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[Phoronix] Steam Drops Bitcoin - Page 4

post #31 of 124
Quote:
Originally Posted by lombardsoup View Post

Little too positive and unrealistic an outlook, but its your money.

It's happened four times before, and BTC is in a better long term position now than it was around previous collapses.

Bitcoin itself probably won't last, but anyone who thinks these are the last all-time highs BTC will see is a fool. There isn't anything to replace it as the reserve currency of cryptocurrencies yet, and until there is, it will survive and reach new highs, even if there are one or more price collapses in the interim.
Quote:
Originally Posted by lombardsoup View Post

Valve isn't going to take that risk.

Valve was never in a position to. As stated, they never actually held BTC. That's what exchanges are for.
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post #32 of 124
Quote:
Originally Posted by Blameless View Post

People will panic sell, driving price to ~$1k, and those who precipitated the crash will double their stakes. The a year later when BTC is 30-50k, people will be crying about another bubble.

BTC may well die off at some point, but the cryptomarket is going to keep expanding, and whatever winds up the de facto reserve currency is going to have a capitalization way in excess of Bitcoins current 400 billion Dollars.
No regrets...definitely some lessons learned though.

As for what BTC is today, it's moving in almost the opposite direction of what attracted most early adopters, including myself. I was looking for a decentralized currency I could actually use. Now BTC is nearly as centralized as fiat and going backwards in the usability aspect. Usability may well improve as the core technical aspects are refined and workarounds like sidechains take off, but it's unlikely to ever become largely decentralized again.

Well, gold used to be scattered all over and it was made into neat little coins. Then it was melted into big bricks, and hoarded into massive vaults. Lol, ok, bad example... it will be interesting to see how usability gets addressed/which currency gets adopted into the mainstream for day to day use. 2018 will be fun.

Excuse me while i go back to loling at market watch shows with people saying things like "nothing is physically backing it", "you can't hold it", "what if the servers crash"- that one made me lol real hard. The irony of all that garbage with the usd is what really gets me biggrin.gif
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post #33 of 124
Dp
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post #34 of 124
Quote:
Originally Posted by Ultracarpet View Post

Well, gold used to be scattered all over and it was made into neat little coins. Then it was melted into big bricks, and hoarded into massive vaults. Lol, ok, bad example... it will be interesting to see how usability gets addressed/which currency gets adopted into the mainstream for day to day use. 2018 will be fun.

Excuse me while i go back to loling at market watch shows with people saying things like "nothing is physically backing it", "you can't hold it", "what if the servers crash"- that one made me lol real hard. The irony of all that garbage with the usd is what really gets me biggrin.gif

Add it doesn't have value because miners are making it in their pcs to that list
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post #35 of 124
Bitcoin have no real value because no goods or industry nor country stand behind it.
Its good for shady bussines and no real value is behind it
post #36 of 124
Quote:
Originally Posted by hawker-gb View Post

Bitcoin have no real value because no goods or industry nor country stand behind it.
Its good for shady bussines and no real value is behind it

As an example the US does not stand behind the dollar, instead its the Fed which is a cartel of private banks issues currency, its also used for lots shady business and has no real value
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post #37 of 124
I'd imagine they've been getting a lot of complaints about high fees when using BTC to pay. Not hard to see why they'd drop support if they're getting blamed for something they have zero control over. Maybe they'll accept it again when (if?) the lightning network upgrade fixes things. As it stands right now theres over 140k unconfirmed transactions in the mempool and the fees keep going higher.
Quote:
Originally Posted by Mand12 View Post

This is my not-shocked face. Cryptocurrency is pure bubble.

If so it's quite some bubble. Current market cap broke $400b today. There's been a massive influx of new money in the past month. Maybe it's starting to go mainstream?
Edited by CJRhoades - 12/7/17 at 2:56am
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post #38 of 124
Quote:
Originally Posted by diggiddi View Post

Quote:
Originally Posted by hawker-gb View Post

Bitcoin have no real value because no goods or industry nor country stand behind it.
Its good for shady bussines and no real value is behind it

As an example the US does not stand behind the dollar, instead its the Fed which is a cartel of private banks issues currency, its also used for lots shady business and has no real value
Nope.
Behind dollar stands US military.
Behind bitcoin stands nobody.

Bitcoin will go down as it has no real value.
Dollar will go down only if US go down.

Go figure.
post #39 of 124
US military doesn't stand behind the dollar. The US economy does. People who don't understand economics frown.gif
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post #40 of 124
Quote:
Originally Posted by diggiddi View Post

As an example the US does not stand behind the dollar, instead its the Fed which is a cartel of private banks issues currency, its also used for lots shady business and has no real value

And yet 99.999% of people around the US use USD to get by with their life - it's an established and well-accepted form of currency. Bitcoin and other derivatives are used by a tiny fraction of the population of any given country, and thus is not established and well-accepted. In fact this very thread illustrates this quite well.

The above is the key difference between the argument you make, and the reality of the situation.

And hey, who knows, maybe one day bitcoin WILL be well-established and even become more popular than USD in the US (and the same in other pockets of the world). Sounds awesome! But that day does not seem close at all. When that day does start to seem a bit closer, even the current value of BTC will be laughable... I'll wait until cryptocurrency looks a bit more promising before jumping on the wagon - there's no doubt plenty of money can be made in the future while assuming much smaller risk.
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