On December 31, 2021, the price of Bitcoin will be:
Displaying poll results.12822 total votes.
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- What's the highest dollar price will Bitcoin reach in 2024? Posted on March 20th, 2024 | 68 comments
- Will ByteDance be forced to divest TikTok Posted on March 20th, 2024 | 20 comments
Where's CowboyNeal? (Score:3, Insightful)
The whole problem with thinking of Bitcoin as an investment instead of as for-spending-quickly money, is that you don't know what price it will go to, because nobody can even explain why it's the number it ever is. Even as someone who still thinks Bitcoin is a basically good idea (we really do need something like it), the exchange rates appear to be completely arbitrary. No way I would ever invest with it. That's not what it's for.
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Re: Where's CowboyNeal? (Score:2)
Bitcoin is a variant of a ponzi scheme that seens perpetual.
Anyone that has a sufficient amount of Bitcoins can control the price swings through pump and dump.
Re: Where's CowboyNeal? (Score:4, Insightful)
You must be new to stock trading...
This is the whole point of stock that isn't some physical good. It's basically gambing and the three hat scam for people who've got too much money to lay it on a table.
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You must be new to stock trading...
This is the whole point of stock that isn't some physical good. It's basically gambing and the three hat scam for people who've got too much money to lay it on a table.
Only if you buy overpriced stocks, just buy the once that has a price matching their payoff and passives.. Sure you can't deal with stock market 'darlings', but it is not all scams.
Re: Where's CowboyNeal? (Score:5, Insightful)
The difference is that a stock actually has a basis for a valuation. A public company will have assets and earnings (or at least some prospect for earnings), and a share entitles you to a portion of the company's assets and earnings. There a various methods to put an intrinsic value on the company (i.e. a certain multiple of earnings, liquidation value, etc.). Separate from the value of the shares, if you were to acquire a controlling interest in a company, you could theoretically decide to liquidate its assets and distribute the proceeds to the shareholders (i.e. yourself). Of course the market can cause trading price to be divorced from intrinsic value, but there is at least something behind it.
Bitcoin, on the other hand, has no intrinsic value or prospect for production of income. Its value is solely based on what someone else is willing to pay for it. The problem is that whether someone is willing to pay a high price in the future is extremely speculative. I can reasonably predict that Apple is likely to remain a highly profitable company in 2021, but I can't tell you if Bitcoin will be supplanted by some other cryptocurrency in the public imagination or whether the public will sour on cryptocurrency in general.
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This isn't true. Think of bitcoins as "working fluid". There are people who want to do semi-anonymous, illegal transactions. Bitcoins provide some protection and ability to do these transactions. Therefore, you have a certain number of buyers of bitcoin wanting to move money, and sellers wanting to cashout the money that was "pumped". Like a fluid in a piping system. And there is a delay of time while the money is being washed to make it less obvious who the recipient is.
So if on the average day, 1 mil
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That could be true if Bitcoin were the only cryptocurrency. But there is no limit to how many cryptocurrencies can be created to facilitate anonymous transactions. In fact, my understanding is that the illegal market (drugs, etc.) has started to drift away from bitcoin given its limited anonymity compared to other cryptocurrencies.
Nor is cryptocurrency the only method to transact anonymously. It's not like criminal financial transactions did not occur before Bitcoin was invented.
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Competing cryptocurrencies yes, reduce the value of bitcoin. And there are specific flaws with bitcoin that Ethereum tries to address with "smart contracts".
The actual flaw is pretty simple. To do semi-anonymous, illegal transactions, you need middlemen who are not a direct party to the deal. You need a marketplace, and you need a coin washer. The issue is that these middlemen have the ability, and an incentive, to just take the money and screw both sides of the deal. Smart contracts can sometimes be w
Re: Where's CowboyNeal? (Score:2)
Actually no. Stock prices are divorced from company actual profits.
