Bitcoin Minus $119B..with a B

[Nebell]

I'm enjoying this drop.
It's just a matter of time before institutes start investing in blockchain. Once this happens even old ATH Bitcoin price ($20.000) will seem like a good investiment.
So I'm HODLing for a year - year and a half.

 

[velusip]

...When more energy conserving but valid use cryptos emerge (fast, has a purpose etc) ... bitcoin may not be it...

Absolutely. None of the cryptocurrencies are particularly well implemented. Bitcoin is in an especially bad spot, but it will continue to ride the margin trading game since a. that's all it's good for, and b. misdirected mania from the other "practical" coins will pump it from time to time.

The mining thing really got out of hand. I mean, it's obviously unsustainable, but due to the rising mania, other coins use it as a "pitch" or "hook" to draw interest and get their chaindata and public presence going. It's insanely power hungry (energy requirements grow in both usage and epoch complexity) and it's innately exploitable (tulip fever and early dumps thanks to masses of late investors). Yet, Ethereum, Storj, SIA, Burst, et cetera all chomped at the bit and remain stuck on this toyish PoW mining phase which has all the same problems as Bitcoin. They do have some cool and potentially useful proposed technologies, but the development is at a snails pace.

• We still don't have the intended "cycles incentive" for running a full Ethereum node and final DAG is fast approaching. Meanwhile, the full node chaindata database grew nearly 20GiB in one quarter. D:

• The various distributed storage models are a little more sensible, but not entirely convincing since a. they too started with the same PoW mining hook to get some of that pie, and b. when compared to regular online storage services, cost and reliability doesn't look so good.

Since the incentive is strictly in "coin", there is no certain fate for new users, especially since the total crypto landscape continues to fragment with more players, and value is split across them. (By the way, the additional players are looking more and more like the early days of flashy altcoins trying fast pump and dump strats.)

Perhaps AMD and Nvidia created Bitcoin. Can you imagine how crazy that would be? They both are making bank off GPU purchases so if I was the conspiratorial type then I would posit that probability.

nVidia could have bought up all AMDs cards in the world and mined from 2017 January to 2017 November and tripled their investment.

I'm enjoying this drop.
It's just a matter of time before institutes start investing in blockchain. Once this happens even old ATH Bitcoin price ($20.000) will seem like a good investiment.
So I'm HODLing for a year - year and a half.

Nice. haha

I don't know about it shooting back up. I mean, the first time it breached $4000 it was still "making sense" at the time. Everything after that was hype. I'm not saying hype isn't real, though.