Bitcoin storms past $11,000 Signals a lost in confidence in traditional investments
- Thread starter Angstrom
- Start date
My brother bought me $50.00 of Bitcoin a few months ago for a birthday present. I'll just forget about it till I'm 100 years old, and pass it on to my grandkids if it's worth anything by then.
Agreed. Bitcoin reminds me a good deal of the Dutch Tulip Mania in the 17th Century. People went mad over tulips, trading and selling them for enormous prices until the whole thing collapsed. It nearly destroyed the Dutch economy.
Hi! Hoid
BitCoin is a total failure. Totally.
The technology and software is just too ancient and way too slow to transact anything. BitCoin can only process 7 transactions per second. You need 100 thousand transactions per second. The reason BitCoin is so slow is because it needs to drag around a zillion bytes of code in order to keep the BlockChain intact. No store wants to wait around for 5 minutes or 5 hours for a transaction to clear.
BitCoin is useless as a universal coin. Totally useless. The software which operates BitCoin might be worth money because it can be used to track warehouse inventory as an example. But the BitCoin itself, is only worth what some collector is willing to pay. It can never be used as a currency because the software is too cumbersome and impossible to improve. It is not as if you can speed up the software by buying a faster computer or processor.
I did not buy Cloud Coin to use as money. I purchased it because I think that the software program which it runs on is the best in the world and the quickest. Where BitCoin can only handle 7 transactions a second ..... CloudCoin can handle 100 thousand transactions per second. VISA handles 75-100 thousand transactions per second.
The CloudCoin software is presently being used by sports card manufacturers and where it can be tracked and verified and traded. There are lots of opportunities for RAIIDA technology.
BitCoin is a total failure. Totally.
The technology and software is just too ancient and way too slow to transact anything. BitCoin can only process 7 transactions per second. You need 100 thousand transactions per second. The reason BitCoin is so slow is because it needs to drag around a zillion bytes of code in order to keep the BlockChain intact. No store wants to wait around for 5 minutes or 5 hours for a transaction to clear.
BitCoin is useless as a universal coin. Totally useless. The software which operates BitCoin might be worth money because it can be used to track warehouse inventory as an example. But the BitCoin itself, is only worth what some collector is willing to pay. It can never be used as a currency because the software is too cumbersome and impossible to improve. It is not as if you can speed up the software by buying a faster computer or processor.
I did not buy Cloud Coin to use as money. I purchased it because I think that the software program which it runs on is the best in the world and the quickest. Where BitCoin can only handle 7 transactions a second ..... CloudCoin can handle 100 thousand transactions per second. VISA handles 75-100 thousand transactions per second.
The CloudCoin software is presently being used by sports card manufacturers and where it can be tracked and verified and traded. There are lots of opportunities for RAIIDA technology.
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Bitcoin can cause massive internet shutdown – report
June 18, 2018
Only supercomputers will be able to process cryptocurrencies in nearest future, and transactions can lead to an internet collapse, according to a recent report by Swiss-based Bank for International Settlements (BIS).
“To process the number of digital retail transactions currently handled by selected national retail payment systems, even under optimistic assumptions, the size of the ledger would swell well beyond the storage capacity of a typical smartphone in a matter of days, beyond that of a typical personal computer in a matter of weeks and beyond that of servers in a matter of months,” the report said.
(PDF Document)
https://www.bis.org/publ/arpdf/ar2018e5.pdf
Records of cryptocurrency transactions are kept on a digital ledger. With every money transfer, the ledger swells in size.
Then, users of cryptocurrencies will face other problems with transactions, according to the report. “Only supercomputers could keep up with verification of the incoming transactions. The associated communication volumes could bring the internet to a halt, as millions of users exchanged files on the order of magnitude of a terabyte,” BIS wrote.
The BIS also criticizes the mounting transaction fees of cryptos. When bitcoin peaked at $20,000 in December, a single operation with the digital currency cost additional $57. "Just imagine, if you bought a $2 coffee with bitcoin, you would have had to pay $57 to make that transaction go through,” said Hyun Song Shin, the bank’s head of research. Some people don’t hold cryptocurrencies as money, but are speculating on its price, he added.
June 18, 2018
Only supercomputers will be able to process cryptocurrencies in nearest future, and transactions can lead to an internet collapse, according to a recent report by Swiss-based Bank for International Settlements (BIS).
“To process the number of digital retail transactions currently handled by selected national retail payment systems, even under optimistic assumptions, the size of the ledger would swell well beyond the storage capacity of a typical smartphone in a matter of days, beyond that of a typical personal computer in a matter of weeks and beyond that of servers in a matter of months,” the report said.
(PDF Document)
https://www.bis.org/publ/arpdf/ar2018e5.pdf
Records of cryptocurrency transactions are kept on a digital ledger. With every money transfer, the ledger swells in size.
Then, users of cryptocurrencies will face other problems with transactions, according to the report. “Only supercomputers could keep up with verification of the incoming transactions. The associated communication volumes could bring the internet to a halt, as millions of users exchanged files on the order of magnitude of a terabyte,” BIS wrote.
The BIS also criticizes the mounting transaction fees of cryptos. When bitcoin peaked at $20,000 in December, a single operation with the digital currency cost additional $57. "Just imagine, if you bought a $2 coffee with bitcoin, you would have had to pay $57 to make that transaction go through,” said Hyun Song Shin, the bank’s head of research. Some people don’t hold cryptocurrencies as money, but are speculating on its price, he added.
As of today my 200 dollar investment in CloudCoin is now worth 400 bucks.
75 million dollars in CloudCoins were sold last month.
