Phuket Poll: Do you believe in Bitcoin?

[Sir Dude]

With the global war on cash hastening in so many places then I think digital currency has a definite future as people will want to have a digital equivalent to cash as many like cash. Personally, if they do away with cash and make it illegal then I'll be using crypto-currency as I find it invasive into my life that governments expect me to just swipe a smart phone through a scanner for everything...no way Jose as I don't want the authorities to know I bought a liter of milk and a chocolate bar on the Friday after work....that's too much.

 

Many people like cash....not just criminals and tax evaders. However, having said that, cashless societies are a long way of in places like here....not going to happen anytime soon despite the policy dreamers in their towers in Bangkok. The younger generations will just charge like lemmings over a cliff as they are so enamored with their phones without realising what it really means on this one. Although, privacy is becoming a bit of a moot point in general now and you really should be using a VPN to post anything on the net now.

Edited January 26, 2018 by Sir Dude

[Guest]

Down it goes..

 

Cryptocurrencies Drop After Japanese Exchange Halts Withdrawals

https://www.bloomberg.com/news/articles/2018-01-26/cryptocurrencies-drop-after-japanese-exchange-halts-withdrawals

 

Bitcoin is now valued at 8500 euros. 

https://www.xe.com/currencycharts/?from=XBT&to=EUR

 

[seancbk]

3 hours ago, oilinki said:

Down it goes..

 

Cryptocurrencies Drop After Japanese Exchange Halts Withdrawals

https://www.bloomberg.com/news/articles/2018-01-26/cryptocurrencies-drop-after-japanese-exchange-halts-withdrawals

 

Bitcoin is now valued at 8500 euros. 

https://www.xe.com/currencycharts/?from=XBT&to=EUR

 

Fantastic buying opportunity.     I doubt it will ever get back to the US$ 10 or so that I paid for my first bitcoins in 2012, or indeed the 62,000 THB I paid for some in May 2017.

I'm going to keep buying as I believe in the long term outlook (5 years +)

 

 

[Guest]

17 minutes ago, seancbk said:

Fantastic buying opportunity.     I doubt it will ever get back to the US$ 10 or so that I paid for my first bitcoins in 2012, or indeed the 62,000 THB I paid for some in May 2017.

I'm going to keep buying as I believe in the long term outlook (5 years +)

I'm predicting that in 5 years bitcoin does not exist anymore. At the time nobody is trading bitcoin and therefore there is no money for anyone to keep the exchanges (banks) running. Bitcoin never really penetrated to the real world as it couldn't due expensive and slow transactions/fees.

Currently the market is already quite fully saturated and new buyers are few. The pyramid is full. Some realise this and sell their bitcoins, possibly to you, and get some money back. You'll be able to buy a lot more bitcoins in an while. Unfortunately the coins 'value' is much less than it's today.

 

Bitcoin was just money made out of thin wires. Few made a lot of money, when they exited at the right time. Many lost their money on nothing. 

 

Bitcoin is on the other side of the pyramid now.

 

 

 

[Guest]

Bitcoin value is now €6700, quite a drop from €8500 just a week ago. The trend is clear. Smarter folks got out while ago. Now people are simply hoping that Bitcoin would somehow recover, which is never going to happen. The bubble is deflating. 

 

Lesson to learn: Go with a pyramid scam, expect to get burned at some point. 

 

[seancbk]

2 hours ago, oilinki said:

Bitcoin value is now €6700, quite a drop from €8500 just a week ago. The trend is clear. Smarter folks got out while ago. Now people are simply hoping that Bitcoin would somehow recover, which is never going to happen. The bubble is deflating. 

 

Lesson to learn: Go with a pyramid scam, expect to get burned at some point. 

 

 

The mere fact you refer to crypto as a Pyramid scam shows your complete lack of knowledge about what exactly crypto currencies are and how they (and the blockchains they are paired with), work.   You also clearly don't really understand how a Pyramid scam works.   

Even my 10 year old nephew has a better understanding of these thing.

 

[ExpatOilWorker]

1 hour ago, seancbk said:

 

The mere fact you refer to crypto as a Pyramid scam shows your complete lack of knowledge about what exactly crypto currencies are and how they (and the blockchains they are paired with), work.   You also clearly don't really understand how a Pyramid scam works.   

Even my 10 year old nephew has a better understanding of these thing.

 

Is it more like this?

[Guest]

4 hours ago, seancbk said:

 

The mere fact you refer to crypto as a Pyramid scam shows your complete lack of knowledge about what exactly crypto currencies are and how they (and the blockchains they are paired with), work.   You also clearly don't really understand how a Pyramid scam works.   

Even my 10 year old nephew has a better understanding of these thing.

