EPTBitcoin discussion thread - Page 45
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Pandemona
Charlie Sheens House51493 Posts
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SoSexy
Italy3725 Posts
On January 16 2016 07:13 DarkPlasmaBall wrote: Unsurprisingly, Bitcoin has *officially* failed. ~ excerpt from https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.ykviw3dea (The whole article is much, much longer.) Nice prediction dude! | ||
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pmh
1416 Posts
The issue would be that more and more computer power is needed to keep the blockchain running while at the same time the revenue for the miners decline. Once nearly all coins have been released and maybe before that as well,how will it ever be profitable to mine and do all the calculations needed? Only possible if bitcoin would hit an astronomical price. Who will deliver the computer power to keep it running when it gets to this point? Anyone has any more info about this,or opinion? | ||
KwarK
United States43989 Posts
On December 02 2017 06:43 pmh wrote: I read about how bitcoin is not sustainable in the long run. The issue would be that more and more computer power is needed to keep the blockchain running while at the same time the revenue for the miners decline. Once nearly all coins have been released and maybe before that as well,how will it ever be profitable to mine and do all the calculations needed? Only possible if bitcoin would hit an astronomical price. Who will deliver the computer power to keep it running when it gets to this point? Anyone has any more info about this,or opinion? They can modify or fork it at will to resolve issues such as this. | ||
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pmh
1416 Posts
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Sermokala
United States14127 Posts
On December 02 2017 09:58 pmh wrote: But isn't more and more computer power needed the further it goes? This is an issue they can modify. | ||
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datscilly
United States529 Posts
As for what happens when the block reward goes to zero: there will still be mining fees. In the latest block, one can see that the miner has earned transaction fees of 1.36395385 BTC, while the block reward is 12.5 BTC. | ||
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pmh
1416 Posts
User was warned for this post | ||
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Weebem-Na
United States221 Posts
Anyone doubting Bitcoin's potential, check out the gains this year alone compared to USD. Its not too late to get into Bitcoin, and if you absolutely hate Bitcoin for some reason there are hundreds of alternative crypto currencies. IOTA for example has 0 fees for making or receiving payments and has been designed with an internet of things future in mind. This altcoin may appeal to the TL community more than most as it is green by design and also a new technology. Bitcoin's key technology is blockchain - a slow but secure technology. Many of you may be aware of the very high fees in bitcoin transactions due to its failure to scale up with adoption of new users. Instead of blockchain, IOTA has "the tangle" which is designed to scale in a way where the network becomes quicker and more secure as it grows. Instead of storing a shared ledger like blockchain, the tangle is a network protocol where every time you make a transaction, your device must verify 2 other transactions on the network. If anyone is interested you can sign up and buy some bitcoin here www.coinbase.com then sign up and transfer that bitcoin here www.binance.com and trade that for IOTA. I would hold off on downloading the wallet until the new release later this month but go ahead and buy IOTA on Binance whenever you realize its potential! Myself I bought some IOTA back before they had any announced partnerships with Microsoft and other large companies and have turned a couple hundred bucks into over a thousand, granted these are unrealized gains as I plan on holding for years like some of the early adopters of bitcoin managed to do. | ||
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KwarK
United States43989 Posts
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Jan1997
Norway671 Posts
This whole thing almost seems too good to be true. Throw 5000$ at it today and get 20000$ next spring etc. | ||
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KwarK
United States43989 Posts
On December 09 2017 03:47 Jan1997 wrote: How easy is it to sell this stuff once you get a hold of it? This whole thing almost seems too good to be true. Throw 5000$ at it today and get 20000$ next spring etc. Super easy. It's just the risk of throw $20,000 of it today, get $5,000 next Spring. | ||
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_fool
Netherlands682 Posts
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pmh
1416 Posts
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KwarK
United States43989 Posts
One guy writes a contract offering to sell a bitcoin at $15k in one month. Another guy buys that contract for $2k, and pays $2k up front. One month passes and bitcoin is at $18k. The first guy then buys his contract back for $3k in order to settle the obligation. No bitcoin changed hands. | ||
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RvB
Netherlands6274 Posts
https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market | ||
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pmh
1416 Posts
On December 09 2017 09:01 KwarK wrote: Those futures don't trade bitcoins, they're cash settled. One guy writes a contract offering to sell a bitcoin at $15k in one month. Another guy buys that contract for $2k, and pays $2k up front. One month passes and bitcoin is at $18k. The first guy then buys his contract back for $3k in order to settle the obligation. No bitcoin changed hands. No those are cfd,s (contract for difference) With futures you can opt to get a delivery instead of closing the contract though it is not common to do so,as far as I know at least. The winklevoss twins are the first bit coin billionaires I read. They got 65m settlement from facebook and invested 11m in btc,presumably they have over 100k btc. http://metro.co.uk/2017/12/06/winklevoss-twins-become-first-bitcoin-billionaires-suing-mark-zuckerberg-7136288/ | ||
zatic
Zurich15365 Posts
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pmh
1416 Posts
Can buy the bitcoin and sell the future and then in January reverse the trade. I guess the high volatility makes this a risky business for private investors but professionals should be able to do something with this? Or are there other reasons why this gap is so big, like unreliable btc exchanges maybe? | ||
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Mohdoo
United States15743 Posts
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