€100 of Bitcoin in 2010 = €70m today

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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Yourmother wrote:
sorCrer wrote:
Yourmother wrote:
Yes, a bodge sitting on top of a flawed increasingly expensive system. A security issue in itself which ultimately undoes a lot of what the blockchain offers.

At the end of the day we are looking at powering a very slow and paltry transaction system which needs 10’s of thousands of full node servers to keep it running. Each with a copy of the same and ever growing data set. Burning huge amounts of CPU to solve irrelevant puzzles.
Do you hold any cryptocurrencies? XRP for example?
No. Though XRP is more a platform and is not running from full node blockchain and creating arbitrary puzzles is it?
To add, the 'puzzle' is not arbitrary. And I agree that it's wasteful.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

Rinkals wrote:
Anonymous. wrote:I hope Bitcoin will one day work properly as a currency. I think it will probably be about 1 Bitcoin to the dollar
That's obviously an observation rooted in a deep and profound understanding of economics in general and crypto-currencies in particular.

:roll:
What area of economics could help in valuing BTC? Assuming you're not a chartist (tarrot card reader)?

No underlying economic supply/demand (given it's uselessness for payments) and no future cashflows (unlike cash, bonds, equities, etc.) and the ability to fork/launch new "coins" anytime mean it's only intrinsic scarcity is the novelty of being early - there's no possible scarcity of cryptocoins. It's intrinsically worthless except as a curio.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sewa »

Anonymous. wrote:I hope Bitcoin will one day work properly as a currency. I think it will probably be about 1 Bitcoin to the dollar
I think the moon is made out of cheese
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

derriz wrote:
sorCrer wrote:
derriz wrote:
kiwinoz wrote:Just transferred LTC from US to my personal account. Instant. If I tried to move the equivalent in $ would take 1 to 2 days to show up in my account. Better still no third party ie a bank was needed or involved.
Amazing. I'm abroad and I just went to an ATM machine and transferred cash from my home bank acount into my wallet. Took about 20 seconds. Better still, there are real banks involved so if I get ripped off or my card get's stolen I don't lose out.
Nice so you drew cash? And if I had to send you cash right now from South Africa? What approach would you recommend for that?
Not bitcoin.
To be less flippant, you haven't described sending cash to SA at all. After leaving the ATM, I was able to walk into a newsagents and buy a (2 day old) english language newspaper before sitting down to peruse it over a coffee I was able to pay for.

In your enthusiasm to boost crypto, you've left out all the awkward steps involved; like lodging the cash into a bank account, transfering it to crypto exchange account, entering a buy order in your source currency and a sell order in SAR, waiting for execution, then withdrawing from your exchange SAR account to a real bank account in SA before finally being able to actually access the cash in SA. Not "instant" at all - a complete pain in the arse compared to using a humble ATM card.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

derriz wrote:
derriz wrote:
sorCrer wrote:
derriz wrote:
kiwinoz wrote:Just transferred LTC from US to my personal account. Instant. If I tried to move the equivalent in $ would take 1 to 2 days to show up in my account. Better still no third party ie a bank was needed or involved.
Amazing. I'm abroad and I just went to an ATM machine and transferred cash from my home bank acount into my wallet. Took about 20 seconds. Better still, there are real banks involved so if I get ripped off or my card get's stolen I don't lose out.
Nice so you drew cash? And if I had to send you cash right now from South Africa? What approach would you recommend for that?
Not bitcoin.
To be less flippant, you haven't described sending cash to SA at all. After leaving the ATM, I was able to walk into a newsagents and buy a (2 day old) english language newspaper before sitting down to peruse it over a coffee I was able to pay for.

In your enthusiasm to boost crypto, you've left out all the awkward steps involved; like lodging the cash into a bank account, transfering it to crypto exchange account, entering a buy order in your source currency and a sell order in SAR, waiting for execution, then withdrawing from your exchange SAR account to a real bank account in SA before finally being able to actually access the cash in SA. Not "instant" at all - a complete pain in the arse compared to using a humble ATM card.
I suspect you may have misunderstood my question.

