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I still question the early bag-holders of Bitcoin. Where are they and what do they do now? I think Litecoin came at a time when more people had an awareness of
by 1-6 6y ago
I still question the early bag-holders of Bitcoin. Where are they and what do they do now? I think Litecoin came at a time when more people had an awareness of cryptocurrency, it's more democratized during the initial phases because of Scrypt and GPU's being the dominant mining tool at the time. ASICs shifted that balance again but I still have my doubts about who owns the majority of Bitcoin.
- doopy1 6y agoBag-holder usually has the connotation of holding a worthless asset, bitcoin is currently at an all time high.
- arcticbull 6y agoThe underlying asset is utterly worthless, for all the reasons posited here in the article and more — that people are willing to pay you for it doesn’t change that.
- doopy1 6y agoYes it does change that. If you can sell something for $29K you're not bag holding...
- arcticbull 6y agoDepends how long you hold it for.
- doopy1 6y agoWell yeah, exactly, you're not a bag holder until it's a bag of something worthless.
- brokenkebab 6y ago>that people are willing to pay you for it doesn’t change that. I dare to insist it most certainly does. Anything is economically wothless unless there are people willing to participate in exchanging it.
- lumost 6y agoIn the long term this definition is murkier, see the Dutch Tulip bulb bubble of the 1630s.
- brokenkebab 6y agoI'm not sure we have any definition here :-) But claim that anything is economically wothless unless there are people willing to participate in exchanging it is in fact supported (not denied as you seem to imply) by any example of speculative bubble, including of course Tulipmania.
- arcticbull 6y agoPeople are using bitcoins price to justify its value. Price is not value, certainly not on a short timescale. Consider that in the short term a market is a popularity content but in the long term, it weighs actual value. This is another way of saying that the market can remain irrational longer than you can remain solvent. If you actually attempt to assess fundamental value of Bitcoin based on anything comparable it’s value approaches zero. It’s pretty much worthless at anything it’s ever been positioned to achieve except crime and speculation. Frankly it’s not even good at crime.
- wolco2 6y agoThe value of a bitcoin is the rarity of owning a coin is limited and the way it works opens up transactions globally. The price is the market demand.
- arcticbull 6y ago
- lumost 6y agoI would bet a lot of folks have been selling it over time. My wallet once held ~10 BTC for a few transactions back in the early days. I ended up with 5 btc left over that I rode the bull market with, selling half the position post bull run each time. I kick myself for loosing the BTC my friend and I mined back in '09 on CPU time when it truly was worthless. But I was a dumb college student at the time and was simply playing around with it for a few days. I wonder how many BTC were permanently lost in this period.
- wolco2 6y agoI would love to understand this in detail. If you mined it once you get a hash. When you say you lost those coins you lost the hash to the account? When you mined in 2009 was the hash smaller than today? Is brute forcing possible?
- kovach 6y agoThey lost the private keys, and they are not brute forceable. https://en.wikipedia.org/wiki/Elliptic_Curve_Digital_Signature_Algorithm https://en.wikipedia.org/wiki/Elliptic_Curve_Digital_Signatu...
- cbozeman 6y agoOh man, I'm right there with you. I had the Bitcoin wallet app on my LG G3 years ago... I found a backup USB stick with the wallet backed up to it. Tried to restore the wallet, realize I've forgotten the password. It didn't have much on it, maybe 23 mBTC or so, but that's about $700 nowadays.