Bitcoins - digital currency - Page 1228 - Business, Finances and Investing Forum

I think this period is a blessing for Bitcoin, and for speculators (long term hodlers). There's so much going on right now, yet very little of it is reflected in the price. Bitcoin still needs to mature a lot, and periods like this are excellent for it.

When bitcoin goes up, it's good for bitcoin. When bitcoin goes down it is good for bitcoin. Bitcoin, the one true god!

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10-07-2018 , 06:14 PM

#30677

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

Quote:

Originally Posted by CoolTimer

As a bull I'd gladly take your fiat. Fiat isn't worthless and/or useless at all. It is flawed.

There is an article posted in here that I am too lazy to find which was epic and talks about how amazing it would if we only had bitcoin and someone invented fiat money.

"You no longer need to waste all that energy and time keeping a record of every transaction just so you can buy a chocolate bar. Money for the modern world as we move away from our caveman ancestors."

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10-07-2018 , 07:17 PM

#30678

pontylad

banned

Join Date: Sep 2008 Posts: 8,714

Believing in bitcoin and holding on to all their btc is not mutually exclusive. There are going to be many people who are going to have the option of being rich after they receive their btc back (relative to their current financial position) and are going to be happy dumping anything from 5%-100% of their bags. You'd have to be either a total idiot, or have such little wealth relative to your total worth on mtgox, for not taking some profits.

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10-07-2018 , 07:30 PM

#30679

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

Nobody is getting back lifechanging money from mtgox. Let alone "many".

Remember bitcoin was over 1k during goxtimes, 6k now, but they are only getting ~10% back.

Sure, some will sell but this narrative of "zomg all the gox holders will sell and crash the market" makes little sense.

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10-07-2018 , 07:53 PM

#30680

bucktotal

old hand

Join Date: May 2006 Posts: 1,667

two friends of mine will hopefully be getting back around 15 and 50 btc, respectively. they both bought around $3. They were just following me and another friend and didn't really know what was up. They held their coins on gox because they didnt know/care what else to do. it was perhaps a blessing in disguise to hold through all these years. they will both be selling a portion of their coins, probably 25-50% of what they reclaim.

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10-07-2018 , 08:29 PM

#30681

de captain

Pooh-Bah

Join Date: Mar 2008 Posts: 5,514

Quote:

Originally Posted by protonewb

...Sure, some will sell but this narrative of "zomg all the gox holders will sell and crash the market" makes little sense.

Sure, some of them will hodl but this narrative of "zomg all the gox hodlers aren't going to cash out" makes little sense.

They've already been scammed once investing in btc and many of them will have circumstances, and beliefs, that have changed (a need for fiat).

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10-07-2018 , 09:08 PM

#30682

ddlloo12

grinder

Join Date: Jan 2009 Posts: 535

I think btc will move back down to 4k before bottom is formed

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10-07-2018 , 09:22 PM

#30683

pontylad

banned

Join Date: Sep 2008 Posts: 8,714

Proton, you are not being rational. 0.5 btc could be life changing to some people, it is all relative. Something like half of 20-30 years olds in the UK have literally no savings (recent government survey). I don't often agree with de captain but he is absolutely right in regards to some wanting to cash out after being scammed.

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10-07-2018 , 11:35 PM

#30684

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

yeah, the first thing i did when stars reopened my account (with $250,000 in it) was withdraw like $225,000. it didn't feel safe anymore.

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10-08-2018 , 01:35 AM

#30685

TheMVP

old hand

Join Date: Oct 2007 Posts: 1,753

It's not simply a sell or hold on exchange situation, they can store their BTC safely themselves on a Trezor, but yeah even as a bull it's hard to argue there won't be at least moderate selling when Gox coins are returned.

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10-09-2018 , 04:17 AM

#30686

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Quote:

Originally Posted by OmgGlutten!

"Guys, let's get rid of Bitcoin and I'll give you paper money instead. If I need something for myself, I'll print a bit more, but that's fine right .. right? "

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10-09-2018 , 05:11 AM

#30687

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

Yeah, print enough so that you average ~2% inflation a year.

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10-09-2018 , 06:53 AM

#30688

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Quote:

Originally Posted by OmgGlutten!

Yeah, print enough so that you average ~2% inflation a year.

