being used so commonly,why has the price of bitcoin fallen to just over 3000 dollars from a high last year of nearly 20,000 dollars?

How does that indicate anything but a bubble that has burst?

Although I suppose these vested interests have got to take some of the blame,publishing nonsensical predictions.

For a Ponzi to work properly those with skin in the game have an obligation to get others to join in..at the cost of the truth and common sense.

Obvious Desperate Breakfasts

The Enbalmer wrote: »

Fake news and none of those links relate to the everyday use of bitcoin as a currency or to the everyday use of blockchain technology.

BUT let's say this stuff IS being used so commonly,why has the price of bitcoin fallen to just over 3000 dollars from a high last year of nearly 20,000 dollars?

How does that indicate anything but a bubble that has burst?

Although I suppose these vested interests have got to take some of the blame,publishing nonsensical predictions.

For a Ponzi to work properly those with skin in the game have an obligation to get others to join in..at the cost of the truth and common sense.

Sadly true. And it’s why these schemes cause such ill-feeling. People need others to enter to see a return themselves and have to not give a shît that those below them could end up losing everything.

Mr. CooL ICE

The Enbalmer wrote: »

Some bunch of lunatics over on the Crypto forum.

Mod: Don't bitch about other forums here.

You were banned from the Crypto forum. Whatever the reasons were, I don't know. But don't use After Hours to continue whatever nonsense got you banned over there. In other words, don't post in this thread and don't post in AH about bitcoin or other crypto currencies.

grindle

sk8erboii wrote: »

Its pretty overblown yeah but theres hundreds of uses cases for blockchains nowadays. Dunno why you think no ones using them

Save your time, he won't be convinced. He thinks Bitcoin is the only project or the only thing we care about, won't do any research for himself or read what you spoonfeed the poor bàb and is convinced that "I am right, you are wrong, everything is a ponzi!" is a rational argument.
He also thinks any new development has to be wildly successful within 10 years or it's worthless - this despite him conveying this sentiment via a PC he should apparently consider worthless along with mobile phones, the internet and operating systems. All worthless by his definition of worth as they all took much longer than 10 years to take root.
He's precisely what the ignore button is for.

To whomever doesn't know what a Ponzi is: just search the dictionary, please for the love of god. As crap as Bitcoin is currently, it's not a Ponzi. It's an over-speculated, hyper-manipulated money-sponge with god-awful liquidity that started off with good intentions and has been hijacked (for better or worse is a matter of opinion but I think worse).

AlanG

squawker wrote: »

I bought €5000 worth of computer equipment and also a €2500 3D camera with BtC last December and a VW Touran from cashed in BtC from my max investment of €120 in BtC 9 years ago


Blockchain is going to be the future of Internet money like it or not

A good return. Out of interest how was it treated for tax purposes, is it income tax or capital gains or something else?

squawker

The Enbalmer wrote: »

Why then after a decade is nobody using it as currency?

10 years is fcuk all in the scheme of things

I personally have used it plenty of times to purchase digital goods over the last few months and will hopefully continue to use it well into the future

I like owning my own money with no middle man skimming my money off me with unnecessary charges

AlanG wrote: »

A good return. Out of interest how was it treated for tax purposes, is it income tax or capital gains or something else?

no idea, I used mine for direct trade of (Computer) goods and local bitcoin trade (cash for BtC) for the Car

grindle

AlanG wrote: »

A good return. Out of interest how was it treated for tax purposes, is it income tax or capital gains or something else?

It's capital gains - 33% of realised profit made after the first €1270.

Atoms for Peace

Will the ever increasing amount of processing power needed to process the blockchains get to a stage that a makes the whole thing not economicly viable?

JohnnyFlash

Atoms for Peace wrote: »

Will the ever increasing amount of processing power needed to process the blockchains get to a stage that a makes the whole thing not economicly viable?

The proof of work that powers bitcoin and its offspring is completely morally repugnant. Using more energy than Ireland and Austria put together so people can speculate on the value of something with absolutely no inherent value.

squawker

Atoms for Peace wrote: »

Will the ever increasing amount of processing power needed to process the blockchains get to a stage that a makes the whole thing not economicly viable?

Blockchain is evolving

its now Proof of Stake not Proof of Work (Mining)

so you just open your wallet for staking on this new blockchain tech.

Whatever PC your wallet is running on would have to stay connected to the internet for the duration that you want it to stake.

Spannerplank

The Enbalmer wrote: »

Fake news and none of those links relate to the everyday use of bitcoin as a currency or to the everyday use of blockchain technology.

