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Bitcoin Tumbles Most in Two Weeks Amid South Korea Hack (bloomberg.com)
Bitcoin extended losses for a third day, tumbling as much as 6 percent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system. From a report: The largest cryptocurrency declined 4.6 percent to $7,277 as of 10 a.m. time, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing. That widens Bitcoin's losses for the year to 49 percent. Peer cryptocurrencies Ethereum and Ripple fell 5 percent and 6.6 percent, respectively.
Nope, few people are buying Bitcoin anymore. That's why the value has dropped in half in the last six months.
All widely traded cryptocurrencies have been trending downward since the crazy peak last December. There have been multiple larger events where values dropped precipitously without definable causes. Bitcoin and it's associated cryptocurrencies are a racket wherein people want to get rich by merely transferring money from others to themselves. There is no investment behind purchasing, it's all just taking.
Tell me when it really crashes and who's left holding the bag. Until then, shut up with this crap.
Anons need not reply. Questions end with a question mark.
Forget claiming they are like tulips, cryptocurrencies are worse than tulips. You can plant a tulip and it can reproduce with no additional effort. Cryptocurrencies and their network have to be maintained with other resources. Not only that but 51% attacks actually happen so your cryptocurrency may just vanish one day.
Anons need not reply. Questions end with a question mark.
I just switched my Apple and Tesla stock into Dogecoin.
To the moon!!!1
#DeleteFacebook
My country taxes 30% of a 4% assumed gain, so 1.2% per year, whatever the actual gain or even loss was that year.
You better calm down before that mighty fedora topples from your head. You totally failed at reading comprehension. My whole point is they aren't alike but neck beards like yourself always bring up the tulip market when bitcoins are mentioned. You seem to be projecting a lot of inadequacies from your own life onto mine. Funny you mention normal intelligence when you can't even understand my comment.
Only the State obtains its revenue by coercion. - Murray Rothbard
You don't make money by in crypto by dumping in money and waiting. You might as well pay the lottery. You make money by setting up buy and sell points. No different than day trading stocks.
Only the State obtains its revenue by coercion. - Murray Rothbard
Only PoW crypto is susceptible to 51% attacks. Ripple, for example, is not.
To mine an AC-Coin, you currently have to find the last four bits that correspond to the hash.
As you might imagine, finding four bits is easy (just guess 16 times). What do you think the current value of AC-Coin is? What will YOU pay for a 10,000 AC coin? I have some to sell you.
Making mining easy doesn't mean people do it.
"My whole point is they aren't alike but neck beards like yourself always bring up the tulip market when bitcoins are mentioned."
Meanwhile, those of us with actual stock market experience AND those that possess knowledge of history know that they are very, very much alike.
People like you who don't see the similarities are the reason for its proliferation.
Still waiting on Serviscope_minor to wake up to fucking reality and realize that Jessica Price isn't going to fuck him.
Nope, Ripple is only susceptible to something MUCH stupider.
The whole bitcoin craze was quite pointless IMHO, but at least they thought they were solving some problem...namely eliminating the need to trust in a government fiat currency and banking system and it's inherent downsides (inflation, stability, vulnerability to government confiscation, bank failure which is only partially mitigated by FDIC for people with large balances, etc).
But now with Ripple, the whole design is founded on having trust in a "bank" who holds your value. If that bank is deemed not trustworthy, then your dollar equivalent worth of Ripples isn't even equivalent to a dollar anymore. Thus we have the downsides of a banking system, without the benefit of FDIC to insure your value, government regulation to keep the Ripple banks accountable, or the decades of actual use to help expose the flaws in the system.
So no, you aren't vulnerable to 51% attacks, just single-entity attacks. Yeah, so much better.
I wonder what the exact date will be (and it will come) when MOST people realize Bitcoin isn't just a get-rich buy-then-sell cash scheme, and instead, has an actual beneficial purpose to this world. Seeing it in widespread by the average person everyday life would be a sight. It is that day when bitcoin's price will dramatically fall to more commonsense levels. But i figure that day will only come when these people get bored of the cash grab and lose interest causing it to take a massive nose dive (ie, a crash) and then someone finally finds its true killer app (not including b2b behind-the-scenes stuff).
Can tulips be exchanged for goods and services?
Only the State obtains its revenue by coercion. - Murray Rothbard
It has more to do with the MtGox coin liquidation. The current price is what the coins are selling at. Someone is buying them. Someone is always buying them
"When life gives you lemons, don't make lemonade. Make life take the lemons back!" -- Cave Johnson
Damn where is that? That's freaking awesome!
Browsing at +1 - no ACs, I ignore their posts. So refreshing!
Give a woman a really pretty tulip, you might get laid. Perhaps if you left your desk and went outside, you'd know this.
Still waiting on Serviscope_minor to wake up to fucking reality and realize that Jessica Price isn't going to fuck him.
South Korea owns maybe 1%, probably 0.1% of bitcoins. China and the US own almost all of them. This is utterly ridiculous to have this much of an overreaction. This is like short selling Pepsi because one delivery truck burst into flames.
Bitcoin doesn't work as a currency because it's not an effective substitute for the US Dollar and it never will be. Frankly, Bitcoin sucks for any legal transaction because the fees are too high and the processing times are too slow and just try to dump your whole stash of Bitcoins and see where the price goes. When Warren Buffet of Berkshire Hathaway, arguably the greatest living investor, and Jamie Dimon of JPMorgan Chase say that Bitcoin is scam, the average person should listen. Even George Soros, the man who "broke the pound", and has made billions of dollars trading currencies warned at Davos that Bitcoin was a bubble and that people should "watch out". But hey, those guys are chumps right and we should be listening to "corezz" who hopes that his Bitcoin will be awesome someday. Right.
the bigger idiot theory vs. the buy and hold theory
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I'm waiting on stores that take tulips as payments. Why are you so angry anyhow? I'm going to comment more now that I know it pisses you off so much.
Only the State obtains its revenue by coercion. - Murray Rothbard
It is that day when bitcoin's price will dramatically fall to more commonsense levels.
Actually... that will probably be the day when Bitcoin's price would have dramatically increased to more commonsense levels, such as $0.0001 US per Satoshi.
rankly, Bitcoin sucks for any legal transaction because the fees are too high and the processing times are too slow
The fees are lower than bank fees, and the transaction clearing time averages less than an hour, so it is faster than a Check or Overnight wire --- It's not like current banks support clearing transactions instantly. Even your credit card transactions are just pre-"Authorized", and the settlement process takes days before the merchant actually gets paid.
Looking at news over the last several years I think it is less likely that you'd lose your coins in some hacking event, and more likely though some sort of more fraud scheme. Either in some coin that is more less fake, or even in established coins where the brokerage/trading houses just embezzle it and vanish.
A lot is made out of blockchain ledgers supplanting the need about placing your trust in corporate banks or nations, but they don't exactly have a monopoly on fraudulent activity.
I think the time has come and gone that these crypto "currencies" can be legitimately called currencies anymore. They are simply speculative investment schemes, but one where their are literally zero assets attached to them. They are particularly risky fundamentally in that at least a currency can be spent someplace (unless inflation makes it worthless), and more traditional investments, even should they fail are able to recoup some value by selling off assets. If/when they fail, you'll be left with nothing except perhaps the few at the top (due to sheer volume and value), or those with enough savvy to GTFO at just the right time, the rest will be left with squat. The *only* thing keeping them going at this point is the collective will of those that own it, and the get rich quick greed of new investors. Once the later drops off because the price is too high, or public perception changes, then the end is neigh...