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PostPosted: Fri Oct 13, 2017 5:41 pm 
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Zakar wrote:
goeagles wrote:
Zakar wrote:
Bowens wrote:
DragsterDriver wrote:
Is this going to be the next pyramid scheme? Even the roofers at Work are investing thousands of pounds in bitcoins :uhoh:


The people I know who talk it up are uniformly shady.


There's four types of people IME

1. Anarchocapitalists/criminals
2. People that think it's a bubble but believe they can pick the peak before it pops
3. People that passionately believe in the technology; and
4. Easily led idiots.


A lot of #3 are more into alt-coins whose tech is supposedly superior to Bitcoin.


Yes, that's why i put my only crypto 'investment' into ETH.

That being said, all the Banks(usually in JVs) are working on proprietary blockchain technology. When it becomes standard in finance i doubt it will be any one of the current cryptos.


Agreed. I've never really been on the bitcoin train, but I had to educate myself about them a bit as they are now the preferred method of both payment and withdrawal for online gambling websites, or at least the US-facing ones. A few of them do take alt-coins like ETH and more, as well, but bitcoin is ubiquitous and seemingly preferred.


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PostPosted: Fri Oct 13, 2017 10:43 pm 
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Zakar wrote:
goeagles wrote:
Zakar wrote:
Bowens wrote:
DragsterDriver wrote:
Is this going to be the next pyramid scheme? Even the roofers at Work are investing thousands of pounds in bitcoins :uhoh:


The people I know who talk it up are uniformly shady.


There's four types of people IME

1. Anarchocapitalists/criminals
2. People that think it's a bubble but believe they can pick the peak before it pops
3. People that passionately believe in the technology; and
4. Easily led idiots.


A lot of #3 are more into alt-coins whose tech is supposedly superior to Bitcoin.


Yes, that's why i put my only crypto 'investment' into ETH.

That being said, all the Banks(usually in JVs) are working on proprietary blockchain technology. When it becomes standard in finance i doubt it will be any one of the current cryptos.

Ripple is already used by many banks including santander.

I'm wondering if I should invest in vertcoin


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PostPosted: Sat Oct 14, 2017 12:40 am 
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Nabberuk wrote:
]
Ripple is already used by many banks including santander.

I'm wondering if I should invest in vertcoin


Not really an endorsement


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PostPosted: Sat Oct 14, 2017 8:27 am 
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Zakar wrote:
Nabberuk wrote:
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Ripple is already used by many banks including santander.

I'm wondering if I should invest in vertcoin


Not really an endorsement

It's a huge bank though, although the banks in each country are run separately


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PostPosted: Wed Nov 01, 2017 8:31 am 
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Well Saffa's we've just hit R104k per BTC :shock:


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PostPosted: Wed Nov 01, 2017 9:11 am 
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Wonder what it will be by the time the World Cup comes around


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PostPosted: Thu Nov 02, 2017 12:24 am 
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sorCrer wrote:
Well Saffa's we've just hit R104k per BTC :shock:


What does R100k buy these days?


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PostPosted: Thu Nov 02, 2017 8:54 am 
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kiwinoz wrote:
sorCrer wrote:
Well Saffa's we've just hit R104k per BTC :shock:


What does R100k buy these days?


R120k...


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PostPosted: Thu Nov 02, 2017 8:57 am 
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sorCrer wrote:
kiwinoz wrote:
sorCrer wrote:
Well Saffa's we've just hit R104k per BTC :shock:


What does R100k buy these days?


R120k...

Cashing out a few grand each day. Pretty soon I will be sitting without any Bitcoin, so hopefully we will see a major price correction soon...


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PostPosted: Thu Nov 02, 2017 8:57 am 
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kiwinoz wrote:
sorCrer wrote:
Well Saffa's we've just hit R104k per BTC :shock:


What does R100k buy these days?

Half a hatchback.


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PostPosted: Thu Nov 02, 2017 9:18 am 
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handyman wrote:
sorCrer wrote:
kiwinoz wrote:
sorCrer wrote:
Well Saffa's we've just hit R104k per BTC :shock:


What does R100k buy these days?


R120k...

Cashing out a few grand each day. Pretty soon I will be sitting without any Bitcoin, so hopefully we will see a major price correction soon...


