Bitcoin, or Bitcon

[woodPixel]

Point 6 on the quantum computing is by far the most interesting.

For a while I was very interested in cryptography as the businesses I was CTO for wanted it implemented "everywhere". People think its easy to implement - it isn't. One simply doesnt "encrypt everything". One of the risk profiles I kept coming up against was the spectre of QC. With a decent QC processor it seemed that even highly encrypted things might be an open book.

What I find humorous is how people keep yammering about Bitcoin et.al. as if its a currency. It bears none of the hallmarks of currency. None.

What a pointless exercise is speculating upon Bitcoin. Modern tulips.... Sooo many tears. The losses, fraud, ripoffs and outright robberies (https://www.zerohedge.com/news/2018-...d-mine-bitcoin) are going to be staggering. Why not speculate on Frozen Concentrated Orange Juice or Lean Hogs.... then at least there is underlying value. https://finviz.com/futures.ashx

[rustynail]

It,s a bit like horse racing - A bit of a flurry at the start and little more than a pile of s*#t at the end of it.

[justonething]

It must be said that during the gold rush days, the one business that made the most money is not the gold miners themselves but rather the mining supplies companies. The same is true for this bitcoin mania. https://www.cnbc.com/2018/02/23/secr...last-year.html

[ProTooling]

Yeah I've heard that gold rush analogy a few times...

"Better to sell the spade, than dig the hole"

[woodPixel]

Yeah I've heard that gold rush analogy a few times...

"Better to sell the spade, than dig the hole"

https://www.zerohedge.com/news/2018-...-raking-3m-day

[cava]

Looks as if at least one retailer (Boost Juices) is getting on the Bitcoin bandwagon.

Bitcoin Boom or Bust!

[Junkie]

Looks as if at least one retailer (Boost Juices) is getting on the Bitcoin bandwagon.

Those early adopters...

[cava]

A couple of years down the track and Bitcoin is ~A$28,000.

Seems it is a reflection of the times we are all living in.

[woodPixel]

There are exactly three reasons to use bitcoin: buying drugs, paying extortions and speculation.

It has zero fundamental base to it value. It is easily replicated and infinitely dividable.

It cannot be used in the real world - for anything.

By definition it is neither and asset nor currency.

Want to buy some Tulips?

[Lappa]

Apparently you can buy houses with it

NSW property to go to auction in world first bitcoin auction

[AlexS]

Apparently you can buy houses with it

NSW property to go to auction in world first bitcoin auction

Not from me, you can't.

[rustynail]

I am fortunate to have a very old and very wise uncle with a wealth of expierience in finance, I asked him for his thoughts on Bitcoin. "Show me the money." was his reply.

[woodPixel]

I'm reminded often, as a tiny and insignificant investor, why governments love their own currency.

Its annoying and parochial but there are a few vaguely interesting positives to currencies.

Here is one where, unless you have a paralysing brain tumour, reads "death to bitcoin".... Venezuela's Socialist Regime Is Mining Bitcoin In a Bunker to Generate Cash

I can easily envisage a country/s saying "bitcoin is exclusively used for drugs, extortion payoffs, tax dodges, racketeering, child exploitation and black market activity".... "those that hold it are enabling these crimes, or involved in them"..... let that thought process percolate.

Can you count the milliseconds after it becomes criminal-illegal that the value is zero? (I'm ONLY holding crack-cocaine for its investment value!* Honest!)

Found with bitcoin? Expect to be have every agency investigate every second of your life looking for the crime..... "show me the man and I'll show you the crime" - Lavrentiy Beria


If digital currencies go anywhere, it will be the nation-states issuing them... complete with confiscation, management, taxation, termination and generation powers. A-la cash, but digital. Just like in SciFi**


* or interest value, or "investment" or coz I want to buy coffee from a trendy Barista ... or or or.... well... drugs...
** BTW, watch The Expanse. Soooooooo good!!!!

Apologies for my passion on the subject. I have been involved with it from Day 2.....

[cava]

For those interested, currently at ~A$32600.

[cava]

Apparently, Bitcoin is recognised as a legitimate alternate currency....

Currently at ~A$37,700

Australia, Bitcoin has been declared legal by the governor of the Reserve Bank of Australia (RBA) since December 2013.