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Eddy Vluggen wrote: There is no shortages in coins. That's simply one way of saying you're poor.
Again you didn't read the link that I posted.
Eddy Vluggen wrote: and no, not volatility,
Yes specifically volatility as I specifically defined numerous times. What part of the definition confuses you?
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jschell wrote: Yes specifically volatility as I specifically defined numerous times. What part of the definition confuses you?
With China banning crypto's it is still a rally. Best performing asset this year.
$11,850.
"Volatile"; I'm sure that the people holding the currency will be weeping about it.
Bastard Programmer from Hell 
If you can't read my code, try converting it here[^]
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Eddy Vluggen wrote: "Volatile"; I'm sure that the people holding the currency will be weeping about it.
Again I provided multiple definitions of volatility and multiple explanations about how that volatility made it unsuitable as a national currency.
It certainly looks like the investment community agrees with my definition.
"The exchange halted trading twice on the first day to stem volatility. The exchange operator has rules in place to stop trading after price swings of 10 percent."
Bitcoin futures soar amid frenzy over virtual currency - ABC News[^]
And that is the futures market which allows for and accepts more "volatility" than regular markets.
I also explained multiple times that the investment possibilities of any asset has nothing to do with the suitability to be used as a national currency.
modified 12-Dec-17 11:01am.
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It will be 'bitten coins'
In Word you can only store 2 bytes. That is why I use Writer.
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And here an other CEO of Bitcoin... Ádám Ficsór - Professional Profile[^]
Skipper: We'll fix it.
Alex: Fix it? How you gonna fix this?
Skipper: Grit, spit and a whole lotta duct tape.
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Now this is only my opinion, but I don't think that crypto-currencies will ever become truly mainstream. The primary reason is that the central banks spent several centuries getting a nearly world-wide monopoly on our money supplies. They are tolerating this novelty for the time being but if they ever begin to expand beyond their little niche, the banks are going to wield their inexhaustible political power to squash them into oblivion.
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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I think that is already starting to happen.
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If you're a risk-taker, then I would say: why not? I would have suggest writing up some sort of service app to constantly check the price and send notifications to you if your coins fall below a certain price that way you minimize the risk of loosing money when they eventually collapse.
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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You'll be delighted to know that you don't have to write an app for that. Most trading platforms offer that functionality already. Some people don't use it, but that's a different story. 
Jeremy Falcon
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There are Bitcoin ETFs out there. I'm watching GBTC currently. When trading, you can always put a Stop Market on it and it will be up for sale after the value goes below the Stop Market level you set.
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Global changes tend to take at least two generations to take place. In 100-200 years from now paper currency will go bye bye. In fact, there's already not enough paper currency to cover the amount of digital currency we have just stored as bits on a computer.
Jeremy Falcon
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Good view indeed.
Just like petrol (or gasoline) can never go out of business even if there are very cheap and safe fuel alternates available.
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Foothill wrote: political power to squash them into oblivion.
The only way to do that is by destroying the internet. The appeal of blockchain is that there is no central power able to control it.
There are hard forks that can undermine it, but never kill it.
To alcohol! The cause of, and solution to, all of life's problems - Homer Simpson
Our heads are round so our thoughts can change direction - Francis Picabia
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As a technology, the blockchain has the potential to replace normal business ledgers especially for inter-organizational transfers but crypto-currencies are competing against the banks. So, if they ever start replacing actual money for everyday transactions beyond their niche, the banks will react in one of two ways. 1.) the banks are going to drive down their worth to near zero, buy them all up, thereby removing them from circulation or 2.) force governments to regulate them back into their niche. I make this argument from one idea: the central bank's are all about controlling money, if they cannot control it, they will either find a way to control it or force it out of the market.
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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Foothill wrote: they will either find a way to control it or force it out of the market.
I just believe they will fail on both.
To alcohol! The cause of, and solution to, all of life's problems - Homer Simpson
Our heads are round so our thoughts can change direction - Francis Picabia
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I too want to believe that cypto-currencies will wrest control of our money out of the hands of the central banks but history shows that entire countries can be brought to their knees by the banks. The pragmatist in me acknowledges that the banks will most likely win in the end.
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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Foothill wrote: The primary reason is that the central banks spent several centuries getting a nearly world-wide monopoly on our money supplies.
Banks just like any other reasonable organization have come to realize that a stable economic exchange system leads to a better economic system.
There is no conspiracy to gain control but rather the historical reality that attempts at other systems always lead to failures where the current system provides stability that no one could have imagined before.
Banks do, just as the vast majority of organizations do, benefit from stable economies. And that is true for the world not just nations as many organizations seek to benefit from internationalization either directly or indirectly.
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I've been studying currencies for years now due to an interest in Forex. I am not a bazillionaire. This is a hobby of mine, so take my words with a grain of salt...
1) Rather than talk about the CEO of Bitcoin (he's obviously biased) I'll mention analysts...
First, psychology teaches us its fun to jump on the bandwagon AFTER we see positive movement. And while that's all fine and dandy because people following along gives us swings in the markets to play with. But it A: limits profits and B: by its very nature means most people don't have to have a clue as to *why* it happened. And that's actually ok if you don't care about long term trends, but I digress.
