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Where will Bitcoin be on 9/4/2018?
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9 members have voted
| September 18th, 2017 at 4:27:48 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30. I think that had far more effect than Jamie Dimon's statements. People who own bitcoin expect to hear that kind of statement, but losing a major exchange is a big deal. |
| September 18th, 2017 at 6:31:56 PM permalink | |
| zippyboy Member since: Oct 24, 2012 Threads: 2 Posts: 665 | There's a new documentary regarding BTC on Netflix if anyone's interested. "Banking on Bitcoin" in the new release section. I read this book last year and commented my thoughts somewhere on this forum. Worth a read. |
| September 18th, 2017 at 8:29:31 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
Thanks. I watched it. That ain't workin' that's the way you do it .. Money for nothin' and chicks for free…(1985)
You read it two years ago. |
| September 19th, 2017 at 6:13:50 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | Bitcoin’s Wild Ride Shows The Truth: It Is Probably Worth Zero - WSJ Sep 18, 2017 Wall Street Journal did an article and pointed out something that I didn't realize. Bitcoin requires over 180 kWh of electricity to do a single transaction. That's at least $20-$25 where electricity is cheap. Now if your transaction is 1 BTC or greater that may be reasonable. But BTC can never replace other currencies with that kind of overhead. There are a lot of articles about the energy required to do bitcoin, but the WSJ quoted the highest number I have ever seen. An average home in America only uses 30 kWh of electricity per day. This article cites the cost of a transaction at 163 kWh per BTC transaction (slightly lower than the WSJ calculation but still very high) https://www.digitaltrends.com/computing/bitcoin-ethereum-mining-use-significant-electrical-power/ In the long term speculation, WSJ thinks that BTC is headed towards zero as the electricity overhead continues to grow. |
| October 12th, 2017 at 3:30:27 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18210 |
Three weeks later and it seems last month was just a speed bump, Bitcoin now at $5,100. Did we ever get a list of everyone's predictions? The President is a fink. |
| October 12th, 2017 at 3:57:06 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
At $5143.22 that calculates to a market cap of $85.47 billion. That certainly puts BTC well above market value of the banknotes and coins of Switz, S. Korea, and Mexico. With the value of GBP dropping rapidly, Bitcoin may already be close to the UK. The Ruble is very volatile indeed. The sheer size of the Indian, Chinese, Japanese, Euro and USD economy means it is very unlikely that BTC will grow larger in value than the banknotes of those currencies, but no one thought it would ever grow this big. But with India playing games with their cash, it might be possible. Banknotes and coin in circulation (12/31/2015) You could argue that the comparison of market cap of bitcoins to the market cap of banknotes is not really a fair comparison. Bitcoin, because of it's huge energy requirements is not a substitute for everyday money. |
| October 12th, 2017 at 5:44:35 AM permalink | |
| Wizard Administrator Member since: Oct 23, 2012 Threads: 239 Posts: 6095 | Up 60% in the last 32 days. This just does not seem like a legitimate thing. The big pop is coming. Knowledge is Good -- Emil Faber |
| October 12th, 2017 at 10:20:19 AM permalink | |
| SOOPOO Member since: Feb 19, 2014 Threads: 22 Posts: 4175 | Can someone explain this 'energy use' thing to me? Let's say I own 1 bitcoin through a company that I have a 'wallet' with. I am going to buy a widget from someone who will accept 1 bitcoin for the widget. Are you saying that for me to give the other person 1 bitcoin it will take $25 worth of electricity? Who pays that electric bill? If it costs 10 bitcoin does it cost $250 worth of electricity? |
| October 12th, 2017 at 10:59:32 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18210 |
The "miners" pay the electricity. When you buy the widget, an entry is made in the ledger. Said entry has to have a random number to verify it. The miners are solving the math problems to make that random number. The electricity to run the computers doing the hashing is who pays, and they get some Bitcoin as a fee as after all, we are not communists. That is my understanding. I know no number can be truly random and my math understanding of the hashing is average, but this is the gist of it. AFIK, transactions get batch-processed somehow. Not sure how many Bitcoin per entry and such. The President is a fink. |
| October 12th, 2017 at 11:03:34 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18210 |
Two things to remember when comparing Bitcoin to any other bubble. First, it is not debt-based. In the housing bubble, it was propped up with debt. When the ability to borrow ended, so did the good times. Second, it is a finite commodity, infinitely divisible. Tulip bulbs could be produced, silver could be produced and taken from storage. Bitcoin, OTOH, has a limit. As well, you cannot divide bulbs or houses. Silver has a practical limit. Bitcoin can be divided forever, meaning any $1 can come into the market. Not saying it is crash-proof. Saying it will act different. The President is a fink. |