Bitcoin value is driven largely (completely?) by speculation, right?
If you think about it, everything is driven completely by speculation. Nothing has value except that which is assigned to it by a human being, based solely on their emotions.
Is this how bitcoin ends, when eventually every single bitcoin is irretrievably lost and no more can be mined?
Naah, by then processors and AI will be so powerful that they can crack every password, so all Bitcoins can be owned by everybody at once.
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If he wanted to broadcast it, he should have used sandals.
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you have to pay to cash out.
no one want to waste computer cycles on that transaction. it yields nothing, and it wastes cycles they could put to mining more coin. and there are no regulations on to what people can charge you to run a transaction. nor regulations on time frames.
so you end up paying someone a huge amount of cash to eventually, if they are not thieves, to run your transaction through the blockchain.
That is before you try to get a bank to roll with this.
So at about 10,000 USD per coin, 60 million US is 6000 bitcoin.
How hard would it be to cash out 1000 bitcoin? How much would it cost? Clearly not 10,000,000 to get the 10,000,000 in dollars.
I used Bitcoin a couple of times to buy certain perfectly legal thingsies on the internet.
The way I think it works is I convert some USD to BTC, send the BTC to an online thingsy supplier, and once they receive it, they immediately convert it back to USD or loonies or rubles or what-have-you.
So, my question is this.
If you’ve got some large amount of BTC, and you want to convert it into USD, you’d go to Coinbase or some other block-chain friendly financial institution. How exactly does Coinbase make any money off the exchange? I realize they take a percentage, but I mean, they’ve just disbursed a pile of relatively stable USD in exchange for a huge pile of BTC which is highly volatile asset.
I guess Coinbase is banking on the hopes that more people are buying BTC (et al.) for investment purposes instead of what they’re probably actually doing with it (buying drugs).
To clarify, I lack the particular gene which allows me to understand the fun in gambling, and hence I cannot comprehend market systems.
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I did think about it, and I agree! But I think Bitcoin’s speculation driven volatility may obliviate the effects of inflation.
See, nothing to find here. All the illicit money is gone.
Human fallibility aroubd bitcoin is always good for a laugh. What’s not so funny is when pro-nuclear lobbyists say, “we just won’t make those kind of dumb mistakes” - and they seem to mean it.
Can you be specific on the timeline for this? I need to make some plans for when I’m rich.
Talk about making a rod for your own back: Pot dealer’s seized €54m Bitcoins up in smoke after keys thrown out with fishing gear
“In early 2017, he had just over 6,000 Bitcoin in one account, but he feared it may be too easy for a hacker to access,” the Irish Times noted this month. “He decided to spread his wealth across 12 new accounts and transferred exactly 500 Bitcoin, worth almost €4.5m, into each of them.”
Well, his accounts weren’t hacked, so…
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