So bitcoin “halved” today - GoFuckYourself.com

ReggieDurango · 05-11-2020, 03:14 PM

And after four years since the last one, this seems extremely anti-climactic!

Smack dat · 05-11-2020, 03:43 PM

And what did you expect to happen?
I remember the last one and nothing happened then either. If I remember correctly it actually went down a bit over the following weeks.
It took about 6 months to start to gain steam again and over the next year we hit an all time high.
My thoughts would be. Buy now while it is low and wait until around DEC 21.

But, what the fuck do I know?

D Ghost · 05-11-2020, 03:51 PM

Quote:

Originally Posted by Smack dat

And what did you expect to happen?
I remember the last one and nothing happened then either. If I remember correctly it actually went down a bit over the following weeks.
It took about 6 months to start to gain steam again and over the next year we hit an all time high.
My thoughts would be. Buy now while it is low and wait until around DEC 21.

But, what the fuck do I know?

ReggieDurango · 05-11-2020, 05:49 PM

Quote:

Originally Posted by Smack dat

And what did you expect to happen?

I don’t really know what I expected, to be honest. Maybe like some Y2K shit? 🤪

redtubex · 05-12-2020, 02:17 AM

Quote:

Originally Posted by Smack dat

And what did you expect to happen?
I remember the last one and nothing happened then either. If I remember correctly it actually went down a bit over the following weeks.
It took about 6 months to start to gain steam again and over the next year we hit an all time high.
My thoughts would be. Buy now while it is low and wait until around DEC 21.

But, what the fuck do I know?

You described this precisely. Markets need some time to feel lack of supply. 2021 year will be huge for bitcoin. Just Hodl ;)

Smack dat · 05-12-2020, 02:30 AM

Quote:

Originally Posted by redtubex

You described this precisely. Markets need some time to feel lack of supply. 2021 year will be huge for bitcoin. Just Hodl ;)

I told my wife I expected it to be 50,00-70,000 and she looks at me like I am crazy.

Ferus · 05-12-2020, 02:56 AM

Quote:

Originally Posted by Smack dat

I told my wife I expected it to be 50,00-70,000 and she looks at me like I am crazy.

I dont think you are "crazy" - just ignorant.

Blockchain aren't going anywhere, but the virtuel money will slowly die like all the other ponzi schemes, because we live in a consumer based economy.

It will be up and down the next few years, but the Trade Volume will continue the descent.

Make your money daytrading if you want, but dont call it a investment.

jscott · 05-12-2020, 03:35 AM

Sucks you don't see value in it, nobody can force you.

What other service do we have, that can't be shut down, that offers immutable, unconfiscatable transfer & store of value? If sender A sends to sender B there is no mathematical way any 3rd party can interfere, no gov, no paypal agent, no bank, no 9-5 mon-fri bank hours, no holiday, etc etc

I do know there's no arguing with those who blurt out "tulip mania" & "ponzi", those are the words used by people who are ignorant to it & can't make a good argument against it, but for fun sakes, @Ferus can you make a case against Bitcoin as a SOV?

Also what is your data source on "volume continues to descent", CMC data shows you're clearly wrong there

jscott · 05-12-2020, 03:36 AM

Quote:

Originally Posted by redtubex

You described this precisely. Markets need some time to feel lack of supply. 2021 year will be huge for bitcoin. Just Hodl ;)

I agree.
Time has been nothing but friendly for Bitcoin, as it was designed

Ferus · 05-12-2020, 03:58 AM

Quote:

Originally Posted by jscott

Sucks you don't see value in it, nobody can force you.

What other service do we have, that can't be shut down, that offers immutable, unconfiscatable transfer & store of value? If sender A sends to sender B there is no mathematical way any 3rd party can interfere, no gov, no paypal agent, no bank, no 9-5 mon-fri bank hours, no holiday, etc etc

I do know there's no arguing with those who blurt out "tulip mania" & "ponzi", those are the words used by people who are ignorant to it & can't make a good argument against it, but for fun sakes, @Ferus can you make a case against Bitcoin as a SOV?

Also what is your data source on "volume continues to descent", CMC data shows you're clearly wrong there

I see the value in Blockchain and sell solutions today based on AWS QLDB. But Bitcoin is still a ponzie scheme, because like ANY technology there is a lifecycle to it, and whoever is left in the end, is stuck with legacy-money.

You dont have to agree with me, I'm fine with people being of a different opinion as long as its not downright stupid.