Dec 31 st 2019 ford ended the year with $10 million in profit after a horrible quarter. On $10 billion in sales. That's like saying you had an extra dollar after your 100k paycheck. Us manufacturing ended the year in a recession they where down so much.
Wall street raised their stock price.
Right now wall street has figured in the next two economic stimulus packages into their prices. Guess what happens when peel back the real numbers? 20
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No way I would ever invest with it. That's not what it's for.
You're right, Bitcoin is not an investment, just like the euro or gold is not an investment asset. One wouldn't "invest" in the Swiss Franc like one would invest in a company by buying some of its shares. Bitcoin is a commodity that is suitable as a currency due to its ability to be transferred electronically, which sets it apart from other commodities. But Bitcoin doesn't pay dividends, doesn't turn a profit and doesn't itself create a good or service.
That said, it must be recognized that Bitcoin is ver
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Bitcoin will never become "digital gold."
Maintaining the blockchain uses an absurd amount of energy. A single bitcoin transaction uses 800,000 times more electricity than a credit card transaction.
Bitcoin is nothing more than a technology concept, that temporarily has been adopted by criminals. It doesn't offer any advantages over other stores of value and depends on a network infrastructure it doesn't help maintain. It's deflationary nature is an illusion as well. Bitcoin has already split into severa
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The fact that bitcoin price is rising doesn't necessarily mean it hasn't reached saturation among potential buyers. The supply of purchasable bitcoin is barely increasing, and may be falling given that a certain portion of bitcoin is essentially lost forever (as people lose wallets, etc.) and mining becomes ever more difficult. It could also be that a small group is simply exchanging them amongst themselves and paying ever higher prices.
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Cowboy Neal is Satoshi Nakamoto. Didn't you get the memo?
The catch hidden in your reply is "something like it". There are an infinite number of things "something like it" and the lack of scarcity means there is no real value there.
Having said that, the survey has a definite deadline in the near future, and the best predictor of the near future is the current state. So I predicted about the same, which turns out to be the Slashdot plurality. The #2 choice is that it will be "worth" slightly more, but I think
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Probably higher than it is now (Score:2)
In a world where stocks are overvalued and the interest rate for your bank account is basically zero, I can't blame people for throwing money at Bitcoin as a new investment.
Sure, it totally failed as a currency, but somehow succeeded as a store of value. I wouldn't invest in it personally, but I can't blame people for trying.
Complaining About Missing Option (Score:2)
Between 0 and infinity. That's about the smallest interval I'd be willing to bet on.
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Hey can go negative, at least its value to miners google says estimates between 5k-8500 to mine a coin. If the price people are willing to pay goes below that ... there still might be zealots pumping money into mining because "next year it'll be 100k I know it".
Re: Complaining About Missing Option (Score:2)
If BTC goes negative, I'm not going to sell it.
Just stop it. (Score:5, Insightful)
There have to be better things to do in life than speculating in speculations about speculation.
Put your money in anything BUT Bitcoin. Have you thought about orange juice concentrate futures?
Re: Just stop it. (Score:2)
I'm all into Coronavirus futures. :D
Re: Just stop it. (Score:2)
Oh, and stop freaking gambling with food, you psychos! That's murder!
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Have you thought about orange juice concentrate futures?
Oh, and stop freaking gambling with food, you psychos! That's murder!
It's also an 80's movie reference.
why all the hate? (Score:2)
I know bitcoin is not for everyone but it amazes me how consistently negative the members of slashdot have been on crypto over all these years.
Even now when institutional investors are finally warming up to it and openly supporting it.
I would expect a far more technical than average crowd to at least do better than dismiss it as scam, ponzi, harmful, criminal or whatever else it has been called over time.
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Re: why all the hate? (Score:2)
not true, the energy for computation done for the U.S. dollar dwarfs bitcoin. Some here misunderstood an ieee article about bitcoin's lower consumption, it's negligible compared to many things like finance (bitcoin is a game token not currency as it fails to meet definition) or porn. It doesn't matter.