If were to send you money right now (any amount, ideally as anonymously as possible), how should I do this?
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Anonymous 1 »

Rinkals wrote:
Anonymous. wrote:I hope Bitcoin will one day work properly as a currency. I think it will probably be about 1 Bitcoin to the dollar
That's obviously an observation rooted in a deep and profound understanding of economics in general and crypto-currencies in particular.

:roll:
Thank you. It's quite obvious really
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

kiwinoz wrote:I think we are in the blockchain equivalent of 2000-2001 in internet times and the likes of ebay and Amazon yet to appear. There are lots of uses but still early days.
Google, Amazon, Ebay, yahoo, etc. all existed by 2000. Most of the worlds important media had a presence. You could already use the internet to book flights and hotels.

Within a year of the release of the Mosaic browser in the early 90s, people were publishing news, academic papers, movie databases, running auctions, etc. on the web and this was all largely without the luxury of the billions or 10s of billions of VC that has poured into crytos.

Bitcoin is over 10 years old and there is still no widely used application for the tech outside of speculation. Even its initial utility (buying drugs and guns) has gone. It's had a decade, and billions if not 10s of billions of dollars invested in trying to use distributed ledger tech to build applications with nothing to show for it. No shortage of time or money and yet the hype merchants are still peddling "potential" and "future applications". It's bollox.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

derriz wrote:
kiwinoz wrote:I think we are in the blockchain equivalent of 2000-2001 in internet times and the likes of ebay and Amazon yet to appear. There are lots of uses but still early days.
Google, Amazon, Ebay, yahoo, etc. all existed by 2000. Most of the worlds important media had a presence. You could already use the internet to book flights and hotels.

Within a year of the release of the Mosaic browser in the early 90s, people were publishing news, academic papers, movie databases, running auctions, etc. on the web and this was all largely without the luxury of the billions or 10s of billions of VC that has poured into crytos.

Bitcoin is over 10 years old and there is still no widely used application for the tech outside of speculation. Even its initial utility (buying drugs and guns) has gone. It's had a decade, and billions if not 10s of billions of dollars invested in trying to use distributed ledger tech to build applications with nothing to show for it. No shortage of time or money and yet the hype merchants are still peddling "potential" and "future applications". It's bollox.
Yep, I was there in the early 90's, it was rubbish. In fact, it was by far and large rubbish until around 97 when banks started to come online and only really got going in 99 when development started to blossom and I was writing e-commerce applications then.

I accept your negativity (coupled with fear) regarding change. As mentioned previously, you're just attacking Bitcoin not cryptocurrencies generally.

And yet its the lead story on the NYSE this morning.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

sorCrer wrote:
derriz wrote:
sorCrer wrote:
derriz wrote:
kiwinoz wrote:Just transferred LTC from US to my personal account. Instant. If I tried to move the equivalent in $ would take 1 to 2 days to show up in my account. Better still no third party ie a bank was needed or involved.
Amazing. I'm abroad and I just went to an ATM machine and transferred cash from my home bank acount into my wallet. Took about 20 seconds. Better still, there are real banks involved so if I get ripped off or my card get's stolen I don't lose out.
Nice so you drew cash? And if I had to send you cash right now from South Africa? What approach would you recommend for that?
In your enthusiasm to boost crypto, you've left out all the awkward steps involved; like lodging the cash into a bank account, transfering it to crypto exchange account, entering a buy order in your source currency and a sell order in SAR, waiting for execution, then withdrawing from your exchange SAR account to a real bank account in SA before finally being able to actually access the cash in SA. Not "instant" at all - a complete pain in the arse compared to using a humble ATM card.
I suspect you may have misunderstood my question.

If were to send you money right now (any amount, ideally as anonymously as possible), how should I do this?
I haven't misunderstood your question. I'm claiming the framing of the question is silly or disingenious. Kiwinoz one described international transfers using cryptos as being "instant" as if the tech actually solves the problem of moving cash around the world. What's been described doesn't achieve the aim of "sending money to SA" - transfering crypto from an exchange account to a wallet doesn't actually move any cash anywhere.

