This chinese mine BTC and energy is dirt cheap there. The russians mine it in siberia so they can keep their processors super cool.
South Korea has formed a “cryptocurrency task force”, the adjumas here have gone nuts over bitcoin. Bitcoin’s investor base really says something, I think. Adjumas aren’t exactly sophisticated investors!
Yeah, I heard about the Chinese. They’re trying to get to 51% to break btc. Not gonna happen but nice to see them try. The Russian thing makes sense too. I’m sure we’re doing it as well…
The irony is, the more people that are doing it, the harder it is to get awarded the next btc.
What is even wilder than bitcoin? The bitcoin ETF!
GBTC touched $800 on 11/14, and $1900 on 12/05, a 138% swing in 14 days! The premium on that thing is totally nuts, swings all over the place. Been watching this badboy for awhile, trading the premium might be fun. But we have futures coming also, next week I thought?
I dont understand the goal to break 51%, I understand that will allow you to determine what happens with bitcoin (but it doesnt stop other developers/miners from creating a fork) and if it becomes unpopular the value of your holdings could drop substantially causing rather significant losses
Yeah, I don’t really understand the point either. From what I’ve read, and I haven’t read much on the 51% thing, it doesn’t really make any sense for someone to do it. They’d have to dedicate tons of resources to mine coins that they would then own, then the system would collapse (in theory…this is debatable) making all their work for not.
just read up on it: you dont need to control 51% of coins - rather you need to control >50% of the hash rate (processing power of the network) this would apparently allow you to reverse transactions that occurred when you were in control of the network and theoretically allow you to double spend coins. Again this would likely cause the market to crash so youd likely have to spend to much money it wouldnt make sense. Curious to see if some quantum-computer would be able to do this is it were set up to mind
I will be the first to start selling futures contracts to anyone on this forum next week.
Hows that going for you?
I ain’t shorting jack unless I strongly suspect Goldman and HF force is behind me. Maybe they pump it up, gain on the way up, until they figure out a way to collapse it and gain on the way down. Like they did with subprime.
UPDATE: OHHHH YEEAAAAH HOMIES, WE CAN NOW VIEW GXBT FUTURES ON IBKR!
“Due to the extreme volatility of cryptocurrencies, clients will be unable to assume a short position including as part of a spread.” https://ibkr.info/article/3049
I’m requesting trading privileges right now! No shorting though! WTF?
There are now some quantum resistant coins around that use a different type of blockchain / ledger system. So basically to get your transaction verified you have to verify 2 other transactions… The whole ‘controlling >50% hashrate’ is irrelevant.
IOTA and i think XBT are the only quantum resistant coins out there right now. There maybe a 3rd coin coming out soon on a new blockchain which will also be quantum resistant… it’s called QRL.
Until banks accept bitcoin and create bitcoin denominated bank accounts, they’re going to be against bitcoin. Currently, it serves as a store of value like gold as previously mentioned. But what happens when the adoption rate of bitcoin gets to 10-20% of the global population? A lot of people in developed nations are putting money into it, but I think the real value is to those in developing nations with corrupt and/or unpredictable governments. This thing has a lot more room to run
Does a hard wallet not solve all of the security issues related to hacking? Also, do you know if there is a white paper on QRL? Thanks
Yeah, it does. So far every bitcoin that’s been stolen was due to a breach at an exchange (and both Mt Gox and this last one were likely inside jobs). Store your keys on a flash drive and you’ll be fine. Except when you forget where you put the flash drive like so many early adopters that are millionaires but can’t find their wallet. Ouch.
I currently own about 105.5k XRP at .236667 purchased last month and it is on my ledger nano S hard wallet. Feeling nervous not so much about losing it or it being stolen, but losing the 24 key passphrase list. If something happens to the flash drive AND i lose that piece of paper? I am absolutely SCREWED…like those early bitcoin buyers you are referring to.
Agreed. To add to what you said, I’ve been saying bitcoin is in a bubble for a long time now, but I got to thinking and realized that everyone else is too. If you go and ask people about bitcoin, then most will tell you it’s in a bubble but don’t own any at all. 40% of all bitcoins is owned by 1000 people who aren’t going to sell. Why would they? If one sells then one of those other 1000 are likely to buy from the one selling. Until it is owned by 10-20% of the population as you said, I don’t think there will be much to worry about.
Also, ask them about other alt coins that are far more superior to Bitcoin in every single way and have a more compelling use case. Not only do they not own any BTC, they DEFINITELY don’t own any alt coins AND have never heard of them. Although I do think the growth of BTC is percentage terms/returns will cool off now that derivatives are traded on it.
yeah, bitcoin ownership will NEVER come close to 10-20%. stock ownership sits at 50% penetration and stocks are typically the basis for retirement of each and every person. since 99.999999% of the population has no good reason to own any bitcoins and only gamblers will buy them, you’d be lucky to see adoption hit 0.1%.
No offense, but says someone in late 2017 such as yourself. I won’t claim to have the crystal ball here, but although bitcoin specifically may not ever see that adoption, I think you will most certainly see an equal amount of people that own stocks also owning digital currencies in the very near future (5-10 years). IMO it’s unavoidable. Almost everyone I talk to is intrigued by blockchain technology and digital currency, generally. However, it is currently very cumbersome to purchase and takes quite the effort to do so. Once that changes, and it will, the growth will jump, then moderate/level out.
The biggest challenge now is sifting through the BS ICO’s that everyone in their mom is trying to scam others off of and picking the winners that have a clear use case and utility that is scalable. Just like anything in the history of mankind, there will be winners and losers.