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Nov 27 2017 09:28pm
Note: Is there any topic about it?, if so I couldnt find it. I tried searching for an economic forum, but there is no such forum in this website.

Anyway, Bitcoin and the cryptocurrencies have become very strong this year and many big players are entering the Bitcoin market, rising the price of bitcoin even more and followed by other important cryptos such as Ethereum, Litecoin, Dash, Bitcoin Cash (which is trying to take down Bitcoin but failing), etc.

To those of you who dont know about this, I recommend you start reading about it, the world of cryptocurrencies is a whole new and interesting world that can help you make good money.

Not only that, we could be living in this moment, the beginning of the fall of the fiat currencies and the rise of the decentralized cryptocurrencies. If you think this is a pyramid ponzi scheme, then I recommend you read about the blockchain technology and how it works. Bitcoin and the cryptocurrencies are the real deal in my opinion.




I think John McAfee is right, Bitcoin is deflationary, there is a fixed amount of bitcoins that can be mined (21 million), there cant be any more bitcoins after that. According to the maths, the last bitcoin will be mined around the year 2138-2140, but 16 million bitcoins has already been mined, so the last 5 million will take a while, because the dificulty becomes harder to do. Its a way to emulate mining gold, it becomes harder and harder, but there is a finite amount (at least in this planet).

The technology is totally decentralyzed, it doesnt depend on a central government or a central bank, the especialyzed "machines that mine the bitcoins" act as "individual servers" themselves (to describe it in a simple way), in which the transactions go through, this way, there is no central building or server that can be taken down. The only way to kill bitcoins and the cryptos are to turn off the internet completely.

The big central banks are really scared because they cant find a way to stop this. Hence we see hypocritical comments, like JP Morgan chief and the Deutsche bank, both saying that Bitcoin is a bubble and a fraud, yet JP Morgan and Deutsche bank were a few months ago fined for fraud and money laundering, roflmao, and not only that, they tell the general public to not buy bitcoins, while at the same time they buy millions of dollars worth in bitcoins behind scenes.

I do believe the price of bitcoin will reach $100k or $500k someday in the following 5 to 10 years (many factors such as the devaluation of the fiat currencies and the value bitcoin is gaining yearly). Be aware that this market is very volatile, there can be ups and downs (many times in bitcoin's history since 2009, we have seen it go up and then down and people start panic-selling, only to realize that the correction level aka the new low level ends up being always above the previous correction/low level) but the general tendency is to continue going up.

What do you guys think about it?. I think cryptocurrencies are the future.

If this topic is already being discussed somewhere in this forum, then I apologize, but I really couldnt find it anywhere.
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Nov 27 2017 09:30pm
Many countries are starting to regulate blockchain (france & EU goes in this way)
[China, Russia, Japan, already did something, Australia is on its way]
It can be hacked
It already reached its end, 95% of the bitcoin is hold by 4% of investors...
Energy wasted by cpus doing the mining calculations.
https://www.theguardian.com/technology/2017/nov/27/bitcoin-mining-consumes-electricity-ireland

That shit isnt serious:


McAfee 2020 btw nice VP
https://mybroadband.co.za/news/wp-content/uploads/2013/06/John-McAfee-gun-to-head.jpg

This post was edited by Saucisson6000 on Nov 27 2017 09:32pm
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Nov 27 2017 09:33pm
How can it be hacked?. If you read about the blockchain technology you would understand that it cant be hacked. For example, watching the blockchain technology is like watching the bank booknotes, you cant steal the money of the bank with it, you cant hack it. Now, what you can hack are the wallets, thats another thing.

Also, "regulation" doesnt mean a bad thing, depending on the regulation. Let me explain. Some regulations allow big players (those with billions of $$$) to enter the market, and Japan's regulations are actually positive for the bitcoin because it has allowed to make it legal inside Japan, which has increased the demand for bitcoins, hence increasing its value. Same for South Korea.

Also, that graphic you are showing is old. BTC price is almost at $10k right now. I think there will be resistance in the value around 10k mark, but after it surpasses the 10k, im pretty sure 11k and 12k will be reached pretty quick.

