Is Bitcoin the Next Big Thing?

[ian]

I think the answer to the original question I posed when I started this thread in June 2015 was a definite yes.

I think attempting to predict short term movements in Bitcoin is next to impossible, because large percentages of total Bitcoin are still controlled by a relatively low number of people, so the price can be affected by their actions.

What happened before Christmas was the "man in the street" got to know about it for the first time, and there was major speculation, call it a bubble if you like, but I think that will be a bit unfair as long term I still see Bitcoin rising above the $20,000 or whatever it reached.

I think what a lot of people never realised is that Bitcoin's true purpose is not a speculative "get rich quick" scheme, but a fairer way for people to store and exchange value, i.e. a fairer form of money.

I'm interested to know if you bought any BTC in June 2015 when the price was ~$200? If so, have you held it, or did you sell on the way up.

Reading the first few pages from all that time ago is very interesting; so much doubt it would ever get anywhere; including a negative comment from me that I cannot even remember posting haha

 

[mat]

https://mashable.com/2018/02/20/bitcoiin-steven-seagal-endorsement/

 

[ian]

https://mashable.com/2018/02/20/bitcoiin-steven-seagal-endorsement/

Given he's not used his twitter account for a year, I suspect this is a hack promotion.

 

[websaway]

When I think about it, what I am actually witnessing now is open legalised robbery. One person puts money in and another person simply takes it out and keeps it for themselves.

 

[dee]

Lol... all seem totally legit. Like this bit:

* Steven Seagal is endorsing an extremely shady cryptocurrency ICO

* It's called "bitcoiin" (two "i"s)

* ... but it's on the *Ethereum* blockchain (lol)

* the affiliate payout is depicted in this handy definitely-not-a-pyramid-scheme pyramid chart pic.twitter.com/ja7HnnGeqE

 

[Admin]

i like the pizza stories https://www.coindesk.com/bitcoin-pizza-day-2-lightning-payment-just-made-history/

 

[Admin]

i like the pizza stories https://www.coindesk.com/bitcoin-pizza-day-2-lightning-payment-just-made-history/

 

[Admin]

Bizarre...conscience?

https://www.coindesk.com/hacker-returns-26-million-ether-months-ico-theft/

 

[dee]

BOE's Mark Carnage speach on future of money/crypto if anyone fancies a read

Here

 

[martin-s]

Just read a great quote from Ben Semchee in Business Cloud magazine (some BS sent to me by UKFast, our hosting co). He pulls $100 and $50 notes, one of each, out of his pocket and says:

Why is one note worth twice as much as the other one? What people need to grasp is that currency is a shared illusion of value that we all recognise.

And that's the best explanation of why Bitcoin is no more a ponzi scheme than any other currency as I've yet found.

The price chart is starting to look rather different and more robust than it did a month ago.

 

[RobM]

I always got fed up hunting around to see the price. I still have none but at least it's easy now on btcvalue.net (mine btw no link or monetisation) lol I keep almost buying in but I won't

 

[Admin]

Hunting? Google will show it if you just search btc price

 

[RobM]

I always found conflicting values with google and other places like coinbase. I also got fed up with long loading times. Again I was looking into maybe dipping my toes in but every single place seems to want me to send photo ID and/or a scan of any cards used - this is just not acceptable if crypto is using anonymity as one of its features. Considering how often these places get 'hacked' I'm certainly not giving them a copy of my passport. I wonder how many other people are put off by this.

 

[ian]

I suspect it puts off a lot. I had to validate with Coinbase (which I didn't like) but refuse to with any other. Fortunately most exchanges don't require ID, as you trade in existing crypto (Bitcoin) rather than Fiat.

There is probably a nice market for an individual to sell BTC to other individuals with a 10% mark up....hmmmmm

 

[RobM]

Imagine how much identity information went along with the bitcoins in the mt gox 'hack'. Just not worth it.

 

[Admin]

I suspect it puts off a lot. I had to validate with Coinbase (which I didn't like) but refuse to with any other. Fortunately most exchanges don't require ID, as you trade in existing crypto (Bitcoin) rather than Fiat.

There is probably a nice market for an individual to sell BTC to other individuals with a 10% mark up....hmmmmm

Let me know

 

[Edwin]

I always found conflicting values with google and other places like coinbase. I also got fed up with long loading times. Again I was looking into maybe dipping my toes in but every single place seems to want me to send photo ID and/or a scan of any cards used - this is just not acceptable if crypto is using anonymity as one of its features. Considering how often these places get 'hacked' I'm certainly not giving them a copy of my passport. I wonder how many other people are put off by this.

Yes. The first exchange to be taken down with electronic copies of all the ID verification documentation still on its servers, and consequently widely disseminated, will lead to the unmasking of millions of Bitcoin users. Think Ashley Madison, but for dodgy dealers not adulterers...

 

[ian]

Let me know

I'd consider doing this, 10% in my pocket and buyers don't have to disclose their ID to an exchange. Buyers would perhaps be better buying Monero though if they want complete privacy.

 

[RobM]

Well if someone wants to sell me a couple of hundred pounds worth paypal let me know. I used to have a wallet but I paid zero attention to everything when setting it up so I guess I'll have to create another one.
*edit* actually I'll wait until it drops again.

 

[jbworldwide]

I'd consider doing this, 10% in my pocket and buyers don't have to disclose their ID to an exchange. Buyers would perhaps be better buying Monero though if they want complete privacy.

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.