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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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9037076 No.9037076 [Reply] [Original]

INFO DUMP ON BITCOIN

5 reasons why NOT to buy into the Bitcoin hype

https://medium.com/@KawaiiHolocaust1488/5-reasons-why-not-to-buy-into-the-bitcoin-hype-e2842804428e

Block size vs. Transaction Fees: The Achilles heel of Bitcoin explained for the layman

https://medium.com/@KawaiiHolocaust1488/block-size-vs-transaction-fees-the-achilles-heel-of-bitcoin-explained-for-the-layman-505f0dac11de

The Bitcoin Mining Bubble: Why Bitcoin’s low price is an existential threat

https://medium.com/@KawaiiHolocaust1488/the-bitcoin-mining-bubble-why-bitcoin-s-low-price-is-an-existential-threat-b645586db835

‘Free Electricity’: The Ongoing Con Job concerning Bitcoin Mining

https://medium.com/@KawaiiHolocaust1488/free-electricity-the-ongoing-con-job-concerning-bitcoin-mining-5f011022b050

Bitcoin: A Million-Dollar-A-Day Pyramid Scheme on the brink of collapse

https://medium.com/@KawaiiHolocaust1488/bitcoin-a-million-dollar-a-day-pyramid-scheme-on-the-brink-of-collapse-fb47f6663d13

RECENT NEWS:
- Price down 80% since beginning of 'brief correction' almost 2 years ago

- CEO of MtGox Mark Karpeles arrested; Bitcoin users not affected (by that I mean they're not getting any of their money back).

- Convicted criminal Roger Ver puts on hold his angsty tweets about US government not letting him back in after giving up his citizenship, to reaffirm that he personally sighted bank statements that showed MtGox was, despite evidence to the contrary.

- Questions about Danny Brewster's whereabouts resurface, as angry Neo&Bee share bagholders are informed he fled the country without prosecution after stealing $30,000 of customers money and bankrupting the company in 56 days (or thereabouts).

- 'Core' developers (the elite few who decide what Bitcoin is to be for the masses) continue to fail to agree on a block size increase, realizing that the network is well and truly fucked either way: Either you have big blocks which consume FUCKHUEG bandwidth, or FUCKHUEG transaction fees.

>> No.9037088
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9037088

>nocoiner

>> No.9037095

YOU again. Is this 2015?

>> No.9037108

>>9037076

>2015

>> No.9037176

It's okay, OP. People like you have been getting BTFO by crypto since 2012.
you will just be another example of why being contrarian for sake of being contrarian does nothing but cost you in the form of missed opportunity.

Stay poor, friend.

>> No.9037263
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9037263

>> No.9037333
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9037333

The Pyramid scheme is nearing its end. Now that MtGox is gone, there's no pressure left in the pump. The price will continue to slide as it has done, as ~$1 million is cashed out of the system each and every day by miners just to pay their electricity bills.

If the network splits, that *could* be the final nail in the coffin. Though I personally doubt that will happen. Although Theymos and some of the developers, like the batshit insane Catholic 'luke-jr', will probably remain steadfast in opposing Bitcoin XT, I think they will end up losing out and will have to accept Bitcoin XT once they realize what they see as 'Bitcoin' is realistically finished.

tl;dr King Gavin will decide what Bitcoin is going to be, not Theymos. Gavin will control Bitcoin.

I think the end is still a while away yet, which will most likely be the shutdown of miners en masse as the 'rewards' fall below the cost of electricity for an extended period of time - mining at under $200/BTC is irrational for most miners, as I explain in my 'The Bitcoin Mining Bubble: Why Bitcoin’s low price is an existential threat' article. I don't think the cause will be overburdening of nodes with larger blocks, as that's much further down the road than the mining problem.

>> No.9037859
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9037859

>>9037333

>> No.9037903

>>9037076
Bitcoin is totally legal

>> No.9038035

If you wanted to get rich via Bitcoin, you've missed the boat. The 'early adopters' have already cashed out. The days of unregulated exchanges and the like (i.e. MtGox) are coming to an end with 'BitLicence', 'Know Your Customer' laws, and so forth. If you speculate now, you are most likely going to be wiped out by bagholders who are desperate to cash out (which they'll do in a heartbeat, when/if the price goes to their 'dollar-cost average' level which is probably somewhere between $400-$600).

Just look at the volume data on the exchanges. Heaps of volume when the price was at $600+, but much less since. What does this tell us? It means there's a fuckton of people who are just waiting until they can unload and get at least their money back. Plus the miners are cashing out $1mil PER DAY just for electricity bills, so even if no bagholder sells, unless there is a new surge of buyers, the price will steadily decline over time.

>> No.9038103

>>9037076
ITS NOT A PYRAMID SCHEME NO NO NO

>> No.9038241
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9038241

>KawaiiHolocaust1488