I read a lot of people feel that same way. Others are saying bitcoin is going to become too expensive for regular every day trading/buying of stuff so it might have a place. Decisions decisions...
Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)
- Thread starter irishfury
- Start date
I read a lot of people feel that same way. Others are saying bitcoin is going to become too expensive for regular every day trading/buying of stuff so it might have a place. Decisions decisions...
heisenburrr
Have Fun Staying Poor
if we believe Bitcoin can be an established b2c b2b currency, Bitcoin's infrastructure is already too far ahead and it sort has become the internet's cryptocurrency of choice. I don't see that changing.
Trust, credibility and popular acceptance are very important factors for the establishment of anything on the internet. Much like html for web development, I see Bitcoin becoming the "defacto standard" for cryptocurrency.
Similarly, should cryptocurrencies be accepted globally as a commodity and store of wealth. I can't imagine government and international market to recognize many if more than 1 crypto currency. In that regard, Bitcoin has, again, an history and recognition that other cryptocurrencies don't carry, yet.
Bitcoin will indeed become too expensive for day trading, money play. It is no longer a penny stock type of commodity. As far as using Bitcoins as a currency to buy stuff, it doesn't make sense to say that it will become too expensive. The amount of bitcoin required to purchase something will be of same value as if it was in dollars. Remember, bitcoins can be broken down to smaller units.
iNad925
Imma let you finish, but WINTER IS COMING
I bet some of ya'll up in this thread are like --->
Jokes aside for the new blooded BTC enthusiasts just remember some key points of what you are getting involved in as its not as simple as buying,selling & flipping;
We know there are only so many bitcoins...so people are hoarding them and driving up the imaginary price.
People with deep pockets (china) are investing into the program, driving the price up even further.
It's getting harder and harder to mine bitcoins, many people probably spending $1,000's of dollars and may mine a few coins in a years time.
There is no safety net. You toss a hard drive into the trash, you have a power surge, your account gets hacked...nobody.will.back.you.up. There is no FDIC, there is no police report that can be taken. The value of the bitcoin is purely a value to those who want to collect bitcoins. Bitcoin could be priceless, but only to the enthusiast I suppose.
Will people take them? Eventually yes...I mean on paper it looks like it's valued immensely. But could it ever be a real currency??? mehhhh debetable down the line.....Think about it...what is the intrinsic value of a bitcoin? It's the same as collecting limited edition products (FOR NOW).... NOT the same as "currency"
The bottom line: Bitcoin is genuine enough currency (again for NOW & quickly gaining steam) to have created apparent instant millionaires with an insignificant amount of capital....to face facts it's the next big collector's (again not Currency YET) item & for some odd reason everyone (well not everyone) wants a piece of it.
Check This LINK
What's interesting is how the central banking systems and the governments they own are going to react. Rest asure at some point They HAVE to react. What happens when BTC market cap reaches 100 billion?The next stop is 1 trillion. How much is my BTC worth then? I'll pay off my fukking house FFS
We are currently @ the top of another bubble that appeared to pop the other day, only to rebound right away..... thing is, this will not be going away immediately even if it's a horrendous crash. Too much globally diversified money and infrastructure in it. What if BTC is worth $100K a pop this time next year?...damn excuse my fantasy fiscal talk......got carried away jerking off to the future!
I am not trolling at all, so please excuse me if my questions come off that way. I am only saying that because I am extremely unfamiliar with BTC and the only time I've ever come across it when my boys used it to buy molly and DMT from the Silk road. With all this being said, I'm only asking these questions because I've basically read this whole thread in the last hour or so, and I still need clarification, so here goes:
1) Referring to the bolded: It doesn't have FDIC backing yet, as my Chase accounts do ($250,000 for each account), so will I lose ALL my investment if tomorrow morning BTC is worth nothing?
2) referring to your comment on how it's valuable to collectors more-so than the gen. pop: I collect sneakers, and to the non-sneaker head, most of my "investments" are worthless, albeit "dope", but sneakerheads are willing to give me nearly $200 for my DS 1978s. Similarly, as an outsider right now, BTC seems like a risky investment to me, so in your opinion, what are some of the indicators in today's economy in the US that BTC will continue to be worth a lot? As in, are there any signs that BTC will become ubiquitously used in the near future?
3) So from I've read, the value of BTC has risen nearly 300% or more, but in the future, if demand increases, at one point or another, won't they have to increase the supply? They can't just keep the same amount of BTC in "circulation" and keep driving up the price, right? They have to increase the supply to try and legitimize its use as a currency, right? So if they increase the supply, won't it inadvertently decrease the value of BTC...making my investment now, a loss in the future?
Sorry if the questions are jumbled and confusing...it's just a lot of information and I hope you're able to answer all of my questions. I hope @irishfury can help me clarify these things, as well.
Thanks in advance!
Exiled Martian
Was young I couldn't do good, now I can't do Bad
heisenburrr
Have Fun Staying Poor
LINK
Unsure how this will play out with Chinese speculators, though it should shock no one that Chinese authorities would wanna keep handle on their monetary policy...
This doesn't change a thing
Prodigital
All Star
France's banks took a shot at it too. I don't know where it goes from here. Germany seems to like it. I'm not surprised banks are trying to disregard the thing, I'm more surprised the market is shook about it. I thought this was the whole point, a currency the banks couldn't regulate. The banks are now saying they want no part in it, shouldn't that be a win?LINK
heisenburrr
Have Fun Staying Poor
the markets are back to normal now
Prodigital
All Star
Not fully true, all the bitcoin alternatives that have clear advantages over bitcoin have basically deflated in value. Then again, this could just mean wide acceptance of bitcoin only
We'll see in a couple days. That money in alternative coins has to flow through the original before it can be turned back into fiat. Bitcoin could be floating with nothing really underneath it.
heisenburrr
Have Fun Staying Poor
Not fully true, all the bitcoin alternatives that have clear advantages over bitcoin have basically deflated in value. Then again, this could just mean wide acceptance of bitcoin only
We'll see in a couple days. That money in alternative coins has to flow through the original before it can be turned back into fiat. Bitcoin could be floating with nothing really underneath it.
arguable
Domingo Halliburton
Handmade in USA
I mentioned this in another thread. There's a fixed amount of bitcoins, right? So someone loses their hardrive with bitcoins on it and it's gone forever....and the supply is not replaced. So eventually in the future there will be zero bitcoins left regardless of how much you can divide it. Is that not a fundamental flaw of bitcoin?
88m3
Fast Money & Foreign Objects
I couldn't get a straight answer whether it was a commodity or a currency.
heisenburrr
Have Fun Staying Poor
Doesn't make any sense. Are you suggesting every single unit of bitcoin (21 x 10^13) will be lost ?
heisenburrr
Have Fun Staying Poor
I couldn't get a straight answer whether it was a commodity or a currency.
how can you not understand it can be both ?
ADevilYouKhow
Rhyme Reason
do you have a rig for sale by chance?