Bitcoin crashed 200$

[trent]

9 minutes ago, Hercules said:

bro vadito light kani, see whole world lo only 21million bitcoins unnay and anni inka mine cheyale. Market lo unde vatiney atu itu tipputunnaru, bitcoins stocks laga trade cheyali ani aythe konakandi because SEC vedhavalu regulate cheyali ani ela padte ala waste rules pettadam exchanges ni left and right ban cheyadam , ade paniga cia lanti organisations to ddos attacks cheyinchadam jargutunay, ippudu rate padataniki reason endi ante coins ni sudden ga ammi , dani rate pade la chesi mali koni dobbutaru that way day to day trade chese vallaki bokka padtadi.

Bitcoin concept teliyakunte listen to this oka 3-5 coins ante currently 2500 unte koni pakkana padeste bettter, in 3-5 years it will climb to 100k ani forecasts unnay, which actually makes sense. Fiat currency ki gold backing kuda ledu ipdu , danni nammukuna gold ni nammukunna bokke, crypto currencies lo bitcoin is a different beast migata pichal coins enni vachina avanni distraction done by a few banksters. 

1 coin will become 100k, remember this thread

enni coins konnav man nuvvu @Hercules

[ronitreddy]

12 minutes ago, Hercules said:

bro vadito light kani, see whole world lo only 21million bitcoins unnay and anni inka mine cheyale. Market lo unde vatiney atu itu tipputunnaru, bitcoins stocks laga trade cheyali ani aythe konakandi because SEC vedhavalu regulate cheyali ani ela padte ala waste rules pettadam exchanges ni left and right ban cheyadam , ade paniga cia lanti organisations to ddos attacks cheyinchadam jargutunay, ippudu rate padataniki reason endi ante coins ni sudden ga ammi , dani rate pade la chesi mali koni dobbutaru that way day to day trade chese vallaki bokka padtadi.

Bitcoin concept teliyakunte listen to this oka 3-5 coins ante currently 2500 unte koni pakkana padeste bettter, in 3-5 years it will climb to 100k ani forecasts unnay, which actually makes sense. Fiat currency ki gold backing kuda ledu ipdu , danni nammukuna gold ni nammukunna bokke, crypto currencies lo bitcoin is a different beast migata pichal coins enni vachina avanni distraction done by a few banksters. 

1 coin will become 100k, remember this thread

How many coins did you buy vuncle?

[puski]

Recently I brought 9 Ethereum coins at price of 200$ now it is trading between 350$ to 400$. Once research all the articles comparing Bitcoin and Ethereum and do some research before buying. Ethereum has lot of advantages than Bitcoin and many market experts are predicting Ethereum to cross Bitcoin in 1 year.

http://www.marketwatch.com/story/how-cryptocurrency-ethereum-looks-set-to-overtake-bitcoin-in-one-chart-2017-06-14

I am not predicting anything blind. I did lot of research and doing coin mining since 3 years. 

[lazybugger]

1 hour ago, ravana said:

what new ways are you imagining

what motivates a person to be more interested in transacting with decentralized currency, if given a chance to make money of it

what do you think the true purpose of bitcoin/decentralized currency is

I feel either this or some other form of decentralized currency might happen at least in some part of the world with in a couple of decades

destruction of currency itself. Not just traditional/digital currency. The concept of money, as we know and use it now, can be destroyed with blockchain technologies. For eg. It is now possible to have this 'decentralized ledgerof transactions' (which is what bitcoin is) for all kinds of transactions. It is possible to take out money from these transactions(including bitcoin), and assign things such as value points. I know it sounds communist, but these communes can be small with their own supernodes and things like that. Every asset, every human, every value that can be added to the society can be part of the supernode network. In the end it'll all be very complex, but since the inner working will be taken care of by a computer, it won't matter. I've always been interested in Zeitgeist movement (except their crazy conspiracy theories, which I think serves no useful purpose), and still haven't seen a workable model of what they call "Resource Based Economy", that doesn't involve Soviet type centralized 5yr plans. But these technologies offer an alternative to both the current system and the proposed Zeitgeist Economy. It requires innovative use of this technology. bitcoin is the product that sparked nerd community's interest in this technology.

I understand that the chance of making money off bitcoin, will certainly push more people into using it, but not for its intended purpose. which is as an alternative to regular currency. You can transact with it when people actually start accepting bitcoins as a medium of exchange of goods and services. But it won't happen. But if it ever happens, it won't matter if 1bitcoin is $1m or $1b. You'll still be using it to buy $100 items, and only have to buy $100 worth of bitcoins.

The ideology of decentralized currency is to bypass the banks that control and manipulate the currency, taking out value from the society and giving it to people who already have loads of money. But bitcoin won't achieve it's intended purpose. Because bitcoin resembles gold, and is inherently unsuitable to the needs of a modern economy. If ever bitcoin gets mainstreamed, there won't be enough bitcoins for all, and those who hoard it will control the price of goods and services. 