BUT let's say this stuff IS being used so commonly,why has the price of bitcoin fallen to just over 3000 dollars from a high last year of nearly 20,000 dollars?

How does that indicate anything but a bubble that has burst?

Although I suppose these vested interests have got to take some of the blame,publishing nonsensical predictions.

For a Ponzi to work properly those with skin in the game have an obligation to get others to join in..at the cost of the truth and common sense.

You say the btc bubble has burst. What is its price today in relation to its price in 2010?

grindle

squawker wrote: »

Blockchain is evolving

its now Proof of Stake not Proof of Work (Mining)

so you just open your wallet for staking on this new blockchain tech.

Whatever PC your wallet is running on would have to stay connected to the internet for the duration that you want it to stake.

...only if you're an Ethereum fan and that'll be in a year or two (please let it be a year), or maybe some other newer project. Bitcoin will be Proof of Work forever according to the Core devs, so unless the Core devs change or evolve their thinking it's staying the way it is.

Atoms for Peace wrote: »

Will the ever increasing amount of processing power needed to process the blockchains get to a stage that a makes the whole thing not economicly viable?

This is unlikely unless some ideal second layer gets built atop it but hypothetically if Bitcoin ever became a popular reserve currency and there were a few more booms left before that happened and the mining frenzy went into overdrive each of those times and the Core devs didn't change the algorithm so ASICs continue to own the network, then hitting some point where it's ecologically unviable is likely (not just due to energy use but due to the possibility of millions of miners which would get dumped in a Chinese landfill) but economically the miners with highest costs would turn off their nodes if it was unprofitable, the difficulty gets readjusted and it's profitable again. It would fluctuate in a fairly minor way at that stage - instead of today's mining farms you'd be talking more in terms of Google or AWS data center.-scale mining operations.
Another sad thing is the devs could literally change one line of code and Bitcoin could process 10x the amount of transactions for the same energy cost, with the caveat being a theoretical possibility of further centralisation. It's already quite centralised thanks to Chinese miners, so the situational caveat is reality right now.

Like squawker says, newer methods of verifying transactions exist and more will exist but the BTC Core devs see the cost of electricity as a substantial signal that people are putting their money where their mouth is to secure the network, with the idea being the more popular it becomes the more expensive it becomes to attack. Spending half a country's electricity bill in order to reverse a block in order to double-spend, get found out and then promptly excluded from the chain does seem watertight, it's secure in that sense.
PoW was and is a novel way to bootstrap the idea into existence - "Everyone has a CPU!" which turned into "A lot of people have GPUs!" then became "This one company has built some magic sauce machine that everybody has to buy" - but once it became an ASIC arms-race with no further scaling of the chain it became something perverse.

Atoms for Peace

Looks like the Chinese government is going to crack down on Bitcoin mining.
https://www.reuters.com/article/us-china-cryptocurrency/china-says-it-wants-to-eliminate-bitcoin-mining-idUSKCN1RL0C4?feedType=RSS&feedName=businessNews&utm_source=reddit.com

q85dw7osi4lebg

Atoms for Peace wrote: »

Looks like the Chinese government is going to crack down on Bitcoin mining.
https://www.reuters.com/article/us-china-cryptocurrency/china-says-it-wants-to-eliminate-bitcoin-mining-idUSKCN1RL0C4?feedType=RSS&feedName=businessNews&utm_source=reddit.com

No surprises, they crack down on everything good.

kerplun k

kerplun k wrote: »

That's a very bold statement to say BTC will never recover from this, of course it will. I've set a reminder to poke you when it hits 5.5 again. :pac:

seamus wrote: »

5.5 is a very soft target. It could bounce up to that (and back down again) next week.

Nevertheless, I'm pretty confident you'll never receive that reminder.

In 2025 there'll be a thread entitled, "Who remembers Bitcoin? Did you make any money out of it?"

Poke

vargoo

kerplun k wrote: »

Poke

Fuking bullsh1t though.

No reason for it, if anything another $40 million getting stolen off Binance...price should be plummeting.

Whales must think enough time has passed since last pump to do it again.

Arrival

vargoo wrote: »

kerplun k wrote: »

Poke

Fuking bullsh1t though.

No reason for it, if anything another $40 million getting stolen off Binance...price should be plummeting.

Whales must think enough time has passed since last pump to do it again.

Do you own any cryptocurrencies?

Frozen Veg

Crypto has made a nice recovery with some 50% up this week alone.

Bitcoin has surpassed $8,000 having been as low as $3,500.

So those referred to in the OP may not be too badly off after all. Hopefully they held.

