Cryptocurrency - where's the actual value?
Discussion
Behemoth said:
OK, go ahead and stick with the plummeting currency 
With your logic, you'd be hanging onto the Bolivar/Reichsmark etc regardless of the increasing price of goods & services around you.
The exact opposite surely? The prices of goods and services are decreasing against the bitcoin, and relatively stable against the pound/euro/dollar/Triganic Pu/etc. With your logic, you'd be hanging onto the Bolivar/Reichsmark etc regardless of the increasing price of goods & services around you.If you had Turkish Lira you'd want to spend them as quick as possible as the value's plummeting, something you might buy today for 50 lira could cost you 60 lira next week.
My understanding of it all is that what we know as money is backed by a military telling you its money and you had better
believe it. See USD.
The cryptocurrency is secured by the fact you cant forge it so someone cant pass you a fake bill
and so you trust what your received and can supply services without crooked banking industry thinking they are entitled to something.
All these millions of companies that have sprung up to take little slivers of your cash for each transaction hate it obviously.
believe it. See USD.
The cryptocurrency is secured by the fact you cant forge it so someone cant pass you a fake bill
and so you trust what your received and can supply services without crooked banking industry thinking they are entitled to something.
All these millions of companies that have sprung up to take little slivers of your cash for each transaction hate it obviously.
RizzoTheRat said:
Didn't realise that. If you make a payment from your wallet directly to someone else's wallet where is that history stored?
it is stored on the Bitcoin blockchain - currently over 150GB in size - it is basically a ledger of every single Bitcoin transaction ever.You can browse it here for example.
Salesy said:
sc0tt said:
I've just bought £325 worth (max limit on coinbase)
Not sure how to increase the limit at current. Have submitted a ticket with coin base as my ID has been verified.
Interesting, As my limit is £325 too and I am verifiedNot sure how to increase the limit at current. Have submitted a ticket with coin base as my ID has been verified.
Although I am based in the US if that makes any difference.
Salesy said:
sc0tt said:
I've just bought £325 worth (max limit on coinbase)
Not sure how to increase the limit at current. Have submitted a ticket with coin base as my ID has been verified.
Intersting, As my limit is £325 too and i am verifiedNot sure how to increase the limit at current. Have submitted a ticket with coin base as my ID has been verified.
I still don't get this business of currencies being secured by gold reserves. Gold only has value because people decide it does, how does it really differ from tulip bulbs? Currency being backed by a state however makes a lot more sense to me, the state basically has to pretty much fail for the currency to be worthless. To me that's the main difference between crypto and conventional currencies, I can't really see how gold differs from bitcoins.
RizzoTheRat said:
I still don't get this business of currencies being secured by gold reserves. Gold only has value because people decide it does, how does it really differ from tulip bulbs? Currency being backed by a state however makes a lot more sense to me, the state basically has to pretty much fail for the currency to be worthless. To me that's the main difference between crypto and conventional currencies, I can't really see how gold differs from bitcoins.
It's true that most of the value of gold is through mutual agreement rather than anything intrinsic, but it does have a few thousand years of history giving weight to that opinion. Perhaps Silver might make more sense given it has more industrial utility. I think you answered your own question though... when a state fails and its currency becomes worthless gold retains it's value and therefore provides a base from which to rebuild. It needn't be gold, it could easily be oil or iron ore or something else, as long as the value is retained.Bitcoin shares a lot of the same characteristics but has its own potential weaknesses and unknowns - only time will tell whether they are significant.
Had an email from Coinbase saying for Segwig2x fork due on 16 November, if you have a bitcoin balance on Coinbase, they'll give you the same number of Bitcoin2x. How does this work then? If it's a new currency presumably the 2x are worth bugger all at the start, but where do Coinbase get them from to give them away? Or does the blockchain splitting mean everyone will have the same number of 2x as normal bitcoins at the time of the split but many wont' realise?
Everyone prior to the split date who has there BTC in a private wallet or exchange that will support B2X will receive 1 B2X for every bitcoin they own. The B2X will be worth something at the start just like bitcoin gold that I believe starting trading at about $500.
https://coinmarketcap.com/currencies/bitcoin-gold/
https://coinmarketcap.com/currencies/bitcoin-gold/
RizzoTheRat said:
Had an email from Coinbase saying for Segwig2x fork due on 16 November, if you have a bitcoin balance on Coinbase, they'll give you the same number of Bitcoin2x. How does this work then? If it's a new currency presumably the 2x are worth bugger all at the start, but where do Coinbase get them from to give them away? Or does the blockchain splitting mean everyone will have the same number of 2x as normal bitcoins at the time of the split but many wont' realise?
Vyse said:
Everyone prior to the split date who has there BTC in a private wallet or exchange that will support B2X will receive 1 B2X for every bitcoin they own. The B2X will be worth something at the start just like bitcoin gold that I believe starting trading at about $500.
Nobody is trading BTC Gold. It doesn't even have a blockchain yet. People are trading IOUs for it. B2X has no replay protection. I would not pass over any BTC or info about my BTC without replay protection. I think Coinbase are constructing some kind of replay protection on-exchange.Behemoth said:
Nobody is trading BTC Gold. It doesn't even have a blockchain yet. People are trading IOUs for it. B2X has no replay protection. I would not pass over any BTC or info about my BTC without replay protection. I think Coinbase are constructing some kind of replay protection on-exchange.
You can see these trades here.The BTG GitHub is an absolute mess - as far as I can see they have no Replay Protection and also no Wallet currently.
Yeah, I'll just keep a hold of it until / if (unlikely) it ever becomes useful. For me it is garbage, I'm no worse off for having it than not having it.
Interesting to see BTC holding near the $6k mark, I'm still expecting a bit of a dip but have a small position at $5760 just in case.
Interesting to see BTC holding near the $6k mark, I'm still expecting a bit of a dip but have a small position at $5760 just in case.
dbs2000 said:
Interesting to see BTC holding near the $6k mark, I'm still expecting a bit of a dip but have a small position at $5760 just in case.
My thoughts are that this resilience is being caused by the 2X party unravelling. They have falling support amongst miners, people are leaving the NYA and again they have poor coding.Being a bit nosey, when you say "small position" do you mean £10s/£100s/£1000s?
I'm asking for a reason - my current "buy more" level is £2.5K - which I'm starting to suspect is a price we will never see again.
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