This chart is not up for discussion, we just disagree where we are on it

Adraco · 05-12-2020, 08:21 AM

The problem I see with Bitcoin is that it does require quite a bit of infrastructure and mathematical computational power. The amount of electricity needed to power those server parks is significant. This means that there is a running cost to keep it up and in functional order. Imagine if the price of electricity would rise globally and force many of those large miners out of business or many would just decide it’s not worth the risk or the trouble. That might cause the price of Bitcoin to plunge - which then in turn would make it even more unprofitable to mine Bitcoins and it would be a downward spiral.

If I have cash in my hand, sure, it can get depreciated due to inflation but it doesn’t ”cost” anything to keep it up, once it has been produced and distributed. On the other hand, if I want to move it, physically, it is often very expensive and hard to send over any large distances.

There are pros and cons of everything here in life!

Smack dat · 05-12-2020, 11:50 AM

Quote:

Originally Posted by Ferus

I dont think you are "crazy" - just ignorant.

Blockchain aren't going anywhere, but the virtuel money will slowly die like all the other ponzi schemes, because we live in a consumer based economy.

It will be up and down the next few years, but the Trade Volume will continue the descent.

Make your money daytrading if you want, but dont call it a investment.

I bought a casasius bitcoin (or whatever it's called) back in 2013 for £220. I gave it to my daughter for her birthday with the intention that she couldn't open it until she is 18. She is 10 at the moment so I am still banking on another 8 years before Bitcoin is a 'thing'.

I'm certain it won't die. It will continue to grow.

CaptainHowdy · 05-12-2020, 12:26 PM

I seem to suffer from bitcoin-blindness . . .

jscott · 05-12-2020, 12:35 PM

Quote:

Originally Posted by Ferus

I see the value in Blockchain and sell solutions today based on AWS QLDB. But Bitcoin is still a ponzie scheme, because like ANY technology there is a lifecycle to it, and whoever is left in the end, is stuck with legacy-money.

You dont have to agree with me, I'm fine with people being of a different opinion as long as its not downright stupid.

This chart is not up for discussion, we just disagree where we are on it

You clearly don't know the meaning of "ponzi". I'd like to know who's promising massive returns in Bitcoin? The Bitcoin CEO? (There is no central entity running Bitcoin)

Pls research "ponzi" man, lets have a good discussion.

jscott · 05-12-2020, 12:46 PM

Quote:

Originally Posted by Adraco

The problem I see with Bitcoin is that it does require quite a bit of infrastructure and mathematical computational power. The amount of electricity needed to power those server parks is significant. This means that there is a running cost to keep it up and in functional order. Imagine if the price of electricity would rise globally and force many of those large miners out of business or many would just decide it’s not worth the risk or the trouble. That might cause the price of Bitcoin to plunge - which then in turn would make it even more unprofitable to mine Bitcoins and it would be a downward spiral.

If I have cash in my hand, sure, it can get depreciated due to inflation but it doesn’t ”cost” anything to keep it up, once it has been produced and distributed. On the other hand, if I want to move it, physically, it is often very expensive and hard to send over any large distances.

There are pros and cons of everything here in life!

There will always be a demand for bitcoin mining. Some people have access to cheap electricity, there's renewable energy (Bitcoin is mined by 70% renewables) among other things.

Bitcoin only needs to exist in order for it to succeed.

Adraco · 05-12-2020, 01:04 PM

Quote:

Originally Posted by jscott

There will always be a demand for bitcoin mining. Some people have access to cheap electricity, there's renewable energy (Bitcoin is mined by 70% renewables) among other things.

Bitcoin only needs to exist in order for it to succeed.

Key point is that Bitcoin needs electricity to exist or function. If you pull the plug out, Bitcoin effectively dies.

jscott · 05-12-2020, 01:06 PM

No electricity, yes Bitcoin should die with an apocalypse.

Proof-of-work is a great thing, allows for decentralization and theoretically fair for anyone to mine (ofc currently the biggest companies have advantage)

Ferus · 05-12-2020, 02:00 PM

Quote:

Originally Posted by jscott

You clearly don't know the meaning of "ponzi". I'd like to know who's promising massive returns in Bitcoin? The Bitcoin CEO? (There is no central entity running Bitcoin)

Pls research "ponzi" man, lets have a good discussion.

Dont be mad...

Ponzi scheme in my book = "to rob Peter to pay Paul" / "pump and dump" - call it what you want. Those buying in now, thinking it will reach 100.000 are paying for all the smart people to exit with cash in hand.

Again, if you want to daytrade it, you can still make money from people fear and market movement, but it over soon (less than 3000 in two years).

Bookmark the topic and revisit it in two years.

jscott · 05-12-2020, 02:08 PM

Not mad, just a friendly correction about your misuse of word ponzi.

Been revisiting the bitcoin threads for many years, lots of wrong predictions as i think yours will be ;)

Do you believe Paul Tudor Jones, grayscale, jp morgan (with gemini & coinbase) are all part of the so called ponzi? Are they Peter or Paul?

