The real value of bitcoin and crypto currency technology – The Blockchain explained – YouTube
This rather childish video appeared in 2014 explaining how fake money could be real money without telling everyone that anything (sports bubble gum cards, old postage stamps, illegal drugs) could suddenly shoot up in value and many lunatics would demand to pour in endless money into things that have little intrinsic value unlike say, land or bread which keeps us alive. Fake or cheap stuff fads are common and all follow the same track: up and up and up and then bouncing at the top for a while, up and down and then collapse to nothingness. Tulip bulbs, for example, did this but even they have some real value as beautiful flowers. Not bitcoins which are true nothingness, not even the value of old coins to keep alive.
The notoriously volatile cryptocurrency, whose 160 percent surge this year has captivated everyone from Wall Street bankers to Chinese grandmothers, could be headed for one of its most turbulent stretches yet.
It is doing what all worthless things do: people run off to some other fake money making scheme because this is easier to do than actually make value-added stuff that requires materials and labor and moving it physically from point A to point B.
Blame the bitcoin civil war. After two years of largely behind-the-scenes bickering, rival factions of computer whizzes who play key roles in bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month. That has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 billion market.
HAHAHAHA. It is doomed to ‘spit in two’ and then ‘a thousand flowers bloom’ and then ‘utterly fake fake money’ etc. It is inevitable and some people came here to mock me for explaining why this would happen.
While both sides have big incentives to reach a consensus, bitcoin’s lack of a central authority has made compromise difficult. Even professional traders who’ve followed the dispute’s twists and turns aren’t sure how it will all pan out. Their advice: brace for volatility and be ready to act fast once a clear outcome emerges.
RUN AWAY!
“It’s a high-stakes game of chicken,” said Arthur Hayes, a former market maker at Citigroup Inc. who now runs BitMEX, a bitcoin derivatives venue in Hong Kong. “If you’re a trader, there’s a lot of uncertainty as to what happens. Once there’s a definitive signal about what will be done, the price could move very quickly.”
The only survivors are the ones who have bailed back when I warned what would happen next. Now, it is ‘let’s not lose everything’ time and ‘the last man out is the one who is bankrupt’ stage is next. A lot of people will be badly burned and I think they deserve all the cooked limbs and smoke and fire.
Look, one can fool people for a while. Sometimes, lots of people. But the minute even fools can figure out they were scammed, then the end comes swiftly. Right now, many fools are hesitating hoping that lunacy can continue forever.
It never does. The gods and goddesses find humans too amusing to let them run scams forever. Even long running scams (called ‘religions’) can run a long time but history tells us even the old ones like the Egyptian ones, finally die. They all die or are reborn in new forms usually, many humans die when they die.
Fake money kills, too. It kills a lot of humans. Millions die because of fake money. Governments also make fake money. Ancient Rome, when it destroyed the currency, died violently and pretty thoroughly in the West. Money totally vanished in England.
Well, so much for fun and games. Just remember, when these sort of games end, lots of people die. This is why I dislike these games. Oh, by the way, the G20 announced that the remaining nations pretending there is global warming, will continue to commit mass suicide despite Trump saving us from this horror.
I am watching with fascination as Europe commits suicide. Well, they deported me back in August, 1968. HAHAHA. Tough luck, homeys.
Culture of Life News 
Many years ago a friend of mine invested all of her money in Beanie Babies. She was convinced that this was her ticket to a comfortable retirement. Seriously.
Still, at least she had something tangible that she could hold in her hand
Yes, I remember that fad/hysteria. Emotional instability leads to playing this sort of game. It is pure gambling. But then, fiat currencies that always erode in buying power are part of this.
Haha, last time Elaine wrote this story Bitcoin was around $800 and shot up to over $2500.
It’s wildly volatile.
This time is like that time — the nerds who invented it are squabbling over some little software feature. And that always spooks the speculators.
Jim, there are now 100s of these ecurrencies. maybe 1000+ of them. and BC can add more coins.
It actually touched $3000 on some exchanges, before this most recent correction began.
Yes, fools are born every minute. And they can hoist themselves on their own petards and not notice this hurts and ends badly.
It’s sudden rise was due to COMPUTER TERRORISTS demanding the fake money as payment to stop destroying property. This was illegal and illicit and bad.