So say I'm standing, say in the middle of Paris, with 1K euro in cash and wanted to get it into the hands of someone in SA, how should I do this using crypto?
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Rinkals »

derriz wrote:
Rinkals wrote:
Anonymous. wrote:I hope Bitcoin will one day work properly as a currency. I think it will probably be about 1 Bitcoin to the dollar
That's obviously an observation rooted in a deep and profound understanding of economics in general and crypto-currencies in particular.

:roll:
What area of economics could help in valuing BTC? Assuming you're not a chartist (tarrot card reader)?

No underlying economic supply/demand (given it's uselessness for payments) and no future cashflows (unlike cash, bonds, equities, etc.) and the ability to fork/launch new "coins" anytime mean it's only intrinsic scarcity is the novelty of being early - there's no possible scarcity of cryptocoins. It's intrinsically worthless except as a curio.
:lol:

Sorry, but that is impossibly stupid.

Of course it's not worthless; It is used in financial transactions. You can exchange it for dollars. You can use it to buy stuff. Saying that it's worthless makes Annon's vapid comment seem extremely deep.

At least Annon's comment, while obviously coming from a position of profound ignorance, does allude to a fairly valid concern in that a valuation of one bitcoin to close on $4,000 makes any conversion into a practical everyday value impractical.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

sorCrer wrote:
derriz wrote:
kiwinoz wrote:I think we are in the blockchain equivalent of 2000-2001 in internet times and the likes of ebay and Amazon yet to appear. There are lots of uses but still early days.
Google, Amazon, Ebay, yahoo, etc. all existed by 2000. Most of the worlds important media had a presence. You could already use the internet to book flights and hotels.

Within a year of the release of the Mosaic browser in the early 90s, people were publishing news, academic papers, movie databases, running auctions, etc. on the web and this was all largely without the luxury of the billions or 10s of billions of VC that has poured into crytos.

Bitcoin is over 10 years old and there is still no widely used application for the tech outside of speculation. Even its initial utility (buying drugs and guns) has gone. It's had a decade, and billions if not 10s of billions of dollars invested in trying to use distributed ledger tech to build applications with nothing to show for it. No shortage of time or money and yet the hype merchants are still peddling "potential" and "future applications". It's bollox.
Yep, I was there in the early 90's, it was rubbish. In fact, it was by far and large rubbish until around 97 when banks started to come online and only really got going in 99 when development started to blossom and I was writing e-commerce applications then.
That's bollox - the potential was obvious and the number of applications was exploding - every week there new exciting websites. I distinctly remember showing a non-techy friend some web sites on Mosaic running on an monochrome X-terminal in 93 and he was blown away - I had to drag him away from IMDB. E-comerce applications existed long before 99 - I put a small bookshop online in 95 using PerlCGI, a close friend single-handedly wrote the first nationally successful recruitment/jobs website which launched in late 95. 10 years after Mosaic would bring us to 2003/2004 - there were almost a billion web/internet users globally at that stage. How many people have crypto accounts or use applications based on crypto/DL 10 years after bitcoin was launched?
sorCrer wrote: I accept your negativity (coupled with fear) regarding change. As mentioned previously, you're just attacking Bitcoin not cryptocurrencies generally.
Fear :lol: - unlike you (I suspect), I've actually been involved in building a smart contract/DL application (for the energy markets). An no, I'm not just attacking BTC or even crytocurrencies generally - I'm attacking the whole idea that crypto DL technology has a great future. Tech fads come and go, this one will die soon also.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

Rinkals wrote:
derriz wrote:
Rinkals wrote:
Anonymous. wrote:I hope Bitcoin will one day work properly as a currency. I think it will probably be about 1 Bitcoin to the dollar
That's obviously an observation rooted in a deep and profound understanding of economics in general and crypto-currencies in particular.

:roll:
What area of economics could help in valuing BTC? Assuming you're not a chartist (tarrot card reader)?

