Business Thoughts On The Bitcoin Obvious? - GoFuckYourself.com

incredibleworkethic · 12-17-2017, 07:31 PM

Bitcoin illiquidity is going to be a huge problem when the bubble bursts - Business Insider

What do you think of this article?

mineistaken · 12-17-2017, 07:34 PM

It won't burst and will be 100 zillion dollars each and new currency of the world.

shake · 12-17-2017, 07:39 PM

I think we'll see bitcoin more used for large transactions, some other coins such as ripple, litecoin and etherium are better suited to smaller, faster, cheaper transactions. Bitcoin is becoming like the gold that used to back fiat currency. We don't buy our groceries with gold, but it still has a value as a store of wealth.

Bitcoin isn't all bad either, I just got a bunch more ripple using bitcoin (using changelly.com) and the transfer time from beginning to end was less than 15 minutes.

Ripple for example has very low fees, and transactions can be done in 4 seconds (or about the same as a credit card) and it's now being used by many banks as a transfer method.

Bladewire · 12-17-2017, 07:41 PM

FileCoin

incredibleworkethic · 12-17-2017, 07:41 PM

Will mining just keep going on and getting harder and require more and more computers to confirm transactions?

shake · 12-17-2017, 07:50 PM

Quote:

Originally Posted by incredibleworkethic

Will mining just keep going on and getting harder and require more and more computers to confirm transactions?

The system is designed to become harder to mine to make sure supply continues well into the future.

As more nodes come online, there will be more computers to confirm transitions, however this has nothing to do with the difficultly, but it will increase power consumption and related concerns.

gnawledge · 12-17-2017, 07:51 PM

I?m sorta on the hype with it, but maybe thinking realistically. My brother in law was talking how much money is going into Bitcoin and this and that. I told him this. If you sold an iPhone for $500 in bitcoin, how much money would you have if the price went down $200 right afterward before you could transfer it into a bank and cash out? He was like hmmmmm wow.

GFED · 12-17-2017, 08:02 PM

If you're going to sell, always sell into strength. If you're going to hold, don't worry about it.

Options trading starts tomorrow. Good luck.

shake · 12-17-2017, 08:05 PM

Quote:

Originally Posted by gnawledge

I?m sorta on the hype with it, but maybe thinking realistically. My brother in law was talking how much money is going into Bitcoin and this and that. I told him this. If you sold an iPhone for $500 in bitcoin, how much money would you have if the price went down $200 right afterward before you could transfer it into a bank and cash out? He was like hmmmmm wow.

The opposite could just as easily happen too of course, $500 could turn into $700. The pricing instability is bad for bitcoin, and hopefully it will stabilize over time. I think that stability is a long was off though, there are still very few ordinary people who use or own cryptocurrency.

incredibleworkethic · 12-17-2017, 08:07 PM

So 5 to 10 years it'll be stable as fuck by these standards. The time to make money is early on, even still at this point. People predict 100k all the way to 1m per coin.

onwebcam · 12-17-2017, 08:11 PM

Word is someone bought 100 bitcoin around top and was scared shitless when it dropped to 18500 and didn't get offers.

rowan · 12-17-2017, 08:12 PM

The author of this article seems to be confusing trading with transactions.

Also 6 confirmations (for a transaction) is just the recommended amount, really just an arbitrary figure from 8 years ago. Many businesses choose to allow fewer confirmations. In the past it was possible to be reasonably confident that a transaction with zero confirmations was legitimate - a merchant could decide in less than a minute that the transaction was going to confirm - but changes to Bitcoin Core in order to support Lightning now mean that no longer works.

rowan · 12-17-2017, 08:15 PM

Quote:

Originally Posted by shake

As more nodes come online, there will be more computers to confirm transitions, however this has nothing to do with the difficultly, but it will increase power consumption and related concerns.

Nodes don't confirm transactions, miners do.

Nodes relay unconfirmed transactions to everyone in the network.