And shows that the main function of this fake money is to commit crimes.
https://cointelegraph.com/news/black-tuesday-for-crypto-markets-as-10-bln-wiped-in-24-hours-ethereum-down-20
No surprise.
Jim, it has a price set by whoever will buy it.
Elaine, Nuke power will get them thru?
It’s a good thing no criminals ever committed a crime for the noble dollar. Because if that were to happen, we’d have to ban dollars.
It looks like a lot of people listen to this brilliant, so brilliant he is outright insane guy calling himself Clif high.
According to his thinking, crypto currencies are a revolution against the Bilderberg money system. Which I think is a valid idea. Now he is into Crypto as a revolution. He also discusses woo woo and how it is tied into the system.
Now, normally I would just laugh off this guy. This guy who lives on a remote location in a tiny cabin. But he posted THIS video a few months back perfectly describing the sham of AI systems in a way that I know instinctively but could never outline coherently. This is because he was a programmer. He also discusses the Mandela effect and how it is not a result of CERN but quantum computers.
He is brilliant but out there, on the edge of the edge then comes back around into coherency sometimes. Sometimes.
Jim, you can ‘commit crimes’ with anything. All things are ‘tools’. The difference between money systems is, ‘how can it be used’ and ‘why use it?’
The ‘crypto currencies’ have no rational use except to be used by criminals because it can’t be traced by the government. Speculators hop on board to play money games with the crypto currencies which ONLY rise in value rapidly when it must be used for some criminal operations.
The last series of rises in the value of this fake money was due to hackers forcing people to pay ransom with it and that is a double illegal thing.
Speculators jumped on board to take advantage of all this. Naturally, now they will jump ship because it isn’t going up anymore. This is very, very unstable, much more unstable than money run by governments.
When there is a coup and terrible people take over, the money situation usually goes rapidly into the toilet, for example. A stable government and a good economy (we have neither now) means stable currency.
Crappy government and trade deficits=bad money. See?
Elaine,
“Crappy government” means that a lot of things are “crimes” that don’t make any sense.
The most common “crime” done with these internet-based currencies is to move money frictionlessly across political borders. Not everyone who wishes to move money is a criminal, but it is a “crime” nonetheless. Of course if it weren’t a crime, a whole lot of money would be leaving the USA about now as it is no longer such a desirable place to park your savings.
As for those ransomware attacks, Bitcoin isn’t actually a perfect way to demand the payoff. The reason being that every “wallet” for bitcoins has a number attached to it. As does every coin. It is, in fact, possible to track where they come from and where they go. Not always easy, but possible.
The ransomware guys didn’t really net that much money, mostly they caused mayhem (among those who do not back up their data) …
And, you are dead wrong about the malware attack affecting the value of Bitcoin. It has no effect whatsoever. It was a single speck of dust in the wind.
This last runup was completely driven by speculators, as was the runup in silver and gold back in 2011. Eventually the speculators get bored and cash out, as they are doing right now in Bitcoin. The most enthusiastic speculators are currently in China, where there is some uncertainty about the prospects for the Yuan.
(@Buffalo Ken, that bet still stands. The speculators aren’t done quite yet 🙂
off topic,
https://www.washingtonpost.com/news/speaking-of-science/wp/2017/07/12/a-massive-atmospheric-experiment-is-planned-for-august-solar-eclipse/?utm_term=.8ef3aeb474c4
14–This last runup was completely driven by speculators, as was the runup in silver and gold back in 2011.
I disagree. Gold is kept DOWN via shorts.
I found this–they brought the PMs prices down selling contracts that later will have to be bought back
When they have completed the process and they are not sold 10 months of earth´s production
For the record… the term “smashed” in regard to gold and silver prices refers to the dumping of millions of ounces of paper silver (naked shorts) during the most thinly traded part of the day, thus guaranteeing that the prices will be “smashed” down.
This is not an action that ANYONE seeking to make a profit would do. They would sell during a heavily traded part of the day and they would moderate the amounts they are selling specifically NOT to influence / lower the market prices.
Simply selling silver does not have this effect because there just isn’t enough physical silver available to create this effect. So, why is this effect being created? To smash the price is the only rational answer.
As to WHY they are doing that, well, we’d have to ask those who are doing this for their reasons. No doubt there are multiple reasons, most of which are unethical if not outright illegal.