I have no doubt your 10 yo nephew has the same capacity to understand bitcoin, as most of the bitcoin holders at the moment. The same applies to blockchain, it's strengths and weaknesses.

 

 Have you thought how the blockchain exchanges will adapt to the situation, when finding new bitcoins become exceedingly difficult and at the same time people are no longer keep of mining the bitcoins? Conflict resolution becomes slow, which is not good for bitcoin transactions. 

 

Quote

As long as the amount of the reward exceeds the cost of maintaining the infrastructure for the winning node, the network itself is an economically viable utility service independently operated by those who transact on top of it.

As long as... 
From: https://www.thoughtworks.com/insights/blog/blockchain-under-hood

 

[Guest]

John McAfee is one of the devoted cult leaders of Bitcoin.. his wisdoms don't always age well :)

 

It's great that he understands the math so well.. 

 

 

[ExpatOilWorker]

9 hours ago, oilinki said:

John McAfee is one of the devoted cult leaders of Bitcoin.. his wisdoms don't always age well :)

 

It's great that he understands the math so well.. 

 

 

Isn't this the same guy that murdered his neighbor?

[seancbk]

12 hours ago, oilinki said:

 Have you thought how the blockchain exchanges will adapt to the situation, when finding new bitcoins become exceedingly difficult and at the same time people are no longer keep of mining the bitcoins? Conflict resolution becomes slow, which is not good for bitcoin transactions. 

 

Once all Bitcoin has been mined (which won't happen until 2140) then miners will continue to validate blocks, but instead of being rewarded in newly minted bitcoin they will be rewarded by transaction fees.   

Bearing in mind that the bitcoin mining reward halves every 210,000 blocks and the next halving will reduce the reward from 12.5 BTC to 6.25 BTC, by the time the final bitcoin are being mined the actual block reward will be tiny and transaction fees will have been the primary income for miners. 

Source:  http://www.bitcoinblockhalf.com/

 

Edited February 3, 2018 by seancbk

[the guest]

SCAM pure and simple.

[Guest]

4 hours ago, ExpatOilWorker said:

Isn't this the same guy that murdered his neighbor?

Yes. Drug dealer, who has been arrested in 9 different countries.. which he proudly presents on twitter. 

 

 

[Guest]

2 hours ago, seancbk said:

 

Once all Bitcoin has been mined (which won't happen until 2140) then miners will continue to validate blocks, but instead of being rewarded in newly minted bitcoin they will be rewarded by transaction fees.   

Bearing in mind that the bitcoin mining reward halves every 210,000 blocks and the next halving will reduce the reward from 12.5 BTC to 6.25 BTC, by the time the final bitcoin are being mined the actual block reward will be tiny and transaction fees will have been the primary income for miners. 

Source:  http://www.bitcoinblockhalf.com/

What happens if and when the miners lose interest in mining due reduced rewards/transaction fees? When will the cost of spent electricity become more expensive than the reward given as bitcoin or transaction fees?

 

The end users, who use the coins to purchase their daily pizzas, will pay for the transaction fees for both bitcoin exchanges and the miners. How long that will be sustainable?

 

[seancbk]

44 minutes ago, oilinki said:

What happens if and when the miners lose interest in mining due reduced rewards/transaction fees? When will the cost of spent electricity become more expensive than the reward given as bitcoin or transaction fees?

 

The end users, who use the coins to purchase their daily pizzas, will pay for the transaction fees for both bitcoin exchanges and the miners. How long that will be sustainable?

 

 

By 2140 (more likely much sooner than that), so many people are using Bitcoin that it is a global currency and the number of transactions per day is in the millions.  The transaction fees shared by all miners would be more than enough to make it worthwhile. For the record Visa handled 150 million transactions per day in 2017.
 

Mining will all be done using renewable energy sources so the cost of energy will be significantly lower than it is now.

Why would users need to pay Exchange fees if using bitcoin for buying a pizza?   You only need to have your coins on an exchange if you are actually trading them for another coin.   For regular purchases you'd simply use your bitcoin wallet and there would only be a transaction fee (a very small one).

[dorchester]

One might read the white paper then give this man Anton Antonopoulos  15 minutes of your time,He's eloquent and can be found on UTUBE

[seancbk]

28 minutes ago, dorchester said:

One might read the white paper then give this man Anton Antonopoulos  15 minutes of your time,He's eloquent and can be found on UTUBE

 

Anton Antonopoulos is a very good source of information about bitcoin and blockchain. 

Here are some links for anyone interested.
 

 

 

 

 

[John7777]

Whether I "believe" or not, I have made some really good profits on some of the cryptocurrencies.  I've kept some, but right now I've mostly cashed out.  If there's a big correction, I may reinvest.