@Mister Imperceptible, OK. I see where you are coming from. I've understood all that (except the bit about it being manipulated by ubernerds.. it's purely capitalistic with a sect of technocrats that wield some control over portions of the field, for now) within a month of getting into Bitcoin.
Disclaimer: I own a range of cryptos, mostly BTC, and a range of dense metals.
frihet wrote: ↑Fri Dec 01, 2017 5:21 am
Also bold to be in so much crypto until FI. Wish you the best of luck!
Also interesting to see the speculation that futures will be used to manipulate the market. Without understanding the details for sure when the big boys enter it is to pray on us small ones.
It may be more of a failure to re-balance than anything, probably? I started with a modest bet.. Today's pop looks like it could cover any capital gains taxes one would have faced yesterday.
There is a small part of me that thinks the big boys might notice they have a bigger upside with BTC appreciating than shorting it. For sure they will manipulate prices to their profit, but what exactly will that mean? Will banks fight each other? Plan their own game theory strategies to capture wealth from each other instead of all cooperatively shorting xor longing it?
"Functions of government to create currency"
Sorry to blow your mind but.. welcome to the 21st century.
"Doesn't serve any social useful function."
lol what? Maybe he means something specifically which he doesn't expand upon?
Then he immediately shills for a FedCoin: "digital mediums of exchange are great, we should have those." Sorry my man, been tried since the dawn of the Internet but Bitcoin was the first to make it possible. Can others take a blockchain technology and roll their own? Sure. It's just that governments no longer have a monopoly on currency.
"Bitcoins value comes from its ability for circumvention.. so we should regulate it."
Slightly contradictory? lol. How do you regulate and control something that is strong at circumvention? I mean sure you can make it more costly to get in/out of Bitcoin, but Bitcoin network itself? Big ask. Bitcoin is resilient but I imagine a task force at e.g. the NSA/CIA/motivated competitor could muck things up.
"Marxist theory of value.. value of exchange, smoke and mirrors.. "
huh?
"value of BTC today is expectations of value tomorrow.. government can outlaw any moment and it collapses."
This is how prices are set, my man! For everything! It's just that Bitcoin doesn't have many components that you can use to subjectively value it.. Ideally you do have something that is more stable, like an IMF Store of Value Index or something industry specific, but we are instead mostly left with speculative pricing aka predictive pricing aka market value.
I feel like an idiot thinking that I know better than a Nobel Economist..
> Knifed by a Fork
Forks are actually like dividends or weird stock splits. So far a good thing (none of them actually threaten the Bitcoin acceptance at merchants), free money for Bitcoin holders since the arithmetic has so far always worked by increasing the total combined value (I would love to read some economist thinking of why this happens).
Though, they also mention ETH, which is not a fork, which is a bit of a different risk. This (FedCoin, AppleCoin, EUCoin, LiteCoin, etc) is a legitimate risk, obviously.
> Strangled by Regulators
Sure it could cause a price crash. But it would not kill Bitcoin unless there is some major global conspiracy, attacks, (Bitcoin treatment in USA is not as good as in Japan, others). Bitcoin is resilient but I imagine a task force at e.g. the NSA/CIA could fubar things.
> Hacked to Pieces
They don't mean Bitcoin of course, but the peripheral. Indeed, if some major hack or fraud happened at e.g. an exchange, it would likely crash the price.
> A Short Demise
I am worried about this, immediately. It's not a sure thing but I do think the volatility will increase.
> Pass Away on Profit-Taking
LOL, what?
> Death by ¯\_(ツ)_/¯ "It’s been a puzzle to explain why bitcoin’s gone parabolic. Why would we expect the way down to be any different?"
LOL, what?
"Perhaps it could end like the dot-com bubble -- with investors who have no clue how to value high-flying assets fleeing for the exit en masse."
Fair enough, but last I checked a lot of tech companies are doing fine post-bust.