The CloudCoin consortium is going to be a featured speaker at FreedomFest which is very good advertising for coin sales.
https://www.facebook.com/TheFreedomFest
CloudCoin is going to be listed on the BitShare Exchange.
https://wallet.bitshares.org/#/market/USD_BTS
My educated guess, after investigating this new type of currency for more than a year now, that it will be worth at least 10 dollars per coin within 6 months. (I paid 3 cents per coin.)
I am seriously thinking about buying another 2000 dollars worth before month end. I'll let you know if I do or not.
Edit:
Okay ..... I invested another thousand dollars Canadian for additional CloudCoins.
I now own 52 thousand CloudCoins.
75 million dollars in CloudCoins were sold last month.
The CloudCoin consortium is going to be a featured speaker at FreedomFest which is very good advertising for coin sales.
https://www.facebook.com/TheFreedomFest
CloudCoin is going to be listed on the BitShare Exchange.
https://wallet.bitshares.org/#/market/USD_BTS
My educated guess, after investigating this new type of currency for more than a year now, that it will be worth at least 10 dollars per coin within 6 months. (I paid 3 cents per coin.)
I am seriously thinking about buying another 2000 dollars worth before month end. I'll let you know if I do or not.
Edit:
Okay ..... I invested another thousand dollars Canadian for additional CloudCoins.
I now own 52 thousand CloudCoins.
Hi! White Unifier
With CloudCoin, it is a "Real Gamble" and not a "Real Investment".
I agree ..... Gold is an excellent investment. But, if I invested 15 hundred dollars in gold today, my return would not amount to much. 15 hundred would only buy me an ounce of gold. For me to double my money, it would need to go to 3 or 4 thousand an ounce.
No doubt gold is going to hit 5 thousand dollars per ounce within the next 10 years, But I am thinking short term. China and Russia are investing heavily into gold.
Although I predicted that CloudCoin will probably be selling for 10 bucks each within 6 months, my ass is gonna begin getting the itch to get out when it reaches a dollar per coin. My worst fear with CloudCoin is if the government steps in and puts a stop to it. CloudCoin is totally anonymous and thus a real threat to any state currency. For sure, the very minute CloudCoin hits the exchange, BitCoin is going to take a huge hit. Bit Coin is not anonymous because it has a blockchain, but CloudCoin does not.
With CloudCoin, it is a "Real Gamble" and not a "Real Investment".
I agree ..... Gold is an excellent investment. But, if I invested 15 hundred dollars in gold today, my return would not amount to much. 15 hundred would only buy me an ounce of gold. For me to double my money, it would need to go to 3 or 4 thousand an ounce.
No doubt gold is going to hit 5 thousand dollars per ounce within the next 10 years, But I am thinking short term. China and Russia are investing heavily into gold.
Although I predicted that CloudCoin will probably be selling for 10 bucks each within 6 months, my ass is gonna begin getting the itch to get out when it reaches a dollar per coin. My worst fear with CloudCoin is if the government steps in and puts a stop to it. CloudCoin is totally anonymous and thus a real threat to any state currency. For sure, the very minute CloudCoin hits the exchange, BitCoin is going to take a huge hit. Bit Coin is not anonymous because it has a blockchain, but CloudCoin does not.
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I don't really see gold as an investment but rather as a savings. It doesn't grow in value but does hold its value against inflation. For growth, it might make more sense to invest in stocks either directly or through mutual funds.
Gold doesn't really increase in value over the long term. It just maintains its value. That why it's a good savings tool but not a good investment tool.
You can speculate in short-term gold markets of course. But in the long term, gold mostly just holds its values which, compared to fiat money, is already a big improvement.
Take a look at gold over the past 15 years and try saying that again without stopping yourself from looking foolish.
Just some information to add to this thread so as to assist others who are interested in CryptoCurrency .....
There are 24 Million BitCoins in circulation.
CloudCoin presently has 400 million coins in circulation and with the intention to create a final total of 1.4 Billion coins in circulation within the next 4 years. The reason (or excuse) used to justify such a large amount of coins being created is because the inventors supposedly don't want the coin value to rise to such a high amount such as BitCoin is. (11,000.00 dollars each.) There is some suggestion that CloudCoin might top out at less than 1 thousand dollars per coin because of such a large amount in circulation, thus making it easier for ordinary people to purchase the coins.
There are 24 Million BitCoins in circulation.
CloudCoin presently has 400 million coins in circulation and with the intention to create a final total of 1.4 Billion coins in circulation within the next 4 years. The reason (or excuse) used to justify such a large amount of coins being created is because the inventors supposedly don't want the coin value to rise to such a high amount such as BitCoin is. (11,000.00 dollars each.) There is some suggestion that CloudCoin might top out at less than 1 thousand dollars per coin because of such a large amount in circulation, thus making it easier for ordinary people to purchase the coins.
17 Reasons Why CloudCoin Will Dominate Bitcoin In Future
May 27, 2018
Infographic
https://amazingprofitsonline.com/17...n-will-dominate-bitcoin-in-future-infographic
CloudCoin Review: First Cloud Based e-Currency That Could Replace Bitcoin
By John
July 08, 2018
https://amazingprofitsonline.com/cloudcoin-cloud-based-e-currency-that-could-replace-bitcoin
May 27, 2018
Infographic
https://amazingprofitsonline.com/17...n-will-dominate-bitcoin-in-future-infographic
CloudCoin Review: First Cloud Based e-Currency That Could Replace Bitcoin
By John
July 08, 2018
https://amazingprofitsonline.com/cloudcoin-cloud-based-e-currency-that-could-replace-bitcoin
CloudCoins are selling for 8 cents each today ..... I purchased mine in July for 2 cents each.
They are going to hit the exchange on Monday if everything goes according to Hoyle, and I think they will open at 10 cents.
They are going to hit the exchange on Monday if everything goes according to Hoyle, and I think they will open at 10 cents.