This post was edited by Golden_Order on Nov 27 2017 09:36pm
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Nov 27 2017 09:36pm
  • BTC is a pain in the ass to use
  • Governments can target where the ASIC's are located providing the majority of the networks hashing
  • Transactions are still taxed, so doing business with the USA still requires $$


Will BTC go to 0, I highly doubt it, but I cant see how it is worth almost $10,000 per coin. Early adopters are rewarded far more, so I don't see how it isnt a pyramid scheme. What did mining early BTC do to earn such an incredible amount of value? It isnt like they cured cancer.

Edit: There is also the quantum computing monkey wrench.

This post was edited by nobrow on Nov 27 2017 09:37pm
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Nov 27 2017 09:37pm
Yes. There is a big ass topic both here and in donor forum.
Honestly don't need more bitcoin bullshit round here tbh. It's a wildly unstable currency with absolutely no protection. Useful for anonymously buying illegal goods currently I suppose.
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Nov 27 2017 09:38pm
Quote (nobrow @ Nov 27 2017 11:36pm)
  • BTC is a pain in the ass to use
  • Governments can target where the ASIC's are located providing the majority of the networks hashing
  • Transactions are still taxed, so doing business with the USA still requires $$


Will BTC go to 0, I highly doubt it, but I cant see how it is worth almost $10,000 per coin. Early adopters are rewarded far more, so I don't see how it isnt a pyramid scheme. What did mining early BTC do to earn such an incredible amount of value? It isnt like they cured cancer.


Well, today the value is around $9,800, so yeah, its about to hit $10k probably in the following days, maybe hours. Like I said in my first post, you need to read about the blockchain technology and how bitcoin works. It is not a pyramid scheme, its normal for people who are not well inform to think so, but if you read about it you will understand and realize its the future.

Quote
Edit: There is also the quantum computing monkey wrench.


Quantum computers technology has not been reached yet.


Quote (Scaly @ Nov 27 2017 11:37pm)
Yes. There is a big ass topic both here and in donor forum.
Honestly don't need more bitcoin bullshit round here tbh. It's a wildly unstable currency with absolutely no protection. Useful for anonymously buying illegal goods currently I suppose.


Well, US cash dollars is the most used for drugs and illegal stuff anonymously. So whats your point?

This post was edited by Golden_Order on Nov 27 2017 09:47pm
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Nov 27 2017 09:39pm
Quote (Golden_Order @ Nov 27 2017 09:38pm)
Well, today the value is around $9,800, so yeah, its about to hit $10k probably in the following days, maybe hours. Like I said in my first post, you need to read about the blockchain technology and how bitcoin works. It is not a pyramid scheme, its normal for people who are not well inform to think so, but if you read about it you will understand and realize its the future.


I have read about bitcoin, I am guessing my points went over your head. I used bitcoin quite a bit in its infancy and don't regret bowing out eventhough I would have been a millionaire.

This post was edited by nobrow on Nov 27 2017 09:40pm
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Nov 27 2017 09:44pm
Quote (nobrow @ Nov 27 2017 11:39pm)
Governments can target where the ASIC's are located providing the majority of the networks hashing


I guess they will have to attack the whole world then, because even though an interesting % of the hashing power comes from farming mines in China, still most of the hashing power comes from farming mines all over the world. Good luck taking them all down. ;)


Quote (nobrow @ Nov 27 2017 11:39pm)
I used bitcoin quite a bit in its infancy and don't regret bowing out eventhough I would have been a millionaire.


Oh, now I see why you are so bitter about its current price. I dont buy for a second this, about not regretting it. Anyway, back on topic.

This post was edited by Golden_Order on Nov 27 2017 09:50pm
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Nov 27 2017 09:46pm
Quote (Scaly @ Nov 27 2017 10:37pm)
Yes. There is a big ass topic both here and in donor forum.
Honestly don't need more bitcoin bullshit round here tbh. It's a wildly unstable currency with absolutely no protection. Useful for anonymously buying illegal goods currently I suppose.




Have to agree. Seems like a situation that's just begging to have the proverbial rug pulled out from under it. Probably by the same guys that invented it.

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Nov 27 2017 10:00pm
You have to convert btc to dollars in order to pay income taxes. You also need dollars to pay state and local taxes.

The government is and always has been the biggest barrier between humankind and their destiny.
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