There a few predicting another short term drop.


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PostPosted: Thu Nov 02, 2017 9:42 am 
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I'm expecting a biggish pullback as it overheats. Than...the moon.


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PostPosted: Thu Nov 02, 2017 9:51 am 
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Here's an idea for all these bit coin millionaires, sell half, keep,half. Take a profit to spend in the real asset world and still have an investment if you're all correct about being the billion dollar future rather than a bubble.


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PostPosted: Thu Nov 02, 2017 10:04 am 
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bimboman wrote:
Here's an idea for all these bit coin millionaires, sell half, keep,half. Take a profit to spend in the real asset world and still have an investment if you're all correct about being the billion dollar future rather than a bubble.


The first trillionaire will come from crypto currencies, Bimbo old chap.


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PostPosted: Thu Nov 02, 2017 10:47 am 
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sorCrer wrote:
bimboman wrote:
Here's an idea for all these bit coin millionaires, sell half, keep,half. Take a profit to spend in the real asset world and still have an investment if you're all correct about being the billion dollar future rather than a bubble.


The first trillionaire will come from crypto currencies, Bimbo old chap.



Great, in the mean time they could stop sitting in their pants in a bed sit telling everyone how rich they are and actually buy some nice things, selling some of their profits for nice things now won't stop trajectory like that will it.


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PostPosted: Fri Nov 03, 2017 9:58 am 
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bimboman wrote:
sorCrer wrote:
bimboman wrote:
Here's an idea for all these bit coin millionaires, sell half, keep,half. Take a profit to spend in the real asset world and still have an investment if you're all correct about being the billion dollar future rather than a bubble.


The first trillionaire will come from crypto currencies, Bimbo old chap.



Great, in the mean time they could stop sitting in their pants in a bed sit telling everyone how rich they are and actually buy some nice things, selling some of their profits for nice things now won't stop trajectory like that will it.


Just curious, how many of the these crypto millionaires who sit in their pants telling everyone how rich they are do you know?


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PostPosted: Fri Nov 03, 2017 10:09 am 
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I've been investing in Minerva, better than Bitcoin in a few ways, preserves fungability which makes it easier to cash out than Bitcoin and doesn't store balance history on the block, just tx history. Value is better than BC and though the market is a bit volatile a couple of hundred invested at the start of the year is now worth a couple of thousand. I've taken back out my initial stake so happy to see where this ends...


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PostPosted: Fri Nov 03, 2017 5:53 pm 
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Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


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PostPosted: Fri Nov 03, 2017 6:20 pm 
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goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image


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PostPosted: Fri Nov 03, 2017 6:26 pm 
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sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image



A pyramid then. Must get more buyers must get more buyers.


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PostPosted: Fri Nov 03, 2017 6:32 pm 
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bimboman wrote:
sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image



A pyramid then. Must get more buyers must get more buyers.


Eh? I thought you were in finance and/or reasonably intelligent. Please can you point out the pyramid to me.


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PostPosted: Fri Nov 03, 2017 6:37 pm 
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sorCrer wrote:
bimboman wrote:
sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image



A pyramid then. Must get more buyers must get more buyers.


Eh? I thought you were in finance and/or reasonably intelligent. Please can you point out the pyramid to me.



It's expressed quite neatly at the bottom. What would be good to do is see which of those demographics is selling coins presently.


Anyway so good luck to you, and let's hope 500 people don't cash out.


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PostPosted: Fri Nov 03, 2017 6:41 pm 
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[url][/url]Interesting graph. Possibly at least one bitcoin billionaire then (obviously could be institutional/syndicate etc)... And obviously you can have more than one wallet.


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PostPosted: Fri Nov 03, 2017 6:45 pm 
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Zakar wrote:
[url][/url]Interesting graph. Possibly at least one bitcoin billionaire then (obviously could be institutional/syndicate etc)... And obviously you can have more than one wallet.


And possibly he has ended up there from being an average millionaire.


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PostPosted: Fri Nov 03, 2017 6:51 pm 
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The twins from the Facebook movie have a bill worth I think.