However, most will pretend they know to why things happened to sound smart. Remember, in the markets everyone claims to be rich and yet over 90% of people lose money (they just lie about it). So, forget what most people say. Watch what they DO. Because if they really know what they're talking about, they'd be in a yacht drinking mai tais.
The point... most analysts get paid to sound smart and get readers. They don't make millions from the market themselves. So really, what do most know, if they themselves aren't profitable with the market they claim to know? They're not scientists. They're not economists. They're not even bankers. So really... what do they know?
2) Now, on to the future. Paper currency will die in developed countries. Over the past 100 years humanity has had a digital revolution. That's going nowhere. As population keeps on increasing but land and resources don't, we'll have to find a way to stop using paper for this. And we have it... digital crypto-currencies.
However, it will take two generations at least to catch on big time. As in at least another 100 years. Old people that don't want to change will have to die to be blunt. Paper money will be around for a while, but it'll be phased out eventually just like gold was. In fact, there's not enough paper money right now to cover all the "money" in the US. Most of it is already just a number in a computer.
Bitcoin is the guinea pig. It's being watched heavily as a tool for the future. It could die a sudden death though and that won't stop crypto-currencies or digital currencies in general. We need something new. The US dollar is doomed for failure. Right now it's impossible to fix it. As soon as people try to cut costs to pay off debt, people want to wage war. It's gotten out of hand and we're headed for hyperinflation as a way to "lower our deficit" if we don't do something about it.
What will happen is regulation by banks before it's accepted ubiquitously. Banks aren't just going to give up their power willy-nilly. They're going to have some control over it. And since they have the money right now, they can watch Bitcion et al to see what happens then develop their own... to keep control.
And like most markets, I'm sure there will be another flip-flop in the future when that transition starts to happen. But we're still a long way away from it.
3) Yeah I'm long winded... whoops.  If you're asking if it's a good idea to invest in Bitcoin right now though, the answer is for the short term it depends... rallies don't last forever. For the long term... yes. Gold too for that matter. The dollar will die. It will be replaced by something. It may take a 100-200 years, but it's going away. Welcome to the digital age.
Jeremy Falcon
modified 24-Oct-17 17:41pm.
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I was thinking of mining but I did the sums and it doesn't pay unless you are doing it as a hobby or you have enough to make a large investment in kit and you can fix your power and other costs.
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From what I know (I never mined at all)... yeah mining doesn't really pay off these days. But I know zilch about mining, so you never know...
Jeremy Falcon
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Jeremy Falcon wrote: but it'll be phased out eventually just like gold was.
Since when is gold phased out? Did the US sell their stock?
A lot of economists idiots called it an relic, without knowing the basics of economics. Value is determined by how many uses a human has for it, with some things being required (food) and some not required, but usefull (coal). A kilo smartphones has more gold than a kilo of ore; it has always been valuable because humans have multiple uses for the easily-shaped non-corrosive metal. It can easily be divided, retains its value, does not rot, and even acts as a currency in wartime.
Did the Germans repatriate their gold out of tradition for a phased-out currency? Or are they stocking up a common resource that has a lot of demand?
Bastard Programmer from Hell 
If you can't read my code, try converting it here[^]
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Eddy Vluggen wrote: Since when is gold phased out? Did the US sell their stock?
The gold standard was phased out. It's gone. Kaput. Of course gold exists. But the gold standard doesn't. This is pretty common knowledge with economists so I really didn't elaborate on it.
Gold Standard History and Facts[^]
Eddy Vluggen wrote: A lot of economists idiots called it an relic, without knowing the basics of economics. Value is determined by how many uses a human has for it, with some things being required (food) and some not required, but usefull (coal). A kilo smartphones has more gold than a kilo of ore; it has always been valuable because humans have multiple uses for the easily-shaped non-corrosive metal. It can easily be divided, retains its value, does not rot, and even acts as a currency in wartime.
Yeah sure. But the gold standard is still phased out Eddy. And we're comparing apples and oranges here.
Jeremy Falcon
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Jeremy Falcon wrote: This is pretty common knowledge with economists so I really didn't elaborate on it.
Listen to Alan Greenspan[^] on gold. Common knowledge with economists might not be reality 
Jeremy Falcon wrote: But the gold standard is still phased out Eddy. And we're comparing apples and oranges here.
I beg to differ; only gold is money. Everything else is credit.
Bastard Programmer from Hell
If you can't read my code, try converting it here[^]
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Eddy Vluggen wrote: Listen to Alan Greenspan[^] on gold. Common knowledge with economists might not be reality
I'm not convinced Greenspan takes his job seriously. That being said, my point still stands. I'm sure he's aware of the gold standard being gone too. Which is what I mean. Gotta stay on track bro.
Eddy Vluggen wrote: I beg to differ; only gold is money. Everything else is credit.
I'm not gonna get into this. I know how precious metals and valuations work. Anyone who spends 1 day online googling "how to get rich" will find some information on gold.
I'm talking about governmental currencies. You can't go to the grocery store and buy food with gold.
Also, money and currency are not the same thing... read the links Eddy...
Currency vs Money: What’s the Difference? - Peter Schiff's Gold News[^]
Jeremy Falcon
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