I know people here seem to be extremely optimistic about what levels bitcoin will reach in the future, and how they can make a killing. But every optimistic person on bitcoin, discounts the possibility that bitcoin will never be implemented given how society is currently structured. Its technologies may be adopted, but again banks already have way more efficient system (develop through cornering wealth, thanks to capitalism) of money transactions than what bitcoin offers. 

The way these technologies can 'transform' humanity is through decentralizing every centralized system. like land records, even the functioning of an enterprise, etc. Applications are already being developed for it. Regular venture capital money is driving these technologies. But there hasn't yet been a more successful and popular implementation of blockchain than bitcoin, and bitcoin will never make it to mainstream.

Can regular currency and bitcoin exist together side by side? That's the only hope for bitcoin to survive, and only on the margins, without taking complete advantage of its technology. So if you can deduce how marginal bitcoin's use will be the near future, you can make reasonable predictions on its price. Again, its a painful exercise for someone like me, who wants bitcoin to be more than what it is reduced to. I want bitcoin to sacrifice itself for the sake of pushing its transformative agenda. Get more people using bitcoin, and when there's a critical mass of people using it, bitcoin will have lost its use, and society would've changed from traditional - nationalistic, tribalistic, linguistic, capitalistic boundaries, into something else.

full disclosure: I have been buying bitcoins for the past 4yrs now. never sold one, but bought some stuff online with it. I will never advise anyone to buy or not buy bitcoins. But I hope people understand the purpose of bitcoins, instead of raving about it pointlessly. 

 

[lazybugger]

40 minutes ago, puski said:

Recently I brought 9 Ethereum coins at price of 200$ now it is trading between 350$ to 400$. Once research all the articles comparing Bitcoin and Ethereum and do some research before buying. Ethereum has lot of advantages than Bitcoin and many market experts are predicting Ethereum to cross Bitcoin in 1 year.

http://www.marketwatch.com/story/how-cryptocurrency-ethereum-looks-set-to-overtake-bitcoin-in-one-chart-2017-06-14

I am not predicting anything blind. I did lot of research and doing coin mining since 3 years. 

ofcourse Etherium is an update on bitcoin. Its one of the most incredible ideas ever to hit humanity.

It has infinitely more use cases than bitcoin can ever hope to.

[trent]

8 minutes ago, lazybugger said:

destruction of currency itself. Not just traditional/digital currency. The concept of money, as we know and use it now, can be destroyed with blockchain technologies. For eg. It is now possible to have this 'decentralized ledgerof transactions' (which is what bitcoin is) for all kinds of transactions. It is possible to take out money from these transactions(including bitcoin), and assign things such as value points. I know it sounds communist, but these communes can be small with their own supernodes and things like that. Every asset, every human, every value that can be added to the society can be part of the supernode network. In the end it'll all be very complex, but since the inner working will be taken care of by a computer, it won't matter. I've always been interested in Zeitgeist movement (except their crazy conspiracy theories, which I think serves no useful purpose), and still haven't seen a workable model of what they call "Resource Based Economy", that doesn't involve Soviet type centralized 5yr plans. But these technologies offer an alternative to both the current system and the proposed Zeitgeist Economy. It requires innovative use of this technology. bitcoin is the product that sparked nerd community's interest in this technology.

I understand that the chance of making money off bitcoin, will certainly push more people into using it, but not for its intended purpose. which is as an alternative to regular currency. You can transact with it when people actually start accepting bitcoins as a medium of exchange of goods and services. But it won't happen. But if it ever happens, it won't matter if 1bitcoin is $1m or $1b. You'll still be using it to buy $100 items, and only have to buy $100 worth of bitcoins.

The ideology of decentralized currency is to bypass the banks that control and manipulate the currency, taking out value from the society and giving it to people who already have loads of money. But bitcoin won't achieve it's intended purpose. Because bitcoin resembles gold, and is inherently unsuitable to the needs of a modern economy. If ever bitcoin gets mainstreamed, there won't be enough bitcoins for all, and those who hoard it will control the price of goods and services. 

I know people here seem to be extremely optimistic about what levels bitcoin will reach in the future, and how they can make a killing. But every optimistic person on bitcoin, discounts the possibility that bitcoin will never be implemented given how society is currently structured. Its technologies may be adopted, but again banks already have way more efficient system (develop through cornering wealth, thanks to capitalism) of money transactions than what bitcoin offers. 

The way these technologies can 'transform' humanity is through decentralizing every centralized system. like land records, even the functioning of an enterprise, etc. Applications are already being developed for it. Regular venture capital money is driving these technologies. But there hasn't yet been a more successful and popular implementation of blockchain than bitcoin, and bitcoin will never make it to mainstream.

