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Thread: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

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    Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Rise fuelled by major corporate backing from likes of Tesla, Mastercard and PayPal.
    Read more.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    It has no intrinsic value and it will collapse, it is a matter of time. The sooner the better as fewer people will lose their life savings, often without awareness of being involved. All the 'serious' players entering the market are just for short term. They are chancing, they are greed motivated, hoping they would withdraw on time whilst managing to skim some cream. If we passed the law that the CEOs and boards were fully personally liable for all bad decisions they make ( including the long term ones that affect company no longer managed by them, well that's why they are being paid so well ), they would act far more reasonably. The scarce is artificially created and the bitcoin itself is not essential, at least in current form, for anything.
    Last edited by 007; 17-02-2021 at 12:30 PM.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Not disagreeing with crypto currency being a massive bubble of worthlessness but the money in your pocket or bank account also has no intrinsic value.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    In possibly related moves, in Texas the Samsung foundry has been forced to shut down to to power shortages in the area. Would be ironic if local crypto mining killed production of the ram chips needed for GPUs, but not funny.

    https://www.tomshardware.com/uk/news...power-shortage

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    those who bought 5700xt are now smiling.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Corky34 View Post
    Not disagreeing with crypto currency being a massive bubble of worthlessness but the money in your pocket or bank account also has no intrinsic value.
    Bitcoin is backed by nothing, zip, nada, zilch. Pounds, Dollars, etc are backed by nation states which can still fail but is definitely something. Those nations are then backed by other nations and so on. If the US had a big wobble, the dollar would drop but never to nothing as outside nations (China) would buy in propping it up. It's a house of cards which relies on the global economy but it is safe a houses compared to bitcoin.

    Bitcoin however definitely is a disaster from the planet. I don't think cryptocurrencies are necessarily inherently bad but one that uses more than the energy requirements of Argentina should not exist.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Darkedge View Post
    Quote Originally Posted by Corky34 View Post
    Not disagreeing with crypto currency being a massive bubble of worthlessness but the money in your pocket or bank account also has no intrinsic value.
    Bitcoin is backed by nothing, zip, nada, zilch. Pounds, Dollars, etc are backed by nation states which can still fail but is definitely something. Those nations are then backed by other nations and so on. If the US had a big wobble, the dollar would drop but never to nothing as outside nations (China) would buy in propping it up. It's a house of cards which relies on the global economy but it is safe a houses compared to bitcoin.

    Bitcoin however definitely is a disaster from the planet. I don't think cryptocurrencies are necessarily inherently bad but one that uses more than the energy requirements of Argentina should not exist.
    These are my big issue with crypto currencies. After all, all it takes to make this all worthless is for some clever mathematician to find a weakness in the algorithm and it loses all value. I also think it provides to easy a mechanism for criminals to launder money (how many small business have been hit by ransomware that wants bitcoin?). This will go bump at some time and I will not be the person left holding it.
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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Darkedge View Post
    Bitcoin is backed by nothing, zip, nada, zilch.
    Bitcoin is backed by the 'hedge funds', stock market people etc who are using it to inflate their massive amounts of money even further, yes it will burst but it won't be for a little while yet.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    When some alien civilisation reaches Earth in the future and picks through the molten remains we left behind, I just hope they don't find any technical documents for cryptocurrencies, lest they suffer the same fate.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by lumireleon View Post
    those who bought 5700xt are now smiling.
    I would not be able to make a bitdime with my 5700XT, for that Danish power are far too expensive.
    On top of the GFX card my computer idle at 180 Watts.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Darkedge View Post
    Bitcoin is backed by nothing, zip, nada, zilch. Pounds, Dollars, etc are backed by nation states which can still fail but is definitely something. Those nations are then backed by other nations and so on. If the US had a big wobble, the dollar would drop but never to nothing as outside nations (China) would buy in propping it up. It's a house of cards which relies on the global economy but it is safe a houses compared to bitcoin.

    Bitcoin however definitely is a disaster from the planet. I don't think cryptocurrencies are necessarily inherently bad but one that uses more than the energy requirements of Argentina should not exist.
    I didn't say they weren't backed by something i said they had no intrinsic value.

    Also i know the UK and Argentina haven't always seen eye-2-eye, the hand of god and all that kerfuffle with Top Gear (*don't mention the war*), but wanting to not exist is a bit harsh. (joking BTW in case i offended anyone and the emote doesn't make that clear)

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    if got a bunch of Bit Coins, sell them all, the bubble of it is going to burst, asking the question, what is the value of them and in what are they, other than incredible power bills and use of expensive GPU's that never will gain value.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Corky34 View Post
    I didn't say they weren't backed by something i said they had no intrinsic value.
    TBH, no currency of any kind has any intrinsic value. Even back when it was gold/silver. It just looked pretty because it is rare.

    I'm in the "currency is accepted by governments to pay tax so I can see the value of that" group here. My stance on cryptocurrencies and blockchain in general is probably well known here
    "In a perfect world... spammers would get caught, go to jail, and share a cell with many men who have enlarged their penises, taken Viagra and are looking for a new relationship."

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    At least AIB partners are doing all they can to get their cards into the hands of gamers....Oh wait.

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    Quote Originally Posted by Corky34 View Post
    At least AIB partners are doing all they can to get their cards into the hands of gamers....Oh wait.
    And yet they have tagged it #gaming. Pretty awful if you ask me

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    Re: Bitcoin surpassed the US$50,000 valuation milestone on Tuesday

    How can I use Series X for 3DS Max and Blender?

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