I've pointed this out a couple of times, but this would be fine in theory. Probably not as optimal as a fixed supply, but at least it would be a predictable supply. The problem is though, and it's a big one, that everybody in the history of the world who has been in charge of money printing will eventually print more for their own benefit. You could NEVER trust the 2% inflation number.

So you can not have a single group of people in charge of monetary policy. Bitcoin solves this. No single group has enough power to change the monetary policy. The implications of this are mindblowing.

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10-09-2018 , 07:04 AM

#30689

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

Fixed Supply has been a disaster historically.

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10-09-2018 , 07:34 AM

#30690

27AllIn

Carpal \'Tunnel

Join Date: Oct 2008 Posts: 6,583

How has fixed supply been a disaster?

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10-09-2018 , 07:38 AM

#30691

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Quote:

Originally Posted by OmgGlutten!

Fixed Supply has been a disaster historically.

Taking your authority on this doesn't cut it. We need sources. I am worried we're going to repeat the same, old argument though. But if you have convincing sources for why a fixed supply has been a disaster historically I'm all ears.

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10-10-2018 , 01:25 PM

#30692

12bigworm81

adept

Join Date: Nov 2008 Posts: 1,040

Does anyone else see the humor in believing BTC/Crypto is the future, but wanting them to achieve higher prices in dollars?

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10-10-2018 , 01:50 PM

#30693

stinkypete

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 15,783

Quote:

Originally Posted by 12bigworm81

Does anyone else see the humor in believing BTC/Crypto is the future, but wanting them to achieve higher prices in dollars?

Everyone sees why people who think they're smart insist on seeing humor where there is none.

The humor is in thinking that the price in dollars/fiat today is irrelevant when it's obviously the best measure, at least for the foreseeable future

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10-10-2018 , 02:07 PM

#30694

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

Quote:

Originally Posted by 12bigworm81

Does anyone else see the humor in believing BTC/Crypto is the future, but wanting them to achieve higher prices in dollars?

What?? I would like to buy my lambo for 0,1BTC instead of 100BTC. What's funny about that.

Edit: Oh, I see what you might mean here. Yeah in a way it's kinda contradictory, but most people pushing for it are pretty heavily invested already. So they would take the immediate gains with more certainty over the more uncertain gains in the future, but with the benefit of being able to buy more cheaply.

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10-11-2018 , 12:29 AM

#30695

synth_floyd

Carpal \'Tunnel

Join Date: Sep 2005 Posts: 7,074

A study estimates that 4 million bitcoins, out of a current supply of ~17 million are lost.

http://fortune.com/2018/10/10/can-th...nk-the-market/

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10-11-2018 , 02:01 AM

#30696

Dogboy714

adept

Join Date: Mar 2008 Posts: 817

Quote:

Originally Posted by synth_floyd

A study estimates that 4 million bitcoins, out of a current supply of ~17 million are lost.

http://fortune.com/2018/10/10/can-th...nk-the-market/

Bullish then...

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10-11-2018 , 02:33 AM

#30697

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,681

This is not surprising. Likely already factored in

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10-11-2018 , 02:54 PM

#30698

TeflonDawg

Pooh-Bah

Join Date: Oct 2006 Posts: 5,928

What's the effect of a bitcoin never moving again forever? Don't people lose their coins forever on a regular basis just due to human error? That seems like an issue, the idea that a finite supply continuously shrinks in aggregate total...

Is Satoshi playing 3d chess? Has something in the works for the world, Banksy style? I just think he's dead, but wtf @ one third of BTC's value being held by dead people or criminals...

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10-11-2018 , 05:26 PM

#30699

synth_floyd

Carpal \'Tunnel

Join Date: Sep 2005 Posts: 7,074

If he was alive or someone had access to his bitcoins why wouldn't they move any of it ever at any point? Is he so rich that he wouldn't even want to cash out 1 per day? Donate to charity at least. Or something. Seems likely that he is dead or for some other reason those coins are gone for ever.

And tether which is supposed to be the stable coin backed by real dollars that underpins the entire online trading ecosystem for cryptos is trading at around .98 on multiple exchanges. Not a good sign. https://cryptowat.ch/assets/usdt

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10-11-2018 , 05:36 PM

#30700

Mat Cauthon

adept

Join Date: Mar 2006 Posts: 1,147

Quote:

Originally Posted by TeflonDawg

It could shrink so slowly that it's irrelevant. The vast majority of lost coins are from before there was a price or when it was close to nothing, by people who experimented with it because they thought it was interesting technology.

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