You certainly are mistaken, the pump & dump is stock market while the true ponzi is the US dollar.

Ferus · 05-12-2020, 02:09 PM

Quote:

Originally Posted by jscott

There will always be a demand for bitcoin mining. Some people have access to cheap electricity, there's renewable energy (Bitcoin is mined by 70% renewables) among other things.

Bitcoin only needs to exist in order for it to succeed.

Wouldn't it be a better business to sell the renewable energy, than mine at the current rate?

It was more or less break even before the halving, and many miners were run on zombie/exploited machines where the miner dident pay for the power.

Smack dat · 05-12-2020, 03:20 PM

Quote:

Originally Posted by jscott

Not mad, just a friendly correction about your misuse of word ponzi.

Been revisiting the bitcoin threads for many years, lots of wrong predictions as i think yours will be ;)

Do you believe Paul Tudor Jones, grayscale, jp morgan (with gemini & coinbase) are all part of the so called ponzi? Are they Peter or Paul?

You certainly are mistaken, the pump & dump is stock market while the true ponzi is the US dollar.

Let it be noted that I correctly guessed the "guess the price of bitcoin in 3 years" or whatever it was thread. Right here on GFY.com

Smack dat · 05-12-2020, 03:23 PM

Quote:

Originally Posted by Adraco

Key point is that Bitcoin needs electricity to exist or function. If you pull the plug out, Bitcoin effectively dies.

Not necessarily. Have you not seen the Microsoft crypto patent WO/2020/060606
That is to mine crypto using the body's actions.

adultbizwork · 05-12-2020, 05:13 PM

It's impossible to predict Bitcoin since Fundamentals and TA (Technical Analysis) do not apply to cripto.

Anyone investing in stocks, futures and S&P500? What broker do you use?

adultchatpay · 05-12-2020, 06:59 PM

I like the slow increase of BTC.. currently at $8.9k.

ReggieDurango · 05-12-2020, 07:11 PM

Quote:

Originally Posted by Smack dat

Let it be noted that I correctly guessed the "guess the price of bitcoin in 3 years" or whatever it was thread. Right here on GFY.com

Nice! Where's that thread? Let's bump it ;-)

nikki99 · 05-12-2020, 07:40 PM

Quote:

Originally Posted by adultchatpay

I like the slow increase of BTC.. currently at $8.9k.

kim.dom said to buy crypto

i read in 2 years from now 1 btc = 640k dollars

Look Chang · 05-12-2020, 09:56 PM

What is bitcoin ??

ReggieDurango · 05-13-2020, 01:29 PM

Quote:

Originally Posted by Look Chang

What is bitcoin ??

CaptainHowdy · 05-13-2020, 01:41 PM

Quote:

Originally Posted by Look Chang

What is bitcoin ??

Smack dat · 05-13-2020, 02:05 PM

Quote:

Originally Posted by ReggieDurango

Nice! Where's that thread? Let's bump it ;-)

https://gfy.com/fucking-around-and-b...tcoin-5-a.html

Feb 14 - Feb 19.

ReggieDurango · 05-14-2020, 02:48 PM

Quote:

Originally Posted by Smack dat

https://gfy.com/fucking-around-and-b...tcoin-5-a.html

Feb 14 - Feb 19.

good call!

bumped that thread too :-)

slapass · 05-14-2020, 03:12 PM

Quote:

Originally Posted by Ferus

I see the value in Blockchain and sell solutions today based on AWS QLDB. But Bitcoin is still a ponzie scheme, because like ANY technology there is a lifecycle to it, and whoever is left in the end, is stuck with legacy-money.

You dont have to agree with me, I'm fine with people being of a different opinion as long as its not downright stupid.

This chart is not up for discussion, we just disagree where we are on it

You can use that for most companies too. Or new idea etc.

slapass · 05-14-2020, 03:16 PM

Quote:

Originally Posted by jscott

Not mad, just a friendly correction about your misuse of word ponzi.

Been revisiting the bitcoin threads for many years, lots of wrong predictions as i think yours will be ;)

Do you believe Paul Tudor Jones, grayscale, jp morgan (with gemini & coinbase) are all part of the so called ponzi? Are they Peter or Paul?

You certainly are mistaken, the pump & dump is stock market while the true ponzi is the US dollar.

He put 1% of his net worth. Not exactly a resounding yes.

I always thought if it gets less active someone will just use a computer and hack it. The reliance on more and more computing is a flaw imo.

jscott · 05-14-2020, 09:28 PM

Quote:

Originally Posted by slapass

He put 1% of his net worth. Not exactly a resounding yes.

I always thought if it gets less active someone will just use a computer and hack it. The reliance on more and more computing is a flaw imo.