What the future holds who knows but certainly a fascinating investment option.

jobless

man all the people calling it a pyramid scheme, tulips etc....
longest pyramid scheme ever if thats the case!

jcorr

Is there anyone on here using arbitrage strategies with crypto currency exchanges?

How are you getting on with it? I would be curious to know as I am considering looking into it myself.

garyskeepers

Serves people right for buying crypto currency.. Useless numbers on a screen

seamus

seamus wrote: »

I'm afraid nox, with all due respect, this belief that a rally is more likely than a collapse reveals your ignorance about just what bitcoin is.

Sell now, get out while you have something. In a decade, bitcoin will be a piece of history and nothing more.

I hope no crypto investor reading the above paid it any heed, I know I certainly didn’t.

Since this bit of advice to “sell now” my portfolio has increased x4 and is approaching break even (which I have no intention of selling at either as I didn’t invest to break even and will ride it out to see where things go from there).

tuxy

We're all rich, congrats! Against all odds it worked out!

dotsman

jobless wrote: »

man all the people calling it a pyramid scheme, tulips etc....
longest pyramid scheme ever if thats the case!

Of course it's a pyramid scheme!

But I'm happy to make money on it. As long as there are people stupid enough to pile on for FOMO, I'll keep making a few quid. A fool and his money...

Ken.

Mod- There is a whole forum for cryptocurrency. It's located here. https://www.boards.ie/vbulletin/forumdisplay.php?f=1814
Not a forum I frequent myself so be sure to read the charter regarding posting before starting a thread.

Charter- https://www.boards.ie/vbulletin/showthread.php?t=2057793212

Ken.

Mod- Moved from AH to Cryptocurrency. See above post.

Arrival

dotsman wrote: »

jobless wrote: »

man all the people calling it a pyramid scheme, tulips etc....
longest pyramid scheme ever if thats the case!

Of course it's a pyramid scheme!

But I'm happy to make money on it. As long as there are people stupid enough to pile on for FOMO, I'll keep making a few quid. A fool and his money...

Such a ridiculous statement from someone who's actually divested FIAT into this, I would've thought people would do basic research before parting with their money which would get them past the dumb ass Ponzi and pyramid scheme ****, but here I am proven wrong lol. If you actually think it's a ponzi/pyramid scheme by the way not only are you dumb but you're a scumbag for jumping in trying to make money off of stupid people as you say, same way anyone involved in any pyramid scheme preying on stupid people is a scumbag.

Watch this in its entirety and come back to your post here. It's 40 minutes but very easy watching, you need to actually look at the video too not just play it half assedly in the background. It's a must watch for anyone who actually has an interest in the industry:

https://www.youtube.com/watch?v=V3VgbQ23E8k

jobless

dotsman wrote: »

Of course it's a pyramid scheme!

But I'm happy to make money on it. As long as there are people stupid enough to pile on for FOMO, I'll keep making a few quid. A fool and his money...

Do you actually know what a pyramid scheme is?...

Frozen Veg

Holy fiddlesticks.

grindle

Great mod decision. Thread will be much less cancerous and virtually useless for attracting ignorant shítposters now.
This could be a playpen for any self-avowed lowlife criminals unwilling to research on red days into the future.

stockshares

grindle wrote: »

Great mod decision. Thread will be much less cancerous and virtually useless for attracting ignorant shítposters now.
This could be a playpen for any self-avowed lowlife criminals unwilling to research on red days into the future.

What was the mod decision. Have posts been deleted?

thomas 123

Nice gains this morning! HODL

grindle

stockshares wrote: »

What was the mod decision. Have posts been deleted?

https://www.boards.ie/vbulletin/showpost.php?p=110531253&postcount=434

They moved this from After Hours to here. It benefits crypto discussion beacuse most are viewing it with a dim "heard about it on the radio" mindset but is objectively negative because even the mentally deficient should be allowed to voice their consistently invalidated viewpoints. Depends on how you feel about repetitive thread-spam and lengthy rebuttals.

stockshares

grindle wrote: »

https://www.boards.ie/vbulletin/showpost.php?p=110531253&postcount=434

They moved this from After Hours to here. It benefits crypto discussion beacuse most are viewing it with a dim "heard about it on the radio" mindset but is objectively negative because even the mentally deficient should be allowed to voice their consistently invalidated viewpoints. Depends on how you feel about repetitive thread-spam and lengthy rebuttals.

Thanks, I hadn't a clue what was going on there

JohnnyFlash

Aongus Von Bismarck wrote: »

A complete scam of course, and it just goes to shows what happens when large amounts of people who don't understand economics, the creation of wealth, and the systems behind it, attempt to 'get rich quick'.


