Unless it is done mass-scale and the economy crashes. Sure, you will not be the only one suffering, but a) you will be at the very bottom and b) you will have contributed to that crash. Nice lifetime-achievement.
As Bitcoin is basically hot air, there is not floor or ceiling value that has any meaning or distinction. It will not get up to anywhere near your predictions though, the supply of fools with money to spend is too small.
It will burst. And it will do so soon. Currently, the last fools available are buying, namely those with no money and no understanding of what is going on. That is those people taking out mortgages to buy at the current rate. After this supply of really great fools is exhausted, it is over.
And that is just it. This could not have been predicted. As a matter of fact, if this development could have been predicted, it would not have happened.
Indeed. The panic will increase much faster because of it. And, incidentally, you can only "cash out" if you find a buyer. These will evaporate very fast.
Actually some component of Pyramid Scheme is in there, with all the SPAM promising great and "guaranteed" winnings for anybody buying in at this time, but a proper Pyramid Scheme has a stronger structure. The idea is somewhat similar though.
Indeed. This whole thing runs on something called "Greater Fool Theory" and is at this point basically a variant of the venerable Ponzi Scheme. The idea is that any fool that buys now hopes that there is an even greater fool that will buy later from him. If we now have people buying that do not actually have the money to buy, then we are scraping the bottom of the barrel of fools.
Although I disagree on one point: The mining activity itself is actually destructive as it consumes massive amounts of electricity to produce... nothing. Hence overall, Bitcoin as a speculation object has significant negative productivity. If it were stable and usable as a currency (which may eventually happen again after the crash, but I doubt it), that would offset things a bit, but it is not.
Good luck with that. Matter of fact is that quite a few people that want graphics cards for other reasons are currently waiting for them to become affordable again. And it seems most of the price-inflation is not done by the chip manufacturers. So AMD and NVIDIA may actually be minimally affected or not affected at all.
Incidentally, my comment was on ASICs, not graphics cards.
There is also the pheromone angle: The more similar the genetics, the less well somebody smells when regarded as a sexual partner. This is a known mechanism and usually it works. Sometimes it does not. So the reason for the taboo is the genetic problems it causes, but actual biology has mechanisms to reduce it as well, just because it is a significant evolutionary advantage to not produce offspring from too similar parents. Psychology, on the other hand, seems to not actually be involved that much.
Indeed. This seems to be some systematic mental defect in these people where greed blots out all sanity. I mean you can explain to a child why it cannot go up indefinitely and yet these people still believe that. They are, in fact, blind to reality and life in a fantasy of their own making. "Get rich quick" schemes always attract people and this one is no different.
It is called "greed" and it almost universally comes with that other quality humans tend to excel at, namely "stupidity".
Sane people only gamble with money they do not need. Stupid people driven insane by greed will gamble with everything they can lay their hands on. And they will usually destroy themselves that way. Bitcoin will serve as an excellent example for this in the future. Fortunately, the overall actual value in there is small (the "market capitalization" number is nonsense) and this will hopefully not affect many innocent bystanders.
They have not or only partially. Insufficient manufacturing capabilities and nobody is going to build hugely expensive fabs for a bubble. Also designing and actually making ASICs takes a lot of time and you need to order a long time in advance.
I do not think it will matter much. They have wisely not extended their manufacturing capabilities and in the end, prices will drop a little, but that is it. The manufacturing capabilities are scaled for the regular market (which currently gets screwed), but as soon as Bitcoin crashes, it is back to business as usual and as planned. It may be possible to get used cards for cheap from bankrupt miners for a while though, although I do not think that many people will be interested in buying a card that potentially has a much reduced remaining lifetime.
While doing this is utterly demented, I think you are right and that this is what drives prices. Nobody sane would get in on it at the current price and volatility. Hence it must be people that do not know what they are doing and that also means people that do not actually have the money in the majority.
This is gambling. The rule on gambling is only do it if a) you do not need the money and b) you do it for the entertainment you get from the act. Disregard these rules and you are screwed. Many people will get screwed on Bitcoin, but one has to be realistic and see that the 278B market capitalization of Bitcoin is tiny and does not matter in the greater scheme of things. Also because it is backed by exactly no real value, i.e. most of that volume comes from nothing and will go to nothing. It really is just hot air.
Indeed, it does not. 4 transactions/second is completely ridiculous. For example, Swiss domestic interbank transfers are 2M per day. That is 23 per second and that is one small country with 8M population. The 4 per second for Bitcoin is global.
Slashdot Mirror
Unless it is done mass-scale and the economy crashes. Sure, you will not be the only one suffering, but a) you will be at the very bottom and b) you will have contributed to that crash. Nice lifetime-achievement.
You can light a straw-fire once. You cannot do it again with the same straw.
As Bitcoin is basically hot air, there is not floor or ceiling value that has any meaning or distinction. It will not get up to anywhere near your predictions though, the supply of fools with money to spend is too small.