When this same exact thing was tried in the wheat market several months ago by a couple of cereal makers, the CFTC was ALL OVER it, pronto. When it happens in gold and silver, eh, no problem, and it goes on for years with no challenge made to those doing it. If gold and silver are mere commodities, then why are they treated so differently from other commodities in this regard?
Feel free to disagree, Lou. Metals had an amazing run (silver especially) in the spring of 2011, before the pigmen pounded it into the dirt with naked shorts.
Sorry, I saw the original news stories that clearly showed the hackers wanted to be paid in bitcoins. Precisely because it can cross borders. It isn’t sovereign money!
Guess what is the basis of sovereign money? Everything in a country. Duh.
Yes, but that didn’t make any difference to the bitcoin market.
Furthermore, the bitcoin “wallet” they used is now radioactive. If they touch it, the NSA guys will sniff it out, and they’ll be in a world of trouble they couldn’t have imagined before that.
And the amount of bitcoin they collected was microscopic, relative to the amount that’s traded every day in China. The thing that ended the manic runup was a squabble among the software developers who maintain bitcoin — a much more important thing.
And yes, it’s volatile. I said so myself. Even more volatile than silver and gold. More volatile than penny stocks or junk bonds. More volatile than Zim dollars on the FX market. And eventually, consigned to the same fate.
It’s far from certain that I will win my bet with Buffalo Ken.
It’s funny, Elaine. You laugh at it, you don’t run around shrieking.
If the Fed weren’t working so hard to debase the dollar, it might be funnier.
Quite correct. The excuse, ‘Money has been debased’ can’t be replaced with ‘this fake money has no basis in any reality, we don’t have anything at all supporting it’.
Elaine needs to learn more about blockchain before making statements.
Bitcoin will rock towards $10000 within 3 years.
Elaine needs to learn more about blockchain before making statements.
Bitcoin will rock towards $10000 within 3 yrs.
test
That ‘Bitcoin’ dude is hilarious. Tulip bulbs will shoot up to a million, each, too! I’ll be rich! 🙂
Elaine,
Bitcoin is secured by math, nobody can game it, that’s why it is trusted, you’re treating it like a regular commodity because you don’t understand the simple math behind it.
After the success of Bitcoin, there were many copycats, many are pump and dump scam cryptocurrencies, where the creator own most of it and game the market.
But Bitcoin is different, it was largely evenly distributed before it even became a success.
Bitcoin will continue to rise simply because the established financial system will continue to collapse.
HAHAHAHA. Its entire value is based on emotions, not logic. I bet, if governments that print money collapse, the bitcoins would be worthless, too. Why?
In social chaos, guns are money. I suppose the reason why I understand this deep inside is due to my own family history. Rebels and pirates and frontiersmen and women, troublemakers and people who lived ‘outside the law’ a fair amount.
We all tell each other each generation that power grows out of the gun or sword.
Salient fact: most people who have come to America in the last 200 years were ‘peasants’ and oppressed workers used to being pushed around. Back when most came, my family and other founding families (yes, there is a list of all the names of such, we all keep geneologies) ran things but since 1959, it has been newcomers who run things mostly and look at the mess we have now.
Persuading Americans to die in WWI and WWII was very hard, the US remained neutral for as long as possible. Now, we got duped into patrolling the entire planet which is what dying Europe used to do. I greatly resent this. It will and is destroying us.
“Back when most came, my family and other founding families (yes, there is a list of all the names of such, we all keep geneologies) ran things but since 1959, it has been newcomers who run things mostly and look at the mess we have now.”
All of this occurred at the exact same time my people were being “diluted”. Isn’t interesting that the original cultures of the United States were being wiped from the slate at the same time. I remember when Thanksgiving was the best holiday in this country. How everyone looked forward to it. Now it is twisted into something vile (both Natives and Pilgrims vilified) and virtually buried under satanic Saturnalia Santa.
They are killing Santa, too! Isn’t that charming?
Xmas is now all about looting stores, evidently. There are many videos online of riots in malls when they have the Xmas sales.
> HAHAHAHA. Its entire value is based on emotions
It’s actually base on trust, expectation and utility.
You can sum it up as emotion, but that’s exactly the point.
People emotionally expect current financial to continue to fall.
“People trust guns” is a weak argument, not all government will collapse at the same time, not everyone lives in the US and have access to guns, you won’t see people trading with guns anytime soon.
People who understands Bitcoin are trusting it more than the current financial system because of the math behind it.