No underlying economic supply/demand (given it's uselessness for payments) and no future cashflows (unlike cash, bonds, equities, etc.) and the ability to fork/launch new "coins" anytime mean it's only intrinsic scarcity is the novelty of being early - there's no possible scarcity of cryptocoins. It's intrinsically worthless except as a curio.
:lol:

Sorry, but that is impossibly stupid.

Of course it's not worthless; It is used in financial transactions. You can exchange it for dollars. You can use it to buy stuff. Saying that it's worthless makes Annon's vapid comment seem extremely deep.
So that's what an opinion "rooted in a deep and profound understanding of economics in general and crypto-currencies in particular" looks like in your mind? :lol: It only seems stupid to you because of your own ignorance of economic pricing models.

So where can you spend BTC - what can you buy with BTC? How much business is conducted using BTC as the exchange mechanism? How do you earn a return on a BTC holding? What prevents the limitless invention of cryptocurrencies and what is intrisically (you seemed to have overlooked this word) valuable about BTC which doesn't apply to the millions of alt-shitcoins?
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

derriz wrote:So say I'm standing, say in the middle of Paris, with 1K euro in cash and wanted to get it into the hands of someone in SA, how should I do this using crypto?
As you're holding it in cash, you clearly have a problem as you would in any international banking transaction. I've checked at https://coinatmradar.com/ and there don't appear to be any BTC ATM's to deposit into in Paris even though there are around 1000 in Europe/UK. paxful.com may be an option or localbitcoins.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

derriz wrote:
Rinkals wrote:
derriz wrote:
Rinkals wrote:
Anonymous. wrote:I hope Bitcoin will one day work properly as a currency. I think it will probably be about 1 Bitcoin to the dollar
That's obviously an observation rooted in a deep and profound understanding of economics in general and crypto-currencies in particular.

:roll:
What area of economics could help in valuing BTC? Assuming you're not a chartist (tarrot card reader)?

No underlying economic supply/demand (given it's uselessness for payments) and no future cashflows (unlike cash, bonds, equities, etc.) and the ability to fork/launch new "coins" anytime mean it's only intrinsic scarcity is the novelty of being early - there's no possible scarcity of cryptocoins. It's intrinsically worthless except as a curio.
:lol:

Sorry, but that is impossibly stupid.

Of course it's not worthless; It is used in financial transactions. You can exchange it for dollars. You can use it to buy stuff. Saying that it's worthless makes Annon's vapid comment seem extremely deep.
So that's what an opinion "rooted in a deep and profound understanding of economics in general and crypto-currencies in particular" looks like in your mind? :lol: It only seems stupid to you because of your own ignorance of economic pricing models.

So where can you spend BTC - what can you buy with BTC? How much business is conducted using BTC as the exchange mechanism? How do you earn a return on a BTC holding? What prevents the limitless invention of cryptocurrencies and what is intrisically (you seemed to have overlooked this word) valuable about BTC which doesn't apply to the millions of alt-shitcoins?
Oddly enough I've actually bought and paid for something in BTC from someone on this forum who I don't apart from excellent postings know from a bar of soap.
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Re: €100 of Bitcoin in 2010 = €70m today

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1 Bitcoin equals
2,958.32 Pound sterling
26 Dec, 12:04 UTC · Disclaimer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Anonymous 1 »

bimboman Mon Feb 05, 2018 wrote:
sorCrer wrote:
bimboman wrote:My point is you'll need USD or a currency equivalent .... You don't view your self as having lost money in the last week, but in your eventual plan of being long BTC you have, the book value has halved in any real trading terms you've lost money.
The largest part (+80%) of my portfolio was bought at $350 - $600. The price of Bitcoin on this date one year ago was $1017. I bought the bulk of my XRP holdings at 0.06c

Great, you are missing my point, if you sold all of it at $17,000 and bought them back today you'd have made a big profit. You seem to miss that traditional investments have their returns measuresd periodically against a new set price , if you don't do that performance isn't correctly measured.

