Bitcoin's fatal flaw was nearly exposed

[Luxman]

Bitcoin hits $15,000
https://www.theverge.com/2017/12/7/16745178/bitcoin-value-15000-milestone

"Traditional" investors and banksters will invest against Bitcoin and then do everything to destroy Bitcoin, because greed is what drives Wallstreet and the economy.
Most wealth isn't created, it's usually transferred from one person to another. For one person to become rich, a bunch of people have to lose money.

The bubble will eventually burst, it's impossible for anything with no real world assets behind it to continue to grow indefinitely.
The only way to make money with these fads is to get in early and sell when it becomes popular and everyone starts buying.

Winklevoss twins are now bitcoin billionaires
http://www.independent.co.uk/news/b...acebook-mark-zucherberg-lawsuit-a8090921.html

The creators of Facebook bought $11 million when Bitcoins were $120 each, now they are worth about $1.3 billion.
If they sold all their Bitcoins for dollars and euros, would the Bitcoin bubble burst?

 

[Supafly]

Bitcoin hits $15,000

...

The creators of Facebook bought $11 million when Bitcoins were $120 each, now they are worth about $1.3 billion.
If they sold all their Bitcoins for dollars and euros, would the Bitcoin bubble burst?

Yes, and what a beautiful BANG that will be

 

[knowone]

I can't believe how much faith people still have in it when there's been no explanation how a half billion of it was stolen when it was not supposed to be hackable.

 

[xfire]

Pyramid Scheme, only profits the creators.

 

[Luxman]

Over $60 billion wiped off value of cryptocurrencies in 24 hours as bitcoin slide continues

https://www.cnbc.com/2018/03/15/bit...lion-wiped-off-value-of-cryptocurrencies.html

 

[xfire]

People still do this? Some fools never learn.

 

[Luxman]

A lot of fake crypto currencies scams out there.

'Fake Bitcoin' - How this Woman Scammed the World, then Vanished

 

[Luxman]

Current bitcoin value is $48,777 US, but it's probably just another bitcoin artificial bubble created to temporarily boost up the price by aholes who will cash out soon.
Then the bitcoin value will come crashing down again and the aholes will buy up the cheap bitcoins and start preparing for the next artificial bubble scam in 2 or 3 years.

Bitcoin and other crypto currencies are mainly used by criminals to buy and sell stolen goods, and for money laundering
Governments around the world will soon pass laws to heavily regulate and tax cryptocurrencies, to stop cryptocrimes.

Bitcoin consumes 'more electricity than Argentina (pop. 49 million)
https://www.bbc.com/news/technology-56012952

 

[Luxman]

Currently at $57,420 US, will it reach $100K during this artificial bubble, before it collapses again???
Some people believe each bitcoin will eventually be worth millions of dollars.
I doubt the banks and government will let that happen.

 

[D-rock]

I don't care how much it's gone up. I'm glad I never got into it. Yes, traditional money in most places is technically "fiat currency", but not in the way something like cryptocurrency is. At least money being backed by a large stable country confirming it's value is something, even if that's all it's really backed by. Having a currency that's literally backed by nothing but mutually excepted cryptography standards is on a whole new level of fiat. I can't shake the feeling that even if it's maybe not today or maybe not tomorrow that someday a process like that is going to spectacularly fall apart. That's not even counting if countries in the future start passing restrictive laws against it after people shoved their money into it, or if something like quantum computing gets off the ground and the encryption becomes a lot less robust and the system gets broken, or if enough bad actor countries or large amount of people get together to get enough computing power to screw around with verifiability of the blockchains. All those things are just added risk to what it already is.

If maybe one little thing goes wrong with the system in the future there is absolutely backing the listed value of bitcoins, and nobody is going to care about other people's pretend numbers on the internet. If people are smart they will cash out while high, and not wait until then.

 

[John_8581]

Dealing with virtual currency? Someone wants to know ...

 

[Luxman]

New Rule: Crypto Mania! | Real Time with Bill Maher (HBO)

 

[Pornfan99]

Bitcoin "is disgusting and contrary to the interests of civilization.."

https://www.yahoo.com/finance/news/berkshire-hathaways-charlie-munger-says-205930375.html

 

[mikexmoran]

El Salvador officially adopted Bitcoin.

https://www.cnbc.com/2021/09/07/bit...as-el-salvador-adopts-it-as-legal-tender.html

I'm wondering what the banana to btc rate will be. It did fall 17% at one point yesterday.

 

[John_8581]

El Salvador officially adopted Bitcoin.

https://www.cnbc.com/2021/09/07/bit...as-el-salvador-adopts-it-as-legal-tender.html

I'm wondering what the banana to btc rate will be. It did fall 17% at one point yesterday.

Oh Great ! ..... more things to foul up the economy. Plus this added bonus ...

It becomes the "official currency" of criminal activity: drugs traffickers, human traffickers and such ... aka MS-13. (Can you say hoarding?)

 

[mikexmoran]

Oh Great ! ..... more things to foul up the economy. Plus this added bonus ...

It becomes the "official currency" of criminal activity: drugs traffickers, human traffickers and such ... aka MS-13. (Can you say hoarding?)

Very good point.

It is a challenge as crypo moves into the world of banking, how regulators respond.
BlockFi is a platform that allows their customers to deposit and withdraw assets, pay interest on holdings, and lends to both individuals and institutions. Sounds quite a bit like a bank to me. It is exclusively crypto.
It is a great use case. It has over $10B (US) in assets and over 450k retail clients and over 850 employees.
(report - NY Times)
They are also subject to regulatory actions in 5 states claiming they violated securities laws. BlockFi and Kraken are modeled after traditional banks, but do not have FDIC protections.
The other side of the coin is the Wild West of decentralized finance (AKA DeFi), where products like Compound and Aave remove humans entirely, using algorithms to enact transactions.

This is a big regulatory issue, as you point out. Multiple government agencies are starting to get involved. The Federal Reserve and others have initiated "crypto rpint" to collaborate on cryptocurrency regulations. The SEC created a stand-alone office to focus specifically on crypto and digital assets.

Obviously my comments are US focused. Money keeps pouring in, I think the impact of the regulator efforts could decide the fate of crypto's unicorns, and your crypto wallet.

 

[Luxman]

How One Man Lost $1 Million To A Crypto ‘Super Scam’ Called Pig Butchering
https://www.forbes.com/sites/cyrusf...butchering-crypto-super-scam/?sh=6c51aa0cec8e