Re:The Bitcoin Blockchain Visualized in 3D
by mirimir on Thursday July 11, 2019 @05:15PM
(#20415922)
> Not only do Bitcoin exchanges have a horrible track record about keeping your coins secure ...
I've been using Bitcoin since it first went public. And I have never used an exchange. They want to know too much, for one thing, with all that KYC bullshit. And as you say, they can't be trusted.
But I have used less formal exhange services. And although I've been ripped off a few times, it's worked well for the most part.
> ... it is grotesque that you fear the monetary policy for your "moneys value", when Bitcoin can collapse to 0 any time enough people lose interest in it for speculation.
You keep saying that, but the data doesn't support it. Just look at Bitcoin price history. I used a nine-month moving average for price. And plotted log price, to clearly show older prices.[0]
After the peak in early 2013, price bottomed at ~50% of peak, until the next peak. After the peak in late 2013, price bottomed at ~20% of peak, until the next peak. And the bottom was about twice the previous bottom. After the peak at the end of 2017, price bottomed at ~50% of peak, during early 2019. And the bottom was ~17 times the previous bottom.
I've been using Bitcoin since it first went public. And I have never used an exchange. They want to know too much, for one thing, with all that KYC bullshit. And as you say, they can't be trusted.
But I have used less formal exhange services. And although I've been ripped off a few times, it's worked well for the most part.
> ... it is grotesque that you fear the monetary policy for your "moneys value", when Bitcoin can collapse to 0 any time enough people lose interest in it for speculation.
You keep saying that, but the data doesn't support it. Just look at Bitcoin price history. I used a nine-month moving average for price. And plotted log price, to clearly show older prices.[0]
After the peak in early 2013, price bottomed at ~50% of peak, until the next peak. After the peak in late 2013, price bottomed at ~20% of peak, until the next peak. And the bottom was about twice the previous bottom. After the peak at the end of 2017, price bottomed at ~50% of peak, during early 2019. And the bottom was ~17 times the previous bottom.
So there hasn't been any "collapse to 0".
0) https://keybase.pub/mirimir/Bitcoin-history.png