As I've said to you before if you've a few million in coins sell some and buy real,world stuff with it.
He would have made a big profit if he had just sold them. Buying them back as it was falling like a stone would have just been silly.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

derriz wrote:That's bollox - the potential was obvious and the number of applications was exploding - every week there new exciting websites. I distinctly remember showing a non-techy friend some web sites on Mosaic running on an monochrome X-terminal in 93 and he was blown away - I had to drag him away from IMDB. E-comerce applications existed long before 99 - I put a small bookshop online in 95 using PerlCGI, a close friend single-handedly wrote the first nationally successful recruitment/jobs website which launched in late 95. 10 years after Mosaic would bring us to 2003/2004 - there were almost a billion web/internet users globally at that stage. How many people have crypto accounts or use applications based on crypto/DL 10 years after bitcoin was launched?

Same year as Ebay and Amazon started. I was working for ECNet in the late 90's developing e-commerce solutions and had been building websites since 94. I've done that ever since. The internet was incomparable to what it is today.
derriz wrote:Fear :lol: - unlike you (I suspect), I've actually been involved in building a smart contract/DL application (for the energy markets). An no, I'm not just attacking BTC or even crytocurrencies generally - I'm attacking the whole idea that crypto DL technology has a great future. Tech fads come and go, this one will die soon also.
I've written a currently non-commercial smart contract application specifically around contractual control of sim swapping. I'm looking for funding to drive that. I have written many e-commerce applications including some driving worldwide aviation sites.

Maybe it will die, after all this has been predicted many times going back to 2010 (https://99bitcoins.com/bitcoin-obituaries/).

However, you don't need to be bitter next time just chase and monetize a fad more aggressively. :lol:
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Anonymous. wrote:He would have made a big profit if he had just sold them. Buying them back as it was falling like a stone would have just been silly.
The thing is I didn't need to. I have no heirs and worse, very little desire for large vanity purchases although I will spend more that I should sometimes on food & drink.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Rinkals »

derriz wrote:
Rinkals wrote:
derriz wrote:
Rinkals wrote:
Anonymous. wrote:I hope Bitcoin will one day work properly as a currency. I think it will probably be about 1 Bitcoin to the dollar
That's obviously an observation rooted in a deep and profound understanding of economics in general and crypto-currencies in particular.

:roll:
What area of economics could help in valuing BTC? Assuming you're not a chartist (tarrot card reader)?

No underlying economic supply/demand (given it's uselessness for payments) and no future cashflows (unlike cash, bonds, equities, etc.) and the ability to fork/launch new "coins" anytime mean it's only intrinsic scarcity is the novelty of being early - there's no possible scarcity of cryptocoins. It's intrinsically worthless except as a curio.
:lol:

Sorry, but that is impossibly stupid.

Of course it's not worthless; It is used in financial transactions. You can exchange it for dollars. You can use it to buy stuff. Saying that it's worthless makes Annon's vapid comment seem extremely deep.
So that's what an opinion "rooted in a deep and profound understanding of economics in general and crypto-currencies in particular" looks like in your mind? :lol: It only seems stupid to you because of your own ignorance of economic pricing models.

So where can you spend BTC - what can you buy with BTC? How much business is conducted using BTC as the exchange mechanism? How do you earn a return on a BTC holding? What prevents the limitless invention of cryptocurrencies and what is intrisically (you seemed to have overlooked this word) valuable about BTC which doesn't apply to the millions of alt-shitcoins?
I was being facetious and I seem to have made an error in expecting you to be able to understand that.

I don't hold any crypto-currency myself (as I have already said) and I have no idea what business is conducted in the various crypto, but I very much doubt that it is solely a sort of investment hedge as you seem to imply.

I'm sure that Sauce can give you the details you require, but even if it is not currently a major transactional currency, there is no reason why you cannot use it as such, and I would expect it to gain usage as time goes on.

Claiming that it's "worthless" is pretty obviously not accurate.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sewa »

As us Irish found out during our property crash ten years ago something is only worth what anyone else is at that point in time willing to pay for it. And that is when it comes to something that has some intrinsic value, the land, materials etc. If people lose faith in bitcoin it will be pretty much worthless. No one sensible would buy them just because they love the tech
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ManInTheBar »

"Money" is (or should be) a representation of a store of value being the difference between what things cost and that things can be sold for.

