
Bitcoin is over 9000 - atrudeau
https://www.reddit.com/r/Bitcoin/comments/7fkqh5/its_over_9000/
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pmorici
A friend of mine emailed me yesterday. He had just been shopping at the Aldi.
He used his phone to pay with Android Pay and the checkout person asked him if
he was paying with Bitcoin. A little more discussion it turns out that the
checkout clerk owned some Bitcoin but didn't really know enough about it to
know that you couldn't pay with Bitcoin at Aldi or that because of the high
fees and full blocks it would have been impractical to use to pay for $30 of
groceries even if they did accept it as payment.

Point is; this rally is being driven by a bunch of people who don't know what
they are buying but are excited about the prospect of it "going to the moon"
and getting rich. No way this ends well. Bitcoin Core was a rational
investment at $1,000 when it looked like there would be comprise on the block
size but now it is just a ponzi scheme which will be remembered as the MySpace
of Crypto.

edit: Another interesting data point is Coinbase user growth. Their growth has
recently been doubling month over month and they are on track to add 2 million
users in November up from 1 Million added in Oct.

[https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu...](https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu-
Qv9SS1ck2iPt6Kw9a55z0k/htmlview?usp=sharing&sle=true)

Compare that to actual transactions on the Bitcoin network. They peaked in May
after sustained multi-year growth and have been flat or down since because the
transaction limit as hit and Bitcoin Core is shedding users to any of the
numerous alternatives.

[https://bitinfocharts.com/comparison/bitcoin-
transactions.ht...](https://bitinfocharts.com/comparison/bitcoin-
transactions.html)

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jerguismi
What do you think about bitcoin debit card providers, xapo, coinsbank etc? Do
you consider them as "paying with bitcoin"? As I understand they are quite
popular nowadays.

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jastanton
Serious question: who is mining bitcoin still, and how are we seeing such
growth lately?

Last I read up on it there were some data farms crunching away barely covering
their expenses, and it’s only getting harder. How can we even see see such
growth?

~~~
pmorici
Bitmain, a Chinese startup is the biggest player in the space in terms of
selling the equipment to mine. Miners that operate at scale are quite
profitable. It's only little guys that were doing it at home who weren't
making money at it any more.

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bobsgame
I'm not convinced it will continue rising. I think it will be eventually
replaced by a currency that solves all of its problems.

~~~
mdotk
ethereum

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dwaltrip
That reddit thread isn't pretty.

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vosper
I don’t even know where to start with the bitcoiners anymore. I don’t really
want to complain about them here, because I don’t think it’s productive but I
worry that a bunch of people who have no clue what they’re “investing” in are
getting exploited by barely-more-competent shills and fanatics. It’s both
fascinating and scary to watch.

