BitCoin: Should I Sign Up?

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Re: BitCoin: Should I Sign Up?

Postby gnome » Thu Jan 18, 2018 1:17 pm

My stab at it: a "bubble" would mean that speculators are overvaluing the commodity--so in theory, for it not to be a bubble the value increase should be matched by an evident increase in the demand for its usage.

Does that fly?
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Re: BitCoin: Should I Sign Up?

Postby Rob Lister » Thu Jan 18, 2018 3:28 pm

gnome wrote:My stab at it: a "bubble" would mean that speculators are overvaluing the commodity--so in theory, for it not to be a bubble the value increase should be matched by an evident increase in the demand for its usage.

Does that fly?


Seems like it should fly but how do you value that usage? How do you even define that usage? If I trade a bitcoin for a commodity that is demand. But the ability to store value is also a commodity. And when SK became a threat to that specific end, the price tumbled. I have little doubt it will rebound but not enough confidence to invest in chasing this bottom.

Here's a fair article on the bubble issue
https://www.cnbc.com/2018/01/16/skeptic ... wrong.html
Gold remains a good example. 15% of newly mined gold goes to work in industry (electronics, primarily). That is the only true utility. The other 85% goes to jewelry and coins as a value store. Nobody is using it to buy groceries. But as a store it is about as solid a store as there is.

That's a long way of me saying I don't fucking know what flies.

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Re: BitCoin: Should I Sign Up?

Postby Abdul Alhazred » Thu Jan 18, 2018 3:34 pm

As of right now, 3.55 kilos of gold per Bitcoin.

Based on:
1 BTC = $11995.00
1 Kg of gold = $42,593.28

Aside from fluctuation, there may be some sort of arbitrage if dollars are not used as an intermediate.
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Re: BitCoin: Should I Sign Up?

Postby Mentat » Thu Jan 18, 2018 5:37 pm

Abdul Alhazred wrote:As of right now, 3.55 kilos of gold per Bitcoin.

Based on:
1 BTC = $11995.00
1 Kg of gold = $42,593.28

Aside from fluctuation, there may be some sort of arbitrage if dollars are not used as an intermediate.


You mean 1.3 kilos of gold can buy a bitcoin. That's right, for the low price of 5.4 kilos of gold, you can buy just one bitcoin! Come in now, before the price changes from 2.7 kilos.
It's "pea-can", man.

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Re: BitCoin: Should I Sign Up?

Postby Rob Lister » Thu Jan 18, 2018 10:56 pm

One thing like gold is a mining GPU
https://arstechnica.com/tech-policy/201 ... -shortage/
Spoiler:
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Re: BitCoin: Should I Sign Up?

Postby Abdul Alhazred » Wed Jan 24, 2018 2:56 pm

Just another data point:

50 Cent Rakes in Millions Thanks to Bitcoin!!
TMZ

50 Cent took a chance on bitcoin years before anyone knew what cryptocurrency even was ... and it's paid off more than 7 million times over.

Rewind to 2014 and 50's album, "Animal Ambition," when the rapper became the first to accept bitcoin -- which was then valued at around $662/bitcoin -- as payment for his work. We're told customers could get a copy of the album for just a fraction of a whole bitcoin.

Our sources say "Animal Ambition" pulled in about 700 bitcoin in sales ... over $400k. We're told the cryptocurrency sat dormant in his account for years.

Fast-forward to today -- when bitcoin's value has fluctuated between $10k and $12k per coin. Turns out 50 is a money genius ... sitting on anywhere between $7 million and $8.5 million.

...
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Re: BitCoin: Should I Sign Up?

Postby Pyrrho » Mon Jan 29, 2018 12:43 am

https://twitter.com/thelateempire/statu ... 1221028865

@thelateempire

a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site


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Re: BitCoin: Should I Sign Up?

Postby Rob Lister » Thu Feb 01, 2018 3:35 am

Pyrrho wrote:https://twitter.com/thelateempire/status/957527371221028865

@thelateempire

a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site




I heard eleven dollars.

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Re: BitCoin: Should I Sign Up?

Postby Anaxagoras » Thu Feb 01, 2018 4:25 am

Rob Lister wrote:
Pyrrho wrote:https://twitter.com/thelateempire/status/957527371221028865

@thelateempire

a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site




I heard eleven dollars.


Considering that it probably took many hours of work (more likely weeks) to set up the scam, I guess the joke's on them. They made less than minimum wage.

https://motherboard.vice.com/en_us/arti ... sage-penis

The Prodeum website, for what it’s worth, is flashy and overall very well done. To throw off the suspicious, if you click a photo of any of Prodeum’s staff, you’re taken to that person’s associated LinkedIn profile. It also appears, as Buzzfeed journalist Ryan Mac noted on Twitter, that the startup was paying people on Fiverr to promote the ICO by writing “Prodeum” on their bodies. Still, it doesn’t seem like all the promotion was enough to make Prodeum’s crowdsale profitable.
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Re: BitCoin: Should I Sign Up?

Postby Abdul Alhazred » Mon Feb 12, 2018 1:46 pm

UK ICO, USCourts.gov... Thousands of websites hijacked by hidden crypto-mining code after popular plugin pwned
The Register

Thousands of websites around the world – from the UK's NHS and ICO to the US government's court system – were today secretly mining crypto-coins on netizens' web browsers for miscreants unknown.

The affected sites all use a fairly popular plugin called Browsealoud, made by Brit biz Texthelp, which reads out webpages for blind or partially sighted people.

This technology was compromised in some way – either by hackers or rogue insiders altering Browsealoud's source code – to silently inject Coinhive's Monero miner into every webpage offering Browsealoud.

...


Robbing the blind is a nice little touch that makes sure you know the perps are total scum.
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Re: BitCoin: Should I Sign Up?

Postby Witness » Wed Feb 14, 2018 6:10 pm

"Groundbreaking producer and technological advocate, Gramatik, raised the maximum amount of $2.48 million (7500 ETH) in under 24 hours during his GRMTK token sale in Zurich on November 9th, 2017, as he became the first artist in history to ‘tokenize’ his intellectual property–meaning, he created his own form of cryptocurrency that will represent his IP."
From his Wiki page: https://en.wikipedia.org/wiki/Gramatik


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