By comparison with 'conventional' currencies BTC does a very poor job at this currently owing to its volatility.

There is no reason why BTC should not become an effective and stable store of value EXCEPT that existing currencies do that as well as any mechanism can.

If the best that can be said of BTC (or any other crypto) is that it could, one day, be as usable and stable as the $ then I am afraid it is not worth the effort.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Rinkals »

sewa wrote:As us Irish found out during our property crash ten years ago something is only worth what anyone else is at that point in time willing to pay for it. And that is when it comes to something that has some intrinsic value, the land, materials etc. If people lose faith in bitcoin it will be pretty much worthless. No one sensible would buy them just because they love the tech
You could say exactly the same thing about national currencies.

If you want to take it that far, then the value of a five pound note is bound to the value of a small rectangle of paper.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Anonymous 1 »

sorCrer wrote:
Anonymous. wrote:He would have made a big profit if he had just sold them. Buying them back as it was falling like a stone would have just been silly.
The thing is I didn't need to. I have no heirs and worse, very little desire for large vanity purchases although I will spend more that I should sometimes on food & drink.
I know you are in it for the tech and as it falls from $17k to currently $3.7k you had no need to sell The same will be true when it falls to $1k.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sewa »

Rinkals wrote:
sewa wrote:As us Irish found out during our property crash ten years ago something is only worth what anyone else is at that point in time willing to pay for it. And that is when it comes to something that has some intrinsic value, the land, materials etc. If people lose faith in bitcoin it will be pretty much worthless. No one sensible would buy them just because they love the tech
You could say exactly the same thing about national currencies.

If you want to take it that far, then the value of a five pound note is bound to the value of a small rectangle of paper.
In the developed economies of the world a national currency falling like bitcoin is unheard of. Even the Uk pound rarely drops more than 20% in a year
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

sewa wrote:
Rinkals wrote:
sewa wrote:As us Irish found out during our property crash ten years ago something is only worth what anyone else is at that point in time willing to pay for it. And that is when it comes to something that has some intrinsic value, the land, materials etc. If people lose faith in bitcoin it will be pretty much worthless. No one sensible would buy them just because they love the tech
You could say exactly the same thing about national currencies.

If you want to take it that far, then the value of a five pound note is bound to the value of a small rectangle of paper.
In the developed economies of the world a national currency falling like bitcoin is unheard of. Even the Uk pound rarely drops more than 20% in a year
My personal opinion is that it's a new form of 'currency' which will assist in driving the 4th Industrial Revolution. Yes it is extremely volatile and technically difficult for some to understand. Unlike derriz, I don't think it's a fad and regardless it has value in the education of monetary systems and stock exchanges.
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ManInTheBar »

Faith is a POWERFUL thing
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Re: €100 of Bitcoin in 2010 = €70m today

Post by derriz »

sorCrer wrote:
derriz wrote:That's bollox - the potential was obvious and the number of applications was exploding - every week there new exciting websites. I distinctly remember showing a non-techy friend some web sites on Mosaic running on an monochrome X-terminal in 93 and he was blown away - I had to drag him away from IMDB. E-comerce applications existed long before 99 - I put a small bookshop online in 95 using PerlCGI, a close friend single-handedly wrote the first nationally successful recruitment/jobs website which launched in late 95. 10 years after Mosaic would bring us to 2003/2004 - there were almost a billion web/internet users globally at that stage. How many people have crypto accounts or use applications based on crypto/DL 10 years after bitcoin was launched?

Same year as Ebay and Amazon started. I was working for ECNet in the late 90's developing e-commerce solutions and had been building websites since 94. I've done that ever since. The internet was incomparable to what it is today.
derriz wrote:Fear :lol: - unlike you (I suspect), I've actually been involved in building a smart contract/DL application (for the energy markets). An no, I'm not just attacking BTC or even crytocurrencies generally - I'm attacking the whole idea that crypto DL technology has a great future. Tech fads come and go, this one will die soon also.
I've written a currently non-commercial smart contract application specifically around contractual control of sim swapping. I'm looking for funding to drive that. I have written many e-commerce applications including some driving worldwide aviation sites.

