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Re:Bitcoin and almost every other cryptocurrency crashed har... by bsaul on Friday December 22, 2017 @09:49AM (#15987766)
What do you consider a "bottom" price for bitcoin ? or a "high" price ?

This thing has no possible valuation, because it has no utility, no intrinsic value. The whole thing is just crazy.

Re:Bitcoin and almost every other cryptocurrency crashed har... by 55555 on Friday December 22, 2017 @10:08AM (#15987929)
> it has no utility

People buy drugs with it. People evade tax with it. People evade currency controls with it.

When will people stop making this crazy false claim?

Re:Bitcoin and almost every other cryptocurrency crashed har... by bsaul on Friday December 22, 2017 @10:17AM (#15988004)
Yes, illegal activities, you're right. But betting on something as famous and easily accessible keeping evading law for a long time is a risky bet.

As for "Evading currency control" it doesn't mean anything for individual, i'm sorry (unless you're an autonomous region trying to get rid of central bank policy, but i don't think any has adopted bitcoin yet)

Re:Bitcoin and almost every other cryptocurrency crashed har... by fragmede on Friday December 22, 2017 @11:14AM (#15988473)
It's risky and I wouldn't recommend betting on it, but file sharing and drugs haven't gone away, despite the government fighting them for many years. The exact mechanism for trading bits over the Internet that other people don't want you to has evolved since the days of Napster, but music and video for free over the Internet are more accessible than ever. The other example is the War on Drugs, and we're right in the middle of an opiate epidemic, so you tell me how well that's going.

Bitcoin is backed - by the opposite of the government - the DEA keeps cannabis, cocaine, and heroin illegal, which means that Bitcoin is actually useful for moving money around for drug dealers and terrorists; anyone who can't use the mainstream banking system due to prohibition by the US government. (North Korea is another example of who's not allowed to bank.)

However, this does not let us calculate how much a Bitcoin should be worth, it only allows us to say that there is actually a use for Bitcoin, and it's not purely speculation.

Re:Bitcoin and almost every other cryptocurrency crashed har... by umanwizard on Friday December 22, 2017 @11:42AM (#15988745)
I’ve never bought drugs on the internet, so my understanding is possibly wrong, but isn’t Monero the currency of choice these days?
Re:Bitcoin and almost every other cryptocurrency crashed har... by stemc43 on Friday December 22, 2017 @10:58AM (#15988345)
can confirm. I buy all my drugs with it
Re:Bitcoin and almost every other cryptocurrency crashed har... by rc_bhg on Friday December 22, 2017 @11:48AM (#15988794)
nobody ever know the bottom. I guessed it would be 12k and I woke up this morning with some new BTC, and it's gone up since. So I've made money.

Could drop again today and I'll be out some. Whatever, it'll go up long term, it always does.

Re:Bitcoin and almost every other cryptocurrency crashed har... by monob on Friday December 22, 2017 @10:08AM (#15987928)
First the mempool clears, second >30% of top value.
Re:Bitcoin and almost every other cryptocurrency crashed har... by snissn on Friday December 22, 2017 @09:51AM (#15987791)
When it's been moving sideways for a while