Did you expect he's going to jump in head first??

Same with J.Dimon, first he calls it fraud, now he's banking for the biggest USA crypto exchanges.
"1st they ignore, then they laugh, then they fight, then you win" - Ghandi

As for your idea about Bitcoin being hacked, at least you busted out a decent argument, i guess you mean with quantum computing, in that case encryption and many other things in world will get hacked/broken too. From what i understand QC wont be around for a very very very very long time

05-11-2020, 03:14 PM	#1
ReggieDurango Confirmed User Industry Role: Join Date: Nov 2007 Location: California Posts: 4,761	So bitcoin “halved” today And after four years since the last one, this seems extremely anti-climactic!

05-12-2020, 08:21 AM	#11
Adraco Confirmed User Industry Role: Join Date: May 2009 Location: Onboard an airplane around the globe Posts: 3,733	The problem I see with Bitcoin is that it does require quite a bit of infrastructure and mathematical computational power. The amount of electricity needed to power those server parks is significant. This means that there is a running cost to keep it up and in functional order. Imagine if the price of electricity would rise globally and force many of those large miners out of business or many would just decide it’s not worth the risk or the trouble. That might cause the price of Bitcoin to plunge - which then in turn would make it even more unprofitable to mine Bitcoins and it would be a downward spiral. If I have cash in my hand, sure, it can get depreciated due to inflation but it doesn’t ”cost” anything to keep it up, once it has been produced and distributed. On the other hand, if I want to move it, physically, it is often very expensive and hard to send over any large distances. There are pros and cons of everything here in life! __________________ ---------------------------------------------------------------------------------- The truth is not affected by the beliefs, or doubts, of the majority.

05-12-2020, 12:26 PM	#13
CaptainHowdy Too lazy to set a custom title Industry Role: Join Date: Dec 2004 Location: Happy in the dark. Posts: 92,995	I seem to suffer from bitcoin-blindness . . . __________________ FLASH SALE INSANITY! deal with a 100% Trusted Seller Buy Traffic Spots on a High-Quality Network 1 Year or Lifetime — That’s Right, Until the Internet Explodes!

05-12-2020, 09:56 PM	#27
Look Chang Sexpat Industry Role: Join Date: Sep 2010 Posts: 16,494	What is bitcoin ?? __________________ Bests Hot & Juicy Asian Girls Sex Sites : SEDUCTION -> FELLATIO -> CONCLUSION

05-11-2020, 03:43 PM	#2
Smack dat So Fucking Banned Industry Role: Join Date: Jul 2016 Posts: 4,613	And what did you expect to happen? I remember the last one and nothing happened then either. If I remember correctly it actually went down a bit over the following weeks. It took about 6 months to start to gain steam again and over the next year we hit an all time high. My thoughts would be. Buy now while it is low and wait until around DEC 21. But, what the fuck do I know?

05-12-2020, 03:35 AM	#8
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Sucks you don't see value in it, nobody can force you. What other service do we have, that can't be shut down, that offers immutable, unconfiscatable transfer & store of value? If sender A sends to sender B there is no mathematical way any 3rd party can interfere, no gov, no paypal agent, no bank, no 9-5 mon-fri bank hours, no holiday, etc etc I do know there's no arguing with those who blurt out "tulip mania" & "ponzi", those are the words used by people who are ignorant to it & can't make a good argument against it, but for fun sakes, @Ferus can you make a case against Bitcoin as a SOV? Also what is your data source on "volume continues to descent", CMC data shows you're clearly wrong there

05-12-2020, 01:06 PM	#17
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	No electricity, yes Bitcoin should die with an apocalypse. Proof-of-work is a great thing, allows for decentralization and theoretically fair for anyone to mine (ofc currently the biggest companies have advantage)

05-12-2020, 02:08 PM	#19
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Not mad, just a friendly correction about your misuse of word ponzi. Been revisiting the bitcoin threads for many years, lots of wrong predictions as i think yours will be ;) Do you believe Paul Tudor Jones, grayscale, jp morgan (with gemini & coinbase) are all part of the so called ponzi? Are they Peter or Paul? You certainly are mistaken, the pump & dump is stock market while the true ponzi is the US dollar.

05-12-2020, 05:13 PM	#23
adultbizwork Confirmed User Industry Role: Join Date: Aug 2018 Posts: 60	It's impossible to predict Bitcoin since Fundamentals and TA (Technical Analysis) do not apply to cripto. Anyone investing in stocks, futures and S&P500? What broker do you use?

05-12-2020, 06:59 PM	#24
adultchatpay Let's Make Money Industry Role: Join Date: Dec 2008 Posts: 8,784	I like the slow increase of BTC.. currently at $8.9k.