How high can Bitcoin go?

Blockchain-based Bitcoin, working on the insane principle of coin 'mining' - to deliberately slow things down - created a windfall for nVidea. Millions of their GPU's bought just so 'miners' could use their PC's to compete in the law-of-diminishing-returns coin mining frenzy. A byproduct of blockchain is the huge energy requirements to keep that kind of thing up - one that exponentially rises with blockchain network growth. Crash was inevitable.

Until a short while ago, it seemed to me hashgraph was THE future platform that would blow inherently self-limiting blockchain out of the water (see my #29). Since then hashgraph has 'gone public' via Hedera to a certain extent. But now this alternative looks even better...
https://medium.com/safenetwork/pars...ous-and-permissionless-consensus-e312d721f9d8
Cryptocurrencies are here to stay, but the platform on which they are based is going to be a big decider. As to whether there will be one clear winner or a hodgepodge of competing platforms is still unclear. PARSEC seems to tick all the right boxes.
 
Saint said:
will it drop to 3000?
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i met a guy who is a trader. he was like a cross between a mathamatician and a painter/artist.
he didnt make money off trading against popular highs and lows of things like bitcoin.
he made money off predicting stock prices that were low and going to climb.
once you hear about it in the news paper this guy had been and gone and made his 20 to 30 % and had already moved off to something else to make another 15% to 20% on top...
with no real losses.
total artistry with mathamatics base.
he was constantly studying the market.

people hoping to double their money or even triple their money in things like bitcoin are gambling their money like someone in a casino.
you have to be able to afford to be able to lose it all before you enter the game.
if you cant afford to lose it all. you should not be in the game.
its that simple.

what you want to know is old data
what was bitcoin previous stable value prior to the speculators throwing millions of dollars into it and making the price jump.
did you buy in above or below that price ?
have you made more than 10% to 20% already ? if so will you let greed risk you loosing everything ?

sometimes the hardest lessons are only learnt after you fail.

my rough memory is that bitcoins rough bottom line value was around $1,400.00 prior to the large increases due to speculators throwing money into it to fake the average person into buying it to inflate the price so they could then sell their bitcoins for 100% return(twice the price they bought for) then walk away, while the average schmuck then takes the loss of 50% before they pull out and the price crashes to below its original basic bottom line.

my guess is the real value being probably around $2000.00 so if your willing to risk losing everything then play with your money.

look at all the election tampering via hacking etc that has gone on.
that is what bitcoin is at risk to.
1 really good hacker or group of hackers can mess around with its value, make millions and then crash the price wiping out billions of dollars.
only then will the average mum and dad investor then complain and say they were ripped off, when in reality they were gambling from the very beginning.

its a total dice roll.
 
Saint said:
What is the true value of bitcoin?
Does it exist physically?
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What's your real game Saint? I went back to check your posts p1, and it's obvious above questions are, given your input there, disingenuous. That or you have a severe memory retention issue.
 
Saint said:
What is the true value of bitcoin?
Does it exist physically?
Click to expand...
As i understand Bitcoin exist, as I mentioned, as a string of numbers, stored on a server computer, (many servers computers - backups) which only you have access to

There are only so many of these strings of numbers - which apparently makes them rare and valuable

New Bitcoins are occasionally mined (created) but do not have any physical assets behind them

That is my understanding of the essence of Bitcoin legend

But as a rank amateur in this aspect of stupidity i am ready to be corrected

:)
 
Michael 345 said:
As i understand Bitcoin exist, as I mentioned, as a string of numbers, stored on a server computer, (many servers computers - backups) which only you have access to

There are only so many of these strings of numbers - which apparently makes them rare and valuable

New Bitcoins are occasionally mined (created) but do not have any physical assets behind them

That is my understanding of the essence of Bitcoin legend

But as a rank amateur in this aspect of stupidity i am ready to be corrected

:)
Click to expand...
Hmmm. Where to start. ;)
First, Bitcoins do not have unique ids, or anything that you can identify as a Bitcoin. What does have a unique ID is your wallet in which the coins are stored.
Think of all the Bitcoin as water, and a glass as your wallet. The blockchain (which is in the public domain) details how much water is allocated to your specific glass of water, and to everyone else's.
If you want to pass some water to another glass you need to have the transaction processed. The processing is done by the Bitcoin miners who get rewarded by having some new water poured into their own glass. They take the existing blockchain and solve the various equations to add your transaction details to the end of that blockchain.
Once that is done the blockchain now contains forevermore the details of your transaction.

