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So...bitcoin

Started by Josephus, December 07, 2017, 05:34:38 PM

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Gups

Quote from: Tamas on December 08, 2017, 09:28:56 AM
. Because from your point of view of zero insider information, the chances of it quadrupling or collapsing to zero are the same.

If that were true it would be a fantastic investment. If you invested $1,000 dollars you would have a 50% chance of losing $1,000 and a 50% chance of making $3,000.

Any rational person would invest as much spare money as he had

Tamas

Quote from: Gups on December 08, 2017, 10:05:28 AM
Quote from: Tamas on December 08, 2017, 09:28:56 AM
. Because from your point of view of zero insider information, the chances of it quadrupling or collapsing to zero are the same.

If that were true it would be a fantastic investment. If you invested $1,000 dollars you would have a 50% chance of losing $1,000 and a 50% chance of making $3,000.

Any rational person would invest as much spare money as he had

lol, true. But you know what I meant. Plus, only people who can afford to lose that 1000 would "rationally" do it.

Caliga

Quote from: Jacob on December 07, 2017, 07:44:35 PM
I stay away from bubbles the dynamics of which I don't understand thoroughly. Perhaps I'm being needlessly conservative, but I tend to be suspicious of get rich quick schemes.
:yes:
0 Ed Anger Disapproval Points

crazy canuck

I want you to panic

https://www.theguardian.com/science/video/2019/jan/25/i-want-you-to-panic-16-year-old-greta-thunberg-issues-climate-warning-at-davos-video

"Woke" is now almost exclusively used by those who seek to deride it, those who chafe at the activism from which it sprang. Opponents to the idea are seeking to render it toxic. They use it to stand in for change itself, for evolution, for an accurate assessment of history and society that makes them uncomfortable and deflates their hagiographic view of American history.

Grey Fox

I wish I had mined atleast 1 before quitting the mining game back in ~2011.

Everything about it is unsustainable. All it's demand as a currency is based on illicit internet use & hacking victims ransom.
Colonel Caliga is Awesome.

Tonitrus

Governments should have banned this shit from the get go.

HVC

Shawarma place near me is hosting some bitcoin selling thing. Jumped the shark
Being lazy is bad; unless you still get what you want, then it's called "patience".
Hubris must be punished. Severely.

Josquius

Quote from: crazy canuck on December 08, 2017, 11:45:02 AM
A good article in the Globe authored by a U of T finance prof on the inevitable crash and future regulation.

https://www.theglobeandmail.com/report-on-business/rob-commentary/cryptocurrencys-crash-is-a-matter-of-when-not-if/article37257013/

Holy cow. 0.1% of the world's energy mining bitcoin :bleeding:
██████
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Razgovory

Quote from: Caliga on December 08, 2017, 11:03:52 AM
Quote from: Jacob on December 07, 2017, 07:44:35 PM
I stay away from bubbles the dynamics of which I don't understand thoroughly. Perhaps I'm being needlessly conservative, but I tend to be suspicious of get rich quick schemes.
:yes:


I agree.  If Jake has a failing, it's he's needlessly conservative.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

CountDeMoney

Quote from: Razgovory on December 09, 2017, 03:52:14 PM
Quote from: Caliga on December 08, 2017, 11:03:52 AM
Quote from: Jacob on December 07, 2017, 07:44:35 PM
I stay away from bubbles the dynamics of which I don't understand thoroughly. Perhaps I'm being needlessly conservative, but I tend to be suspicious of get rich quick schemes.
:yes:


I agree.  If Jake has a failing, it's he's needlessly conservative.

He simply lacks the intellect and education to discuss the esoteric complexities of modern economic theories, like gambling.

DGuller

The one good externality out of this mess is that it stimulates the GPU development, which will come in hand for the AI development.

garbon

https://www.theguardian.com/business/live/2017/dec/11/bitcoin-price-futures-trading-begins-cryptocurrency-business-live

Quote"It is rare that you see something more volatile than bitcoin, but we found it: bitcoin futures," said Zennon Kapron, managing director of Shanghai-based consulting firm Kapronasia.
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."

I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

DGuller

We need to write futures on bitcoin futures.  That would hopefully help settle things down.

Tamas

Quote from: garbon on December 11, 2017, 06:31:34 AM
https://www.theguardian.com/business/live/2017/dec/11/bitcoin-price-futures-trading-begins-cryptocurrency-business-live

Quote"It is rare that you see something more volatile than bitcoin, but we found it: bitcoin futures," said Zennon Kapron, managing director of Shanghai-based consulting firm Kapronasia.

Thanks to the comments at the Guardian, I have discovered an entire new angle (for me) for hyping bitcoins: the Common Man's revenge on banks, and the future of finance, foreshadowing the collapse of the old system and bringing about the brave new world.

Which seems not just foolish but sinister, considering the biggest mining businesses supposed to be in Russia and China, and I just don't see who else but big financial companies being able to sustain the pumping of this bubble.

alfred russel

Quote from: DGuller on December 09, 2017, 07:41:31 PM
The one good externality out of this mess is that it stimulates the GPU development, which will come in hand for the AI development.

Bitcoin is accelerating the singularity.  :)
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety.

There's a fine line between salvation and drinking poison in the jungle.

I'm embarrassed. I've been making the mistake of associating with you. It won't happen again. :)
-garbon, February 23, 2014