/BlockChain is has gone private due to an extreme influx of ICO scams, snake-oil shills and plagiarized crypto-news blog spam. There is no application process and new members are not being added. Contacting the mod team will not result in an invitation.
/SorryForYourLoss is a place to showcase the top minds of bitcoin (and cryptocurrencies) failing to secure their precious internet money properly. It's a memorial for the countless incidents of thefts, scams, hacks, goxxes, .. etc.
With all the characteristic of a speculative bubble, one might wonder what is the real value of a bitcoin. Bitcoins cannot be understood as a currency. Indeed it doesn't give you any purchasing power of foreign goods. The value of an euro dollar fluctuates as investment opportunity, imports and exports fluctuations determines its value. Bitcoins are merely a transaction good. Buying some dollars on your Paypal account (at the cost of a transaction cost) has an intrinsic value, since your Paypal wallet lets you proceed very easily a lot of different transactions. One would be delusional to think that we are already at this stage with Bitcoins. Bitcoins are not valued for the anonymity. With the new identification procedure, the anonymity of using Bitcoins is lost. Even if numerous brokers still allow anonymous transactions, the average user of Bitcoins is generally not extremely concerned by the anonymity of its transactions. With the new breakdowns of the silk road by the FBI, we could discard this functionality as marginal. One could not realistically consider Bitcoins as a saving account, when one doesn't even know if the countries will not take control or delegalise the use of Bitcoins in the long run. With the case of brokers going under trial with their funds seized (Poland) and victim of bank runs, it is an extremely unreliable saving technology. Most of the volumes exchanged are due to speculation by professional and amateur traders. Therefore, what is the value of Bitcoins ? How do you justify that it is not just a speculative bubble ? Why a Bitcoin should have a value of $400 ?
05-31 22:52 - 'While Ethereum is highly creative and growing by leaps and bounds, what is the value of the Bitcoin blockchain over others. Does he see Bitcoin as digital gold, grounding the other blockchain? Or is there truly a very real p...' by /u/Playful12 removed from /r/Bitcoin within 90-100min
''' While Ethereum is highly creative and growing by leaps and bounds, what is the value of the Bitcoin blockchain over others. Does he see Bitcoin as digital gold, grounding the other blockchain? Or is there truly a very real possibility Ethereum blockchain can supersede and prevail over Bitcoin ? ''' Context Link Go1dfish undelete link unreddit undelete link Author: Playful12
08-31 07:47 - 'Power consumption is no problem at all and frankly one of BTCs huge value adds. Network capacity is also a non issue. We hiccuped once. Plus have you seen what's in the pipeline? / Value store is the primary function. Anythi...' by /u/n8dahwgg removed from /r/Bitcoin within 514-524min
''' Power consumption is no problem at all and frankly one of BTCs huge value adds. Network capacity is also a non issue. We hiccuped once. Plus have you seen what's in the pipeline? Value store is the primary function. Anything that detracts from this is a step backwards and other coins should tackle. ''' Context Link Go1dfish undelete link unreddit undelete link Author: n8dahwgg
08-31 07:57 - 'You know that the value of bitcoin isn’t measured is USD, right? Just because that’s what YOU compare it with to get a PRICE (as opposed to value) doesn’t mean that everyone else does. / If it’s all-time-high in another curr...' by /u/_Pohaku_ removed from /r/Bitcoin within 549-559min
''' You know that the value of bitcoin isn’t measured is USD, right? Just because that’s what YOU compare it with to get a PRICE (as opposed to value) doesn’t mean that everyone else does. If it’s all-time-high in another currency (as per the headline) then it’s likely an indication that the VALUE of that currency has gone way down and thus the PRICE of BTC in that currency has gone way up. ''' Context Link Go1dfish undelete link unreddit undelete link Author: _Pohaku_
bitcoin: slow, Chinese mining pools, energy consumption, not a safe haven, not a store of value. The bitcoin narrative is being eroded every day since this drop. So what is it great for?
Payments? Way to many better cryptos out there for that. Im tired of the BTC maxis saying bitcoin is made for this liquidity crunch. Its simply a speculative asset. Thats it, the space has moved too far ahead. That being said, I hodl and I think this is going to pump hard. If this is a truly manipulated market there has never been a time like right now for the manipulators to push this market up and drag money into the crypto sphere.
03-19 13:25 - 'Good job a shit load of Tether dollars have just been printed, I mean come on scam or what miners desperate for price rises and there you go a load of new Tether tokens. / Where is the value in Bitcoin 😂.' by /u/CreepyCranfield9 removed from /r/Bitcoin within 356-366min
"Bitcoin Legacy, for all intents and purposes, is now impossible to trade. It has a transaction backlog approaching 200,000 txs of people _trying_ to sell, who _can't_. Also, markets have suspended trading. On a market, any market, what is the value of something you can't sell?"~Rick Falkvinge
Relativity speaking what is the price difference between a bitcoin and the cost of mining a bitcoin. Is it over or under valued
If it takes $1000 of hardware and $100 of electricity to mine a bitcoin then it's over valued. If it takes $50000 to mine a bitcoin then it's under valued. How much money does it take to mine a bitcoin?
