Bitcoin, Cryptocurrency and Blockchain Discussion Thread

[Manton]

You two are literally wasting the internet right now. I get disagreeing with something, but these comments are just juvenile.

How do you think that will affect the price of tea in China?

I'm pretty sure its correlated with alpaca mittens price. Buy low, sell high.

I would think that a dramatic drop in Bitcoin price would have an effect on the economy. Likely a negative one as many people would have lost quite some money. On the other hand, we don't know who's holding onto the bulk of Bitcoins so perhaps a drop would primarily hurt the shady people.

 

[LCR1]

You two are literally wasting the internet right now. I get disagreeing with something, but these comments are just juvenile.

If you think this is a waste you haven't even scratched the surface of the internet. If you need a guide, let me know I've explored many corners of the internet and I'd love to be your guide.

I would think that a dramatic drop in Bitcoin price would have an effect on the economy. Likely a negative one as many people would have lost quite some money. On the other hand, we don't know who's holding onto the bulk of Bitcoins so perhaps a drop would primarily hurt the shady people.

Do you remember the economy being affected when BTC collapsed in 2014, 2015, or hell this past March, June or August? show me the correlation of those last BTC drops to the economy and you'll find the correlation to this drop.

As for the OP, people have prophesied a BTC meltdown since BTC kicked off in 2013

 

[Missile Toad]

OK, I just checked the market cap of _just_ the stock markets of the world. Looks like, back in the bad old days of 2014, they were valued at 50 Trillion USD. Bitcoin (from memory) is around 0.2 Trillion USD. And we aren't even scratching the surface of real estate, bank accounts etc., etc. that people own. So Bitcoin, is still just a drop in the bucket. The NYSE Makes Stock Exchanges Around The World Look Tiny

 

[ABC2D]

This thread is waste of the internet. Literally.

 

[Manton]

OK, I just checked the market cap of _just_ the stock markets of the world. Looks like, back in the bad old days of 2014, they were valued at 50 Trillion USD. Bitcoin (from memory) is around 0.2 Trillion USD. And we aren't even scratching the surface of real estate, bank accounts etc., etc. that people own. So Bitcoin, is still just a drop in the bucket. The NYSE Makes Stock Exchanges Around The World Look Tiny

There you go, just had to prod you a bit to get a quality reply Ok i understand now, a drop in value of Bitcoin would not have a significant impact on TSLA.

This thread is waste of the internet. Literally.

An exchange of ideas with a net benefit occurred, so i'd say your statement is incorrect. Ironically, the statement itself is a waste. This is why the communists are winning!

 

[neroden]

Did the bursting of the tulip bubble hurt the economy? Well, by all the best evidence... no. Maybe people were a little more careful about wild speculations immediately afterwards, maybe not, but there were no major impacts.

 

[traxila]

Did the bursting of the tulip bubble hurt the economy? Well, by all the best evidence... no. Maybe people were a little more careful about wild speculations immediately afterwards, maybe not, but there were no major impacts.

Bitcoin will not just implode and disappear. Not predicting the moon for price. It may never be more valuable than it is now. But it will not just go away.

And I don’t believe it has any effect on overall economy. I do not why the OP could think that it would. Beginning of the year was still a footnote. Media is showing us at least a short term top.

 

[EinSV]

One possible (but small) impact on Tesla -- given the massive amounts of wealth generated by BTC -- 1,000 People Own 40% of the Bitcoin Market -- I am sure a few of the freshly minted BTC multimillionaires or billionaires would be interested in a buying a Roadster. So a BTC crash could result in a small reduction in Roadster orders. On the other hand, a crash could result in growth-seeking investment money looking for a home in high growth potential companies like TSLA. Neither seem material/significant.

 

[dhanson865]

OK, I just checked the market cap of _just_ the stock markets of the world. Looks like, back in the bad old days of 2014, they were valued at 50 Trillion USD. Bitcoin (from memory) is around 0.2 Trillion USD. And we aren't even scratching the surface of real estate, bank accounts etc., etc. that people own. So Bitcoin, is still just a drop in the bucket. The NYSE Makes Stock Exchanges Around The World Look Tiny

Check out Cryptocurrency Market Capitalizations | CoinMarketCap at the time of this post the market cap is

BTC $225,322,598,754 pretty close to 0.2 trillion.

add BCH, ETH, and all the other alt coins and you might be at $300,000,000,000 or so.