Now, if you are not a miner you can get hold of some water by paying an existing holder of water for some of it, and they will transfer some into your glass and you transfer some actual money to them in return. You can hold the glass of water and hope that the value of it goes up, or if it was an actual currency then you could use your water to purchase goods and services etc.

What makes the bitcoins valuable is pretty much just the trust/hope that someone will pay for them at least as much as you paid for them, if not more.


Something like that, anyway. ;)
 
mathman said:
Bitcoins have no intrinsic value. Once enough people realize it, the price could drop to zero.
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The "intrinsic value" of bitcoin is that it can be used for illegal transactions. This gives it a quite large field of applications - everything where using other currencies would be too dangerous.

This value is, of course, not really intrinsic. If people invent something better for illegal transactions, the price will indeed drop to zero. But as long as some illegal markets use bitcoin, it will not drop to zero.
 
Sarkus said:
Hmmm. Where to start. ;)
First, Bitcoins do not have unique ids, or anything that you can identify as a Bitcoin. What does have a unique ID is your wallet in which the coins are stored.
Think of all the Bitcoin as water, and a glass as your wallet. The blockchain (which is in the public domain) details how much water is allocated to your specific glass of water, and to everyone else's.
If you want to pass some water to another glass you need to have the transaction processed. The processing is done by the Bitcoin miners who get rewarded by having some new water poured into their own glass. They take the existing blockchain and solve the various equations to add your transaction details to the end of that blockchain.
Once that is done the blockchain now contains forevermore the details of your transaction.

Now, if you are not a miner you can get hold of some water by paying an existing holder of water for some of it, and they will transfer some into your glass and you transfer some actual money to them in return. You can hold the glass of water and hope that the value of it goes up, or if it was an actual currency then you could use your water to purchase goods and services etc.

What makes the bitcoins valuable is pretty much just the trust/hope that someone will pay for them at least as much as you paid for them, if not more.


Something like that, anyway. ;)
Click to expand...
Got it

So would it be

First I buy a glass

Then buy some water

All the water has 1 ID number

Unlike Banknotes which EACH has own unique

The number on my water says how much I have?? or is that a mis-reading by me?

:)
 
To continue the analogy: you buy a glass. Each glass has a unique ID number. There is a certain volume of water in existence. The blockchain is a record of all transactions and details how much water is in each glass. It is basically a ledger, and against the ID of your glass will be a record of how much water is in there. Every time a transaction happens the blockchain is updated, with the transaction verified by many independent "miners" (for which they are rewarded with a bit of water in their own glass - and the total water in existence goes up).
Hence it is considered a decentralised "currency" application, I think.
The only way to say how much you have in your wallet is to look at the blockchain/ledger itself, which anyone can do with the right bit of software and the latest copy of the blockchain. Obviously they won't be able to say how much is in your glass/wallet unless they have your unique ID.
 
Michael 345 said:
No?

https://cointelegraph.com/news/sim-...rity/amp?utm_source=quora&utm_medium=referral

Still think

they won't be able to say how much is in your glass/wallet unless they have your unique ID

:)
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Yes. All you've posted is about how hackers can gain access to your unique ID. But they still need that unique ID. The safer you can make it the better. The worst method of keeping it safe is to use one of the wallets that the exchange creates for you. These can be hacked, are hacked, and will continue to be hacked.
The safest methods are either to print out the wallet ID on paper (it's a long string of alphanumeric) and store it in a safe somewhere, or use an off-line electronic wallet, which can look like any normal USB flash drive. Your drive can be encrypted as strongly as you want, and no one can have access to your id even if they knew all your passwords unless they also have your actual drive.

But yeah, if your passwords get hacked, and the hackers go to an online wallet, then they can probably get to your funds. But in doing so they will have your wallet ID.
So I stand by my statement: they won't be able to say how much is in your wallet unless they have your unique ID.
:)
 
"Your unique ID" is a bit misleading, because you can have many different ids, you can use one for each transaction.

In particular, you can have one id where everybody can find out that it is your id, because it is connected with the bank where you exchange usual fiat money with bitcoin, and have other accounts where nobody can know that they are your accounts.
 
Schmelzer said:
"Your unique ID" is a bit misleading, because you can have many different ids, you can use one for each transaction.

In particular, you can have one id where everybody can find out that it is your id, because it is connected with the bank where you exchange usual fiat money with bitcoin, and have other accounts where nobody can know that they are your accounts.
Click to expand...
The analogy is that each glass/wallet has a unique ID (see post #76). This was reduced to "your unique ID" but assumed it was still referring to a particular glass/wallet. Apologies for confusion. Of course people can have more than 1 wallet, as you say.
 
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