Bitcoin’s Overnight Collapse Probability Is About 50%

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by ffggvv on Tuesday February 16, 2021 @11:24AM (#26155481)

then what happened in 2018 and 2013 where it lost 90% of its value?

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by anm89 on Tuesday February 16, 2021 @11:25AM (#26155500)

What happened to Amazon in the two cases where it has drawn down 90% from a high?

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by ffggvv on Tuesday February 16, 2021 @11:29AM (#26155544)

yes this analogy works because amazon ships billions in packages with almost a trillion in revenue and btc can be replicated by a sql database

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by Hydraulix989 on Tuesday February 16, 2021 @11:41AM (#26155739)

I would suggest gaining additional technical familiarity about block chains if you genuinely believe they are equivalent to centralized relational databases. That's just flat-out incorrect and untrue.

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by ffggvv on Tuesday February 16, 2021 @12:12PM (#26156132)

i bought bitcoin and understood block chains in 2013. just because someone disagrees with you doesn’t mean they are dumb. and maybe sometimes you’re the one that doesn’t know what you’re talking about

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by anm89 on Tuesday February 16, 2021 @01:39PM (#26157195)

You seem to be lacking an understanding of the most basic principles of bitcoin, ie permissionless decentralization backed by proof of work which would not function with existing SQL databases.

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by ffggvv on Tuesday February 16, 2021 @04:46PM (#26159199)

no im saying the actual practical use. keeping track of who owns what can be accomplished way better with a centralized database.

the only thing novel is that its decentralized and inefficient but the average user really doesnt care about that.

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by viklove on Wednesday February 17, 2021 @12:10PM (#26168696)

Your misunderstanding of bitcoin seems to boil down to your lack of understanding of what "decentralized trust" is and why it's useful. Maybe start there, but you probably won't because you sound extremely angry.

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by Hydraulix989 on Tuesday February 16, 2021 @10:59PM (#26162494)

What if the central database gets hacked? What if someone does a double-spend? What if the person in charge of the central database decides to redistribute everyone's money or decides to revalue it? What if a transaction fails or someone makes a mistake? How do we know we can trust the owner of said database? What if the central database gets wiped or corrupted?

These are some of the problems with centralization that decentralization solves. The original Satoshi white paper calls out many of these use cases. Part of the reason bitcoin is exploding in value again is because the US government is inflating everyone's money.

This is before even getting into applications of smart contracts...

Congratulations on your successful investment (that's not something I would recommend publicizing though)...

[ Parent | on HN ]

Re:Bitcoin’s Overnight Collapse Probability Is About 50% by anm89 on Wednesday February 17, 2021 @02:28PM (#26170420)

Also, totally unclear about what this has to do with them both having 90% drawdowns.

[ Parent | on HN ]