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PostPosted: Fri Nov 03, 2017 6:52 pm 
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bimboman wrote:
sorCrer wrote:
bimboman wrote:
sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image



A pyramid then. Must get more buyers must get more buyers.


Eh? I thought you were in finance and/or reasonably intelligent. Please can you point out the pyramid to me.





It's expressed quite neatly at the bottom. What would be good to do is see which of those demographics is selling coins presently.

Anyway so good luck to you, and let's hope 500 people don't cash out.


It's expressed neatly at the bottom by the large majority of address with a very small amount in them? You don't quite get how the blockchain or even a bitcoin address on the blockchain works do you? Let me try and clear it up for you.

Every time you move money from one address to the other, you can create a new address or use an existing one. Moving BTC like this helps provide anonymity. Up to a year or so ago 0.001 wasn't very much money. Small change if you will. You'd often simply leave this behind in an address whilst transferring 0.1 or even 0.01 e.g. here is an exact value I have right now in one of my trade addresses 0.09988288. So if I decide to send some BTC to another address I may just type 0.099 and ignore the rest. Many of these low value accounts will simply be abandoned or their keys have been lost and they can no longer be accessed and will sit at the address in the blockchain forever.

Also many will be new adopters testing the waters and possibly doing smaller low risk transactions.

Bitcoin is not a pyramid scheme for the following reasons:

There are no dividends
Has value regardless of new entrants
No centralized body funneling money
No purpose in recruiting new members

It's quite straight forward really.


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PostPosted: Fri Nov 03, 2017 6:54 pm 
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TheBouncer wrote:
The twins from the Facebook movie have a bill worth I think.


Yeah they claim to hold 1% of the supply. I'm not overly convinced. In fact, I suspect a lot of people straight out lie about the value of their BTC holdings.


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PostPosted: Fri Nov 03, 2017 6:55 pm 
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sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image




I much would 1000 bitcoins have cost me in about 2008?


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PostPosted: Fri Nov 03, 2017 6:59 pm 
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Gumboot wrote:
sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image




I much would 1000 bitcoins have cost me in about 2008?


Nothing. They were first traded in 2010.


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PostPosted: Fri Nov 03, 2017 6:59 pm 
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sorCrer wrote:
Gumboot wrote:
sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image




I much would 1000 bitcoins have cost me in about 2008?


Nothing. They were first traded in 2010.


How much to buy in 2010 then...


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PostPosted: Fri Nov 03, 2017 7:04 pm 
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Quote:
There are no dividends
Has value regardless of new entrants
No centralized body funneling money
No purpose in recruiting new members



Are you really saying that in a market of finate amounts new entrants any buyers aren't increasing the value? And that if people sold and left the system the opposite wouldn't happen.


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PostPosted: Fri Nov 03, 2017 7:07 pm 
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Gumboot wrote:
sorCrer wrote:
Gumboot wrote:
sorCrer wrote:
goeagles wrote:
Bitcoin continues to go through the roof. Seems like every Tom, Dick and Harry is getting into it. Old college buddy tells me he's invested and that Bitcoin is the future. I ask him what he thinks of Ethereum and he has never heard of it. There's a pretty serious correction coming at some point. Who knows what that point is, though?


If you're holding more than 1 BTC you're in the top 3.06% of holders (allowing of course for multiple address holders)

Actually is quite interesting. Here's the addresses with relevant holdings as of yesterday evening:

Image




I much would 1000 bitcoins have cost me in about 2008?


Nothing. They were first traded in 2010.


Roughly 0.005 US

How much to buy in 2010 then...


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PostPosted: Fri Nov 03, 2017 7:11 pm 
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sorCrer wrote:
Roughly 0.005 US

How much to buy in 2010 then...



So a US$5 punt in 2010 is now worth US$24 million?

I'll have to add this to the list of piss easy money that I missed out on.

:x


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PostPosted: Fri Nov 03, 2017 7:14 pm 
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bimboman wrote:
Quote:
There are no dividends
Has value regardless of new entrants
No centralized body funneling money
No purpose in recruiting new members



Are you really saying that in a market of finate amounts new entrants any buyers aren't increasing the value? And that if people sold and left the system the opposite wouldn't happen.


You buying $1 worth of BTC from me doesn't increase it's value. It simply means that a trade has occurred. There is inherent fungibility in BTC.