Maybe it will die, after all this has been predicted many times going back to 2010 (https://99bitcoins.com/bitcoin-obituaries/).

However, you don't need to be bitter next time just chase and monetize a fad more aggressively. :lol:
Interesting, what did you build it on? Solidity or one of the non-proofofwork "enterprise" platforms like corda?

Not bitter - I'm still have a (small) equity stake in a DL/SC start-up so I guess dissing DL tech is not really in my interest. I've thought about it from many angles - not just technical - and just can't bring myself to believe that this tech has any future.
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paddyor
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Re: €100 of Bitcoin in 2010 = €70m today

Post by paddyor »

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A5D5E5
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Re: €100 of Bitcoin in 2010 = €70m today

Post by A5D5E5 »

paddyor wrote:This is obviously a scam

https://www.bloomberg.com/news/articles ... on-problem
Stories like this just make cryptocurrencies look like a tax on the credulous.
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

A5D5E5 wrote:
paddyor wrote:This is obviously a scam

https://www.bloomberg.com/news/articles ... on-problem
Stories like this just make cryptocurrencies look like a tax on the credulous.
Certainly leaving any amount on an exchange, particularly an unaudited exchange, is idiotic. One of the things about Bitcoin, though, is that it is very easy to prove solvency. You don't even need an auditor to do so:

Image
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Leinster in London
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Leinster in London »

I'll just drop this here.

https://www.bbc.co.uk/news/technology-43485572
Researchers in Germany have found hundreds of links to child sexual abuse imagery on Bitcoin's blockchain.

This could make using the blockchain, a digital ledger of crypto-currency transactions, illegal.

The study, from RWTH Aachen University, also said other files on the blockchain may violate copyright and privacy laws.

Researchers said they had found eight files with sexual content. And three of these contained content "objectionable for almost all jurisdictions".

Two of these between them listed more than 200 links to child sexual abuse imagery, the study said.

And if records of the files were stored on users' computers, they may be in violation of the law.

Garrick Hileman, a crypto-currency expert at Cambridge University, said the issue of illegal content had been "discussed and known about for awhile."

Pruning, or altering parts of the blockchain ledger, would allow users to rid their local copies of illegal content, he said, but was likely to be too technical for most Bitcoin users.

"There are big barriers anytime you need to make modifications," Mr Hileman said.

But he added that although maintaining a complete record of the blockchain was more secure than an altered copy, "many would argue that it's not that important".

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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Leinster in London wrote:I'll just drop this here.

https://www.bbc.co.uk/news/technology-43485572
Researchers in Germany have found hundreds of links to child sexual abuse imagery on Bitcoin's blockchain.

This could make using the blockchain, a digital ledger of crypto-currency transactions, illegal.

The study, from RWTH Aachen University, also said other files on the blockchain may violate copyright and privacy laws.

Researchers said they had found eight files with sexual content. And three of these contained content "objectionable for almost all jurisdictions".

Two of these between them listed more than 200 links to child sexual abuse imagery, the study said.

And if records of the files were stored on users' computers, they may be in violation of the law.

Garrick Hileman, a crypto-currency expert at Cambridge University, said the issue of illegal content had been "discussed and known about for awhile."

Pruning, or altering parts of the blockchain ledger, would allow users to rid their local copies of illegal content, he said, but was likely to be too technical for most Bitcoin users.

"There are big barriers anytime you need to make modifications," Mr Hileman said.

But he added that although maintaining a complete record of the blockchain was more secure than an altered copy, "many would argue that it's not that important".

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Seriously?

https://www.dailydot.com/business/bitco ... tion-code/

Note the date.
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Anonymous 1
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Anonymous 1 »

Anonymous. wrote:
sorCrer wrote:
Anonymous. wrote:He would have made a big profit if he had just sold them. Buying them back as it was falling like a stone would have just been silly.
The thing is I didn't need to. I have no heirs and worse, very little desire for large vanity purchases although I will spend more that I should sometimes on food & drink.
I know you are in it for the tech and as it falls from $17k to currently $3.7k you had no need to sell The same will be true when it falls to $1k.
Currently $3,366
Bowens
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Bowens »

I don’t think TranceNRG made any money on it :(
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Leinster in London
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Leinster in London »

sorCrer wrote:
Leinster in London wrote:I'll just drop this here.

https://www.bbc.co.uk/news/technology-43485572
Researchers in Germany have found hundreds of links to child sexual abuse imagery on Bitcoin's blockchain.

