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bitcoins

Entoptic said:
Btc usually has large swings so I don’t see the bubble theory applying here.
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Well, the Economist, WSJ, Business Insider, ad infinitum sure do. But perhaps you're in possession of information and insights they don't have.

So, what makes you think they're wrong?

What I do see are great buying opportunities when it dips 20 - 30 percent.
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Well, good luck with that.
 
Oh, there's a bubble alright. It doesn't mean it's a leper, just ride the wave and hop off a little early.
 
Entoptic said:
Most people don’t understand how their car works. Doesn’t stop them from using it.
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True.

But seriously, can someone explain it?

I understand it is a non country backed currency that is created from some kind of online cached code that requires a computer to mine. The value is entirely perception.

I don’t know if that is correct
 
Ogier le Danois said:
I still don’t get bitcoin.

I’d love a three sentence explanation.
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bit coin is "easy" to explain

some random internet dude said:
Bitcoin is an online currency that can be sent and received by anyone in the world, relying on computers to control the transfer and creation of money without human intervention, which results in low costs, no government corruption, and super-fast transfer.
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now to add a little confusion and more clarity to the whole thing

here is a good read ELI5 on the whole thing

https://www.coindesk.com/bitcoin-explained-five-year-old/

Ogier le Danois said:
Who controls the computers?
It's a public ledger. Individuals offer up their computers/computing power to process transactions in the ledger.

The software updates?
these are known as forks, "similar" to a stock splitting. 3 things can happen. Fork and the new coin is accepted as superior the old coin fades away. Fork and the new coin is not accepted and it fades away, Fork and both are accepted and they trade and are used independently
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Last edited:
First they ignore you. Then they ridicule you. then they attack you and want to burn you. then they build monuments to you - Nicolas Klein
 
It's both of those things, not one or the other.
 
Ogier le Danois said:
Thank you for the Link
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I'm still confused but this also helped. Stating that China could possibly become a monopoly in mining because electricity is cheap and would allow 'pools' to combine and build super computers ie; governments or businesses with sole purpose to mine for bitcoin.

https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11

I can't figure out who determined the set limited # of bitcoins. There is a set number right?
 
Dubbington said:
I'm still confused but this also helped. Stating that China could possibly become a monopoly in mining because electricity is cheap and would allow 'pools' to combine and build super computers ie; governments or businesses with sole purpose to mine for bitcoin.

https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11

I can't figure out who determined the set limited # of bitcoins. There is a set number right?
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The developers of Bitcoin determined the # of bitcoins.
 
Dubbington said:
I'm still confused but this also helped. Stating that China could possibly become a monopoly in mining because electricity is cheap and would allow 'pools' to combine and build super computers ie; governments or businesses with sole purpose to mine for bitcoin.

https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11

I can't figure out who determined the set limited # of bitcoins. There is a set number right?
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Yes. The creator of bitcoin set the limit.
 
Dubbington said:
I'm still confused but this also helped. Stating that China could possibly become a monopoly in mining because electricity is cheap and would allow 'pools' to combine and build super computers ie; governments or businesses with sole purpose to mine for bitcoin.

https://www.economist.com/blogs/economist-explains/2015/01/economist-explains-11

I can't figure out who determined the set limited # of bitcoins. There is a set number right?
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It is a bit like WoW gold miners. :laughing

I hope the BARFers dabbling in this space come out of it without losses
 
jt2 said:
Well, the Economist, WSJ, Business Insider, ad infinitum sure do. But perhaps you're in possession of information and insights they don't have.

So, what makes you think they're wrong?



Well, good luck with that.
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Never said they were wrong.
 
I don't quite understand what was the point of setting the limit, unless it was designed to drive up the value.
 
RightCoastBias said:
Controlled supply.

https://en.bitcoin.it/wiki/Controlled_supply

Not allowing a central bank to "print more money" and manipulate value.
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Right controlled supply will lead to increase in price as soon as demand picks up. Which decentivizes people from spending. So people will just either keep it or treat it as a commodity. Except there is no value in since its no longer a currency.
 
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