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HumDumpin
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141 - 11-28-2017, 07:51 AM
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Quote:
Originally Posted by def View Post
There is nothing pumping the price other than hype, there is nothing backing it.

This is just bull****.

Every transaction requires physical energy to complete, and that electrical power costs money. Every transaction link in the chain takes money and power to produce, and is rewarded by producing ever reducing quantities of the currency for further transactions.

Btc is worth something bc ppl pay for power to process the transactions. The value is not in the actual token (in your wallet), its in the blockchain ledger, which was built over time just like the value of the coin.


Your argument may apply to pre-mined coins, but not btc, eth, xmr, and countless other coins.

Could you argue that the value of the coin exceeds or doesn't meet the cost (in electricity) of transactions? Sure, but thats tough to calculate, be my guest.
 
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Last edited by HumDumpin; 11-28-2017 at 07:54 AM.
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Ixiterra
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142 - 11-28-2017, 08:44 AM
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Quote:
Originally Posted by HumDumpin View Post
This is just bull****.

Every transaction requires physical energy to complete, and that electrical power costs money. Every transaction link in the chain takes money and power to produce, and is rewarded by producing ever reducing quantities of the currency for further transactions.

Btc is worth something bc ppl pay for power to process the transactions. The value is not in the actual token (in your wallet), its in the blockchain ledger, which was built over time just like the value of the coin.
The transactions themselves don't require any energy except a blip in a processor. Mining follows the price, not the other way around. Bitcoin's price is driven by demand, and only demand, not the cost of mining.

"There is nothing backing it" is wrong though because the hopes and dreams of lots of soon-to-be-millionaires are riding on it.
 
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NoGodForMe
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143 - 11-28-2017, 08:55 AM
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Not only is nothing backing Bitcoin and the different versions of it (Fiat Currency), but some of them require you to leave your money in them for a certain length of time.

To me it's a pyramid, because the entire thing has people putting in real money up front. Most people leave the money in because it's compounding interest while the computer mines for more coins. The trick would be getting out before people want their money back.

The price is sky rocketing too fast for this to be a real currency (Inflation).

There's a few people who are rich because they got in at the beginning (top of the pyramid) and they can take out money while still leaving their principle in. This happens in every pyramid until the entire thing comes crashing down.
 
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Last edited by NoGodForMe; 11-28-2017 at 08:57 AM.
HumDumpin
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144 - 11-28-2017, 10:28 AM
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Quote:
Originally Posted by Ixiterra View Post
The transactions themselves don't require any energy except a blip in a processor.
Transaction confirmations require electricity. Multiple confirmations are required to secure a transaction on the blockchain. ppl claiming there is no value involved are ignoring the power bill.
 
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SuperTrap
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145 - 11-28-2017, 10:36 AM
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This rise of bitcoin is not normal.. neither will the crash

just for fun

Buy bitcoin with credit card' searches sparking bubble fears
 
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dubsack
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146 - 11-28-2017, 10:40 AM
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Triple get rich quick scheme.
 
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1teaminlondon
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147 - 11-28-2017, 10:42 AM
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nothing backs the US Dollar either. the idea that the gov't backs the dollar is just an illusion. if aliens came and brainwashed everyone on the planet to stop accepting the dollar, then the dollar would become useless - no matter what the govt did or could do. try using the dollar in japan, see how effective it is

the only thing that gives any currency value is that people accept it as a means of exchange. there are enough people that accept bitcoin as a means of exchange that it's as real a currency as any other
 
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SuperTrap
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148 - 11-28-2017, 10:44 AM
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It's funny to watch.. People with disposable income are collecting on dreamers.. when they get done fleecing morons and they start pulling back.. all that will be left is credit card debt and a worthless blip
 
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SuperTrap
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149 - 11-28-2017, 10:45 AM
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Originally Posted by 1teaminlondon View Post
nothing backs the US Dollar either. the idea that the gov't backs the dollar is just an illusion. if aliens came and brainwashed everyone on the planet to stop accepting the dollar, then the dollar would become useless - no matter what the govt did or could do. try using the dollar in japan or some strict ass foreign country

the only thing that gives any currency value is that people accept it as a means of exchange. there are enough people that accept bitcoin as a means of exchange that it's as real a currency as any other
The gov is an entity that isn't going anywhere real quick.. you can't compare that to bitcoin
 
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1teaminlondon
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150 - 11-28-2017, 10:55 AM
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my point is it's not the gov't backing that gives a currency value, but the willingness of people to accept it as a means of exchange that gives currency value

if people decide on their own to stop accepting the dollar then there's nothing the us gov't can do

its literally the same thing as trying to buy a can of coke in japan with a dollar bill
 
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Last edited by 1teaminlondon; 11-28-2017 at 11:29 AM.
SuperTrap
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151 - 11-28-2017, 10:59 AM
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you can't exchange dollars for yen?
 
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HumDumpin
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152 - 11-28-2017, 11:18 AM
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Quote:
Originally Posted by 1teaminlondon View Post
there are enough people that accept bitcoin as a means of exchange that it's as real a currency as any other
Using Bitcoin on Newegg:
https://kb.newegg.com/Article/Index/12/3?id=1682

As real as supertrap's disability check
 
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SuperTrap
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153 - 11-28-2017, 11:19 AM
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Uh huh

Quote:
Volatility is also increased by the fact that the overall cyrptocurrency market is still tiny. All this trading and speculation is happening in a field where the total market cap is currently only about $260 billion. (Apple alone has a market cap of about $900 billion.)
 
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HumDumpin
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154 - 11-28-2017, 11:22 AM
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Quote:
Originally Posted by SuperTrap View Post
Uh huh

Quote:
Market Cap: $310,427,954,015 / 24h Vol: $14,624,183,713 / BTC Dominance: 53.9%
Cryptocurrency Market Capitalizations | CoinMarketCap
Thats another ~150 billion in altcoins
 
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SuperTrap
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155 - 11-28-2017, 11:28 AM
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tiny.. not saying crypto is going to completely fail. I am saying this ride is going to leave a lot of people crying. Let's see what happens
 
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HumDumpin
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156 - 11-28-2017, 11:30 AM
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Originally Posted by SuperTrap View Post
I am saying this ride is going to leave a lot of people crying. Let's see what happens
Its not like your daily dose of drugs with the severe side-effects, ppl just hodl.

Fact is a lot of ppl stand to make money when btc plunges due to influx of value into altcoins. Everyone who has hash power is rooting for it.
 
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SuperTrap
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157 - 11-28-2017, 11:31 AM
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Yeah sure dude
 
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1teaminlondon
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158 - 11-28-2017, 11:33 AM
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Quote:
Originally Posted by SuperTrap View Post
you can't exchange dollars for yen?
and the dollar has value in japan because people are willing to exchange dollars for yen, the same way there are people right now willing to exchange bitcoin for $$. the value of the dollar or a bitcoin isn't a result of government backing (or the lack of). you can't buy a coke in japan with a dollar because it's backed by the US gov't. you can exchange a dollar for some yen, because there are people willing to make that exchange, and then buy a coke. if there were no people willing to exchange dollars for yen in japan, the dollar wouldn't have value - and there's nothing the US gov't could back or unback to change that.
 
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Last edited by 1teaminlondon; 11-28-2017 at 11:37 AM.
SuperTrap
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159 - 11-28-2017, 11:35 AM
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Well sure.. let's just dream anything... Who cares if it is realistic?

ps. US dumps dollar.. dark ages follow
 
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SuperTrap
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160 - 11-28-2017, 11:39 AM
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oic how it goes
 
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