Bitcoin crashed 200$

[ravana]

10 hours 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. 

 

I thought that's already happening in Japan and few other countries.

nice to hear your views.

any way deviation from our topic have a look at this link in your free time

https://www.diygenius.com/mind-expanding-documentaries/

 

[ravana]

9 hours ago, lazybugger said:

drugs, programmers, electronics, and other things.

Prescription drugs?

[ravana]

9 hours ago, michaeljackson said:

coin mining chesthunnava oka saari nee rig chupinchu 

 

gippudu mining chesthe returns em undav only losses eh

 

mining ante only bitcoin e avasaram ledu kada brother, vere cryptocurrencies ayundochu le

[machoman]

Ravana bro naku chepandi drugs ante enti ela buy cheyakli

[princeofheaven]

8 hours ago, machoman said:

Blockchain ante enti

22:01 nunchi sandral saar cheppindu

[machoman]

1 minute ago, princeofheaven said:

22:01 nunchi sandral saar cheppindu

Rendu.mukalo chepandi

[ravana]

4 minutes ago, machoman said:

Ravana bro naku chepandi drugs ante enti ela buy cheyakli

 

[lazybugger]

48 minutes ago, ravana said:

Prescription drugs?

yes. for my wife's chronic condition.

[machoman]

30 minutes ago, ravana said:

 

Navak bro drugs ante telsu na udesham drugs meda ela invest cheyali ani asking

[ravana]

33 minutes ago, machoman said:

Navak bro drugs ante telsu na udesham drugs meda ela invest cheyali ani asking

lazybugger bro valla wife ki edo chronic condition vunte, daniki kavalsina prescription drugs ni bitcoin vupayoginchi kontunnadu ante he is not investing in the drugs. He is just buying prescription drugs using bitcoins instead of the regular currency.

[machoman]

2 minutes ago, ravana said:

lazybugger bro valla wife ki edo chronic condition vunte, daniki kavalsina prescription drugs ni bitcoin vupayoginchi kontunnadu ante he is not investing in the drugs. He is just buying prescription drugs using bitcoins instead of the regular currency.

ok bro.naku ardam kaka adiga 

[machoman]

Small.doubt bitcoin lo una money ni mana bank ac ki transfer cheskovacha

[Hercules]

9 hours ago, Android_Halwa said:

I never bought bitcoin but picked up etherum and lite coin. And my idea is short term. Even if It grows by 3-4% ,I'm quickly selling it and when the price is going down, picking up few more. This market cannot be predicted in long term but for short term, I do not see a reason why not when the returns are much better than investing in stocks. 

I had a question, does the profit earned by selling these coins needs to be disclosed as income ? 

Can anyone throw light on this ? @Hercules

unfortunately anything thats around the bitcoin involves tax, so when you are talking profit if its a fiat currency then yes you have to show that while filing taxes and even while drawing that out of exchanges you will be made to pay a fee. 

So people who got the licenses to run exchanges just setup a mobile, web sites which are money minting machines based on fees. 

You can make profits from eth, but i highly suggest to hang on to bitcoin, in a decade if you are having atleast 20 coins, you are looking at some good retirement money.

 

[athadu]

LTT.. for coinbase experts.. 

kasta doubts unayi..anyone can clarify.. 

[michaeljackson]

On 6/15/2017 at 11:03 AM, machoman said:

Small.doubt bitcoin lo una money ni mana bank ac ki transfer cheskovacha

ofcourse cheskovachu kabattle daani value ala increasing lekunte inka aa 300 lone undedi