And Rockets fans get to know first! This guy right here was apparently one of the first to connect the dots. The overwhelming majority of Bitcoin in existence was obtained for essentially nothing by miners and early adopters for mere pennies. Roger Ver probably has 100,000. Until mid 2016, the price had remained mostly steady, although still volatile. In just the last year Bitcoins value has increased from $500 to almost $5000. But what is causing the price to rise so quickly to there incredible levels? You want to believe its because more people are entering the market, but that's not how it works. Cryptocurrency is unregulated, meaning it's completely possible for there not to be a market at all, but a market simulation. I'm telling you the market IS a simulation. People are seeing the consistent price increases in pretty much everything and don't want to miss out, so more and more people are buying in. We all have dreams of Bitcoin hitting $100,000 or higher. Then we've got people like Roger Ver, Jeff Berwick, Andreas M. Antonopoulos touting Bitcoin as the savior of humanity, which not only convinces more people to buy in, but also hold. This creates market liquidity. Meanwhile, they can sell their bitcoins obtained for mere pennies for ungodly profits. As long as the price continues to increase, people aren't converting back to fiat and new people will continue to buy in. At some point, the "market" will decrease significantly causing millions of people to sell and attempt to convert back to fiat. But there won't be any liquidity left as the original investors have been cashing out. New investors giving their money to old investors. It's a classic ponzi scheme, the largest in history. So you have a $1,000,000 porfolio and understand it's a ponzi scheme. Oh ****, time to sell!! Well, good luck. Coinbase withdrawal limit is only $10k per day. The fact of the matter is most people have already lost most of their money. They just don't know it yet. Poloniex updated their ToS to include the inability to be involved in class action lawsuits the day before Bitcoin forked. Why, coinicidence? If you went to sleep with 1 BTC @ $2800, you woke up with 1 BTC @ $2800 and 1 BCH @ $400. $400 of "free money". From where? Coinbase, one of the few exchanges that allows conversion back to fiat, refused to release their customers BCH until January. Why so long? Because that $400 doesn't exist, they don't want anyone selling, for obvious reasons. Roger Ver probably has 100,000 BTC, so he had a $40,000,000 pay day, just for owning it. And you better believe he's already cashed out. But have any of you? Poloniex refused to release their BCH until August 14th, my best guess being they were waiting for someone to question where the $400 came from. Seriously, am I the only one questioning it? We dodged a bullet. And remember, that $400 from nowhere is also sloshing around in other cryptocurrencies. Ethereum will fork not once, but twice the end of this month. Why twice? Knowing what you know now about Bitcoin Cash, makes a little more sense doesn't it. Do you see anything wrong with my logic? Roger Ver has parts in Bitpay, BitStamp, Kraken, Shapeshift, Purse, Ripple...everything Bitcoin. He's, well, Bitcoin Jesus. But he'd be prosecuted and hung by his balls, right? Well, not exactly. https://qz.com/221598/marriott-is-helping-bitcoin-jesus-sell-cheap-citizenship-in-the-caribbean/ The only reason I know is because stole $17k that would be $250k today from me and I've been trying to prove it ever since. Yeah I went a little bigger. Please donate so I can recover at least some of it! BTC: 1NHmYxrnxiBkGjhEed3VPso3oY9mnbuqSx ETH: 0xb6F4a3974Da40Ba92377bF8E61C3E8323f1ba326
what year is this? I remember people saying such things in 2013, but now? thats just silly. Im sure the billions being spent on blockchain and bitcoin technology by tech companies is jsut an invest in something that has no value. right?
It jumped nearly 50% in the past couple months. I'm kicking myself for not buying in when this thread came out. It was worth the gamble, but I had bills... Stupid me.
I don't think you understand what a ponzi scheme is. Bitcoin may or may not be overvalued. People may be investing in it for stupid reasons or not really knowing what they are doing. It may completely crash in value. But all of that is very different from a ponzi scheme.
It's not literally a ponzi scheme but perhaps OP meant figuratively. Regardless, there are too many folks (Federal Reserve) who won't let Bitcoin takeover so it will always be an alternative currency not much different than Gift Cards or Disney Dollars. Besides Bitcoin itself isn't the best part of this whole deal. Blockchain is the real story and the only thing that really has actual "value" and a whole bunch of it. That tech is going to blow up and change how security is done all over the world. Even simple things like Web Browsers & TLS/SSL (requires 3rd party) over the internet will likely change since Blockchain doesn't require a 3rd party to establish trust. Simply put it will/is creating a tech revolution in security space.
what does 'takeover' mean and how would the federal government (or any government) prevent it? the benefits of doing transactions on the bitcoin network are far greater than that of trading gift cards.
If you were around for the early days of the Internet, this post is analogous to the telecoms dismissing it back then (or trying to control/bastardize it with their own internal "intranets") what prevents alteration of a blockchain database?
I'm not dismissing blockchain, far from it. I saying its going to change everything when it comes to tech and security. AOL, Prodigy, etc... being gone prove my point. Bitcoin is just a service, the power is the underlying tech. More proof of that is the cryptocurrency wars we've seen so far. There will be more and the powers that be will ultimately decide the winner more than likely. Think bluray vs hddvd or apple vs xerox parc, etc... Maybe they chose bitcoin maybe they dont I don't know. All parties have a copy of blockchain so the entire chain, 51% techinically, can validate or invalidate a transaction. More technically, its public, distrubuted, ordered, database where entire network peers validate transactions. As for the fed, several tactics including simple propaganda. Also currency wars are real and government control of currency to control things also real.
Didn't read that. But guaranteed OP is an eggball Texan fan 1. He is prolly dumb and around min wage 2. He just copy pasted that **** from somewhere. No eggball fan can write coherently ask @Nigel Thornberry
1 BTC will be worth about 500k or greater in about 5 years...definitely within a decade. Bet on Litecoin to be big too. Good time to be alive...easy way to millions of dollars 10-15 years from now.