Can regular currency and bitcoin exist together side by side? That's the only hope for bitcoin to survive, and only on the margins, without taking complete advantage of its technology. So if you can deduce how marginal bitcoin's use will be the near future, you can make reasonable predictions on its price. Again, its a painful exercise for someone like me, who wants bitcoin to be more than what it is reduced to. I want bitcoin to sacrifice itself for the sake of pushing its transformative agenda. Get more people using bitcoin, and when there's a critical mass of people using it, bitcoin will have lost its use, and society would've changed from traditional - nationalistic, tribalistic, linguistic, capitalistic boundaries, into something else.

full disclosure: I have been buying bitcoins for the past 4yrs now. never sold one, but bought some stuff online with it. I will never advise anyone to buy or not buy bitcoins. But I hope people understand the purpose of bitcoins, instead of raving about it pointlessly. 

 

Em stuff kontav uncle online lo? Dr ugs, arm s , consumer data etc ki e cryptocurrencies Baga use avtunnay ga. Etu pothundi e world 😱

[lazybugger]

34 minutes ago, trent said:

Em stuff kontav uncle online lo? Dr ugs, arm s , consumer data etc ki e cryptocurrencies Baga use avtunnay ga. Etu pothundi e world 😱

drugs, programmers, electronics, and other things.

[machoman]

5 minutes ago, lazybugger said:

drugs, programmers, electronics, and other things.

 

Ela kontav

[lazybugger]

4 minutes ago, machoman said:

 

Ela kontav

drugs through online pharmacies. programmers through bro code. electronics through newegg.

[michaeljackson]

1 hour ago, puski said:

Recently I brought 9 Ethereum coins at price of 200$ now it is trading between 350$ to 400$. Once research all the articles comparing Bitcoin and Ethereum and do some research before buying. Ethereum has lot of advantages than Bitcoin and many market experts are predicting Ethereum to cross Bitcoin in 1 year.

http://www.marketwatch.com/story/how-cryptocurrency-ethereum-looks-set-to-overtake-bitcoin-in-one-chart-2017-06-14

I am not predicting anything blind. I did lot of research and doing coin mining since 3 years. 

coin mining chesthunnava oka saari nee rig chupinchu 

 

gippudu mining chesthe returns em undav only losses eh

 

[lazybugger]

Another important thing people forget is, what happens when bitcoins are taxed. Not its transactions in normal currency, but bitcoins itself. That will be the ultimate recognition that a govt can given to bitcoin. aceepting tax in bitcoins.

by that time bitcoin will be dead. people will move away from it. because people do not understand how society functions on a macrolevel, and only want tax free transactions without paying for the cost of maintaining the institutions that makes those transactions fair and possible.

bitcoin also makes that same mistake. but its underlying technology helps us to think of better alternatives.

[michaeljackson]

1 minute ago, lazybugger said:

Another important thing people forget is, what happens when bitcoins are taxed. Not its transactions in normal currency, but bitcoins itself. That will be the ultimate recognition that a govt can given to bitcoin. aceepting tax in bitcoins.

by that time bitcoin will be dead. people will move away from it. because people do not understand how society functions on a macrolevel, and only want tax free transactions without paying for the cost of maintaining the institutions that makes those transactions fair and possible.

bitcoin also makes that same mistake. but its underlying technology helps us to think of better alternatives.

how can govt tax bitcoins if they are decentralized

[Hercules]

8 minutes ago, michaeljackson said:

coin mining chesthunnava oka saari nee rig chupinchu 

 

gippudu mining chesthe returns em undav only losses eh

 

ante ekadana free electricity unde place lo server farm pettademo le va, millionaires ayuntaru le mana sambar laga

 

2 hours ago, trent said:

enni coins konnav man nuvvu @Hercules

 

2 hours ago, ronitreddy said:

How many coins did you buy vuncle?

back in 2011 mine chesa uncle when complexity was 0.4-1.0 2010 jan-august timeline. May be that will give you an idea of coins i hold

[trent]

2 minutes ago, Hercules said:

ante ekadana free electricity unde place lo server farm pettademo le va, millionaires ayuntaru le mana sambar laga

 

 

back in 2011 mine chesa uncle when complexity was 0.4-1.0 2010 jan-august timeline. May be that will give you an idea of coins i hold

😳 I will ping u tomorrow need some info , want to get the machines from Europe 

[lazybugger]

10 minutes ago, michaeljackson said:

how can govt tax bitcoins if they are decentralized

good question. that is the core at why bitcoin will fail, unless society is restructured.

Technically, govt can tax bitcoin transactions by being part of the network, and by increasing the cost of service they provide to the citizens. Since govt owns all land, and an army that can be used as merceneries, its impossible to escape them with private networks that attempt to replace govt services.