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BITCOIN - What You're Not Being Told - VIDEO

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BITCOIN - What You're Not Being Told - VIDEO

Post  Ponee on Thu Dec 26, 2013 12:24 pm


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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  Guest on Thu Dec 26, 2013 12:25 pm

Ponee,

Do you ever sleep..? LOL.. thanks for the info and I will check it out

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  Guest on Thu Dec 26, 2013 2:34 pm

Ponee,

My 13 year old heard about bitcoin a year ago and so did my son.  I guess I am just behind with this.  I also watched a video about a couple traveling from Salt Lake City, Utah on bitcoin to Europe and Asia.  

I still have mixed feeling about bitcoin.  Three weeks ago the price is almost the same if not slight higher than gold which now has lost half of its value and trading at around 500 dollars.  It's virtual currency and basically it's bartering in the new way.  Do I want to invest in bitcoin and taking the chance of losing the money? or do I want to invest in gold..? even though the price goes down, at least I know I can walk to any gold dealer and sell it again.

I want to study more about this.  It's just not sit quite well with me Smile

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  Kevind53 on Thu Dec 26, 2013 6:11 pm

You also stand the chance of losing money on Gold or Silver. I have a feeling that Gold prices are riding a bubble, and will crash soon.

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  Guest on Thu Dec 26, 2013 6:16 pm

Kevin,

That is true but at least I have something in my hand besides the virtual currency.  I think there will be some corrections.  Just like anything.. it's being inflated too.. gosh the only thing not inflated is our bodies lol

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  Kevind53 on Thu Dec 26, 2013 6:26 pm

I have a feeling we will see a lot of prices dropping in the days to come. If the Fed does start tapering the QE and allow interest rates to rise, there will be less force driving money into things like stocks, precious metals, etc.

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  livingintheloop69 on Fri Dec 27, 2013 2:18 pm

this is a good reason to maybe diversify into litecoinas well as bitcoin. i really dont see this as being a problem anytimee in the near future though. interesting video though.

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  Kevind53 on Sat Dec 28, 2013 2:42 pm

IF I were invested in bitcoins or any other virtual currency, I would be diversifying AWAY from virtual currencies. Otherwise it is like buying silver because you are concerned that gold is due for a tumble. you're still in the same type of investment with a connected risk.

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  Kevind53 on Sat Dec 28, 2013 2:42 pm

BTW, I totally agree with the guy on the video ...

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  livingintheloop69 on Mon Dec 30, 2013 10:52 am

i posted this video on another forum im a member of which has a lot of bitcoin expertss and everyone seemed to say this isn't a legitimate concern. granted the other forum is a bitcoin forum so its a bunch of bitcoin fanboys but still their explaination made sense. bitcoin was't meant to handle all the little $2 transactions. its kinda beyond my understanding but they said there would basically be little networks that would handle all the $5 transactions for coffee and smokes and stuff and the big stuff would work off the blockchains. also i dont know whether this is true or not but unlike what this video seemed to incinuate that it cannot be changed they said you can rewrite the bitcoin code and program just like you can any other. i dont really understand this just kinda reporting back waht others had to say about this issue

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  livingintheloop69 on Mon Dec 30, 2013 12:10 pm

 He's wrong. Block Chain Header growth is already covered in the original paper and will be bounded by moore's law to easily fit in memory. Storing the transaction tree is done is such a way as it's possible to reclaim space e.g. via sharding. It just hasnt been done yet in the reference client as there is not a huge need -- most hard drives can handle 10GB easily these days. Although wallets like electrum do it already.

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Re: BITCOIN - What You're Not Being Told - VIDEO

Post  livingintheloop69 on Mon Dec 30, 2013 12:10 pm

The narrator of this YouTube has an opinion, that's all, and acts as if he knows what the bitcoin programmers and developers are doing. The facts are that he is talking head, he does narrations. People download entire movies on Netflix, every day, MILLIONS of them, every day. A Movie is much, much larger than the bitcoin blockchain. The narrator of this YouTube to my knowledge is not a programmer, and is not a mathematician of any note. Some of the worlds greatest Cryptographers, and the finest programmers in the entire world are working on solutions for bitcoin, every day. I'm sure they have a solution that will work well, just as many solutions have been addressed with the constant updating of the wallet.

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