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PostPosted: Fri Nov 03, 2017 7:42 pm 
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Verium is where it's at.

Saying that whenever anyone says that Bitcoin is going to crash it then goes and reaches an all time high. All logic just goes out of the window with it.


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PostPosted: Fri Nov 03, 2017 7:45 pm 
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sorCrer wrote:
bimboman wrote:
Quote:
There are no dividends
Has value regardless of new entrants
No centralized body funneling money
No purpose in recruiting new members



Are you really saying that in a market of finate amounts new entrants any buyers aren't increasing the value? And that if people sold and left the system the opposite wouldn't happen.


You buying $1 worth of BTC from me doesn't increase it's value. It simply means that a trade has occurred. There is inherent fungibility in BTC.



That doesn't really address my point about more new entrants making owning a finate number of something more expensive.


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PostPosted: Fri Nov 03, 2017 8:12 pm 
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I have yet to meet someone who retired a millionaire from the dot com bubble. This is just the same. Tulips of Amsterdam for the 21st century. When the idiot down the pub is saying it's a sure thing you know there's trouble. Still for those who have made some money and cashed out kudos to you. I'll stick to bricks and mortar thanks.


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PostPosted: Fri Nov 03, 2017 8:12 pm 
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bimboman wrote:
sorCrer wrote:
bimboman wrote:
Quote:
There are no dividends
Has value regardless of new entrants
No centralized body funneling money
No purpose in recruiting new members



Are you really saying that in a market of finate amounts new entrants any buyers aren't increasing the value? And that if people sold and left the system the opposite wouldn't happen.


You buying $1 worth of BTC from me doesn't increase it's value. It simply means that a trade has occurred. There is inherent fungibility in BTC.



That doesn't really address my point about more new entrants making owning a finate number of something more expensive.


Scarcity should increase it's price as new adopters purchase it yes however you need to take into account that a bitcoin is divisible to a millionth i.e. a satoshi. So currently there are approximately 1,665,000,000,000,000 satoshi's in circulation. Ultimately, these will be more widely available as individual units. New adopters are basically buying quantities of satoshi's not whole bitcoins. We're still at the base of the adoption curve.


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PostPosted: Fri Nov 03, 2017 8:17 pm 
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HKCJ wrote:
I have yet to meet someone who retired a millionaire from the dot com bubble. This is just the same. Tulips of Amsterdam for the 21st century. When the idiot down the pub is saying it's a sure thing you know there's trouble. Still for those who have made some money and cashed out kudos to you. I'll stick to bricks and mortar thanks.


I can't really argue that. To be honest, I've long since cashed out my initial investment but then I was buying BTC at ZAR 200 - 600 a few years ago.

Clifford Stoll who is a bright man and understands computers said this in 1995:

Then there’s cyberbusiness. We’re promised instant catalog shopping—just point and click for great deals. We’ll order airline tickets over the network, make restaurant reservations and negotiate sales contracts. Stores will become obselete. So how come my local mall does more business in an afternoon than the entire Internet handles in a month?

http://www.newsweek.com/clifford-stoll- ... ana-185306


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PostPosted: Fri Nov 03, 2017 8:29 pm 
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sorCrer wrote:
bimboman wrote:
sorCrer wrote:
bimboman wrote:
Quote:
There are no dividends
Has value regardless of new entrants
No centralized body funneling money
No purpose in recruiting new members



Are you really saying that in a market of finate amounts new entrants any buyers aren't increasing the value? And that if people sold and left the system the opposite wouldn't happen.


You buying $1 worth of BTC from me doesn't increase it's value. It simply means that a trade has occurred. There is inherent fungibility in BTC.



That doesn't really address my point about more new entrants making owning a finate number of something more expensive.


Scarcity should increase it's price as new adopters purchase it yes however you need to take into account that a bitcoin is divisible to a millionth i.e. a satoshi. So currently there are approximately 1,665,000,000,000,000 satoshi's in circulation. Ultimately, these will be more widely available as individual units. New adopters are basically buying quantities of satoshi's not whole bitcoins. We're still at the base of the adoption curve.



splitting it into smaller units to get more buyers doesn't really change its economics.


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