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Because crypto is essentially an organized criminal's paradise.
I suspect that, while they may use it as a medium of transfer, few organised criminals will keep it. What would happen to their accountants when the central banks push it down again? Go and wantch some old gangster moves for insight into that...
Re:why all the hate? (Score:4, Interesting)
I'm reminded of the days in the 90s when all us tech people would descend upon Vegas for Comdex, and all the casinos basically hated us. "Why?" I asked, of someone who worked there. "Comdex people don't gamble." All those tech people know their mathematical odds and logically realize that gambling is a zero-sum game. Bitcoin is not any different. Smart people don't have a desire to trade useful fiat for some number in a distributed spreadsheet that has no intrinsic value, can be instantly stolen without you even knowing, and whose price is based on how efficiently you can hoodwink the next guy into paying more. We are tech people, not salesmen.
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Personally, it's not cryptocurrency that I'm negative on, it's the implementation. The limited supply thing, that's the same problem that happened with the gold standard. Imagine I offered you a job paid in Bitcoin. How are we going to negotiate your salary? 1 Bitcoin per month? Ok, and what if the price of Bitcoin halves? Are you going to take a 50% haircut and be happy? What if the price doubles. Am I going to remain solvent giving you a 100% raise? The insane volatility / lack of price stability is the c
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Cryptocurrency is a misnomer and the "coin" part of "Bitcoin" is misleading but at this point it's impossible to do something about it.
Indeed, when it launched, bitcoin's vision was to become some sort of medium of exchange not bound by the rules and regulations of any state.
This would of course not make it currency even if it succeeded in this respect. You can't price goods in btc any more than you can price them in gold or any other commodity. Your business is bound by the laws of a state and you have to
Re: why all the hate? (Score:2)
your head is full of misconceptions. financial institutions are only supporting the zero risk transactions that are selling bitcoin for real money, bitcoin could go to zero in a day and it wouldn't affect them. bitcoin fails the test of money, it's only a game token. being foolish enough to gamble isn't a trait shared by most tech people.
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Tell that to Microstrategy's CEO, or to Greyscale's clients
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The primary reasons to use Bitcoin over cash or credit:
1. Tax evasion
2. Illegal Drugs
3. Other criminal activity
4. Paranoia (it's relatively less traceable, although certainly not impossible)
It's not really worth the hassle for #4 given how many other ways there are to track my activities, and I don't really want to put my good money into something so untrustworthy just so that *other* people can benefit from 1-3, particularly #1, as I have zero empathy for that.
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I know bitcoin is not for everyone but it amazes me how consistently negative the members of slashdot have been on crypto over all these years.
Even now when institutional investors are finally warming up to it and openly supporting it.
I would expect a far more technical than average crowd to at least do better than dismiss it as scam, ponzi, harmful, criminal or whatever else it has been called over time.
For me there's three issues:
1) It's a haven for money laundering and organized crime.
2) The built in deflationary structure makes it a terrible choice for a monetary system.
3) Because of 1 & 2 I didn't get involved when it was basically worthless. There's a tiny bit of sour grapes over that though I don't actually care that much anymore. Particularly since if I did have stupid bitcoin piles of cash I'd probably be stressed out over how to store them.
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2) The built in deflationary structure makes it a terrible choice for a monetary system.
I want to point out that this is a theoretical rather than empirical assertion. A lot of economists agree with you, but there haven't been enough deflationary currencies to really have any idea what would happen.
We can say that the biggest problem is a currency that makes unpredictable changes.
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US dollars are involved in a lot more crimes than Bitcoin.
Bitcoin doesn't need to be a monetary system, it can function as a simple store of value.
I bought some Bitcoin early on and it was easily the best financial decision I ever made. A greater than 4,600% return over the past six years.
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I would expect a far more technical than average crowd to at least do better than dismiss it as scam, ponzi, harmful, criminal or whatever else it has been called over time.
