Bitcoin value surges past $30k(bbc.co.uk) |
Bitcoin value surges past $30k(bbc.co.uk) |
Since Bitcoin will "fork" in each network partition, and everything will work ... fine, within each partition -- right up until the moment the network is repaired, and all but one of the "forks" simply disappears.
I think most people will be surprised that this is the correct behavior.
This is something; just not "money".
With Bitcoin, you have to shoot all the Bitcoin satellites _and_ stop the internet to do what you propose.
I assure you — all terrestrial and major satellite up/downlinks will cease within minutes of the next major conflict starting.
By the way how well do you think the other monetary systems will fair under such conditions you describe?
See the Holo / Holochain projects.
Nope. Correct behaviour is that the longest chain “wins”; all others disappear along with all their transactions.
It's a store of value. From what I gather, people are using it to protect their money against inflation.
I'd rather see usecases for cryptocurrencies linked here, not the same article every time Bitcoin surges above an arbitrary number.
Just like we have the pound, yen, yuan and dollar, I don't think any cryptocurrency will ever become the One World Currency. But when it works, it works. Just my 2 cents ...
e.g. An IPO is too expensive, so a company pursues an ICO. Or a family in Venezuela needs money so they receive bitcoin. Or college kids wants to buy LSD so he sends the payment with bitcoin. Or a paedophile wants to buy child porn, so he pays with bitcoin. etc.
The second use-case for crypto is as a commodity investment for its first use-case.
All money is amoral. It changes hands without judgement.
Hope he had thousands of more bitcoins for himself.
If no one bought any physical goods back then, then it may not have caught peoples attention, and may not have taken off.
The Coinbase IPO will be a sign of if the people in control of the funds don't understand the complex at all - or they're simply trying to profit off of it not caring about the actual consequences and future outcome; dumb money from financial industrial complex (misaligned incentives due to fees based instead of long-term results based) buying into, perpetuating a global, decentralized Pyramid-Ponzi scheme - trying to legitimize itself by misappropriating terminology and working hard towards regulatory capture, legitimacy.
As a currency, I don't want to use a currency which goes up and down like all these.
“In our current volatility research, we compared the 90 day and year to date volatility—as measured by their daily standard deviation as of November 13, 2020—of bitcoin against the constituents of the S&P 500 Index. We found that bitcoin has exhibited lower volatility than 112 stocks of the S&P 500 in a 90 day period and 145 stocks YTD.”
I agree that Tether itself is a risky proposition - in my opinion. I wouldn't buy it.
But prove what you said about 'fake dollars'. And then prove the connection to the Bitcoin price rise that you implied by 'a coincidence'.
I don't believe you can prove this. Because if you could prove it, you would have already done so.
Edit: And I would hope we could correct the title of this post. It's not truly about 'Bitcoin value surges past $30K', it is about 'Bitcoin price passed $30K'
>Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.
So it explicitly says that it is not backed by USD, but is "valued by tether at 1 USD"
> Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans
That passage probably means that they print fake dollars, then buy bitcoin with it, which rises the price of bitcoin, and allows them to claim that their reserves are "fully backed"
The SEC has been working on Tether’s case for a while, though. Recall what happened to Ripple last month when the SEC reached a conclusion on their activities.
Edit: Just because I say I have a billion dollars doesn’t mean someone will trade a billion dollars worth of anything with me, so who does with Tether?
With Bitcoin, the only way to make money is to sell it at a higher price to someone else later. It’s a purely speculative asset.
But only wanting to earn money through effort is a ridiculous notion as well. Investing your savings is a good and necessary idea.
I doubt money from MicroStrategy, Mass Mutual, Square, hedge funds and other corporate treasuries are due to FOMO…
So if you have a lot of euros on your account not making any money, you either go to the stock market (Thats why its going up, especially the visible stock such as Tesla) and things like Bitcoin...
The problem is, at some point it will come back down again, and a lot of people will lose money.
Its all network effects, and people talking to each other about bitcoin and stocks and people jumping in... It starts to look like 1930 again.
What comes up must come down. Question is when?
Famous quote with lots of counterexamples. Peter Lynch provides multiple conterexamples to many similar stock market quotes in an interview.
Yes, Tether seems to be in all sorts of legal trouble, especially in the US, but it is COMPLETELY different from XRP. Why would you even mention XRP/Ripple here? XRP has always been trying super hard to comply with the rules and cooperate with banks and etcetera, though I think it is probably really a kind of scam, IMHO.
But Tether and Bitfinex are always lurking in some kind of dark international space where the law is not clear, they are not like XRP. I hope you can see that, yes?
Edit: What you're stating as fact is actually only your own opinion, and that has become even clearer when the only evidence you could offer to prove your case against Tether is not even about Tether, but about a totally different organization: XRP/Ripple. So it might be better if you did not comment at this time, because you seem to have no interesting facts to offer us, only your opinions
[I mean that this has little to do with the XRP/Ripple situation]
Also you don't want to hold dollars because unlike bitcoin they're inflationary and decrease in value over time - a necessary attribute for something to work well as a currency and one reason among many why cryto thus far is a failure as a currency.
Crypto is closest to gold in that both are scarce commodities used as a store of value. It's a terrible investment though. Warren Buffett made an interesting comparison between all the gold mined in history vs all the farmland in the US and which is a better investment over time.
This passage on tether's website specifically:
>tether is always 100% backed by reserves which include other assets and receivables from loans made by Tether to third parties
makes it sound like if you are an exchange, you can ask for a billion dollars of tether and give back an IOU written on a napkin saying you pinky promise you owe them that billion. So tether gives out free cash to anyone who asks and in exchange can print fake money of their own and sell it on bitfinex.
Cryptocurrency has no morals, the system behind the money is all machine. You don’t sign an agreement that says you won’t break laws when you create a Bitcoin wallet, for example, but this is something that happens when open a bank account.
Money doesn't commit crimes, people do.
Undersea cables are easy to cut. Land based lines are easy to cut. Unless the locations of these cables are well hidden (which I don't believe they generally are), you could easily severe all of a country's internet connections in a couple of days.
I agree, but someone here made a good point in the last thread about this: in a couple of years, they plan to have 42,000 StarLink satellites active. That’s a lot of very capable missiles.
The same caveats should apply to Bitcoin.
Bitcoin doesn’t represent any such creative endeavor. It’s the very opposite: an artificial scarcity mindgame that burns fossil fuels to power useless random number generators. It’s a tragedy that intelligent people who could be doing something creative instead spend their energy on greedy speculation around such a dark project.
I got in early and got lucky. I mined a bunch of bitcoins about 10 years ago and have been selling them off gradually. I take that cash and buy stocks with it.