This could make using the blockchain, a digital ledger of crypto-currency transactions, illegal.

The study, from RWTH Aachen University, also said other files on the blockchain may violate copyright and privacy laws.

Researchers said they had found eight files with sexual content. And three of these contained content "objectionable for almost all jurisdictions".

Two of these between them listed more than 200 links to child sexual abuse imagery, the study said.

And if records of the files were stored on users' computers, they may be in violation of the law.

Garrick Hileman, a crypto-currency expert at Cambridge University, said the issue of illegal content had been "discussed and known about for awhile."

Pruning, or altering parts of the blockchain ledger, would allow users to rid their local copies of illegal content, he said, but was likely to be too technical for most Bitcoin users.

"There are big barriers anytime you need to make modifications," Mr Hileman said.

But he added that although maintaining a complete record of the blockchain was more secure than an altered copy, "many would argue that it's not that important".

Related Topics

Seriously?

https://www.dailydot.com/business/bitco ... tion-code/

Note the date.
OK, date noted.

So six years later rather than removing shit, and making it more difficult it seems the opposite has happened.
I have no idea what the bit below means, but it does appear to be 2019 news.
One key feature of the block chain is that information added to it cannot be changed without significant effort.

In January, the amount of data that could be added to the BSV block chain was increased significantly.

Before that, people could generally add only short chunks of text or web links to the block chain.

But now it is possible to add full images in an encoded format.

Payment system Money Button said its service had been used to post the illegal images on the BSV block chain in early February.
KiwiFlyer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by KiwiFlyer »

BSV is a fork of bitcoin. The fork is unrelated to bitcoin and not supported by the vast majority of the bitcoin community.

BSV has increased their block limit (i.e. the total amount of information that can be stored in each block of the chain) to ridiculous sizes, which would (if it was widely used) make it impossible for most people to run their own nodes and independently validate the block chain. Because nobody is actually using it, all this extra space is free to use, and so people can use it to send transactions containing large pictures for no cost.

Meanwhile the current bitcoin consensus is for small blocks to maintain decentralisation, and to instead develop scaling solutions in second layers and side chains built on top of bitcoin.
So six years later rather than removing shit


One of the fundamental points of bitcoin is that, without consensus, no transactions can be censored or undone by any government or organisation, no matter what they are intended for. There is no right or wrong in bitcoin, all transactions are equally valid as long as they follow the consensus rules.
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Azlan Roar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Azlan Roar »

It now costs more to make bitcoin than the cryptocurrency is worth according to an analysis by JP Morgan Chase, published in NS
ukjim
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ukjim »

I mined crypto for about 5 years or so and made some decent pocket money out of it.

Even with solar panels and batteries covering a good deal of production cost its now not worth it unless you have free electricity.
etherman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by etherman »

ukjim wrote:I mined crypto for about 5 years or so and made some decent pocket money out of it.

Even with solar panels and batteries covering a good deal of production cost its now not worth it unless you have free electricity.
How does this actually work? I have no clue. You have a bank of PCs running 24/7 Im guessing and they do what exactly?
ukjim
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ukjim »

etherman wrote:
ukjim wrote:I mined crypto for about 5 years or so and made some decent pocket money out of it.

Even with solar panels and batteries covering a good deal of production cost its now not worth it unless you have free electricity.
How does this actually work? I have no clue. You have a bank of PCs running 24/7 Im guessing and they do what exactly?
you use graphics cards mainly (some folk have dedicated purpose build computers called asic miners for the task that do nothing else). They calculate the proof of work that blockchain relies on in return for some payment of crypto.

its explained here...

https://keepingstock.net/explaining-blo ... bed27f0845
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