Gonna try again with CodeBase tonight. Had an issue yesterday where the photos of my ID weren't high enough quality so they were rejected, and that placed a 24 hour block before I could try again. Hopefully I'll have more luck this time. — Michael
The only case where it makes sense really is for illegal activities. Drugs, arms trading, etc. — Agustino
Market crazes (& speculative bubbles) are always marked by people dogmatically sticking to one idea, and greedily chasing it, thinking that they too can earn. They are generally unable to provide even one single rational idea behind their actions.I tried to explain the hurtles facing bitcoin (authentication times, power consumption, possible unforeseen digital vulnerabilities) and the realities of currency (especially what makes the American dollar so secure/the global reserve currency) but nothing would land and he just kept coming back to the idea that every other form of currency is a bull-shit lie put on by corrupt governments and banks. — VagabondSpectre
It will never reach that high. By New Years' Eve or Christmas, it will have tanked, that's my prediction. Until then, it may reach 20-30K. Or it may tank sooner. The reason I'm saying that is that most people want to cash out for the holidays ;) - they don't want to be playing stocks on Christmas Eve.With this kind of widespread radical distrust of government and radical faith in bitcoin, ironically, it might actually be able to get that high one day. (that would mean all 21 million bitcoins once they're mined, would be worth around 1 trillion dollars altogether). — VagabondSpectre
So large criminal organisations sifting through millions upon millions of dollars cannot get fake identification, or steal other people's identification, etc.? They cannot make the money lost by transferring it through a network of different accounts, before re-directing all of it to one main account?You need to give your real-world identification to the exchanges in order to open an account. — fishfry
I mean really, as much as the entire US? — Posty McPostface
Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.
"It's about trust" he said. "No other currency can be trusted like Bitcoin can, America can just print as many American dollars as it pleases. — VagabondSpectre
It's backed by the might of the US government ;) - the dollar that is.This is such an accurate perspective on those investing in Cryptocurrency. Which is why I asked what the USA dollar was backed by because it USED to be backed by Gold bullion but that is no longer the case and as you suggest, we can keep printing it as we need it but eventually it will become worthless on the world stage. — ArguingWAristotleTiff
This is such an accurate perspective on those investing in Cryptocurrency. Which is why I asked what the USA dollar was backed by because it USED to be backed by Gold bullion but that is no longer the case and as you suggest, we can keep printing it as we need it but eventually it will become worthless on the world stage — ArguingWAristotleTiff
This whole thread is a clear sign of a very large bubble. Because this is a Philosophy Forum.So this could actually transform from an interesting speculative bubble, and 'gee I wish I had bought some of them in 2010' — Wayfarer
So, something plainly has to give. — Wayfarer
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