That would explain why some people have started to call crypto-currencies "crypto". Maybe they are not just morons after all...
It is. It is those holding the item in question mobilizing the last possible "greatest fools" buyers to get out of it themselves while they still can.
Indeed. Even funnier when they find out that while stocks may crash down to pennies, Bitcoin can crash down to absolutely nothing.
It will burst. And it will do so soon. Currently, the last fools available are buying, namely those with no money and no understanding of what is going on. That is those people taking out mortgages to buy at the current rate. After this supply of really great fools is exhausted, it is over.
Nobody is a billionaire on Bitcoin. You cannot sell that much without completely crashing the value.
And that is just it. This could not have been predicted. As a matter of fact, if this development could have been predicted, it would not have happened.
Never gamble with money that you cannot afford to lose. Fundamental rule of survival.
Anybody that does not leave that country fast...
Indeed. The panic will increase much faster because of it. And, incidentally, you can only "cash out" if you find a buyer. These will evaporate very fast.
Actually some component of Pyramid Scheme is in there, with all the SPAM promising great and "guaranteed" winnings for anybody buying in at this time, but a proper Pyramid Scheme has a stronger structure. The idea is somewhat similar though.
Indeed. This whole thing runs on something called "Greater Fool Theory" and is at this point basically a variant of the venerable Ponzi Scheme. The idea is that any fool that buys now hopes that there is an even greater fool that will buy later from him. If we now have people buying that do not actually have the money to buy, then we are scraping the bottom of the barrel of fools.
Although I disagree on one point: The mining activity itself is actually destructive as it consumes massive amounts of electricity to produce ... nothing. Hence overall, Bitcoin as a speculation object has significant negative productivity. If it were stable and usable as a currency (which may eventually happen again after the crash, but I doubt it), that would offset things a bit, but it is not.
Good luck with that. Matter of fact is that quite a few people that want graphics cards for other reasons are currently waiting for them to become affordable again. And it seems most of the price-inflation is not done by the chip manufacturers. So AMD and NVIDIA may actually be minimally affected or not affected at all.
Incidentally, my comment was on ASICs, not graphics cards.
There is also the pheromone angle: The more similar the genetics, the less well somebody smells when regarded as a sexual partner. This is a known mechanism and usually it works. Sometimes it does not. So the reason for the taboo is the genetic problems it causes, but actual biology has mechanisms to reduce it as well, just because it is a significant evolutionary advantage to not produce offspring from too similar parents. Psychology, on the other hand, seems to not actually be involved that much.
"Incest" does not imply CP. CP is illegal for good reasons. And nobody doing CP will show any IDs in it.
And you lose that bet. Tying to pump? Likely.
Indeed. This seems to be some systematic mental defect in these people where greed blots out all sanity. I mean you can explain to a child why it cannot go up indefinitely and yet these people still believe that. They are, in fact, blind to reality and life in a fantasy of their own making. "Get rich quick" schemes always attract people and this one is no different.
Interesting. Makes perfect sense.
Incidentally, you _are_ working. You just found something you enjoy and are good at.
It is called "greed" and it almost universally comes with that other quality humans tend to excel at, namely "stupidity".
Sane people only gamble with money they do not need. Stupid people driven insane by greed will gamble with everything they can lay their hands on. And they will usually destroy themselves that way. Bitcoin will serve as an excellent example for this in the future. Fortunately, the overall actual value in there is small (the "market capitalization" number is nonsense) and this will hopefully not affect many innocent bystanders.
They have not or only partially. Insufficient manufacturing capabilities and nobody is going to build hugely expensive fabs for a bubble. Also designing and actually making ASICs takes a lot of time and you need to order a long time in advance.
I do not think it will matter much. They have wisely not extended their manufacturing capabilities and in the end, prices will drop a little, but that is it. The manufacturing capabilities are scaled for the regular market (which currently gets screwed), but as soon as Bitcoin crashes, it is back to business as usual and as planned. It may be possible to get used cards for cheap from bankrupt miners for a while though, although I do not think that many people will be interested in buying a card that potentially has a much reduced remaining lifetime.
While doing this is utterly demented, I think you are right and that this is what drives prices. Nobody sane would get in on it at the current price and volatility. Hence it must be people that do not know what they are doing and that also means people that do not actually have the money in the majority.
This is gambling. The rule on gambling is only do it if a) you do not need the money and b) you do it for the entertainment you get from the act. Disregard these rules and you are screwed. Many people will get screwed on Bitcoin, but one has to be realistic and see that the 278B market capitalization of Bitcoin is tiny and does not matter in the greater scheme of things. Also because it is backed by exactly no real value, i.e. most of that volume comes from nothing and will go to nothing. It really is just hot air.
Indeed, it does not. 4 transactions/second is completely ridiculous. For example, Swiss domestic interbank transfers are 2M per day. That is 23 per second and that is one small country with 8M population. The 4 per second for Bitcoin is global.