That said, not everyone lost money. Over 90% of people did. I made some money off Bitcoin completely by chance. A number of us here at the bank in Frankfurt bought some of them a number of years back. We had intended to give them to one of C-Suite in the bank as a joke present - the 'future of money'. We didn't however, as he died of a massive heart attack before we had the opportunity to do so.


Anyway, we forgot about them, until last December, where we saw that each coin was valued at over 10k dollars a pop. We cashed them all in at 14700k a pop, which wasn't the height of the bubble, but no point getting greedy with this sort of thing, and ending up being a bag-holder/owner of worthless digital 'beany babies'.


I paid the required tax on the profits, and was able to purchase a small holiday home in West Cork with the proceeds. I also had enough left over to purchase a golf course membership down there, as well as a Paul Henry painting for the kitchen. So all-in-all, a pleasant experience.


Don't even bother reading about it these days. There's this idea that those of us who work in traditional banking are terrified of bitcoin. We aren't. It's silly libertarians playing silly games with silly virtual money.

Good man Aongus.

xckjoo

Any ideas on what's causing the upswing?

grindle

xckjoo wrote: »

Any ideas on what's causing the upswing?

The purest of hopium. General uptrend in the cycle, big money looking at the last cycle in regards to a BTC halvening and getting in ahead at lower prices in comparison to where they think it could be - nobody really knows but those are the most likely.

I was kind of sceptical wrt timeframe that we'd follow the exact same 4y cycle again, I thought it may take another year or two. Looks like it'll happen faster unless we have another year long bear market (also plausible).

JohnnyFlash

Tether printing 2 billion fake dollars caused it.

dotsman

Arrival wrote: »

Such a ridiculous statement from someone who's actually divested FIAT into this, I would've thought people would do basic research before parting with their money which would get them past the dumb ass Ponzi and pyramid scheme ****, but here I am proven wrong lol. If you actually think it's a ponzi/pyramid scheme by the way not only are you dumb but you're a scumbag for jumping in trying to make money off of stupid people as you say, same way anyone involved in any pyramid scheme preying on stupid people is a scumbag.

Watch this in its entirety and come back to your post here. It's 40 minutes but very easy watching, you need to actually look at the video too not just play it half assedly in the background. It's a must watch for anyone who actually has an interest in the industry:

https://www.youtube.com/watch?v=V3VgbQ23E8k

When one invests in shares, they are buying something that has an underlying value (a little piece of a company that owns assets) that is generating wealth (profits). Yes, there is a small element of speculation regarding price, but it is investing in something tangible.

Similarly, when investing in property, they are buying something that has an underlying value (land/building) that is generating wealth (rent). Yes, there is a small element of speculation regarding price, but it is investing in something tangible.

Hell, even if you trade in Gold/commodities, there is an underlying asset with value.

Bitcoin et al are currencies. And very bad ones at that. The main points that people use when expressing their love for crypto are also the reason why it can never work. A currency needs government backing -until it is legal tender, it is merely a sideshow. It needs strict regulation - right now, the land of cryptos is the financial wild west. It needs central bank interference - as long as it is fluctuating wildly, it is useless as a currency.

Ultimately, cryptos have no underlying value. The price they are been traded at reflects 100% speculation and nothing more. And, while not strictly a pyramid scheme in the traditional sense, that's the closest common term that people understand (it is more a series of pyramids). And if you can't see that, then you need to cash out immediately and stay away.

P.S. Calling people names because they know what they are doing is a little silly. "Bigging up" something that you are invested in, however, is a very scumbag thing to do and, in regulated environments, is illegal.

Pintman Paddy Losty

JohnnyFlash wrote: »

Tether printing 2 billion fake dollars caused it.

Correct and right Flashy... As they say a picture paints a thousand words.

Thankfully my model predicted this allowing me to buy a few coins at 3900. Close to cashing out soon. A tidy profit made.

rapul

Give it a rest lads yous are just coming off as pathetic, get a life and stop trying to put people down, that's all you try to do, one up people thinking you know everything. Sham.

And paddy your model, don't make me laugh that's the funniest **** I've heard in a while!

Pintman Paddy Losty

rapul wrote: »

Give it a rest lads yous are just coming off as pathetic, get a life and stop trying to put people down, that's all you try to do, one up people thinking you know everything. Sham.

And paddy your model, don't make me laugh that's the funniest **** I've heard in a while!

Cool the jets rapul. People having a civilised debate here.

rapul

I'm calm as can be, expressing my opinion on a public forum isn't a crime

And to be fair nothing civilised about how you and your chum talk to people and have done for quite some time now, as I said forever trying to one up people, pathetic