Bitcoin Bites the Dust – Down $7,200 (37%) in Five Days

Townhall.com ^ | December 29, 2017 | Mike Fuljenz

[SMGFan]

can you explain in simpler terms ? Seems like searching Sahara Desert with a metal detector. If you find the treasure you get rich. But the treasure was hidden by someone who created this treasure.

[I want the USA back]

“Bitcoin is only a creative computerized fiction”
Someone who gets it.
Another one: “You can’t value Bitcoin because it’s not a value-producing asset”.

Gold is desirable for its beauty and usefulness in manufacturing. There will be demand for gold until the Sun expands and burns the Earth to a crisp. Although you can’t eat gold, you can’t eat money either.

[palmer]

Yes, search the desert with a metal detector to find the lump of metal in a random location. There are 8400 million trillion locations (quite literally) and if you search them all you will find it. The current hashing power is 14 million trillion searches per second, so it takes 10 minutes to search all the locations. Mining is designed to always take 10 minutes no matter how powerful the searching is. As the searching becomes more powerful (more miners using more parallelism, faster HW) the mining algorithm automatically increases the difficulty.

In desert analogy there are more and more locations to search. But there is no person or machine that knows where the lump of metal is. The miners are searching for a new non-random random number each time. The new one, every 10 minutes, has no relationship to the old at all. Every search is brand new, from scratch.

[E. Pluribus Unum]

Blockchain currencies are not intended to be investment vehicles. They are intended to be mediums of exchange that bypass the big-government/big-credit-card industrial complex and their skimming operations. The technology is new and will be subject to wild fluctuations until people get used to it. Eventually it will settle down.

[palmer]

Gold is desirable for its beauty and usefulness in manufacturing

The manufacturing demand for gold is roughly 2000 tonnes for jewelry and 1000 tonnes for bars and coins. Manufacturing uses very little. Gold mining produces 2400 tonnes. The difference is made up by melting unwanted jewelry. The gold economy is pretty constant so the gold price is fairly stable.

With the cryptocurrencies the trading is very thin. The demand far exceeds the supply which very tightly controlled. So instead of bitcoin people have created forks of bitcoin and various other currency chains. The bubble in alt-coins far exceeds the bitcoin bubble and is growing much faster. That the writer didn't mention it shows how clueless he is. These bubbles have a long long way to go.

[Delta 21]

I understand THAT just as much as I do bitcoin.

Buy cheap. Sell high.

Dont forget Fereingi Rule of Acquisition #23!

[WhatNot]

You'll never be able to do this with bitcoin!

[airborne]

$14,489.00 today

[Pollard]

Cool! You’ve got enough virtual money to buy my virtual bridge!

[dgbrown]

“To: Kaslin

the idea of mining a bitcoin using massive computers to find one? I still do not get it.”

I am with you on this. You get paid for doing complex equations (logarithm), have yet to figure out what the math is for and who exactly is “paying” for this service. Sounds like a bad sci-fi movie to me.

[dynoman]

[EQAndyBuzz]

“You’ll never be able to do this with bitcoin!”

Actually, yes you could. But you wouldn’t be using bitcoin. You would be using the block chain technology to securely purchase the two dinner plates attached to the tinfoil covered thingymabob.

[GOYAKLA]

https://www.youtube.com/watch?v=WO2duw0eCwE

[dynoman]

Doing it on your own doesn’t work now because every four years the amount available to mine halves. So it takes way more computing power. It’s the perfect scam for greedy speculators, limit the total to 21 million, halve the amount available to mine every four years. Create hype. Then sell at the top. See post 31.

[dynoman]

To speculators.

[WhatNot]

Bitcoin math will help bring strong AI into existence. Strong artificial intelligence is where the machine's intellectual capability is functionally equal to a human's.

When this happens, humans will be nothing more than pesky ants being stepped on at an AI picnic.

[palmer]

You could look at that chart and say that the bear trap was Nov 2013 was the selloff and the bear trap lasted through 2015: https://blockchain.info/charts/market-price?timespan=all That would put the recent peak at $19,500 as the beginning of the blow off phase. Would make a lot of sense. But it's probably wrong. I think it will go a lot higher. I say that as I slowly unload mine, and I am definitely not buying any now. So it's a completely self-interested statement. But I think I am correct, it will go higher due to organic demand for the store of value.

[PeterPrinciple]

Blockchain currencies are not intended to be investment vehicles. They are intended to be mediums of exchange that bypass the big-government/big-credit-card industrial complex and their skimming operations.

---

but the market doesn’t seek it like that.................

they see a lottery ticket.

[b4its2late]

14,488 to be exact.

[Delta 21]

Bitcoin exchange chief kidnapped as he leaves work

Suspicious?