 

[neroden]

Bitcoin will not just implode and disappear.

Neither did tulips, obviously.

 

[anticitizen13.7]

At the moment, BitCoin is the exact opposite of Tesla: a force of pure financial speculation, greed and environmental doom.
We are losing years of environmental progress (and jeopardizing the very mission of Tesla) because of this insane hoarding madness.

Years ago, I decided against buying Bitcoin, primarily because I was not confident in my ability to secure Bitcoins from hacking or theft. Stolen Bitcoins, once transferred, are virtually impossible to recover, and losing the private keys of Bitcoins means that those Bitcoins are essentially lost for all time. A secondary consideration was the environmental effects. Around 2013 or so I was reading about Bitcoin miners setting up huge server farms to mine Bitcoin, and it seemed like a tremendous waste of energy.

As a general rule, I also don't invest in things I don't understand well.

It's not that complicated to understand Tesla products and the Tesla ecosystem. Bitcoin is a much steeper learning curve IMO, which hinders its adoption as a currency rather than a speculative commodity.

 

[GoTslaGo]

The wonderful things about bubbles is there is usually something left. Some infrastructure, company, system, etc... that remains from the foment of the bubble. This can lead to something better, if a collective “we” are smart enough to look beyond the frenzy and use it wisely... after the bubble pops.

For bitcoin it maybe just an establishment of relevance. That it can be a viable store of value or system of transfer. So I do not believe it will go away. If anything it may become more “relevant” and possibly regulated to become more relevant after the bubble pops. My WAG.

As for it’s affect on TSLA, don’t know, but one could argue that maybe that money may move to TSLA if the momentum for TSLA is there next year.

 

[Shock-On-T]

Neither did tulips, obviously.

I would like to see that.

 

[winfield100]

At the moment, BitCoin is the exact opposite of Tesla: a force of pure financial speculation, greed and environmental doom.
We are losing years of environmental progress (and jeopardizing the very mission of Tesla) because of this insane hoarding madness.

tell me, what happens ti bitcoinz if there is a CME (coronal mass ejection) or an EMP? If you flip a bitcoin, does it come up tailz, headz, oblongz or just 0000000000?
They are transient, fleeting and ephemeral, if even that
can we -->PLEASE<-- discuss Tesla., and not, non consensual hallucinations

 

[neroden]

Years ago, I decided against buying Bitcoin, primarily because I was not confident in my ability to secure Bitcoins from hacking or theft. Stolen Bitcoins, once transferred, are virtually impossible to recover, and losing the private keys of Bitcoins means that those Bitcoins are essentially lost for all time.

This is an interesting point. A lot of people don't understand how money is secured today. Essentially, it's secured through audit trails. This is quite different from the physical-control requirements with gold bars or Bitcoins.

As a general rule, I also don't invest in things I don't understand well.

Always a good rule.

 

[Az_Rael]

Holy Schmoly, this is getting crazy. Will be interesting to see how this all plays out and if the bubble pops. I figure if Bitfinex goes down due to their general shadiness with the whole Tether thing, that might be what kicks off the fall.

 

[dhanson865]

I took a little bit out when it was around 17K.

257 bytes fee: 0.00010836 BTC (42 per byte) 17,002.07 exchange rate - fee ~$1.84 (12 hours, used accelerator)

The market price was a few hundred higher so I'm sure Bitpay takes a cut for being the middle man on top of my BTC tx fee but I don't care about that much as I don't do the tx unless it's near a high and I'm satisfied with their offer. Price is locked in at the time I submit the tx.

 

[Cobbler]

Is it correct to assume that, the higher Bitcoin goes, the weaker the dollar will get? Because you could see Bitcoin as a vacuumcleaner that sucks up all the dollars that the printing presses are spitting out? Hence undoing the quantitative easing? Inflation as a result?

 

[ZeApelido]

Crazy appreciation in Litecoin last few days. I've had to rebalance to have 70% in cash and the rest spread out over 8 coins. From crashing to zero, to 10x appreciation s scenarios are possible.

 

[HankLloydRight]

Is it correct to assume that, the higher Bitcoin goes, the weaker the dollar will get? Because you could see Bitcoin as a vacuumcleaner that sucks up all the dollars that the printing presses are spitting out? Hence undoing the quantitative easing? Inflation as a result?

Those dollars go somewhere. They don't just disappear.