Bitcoin is moderately interesting. How is that?
My Problem with BitCoin (Score:2)
If you want a commodity to speculate on (such as tulips), BitCoin is perfect for that. On the other hand with it's price bouncing all over the place - it's less than ideal for use in commerce. It would be far better to back a cryptocurrency with gold (as first suggested by Neal Stephenson) or perhaps a basket of currencies to give it price stability.
Commerce (Score:1)
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Newegg has accepted bitcoin for payment for years.
https://promotions.newegg.com/... [newegg.com]
Re: Commerce (Score:2)
no they accept real money, which your bitcoin must be converted. no real business actually takes bitcoin, they're not retarded.
two days ago: will the bitcoin rally continue?
today: thousand dollar bitcoin plunge, any psychological support at $18000?
suckers
I don't even know what it's worth today (Score:5, Insightful)
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+1. I have no use for it, and no desire to join into what appears to be substantially a speculative bubble with no long term value or utility.
Wise up... (Score:1)
A bitcoin is nothing more than a file generated by an algorithm. It has no more intrinsic value than a Word document.
Bitcoin. (Score:2)
Impossible to answer as asked (Score:2)
I mean, on December 31 2021 the price of Bitcoin will probably hit several of those ranges, depending on the time of day.
Bitcoin Must Not Have More Hype! (Score:2)
This poll only serves to create more hype around Bitcoin. It does not deserve it.
This poll should be taken down RIGHT NOW and the person who had posted it should be FIRED!
In the millions! (Score:2)
I went for "greater than $120,000", because I couldn't care less if it was a million or a billion Dollar by tomorrow. Sorry ...
Crypto is the Future whether we like it or not (Score:1)
Problem I have is the FED keeps going to their money printer and then turning around and buying assets. If anyone else where to do something like that we'd be thrown in prison for counterfeit or theft. FED is a criminal origination as to how they control the currency.
I keep hearing that crypto is used to launder money. Fiat currencies are criminal in how it's created and when it's created it devalues the money we already have in our accounts. Crypto doesn't do that. Currently many billionaires are look
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You aren't really using bitcoin at most places that "accept" bitcoin. What's actually happening is that you are selling your bitcoin for USD and the vendor is accepting USD. They have simply implemented a backend that allows that to happen behind the scenes. The transaction would not happen without an exchange with USD.
Re: Crypto is the Future whether we like it or not (Score:2)
By that logic, you don't ever really use a credit card either. A third party accepts the credit card and deposits dollars into the store's bank account.
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No, because there is no exchange that happens when you use a credit card. A third party makes the payment on your behalf, and then you pay the third party on a later date. At no point are dollars exchanged for something else other than the good/service you are purchasing. It's nothing more than a revolving line of credit.
When you "buy" something with bitcoin, what actually happens is you sell bitcoin to an intermediary which then sells the bitcoin for USD and then remits USD to the retailer. Saying Bitcoin
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On December 31, 2021, the price of Bitcoin will be (Score:2)
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Missing Option - ZERO (Score:2)
All the answers are non-zero, thus the true answer is missing.
A fast factorization algorithm will be disclosed mid-summer 2021, but before this fact, an unknown quantity of wallets will have been drained, starting from 2018 until that time, using said method. The resulting chaos will erase all confidence in Bitcoin. A solution will be a compromise which re-issues balances in a new currency bearing the same name. The "classic bitcoin" will be worthless after that point.
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Other coins have failed before and still not gone to zero. Due to its history and plenty of uninformed "investors" the price may drop by several orders of magnitude but there will still be hopeful buyers scooping up the remains in case it comes back from the ashes. Even if a massive selloff started today, I'd bet fiat currency that it wouldn't be zero on December 31, 2020.
Even the obvious exit-scam BitConnect coin didn't hit zero immediately when the founders flew the coop with everyone's money.
You insensitive clods - I can't put in my guess (Score:2)
$13,000.50.
Missing options here (Score:2)
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