Miners (who are also by necessity, nodes) create blocks which contain transactions and add them to the blockchain.

CAHEK · 12-17-2017, 08:21 PM

PutinCoin will rule the world!

12-17-2017, 07:31 PM	#1
incredibleworkethic Confirmed User Industry Role: Join Date: Sep 2009 Posts: 2,302	Thoughts On The Bitcoin Obvious? Bitcoin illiquidity is going to be a huge problem when the bubble bursts - Business Insider What do you think of this article?

12-17-2017, 07:39 PM	#3
shake frc Industry Role: Join Date: Jul 2003 Location: Bitcoin wallet Posts: 4,664	I think we'll see bitcoin more used for large transactions, some other coins such as ripple, litecoin and etherium are better suited to smaller, faster, cheaper transactions. Bitcoin is becoming like the gold that used to back fiat currency. We don't buy our groceries with gold, but it still has a value as a store of wealth. Bitcoin isn't all bad either, I just got a bunch more ripple using bitcoin (using changelly.com) and the transfer time from beginning to end was less than 15 minutes. Ripple for example has very low fees, and transactions can be done in 4 seconds (or about the same as a credit card) and it's now being used by many banks as a transfer method. __________________ Crazy fast VPS for $10 a month. Try with $20 free credit

12-17-2017, 07:41 PM	#4
Bladewire StraightBro Industry Role: Join Date: Aug 2003 Location: Monarch Beach, CA USA Posts: 56,232	FileCoin __________________ Skype: CallTomNow

12-17-2017, 07:51 PM	#7
gnawledge confirmed loser Industry Role: Join Date: Jul 2012 Location: Florida Posts: 1,092	I?m sorta on the hype with it, but maybe thinking realistically. My brother in law was talking how much money is going into Bitcoin and this and that. I told him this. If you sold an iPhone for $500 in bitcoin, how much money would you have if the price went down $200 right afterward before you could transfer it into a bank and cash out? He was like hmmmmm wow. __________________ Wikifap Cams Eporn List Is Chaturbate Still Number 1?

12-17-2017, 08:02 PM	#8
GFED Confirmed User Industry Role: Join Date: May 2002 Posts: 8,098	If you're going to sell, always sell into strength. If you're going to hold, don't worry about it. Options trading starts tomorrow. Good luck. __________________ https://www.flow.page/savethechildren

12-17-2017, 07:34 PM	#2
mineistaken See signature :) Industry Role: Join Date: Apr 2007 Location: ICQ 363 097 773 Posts: 29,656	It won't burst and will be 100 zillion dollars each and new currency of the world.

12-17-2017, 08:07 PM	#10
incredibleworkethic Confirmed User Industry Role: Join Date: Sep 2009 Posts: 2,302	So 5 to 10 years it'll be stable as fuck by these standards. The time to make money is early on, even still at this point. People predict 100k all the way to 1m per coin.

12-17-2017, 08:11 PM	#11
onwebcam Fake Nick 1.0 Industry Role: Join Date: Oct 2005 Location: Rent free, your head Posts: 27,652	Word is someone bought 100 bitcoin around top and was scared shitless when it dropped to 18500 and didn't get offers. __________________ PLEASE WAIT WHILE BIDEN ADMIN UNINSTALLS ITSELF..... ██████████████████▒ 99.5% complete.

12-17-2017, 08:12 PM	#12
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	The author of this article seems to be confusing trading with transactions. Also 6 confirmations (for a transaction) is just the recommended amount, really just an arbitrary figure from 8 years ago. Many businesses choose to allow fewer confirmations. In the past it was possible to be reasonably confident that a transaction with zero confirmations was legitimate - a merchant could decide in less than a minute that the transaction was going to confirm - but changes to Bitcoin Core in order to support Lightning now mean that no longer works.

12-17-2017, 08:21 PM	#14
CAHEK C.C.C.P. Industry Role: Join Date: Aug 2003 Location: Novorossiya Posts: 6,728	PutinCoin will rule the world! __________________ Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!