Mere pass shares hai, sona chandi hai, tumhare pass kya hai? Mere pass bitcoin hai. Hain, woh to mere pass bhi hai. Aapke pass hai kya ye Bitcoin? Coming back to the blog, our topic for today is ‘Cryptocurrency.’ So, Bitcoin is nothing but a cryptocurrency. A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It a decentralized currency that uses cryptography for security and verification purposes during transactions. Let us first understand the meaning of currency. Currency is nothing but a medium of exchange for goods and services used in a particular country. Being in India, our currency is Rupees. Consider, you are having an Rs. 2000 rupee note, so what is the value of that Rs. 2000 note? You’ll say, the value is Rs. 2000. Who determines it? Again, you’ll answer, it is determined by the Government of India and it is also duly signed by the Governor. So, the value of that note is Rs. 2000 only. Now, consider you are having a Bitcoin with you. What is the value of that bitcoin? Oh oh wait, you are describing that value of bitcoin in rupees. That means in order to describe the value of a bitcoin, you need another currency to do so. Also, the value you are describing of a single bitcoin is varying i.e. yesterday the value of a bitcoin was something else, today it is something different and tomorrow again it will change. But, when I was talking about the value of an Rs. 2000 note, its value remained constant i.e. Rs. 2000. It didn’t happen that that value of that Rs. 2000 note was something different yesterday, it is something else today. But that isn’t the case with bitcoin. You need the help of another currency to draw the value of a bitcoin. Then how can you call that a currency? On the other hand, the value of an Rs. 2000 note is Rs. 2000 and it is authorized by the Government itself and has the sign of the governor on it as well. Every country has a specific authority that authorizes the specific currency and draws a specific value of that currency of their particular country. But, when it comes to bitcoin, I have a question to ask. What is the value of that bitcoin? Who authorizes that bitcoin? There’s nobody. Toh jao pehle uss insan ka sign leke aao jisne bitcoin ko value di hai. Thus, it means that bitcoin has no value as such. In order to derive its value, bitcoin needs the support of another currency. Talking about gold, if I ask the value of 1 gm of gold, you require another currency to derive the value of gold as well. Now, the availability of gold is scarce. The same is said for bitcoin as well. Gold is extracted from mines. Similarly, bitcoin too is extracted from mines. Now, some people will start thinking bitcoin is similar to gold. Not true at all. Gold is formed by nature and God, we cannot replicate it. Whereas, bitcoin is found and made by the man himself. We can make as many cryptocurrencies as we want, but we cannot make another gold. Thus, it means that cryptocurrency as such doesn’t carry any value of its own. But, the block-chain technology that is used here in the future of the world. Let us understand what blockchain technology is all about. If 1000 people are a part of the chain and a transaction between 2 people takes place there, then there will be an entry in the books of the rest 998 people as well to serve as a purpose of record. In this manner, even without the involvement of a third party, successful record-keeping is maintained. This is a great innovation. Still, what is more, important to note is that cryptocurrency in itself has no such value of its own. Most of you’ll think that if bitcoin has no value, then why were behind going crazy behind it? The answer to this is, just because its price was rising high, people were getting behind it. People had the misconception that the ones having more bitcoins will be the richest person alive. And the ones not having the bitcoin felt as if they are poor just because of the fact that they didn’t own the bitcoin. So just to be socially fit meaning that out of the fear that others own bitcoin while I don’t, hence people bought those bitcoins. Thus, a bubble of bitcoin was created and which eventually busted and the price of bitcoin started falling. Due to this, too many people suffered losses. It is important to note that in India, dealing or trading in any form of cryptocurrency is illegal. Only the price of the bitcoin was going up but there was no such value to it. The famous poet ‘Oscar Wilde’ has quoted right, “People know the price of everything but the value of nothing.” Talking about Cryptocurrency, even Warren Buffet refused has to find any value to it. If we go to the share market, we can find shares that are associated with their respective companies, hence, it is possible to gauge its value. So, whenever you plan to invest in something always make sure to analyze the pros and cons of it. Until our next blog…
Possible Discussion on /r/Buttcoin in post "I heard this is the Anti-Cryptocurrency gang. Well, i agree with you on 99.9% of all projects. But what do you think about Bitcoin, given 1) it can scale, and 2) its adopted as money somewhere? Here's a list of reasons i think it has value."
I am a bot! Please send me a private message with any comments or feedback on how I work. EDIT: As of Sat Aug 10 22:32:14 EDT 2019, the post is at [0pts|2c]
If we accept that Bitcoin is in a bubble right now. Rising just for the sake of rising and not based on events which should increase its value. Then what happens to Ethereum when it pops? Does everyone jump ship to us? Or does the whole market tank?
this keeps getting removed by a bot because i havent written enough so i'm gonna fill this up a bit. this is a issue which has been flagged by a few people now (warren buffet for one) and will define Eth trading for a significant time when it hits so i believe it warrants its own discussion outside of the daily thread
Is there any reason for considering the addition of CT, extension blocks and mimblewimble to Bitcoin? Just recently there was talk about L T C doing this and the value of that coin just moved up by a huge amount? What would be the advantages (if any) of adding these (if possible) to bitcoin?
This is not the Bitcoin I was sold on: what is the fundamental value of Bitcoin when high tx fees and slow tx times means it's only a store of value?
I bought half a bitcoin around 2 years ago and I've seen the value multiply over and over. It's an investment I'm happy with, but while I believed in the idea of Bitcoin as "the money of the Internet", it seems focus has shifted entirely from what I was sold on, and I don't understand this new Bitcoin and I don't understand why it's valued the way it is unless it's some kind of a bubble. When tx fees are so expensive, and parts (a large part?) of the community welcoming this, and tx times are so slow, is it realistic to think Bitcoins will ever be used as "the money of the Internet" instead of a store of value? My (obviously) flawed understanding of Bitcoin when I bought in to it was that it'd be an untraceable paypal of sorts, with lower fees, free from government interference/control. That's a tool that seemed to have intrinsic value, to me. Now, I don't understand what the intrinsic value is at all, when this usage seems out the window. Please explain to me how I'm wrong! I just want to understand why Bitcoin is valued as highly as it is. I want to have a reason to invest more in Bitcoin, as my ROI so far is incredible.
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