Goldtent TA Paradise

Excellent article on the not so bright future of Bitcoin

1. Fullgoldcrown says:

   December 9, 2017 - 10:53 am at 10:53 am

   another take

   https://www.cnbc.com/2017/12/09/bitcoin-cameron-winklevoss-predicts-multitrillion-dollar-value-for-cryptocurrency.html

2. traderscott says:

   December 9, 2017 - 1:18 pm at 1:18 pm

   If I understand Winklevoss correctly, he expects the market cap of bitcoin to equal gold’s at some point (not sure why though). This implies a 6 trillion dollar value for (eventually) 21 million coins or roughly $285,000 per coin. I guess anything can happen, especially if dollars are printed non-stop to create hyperinflation. But even if hyperinflation does happen, the market cap/price of gold would soar also. Call me crazy, but I will take the gold.

3. red label says:

   December 9, 2017 - 1:30 pm at 1:30 pm

   Crypto’s don’t make sense economically. If this trend of creating wealth from only electrical power and algo’s has legs then what happens when big industry decides to shutter there plants and just produce Crypto’s? Why make anything anymore?

   The whole world can just sit in the basement and play video games while everybody gets rich from nothing. Not sure who is going to grow the food and make the beer tho?

4. PT says:

   December 9, 2017 - 2:13 pm at 2:13 pm

   I read that article, and it makes sense to me. Just looking at the GBTC chart as a reasonable proxy, it sure looks to be in bubble territory, although to me it looks like there’s good odds for another big push (maybe 20000 or 25000). But the thing that I think is going to create the big issue is just the continually increasing cost of managing the blockchain – so if I understand correctly, each transaction gets more expensive to settle, and in a non-linear way. I don’t know enough about the specifics of the blockchain management process, but I know something about exponentially increasing complexity, and if that’s what’s happening with the blockchain (and that’s what the articles about it make it sound like), then it’s going to be impossible to settle transactions in a relatively short period of time due to the computing power required to update the block chain. If anybody has some actual technical knowledge about this, and about how this is not going to be a problem, I’d love to hear it

   • Russian says:

     December 10, 2017 - 6:21 am at 6:21 am

     Two separate issues as I see it.
     Difficulty of mining went up nearly 20% in December alone and nearly 30 in October. So it takes more and more energy to mine one block.
     Secondly, transaction fees are high because blocks are full in peak time.
     My knowledge is far from comprehensive and I fail to see how it’s not going to be a problem going forward.

5. neildavis2002 says:

   December 9, 2017 - 2:24 pm at 2:24 pm

   As I see the cryptos gain popularity, so do the number of “ICO’s”. The appeal of these cryptos to most people is the blockchain upon which they are established. But I think once people start linking actual commodities to the blockchain technology to establish coin units, instead of simply using an electronic blockchain unit itself as the coin unit, you will see them begin to go the way of beanie babies. I think we are already starting to see the anticipation of this idea with the recent rise of Goldmoney Inc. which Fully showed earlier in the week. I don’t even know if Goldmoney has incorporated blockchain tech into their gold sales yet, but the market appears to be betting that they will. I think Spock hinted at an idea of this sort yesterday. Wait and see.

   • Fullgoldcrown says:

     December 9, 2017 - 3:24 pm at 3:24 pm

     Yes Spock is introducing this idea of Gold backed Tokens to be used to finance Explorations and Mines , thereby

     precluding the need for share dilution.

     He has secured some significant contracts with a leading Etherium blockchain technology company and Canamex is therefore on the leading edge of this new paradigm .

     From what I understand Canamex will be the “Custodian” for these Tokens ( Gold and Silver backed blockchain coins)

     There will be a consortium of miners involved…stay tuned. Brave new world of Mining being created before our eyes.

6. Fullgoldcrown says:

   December 9, 2017 - 3:25 pm at 3:25 pm

   Thanks for this article Traderscott…it is excellent…kudos to Hamilton.

   Thanks for stimulating this discussion.