People also expect current financial to fall.
Bitcoin’s utility is rapidly getting more wild spread.
Japan just legalized it and will be used by more than 260k stores.
The world is rapidly changing Elaine, understand what is happening before you laugh at it or you’ll miss out on one of the biggest invention in the 21st century.
Rollout of 260,000+ Bitcoin-Accepting Stores in Japan Begins
news.bitcoin. com/rollout-of-260000-bitcoin-accepting-stores-in-japan-begins/
There is a page dedicated to people like you Elaine.
https://99bitcoins.com/obituary-stats/
Bitcoin Obituaries
Bitcoin has died 140 times
December 15, 2010
“Why Bitcoin can’t be a currency” – The Underground Economist | $0.23
June 20, 2011
“So, That’s the End of Bitcoin Then” – Forbes | $15.15
June 7, 2011
“Why Bitcoin Will Fail As A Currency” – Tav’s Blog | $19.73
December 24, 2012
“Wired, Tired, Expired for 2012: EXPIRED – Bitcoin” – Wired | $13.30
November 16, 2013
“Bitcoin Is A Joke” – Business Insider | $433.57
November 27, 2013
“A Prediction: Bitcoin Is Doomed to Fail” – The New York Times | $955.67
December 13, 2013
“Bitcoin Will Crash To $10 By Mid-2014” – Business Insider | $887.63
December 17, 2014
“Bitcoin is (Nearly) All Dead” – Acton | $325.60
December 22, 2014
“Can Bitcoin survive 2015?” – AOL | $332.63
December 26, 2014
“Bitcoin’s defects will hasten its demise in 2015” – Reuters | $327.20
January 13, 2015
“Is this the end of Bitcoin?” – BizNews.com | $228.07
November 12, 2015
“UBS Chairman: Bitcoin Currency Will Fail, Has No Lender of Last Resort” – Finance Magnates | $330.91
November 4, 2015
“Jamie Dimon: Bitcoin Will Not Survive” – Coindesk / Fortune | $395.67
September 16, 2016
“Cryptocurrencies are Dead” – Medium | $606.43
October 12, 2016
“IS BITCOIN DOOMED?” – Newsweek | $635.43
June 20, 2017
“Bitcoin and Ethereum…both soon obsolete” – James Ricakrds | $2623.69
If you look at the history of ALL fads, the big ones lasted quite a while before the inevitable collapse.
Making up ‘money’ and then playing with it is ahem: constantly happening. And all end the same way unless they have some sort of outside value.
Various metals, for example, are used to make other things like weapons, tools, equipment, etc. ‘Bitcoins’ have zero intrinsic value. IOUs have ‘value’ until people don’t pay up! See how this works?
I am happy you guys like cheating each other. Pretending everyone wants to play this cheater game is not funny, it is dangerous. It leads to chaos when the intrinsic value drops to zero.
Bitcoin magic is like paper money magic: all one has to do is add zeroes. The bitcoins don’t have the ‘add zeros’ it has ‘bid it up like it is postage stamps’ value. The reason why all paper money is dangerous is due to printing zeros costs very little.
So infinity is the only stopping point, of course. Buying bitcoins whereby you have to pay more and more for the stupid things means…you are simply translating paper money into…something just as bad! Either way, you cannot win this race because it ends badly as everyone CHEATS note the news that agreements to pretend this fake money is real is being debated with people differing on how to pretend this scam.
It is easier to add ‘0’s to software codes that printing currency notes.
A printing press at the bureau of engraving is needed.
Much easier. THE SKIES THE LIMIT [or is it?].
Dear All Sinner Person,
Please give me mercy, my gaming score very important this I am not sure.
My sister marriage ceremony’s attended 12 July 12.30 pm I am going to my
home district so no following news. But I am very sorry total honorable person, specially “Americans” all person & total peoples in the World.
please give me mercy all peoples in the worlds. Please please please….!
Thanks,
Best Regards,
Md. Shahadat
#34
LOL elaine, bitcoin is limited to 21million coins by math, there is no “infinity”.
I think Elaine has got to the age where she simply can’t learn new things.
BIT COINS ARE DYING RAPIDLY NOW. More about this funny issue later today, I have to take someone to the doctor.
Haha, that means the bottom is in!
If you speculate on Bitcoin, Elaine is writing another article. Based on past history, that means it’s clear to take off to $10,000 now!