Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)

[heisenburrr]

If they make their own then the need for BTC is even less therefore the demand and price go down. Same thing if other crypto currencies are created.



So you're saying that BTC has value because of the technology? The same tech that can be replicated elsewhere by other companies. So we're paying a huge premium for the technological aspect of it? Is that the ticket now? That's funny.

The point of HAVING to use something is in regards to currency. If you want to buy someone in America, you HAVE to use USD. If you go to France, you HAVE to use Euros. There is very minimal forced usage of BTC. No one HAS to use it. Anything you can pay for with BTC, you can pay for with USD or Euros.



I flipped from $120 to $360 and got out. What I'm saying is its highly over priced and the inflated worth will never fulfill itself. Its the trendy pick right now. BTC may not fail, but it is not worth anywhere near what its at right now. An artificial bubble was created with hype and no substance, and things like this always crash back to reality. I wouldn't touch BTC until it drops back to the $200 range and shows it has support there.

butttt no one has to use gold and people still buy it

 

[无名的]

So you're saying that BTC has value because of the technology? The same tech that can be replicated elsewhere by other companies. So we're paying a huge premium for the technological aspect of it? Is that the ticket now? That's funny.

Twitter is at $57 a share and hasn't turned a profit.

Let Bitcoin eat.

 

[ill]

butttt no one has to use gold and people still buy it

I see someone failed their economics 101 classes. Gold has intrinsic value. BTC does not.

 

[heisenburrr]

what happens if the chinese accept bitcoins. does the price go up or down... cause i know they'r'e gonna accept it in a few weeks. will they make their own? what if they make their own like jp morgan did.. what did jp morgan accomplish or want to accomplish by making their own..

JP Morgan did not create a cryptocurrency. There is no sign that point to China accepting Bitcoins as of right now, quite the contrary, please inform yourself and read up on the subject.


People could create a million copy cat of Bitcoin, but they still won't be a threat to it because of the infrastructure behind Bitcoin, that is constantly growing

That's like saying everyone could create a search engine.

Do you have the resources to compete with Google ?

 

[heisenburrr]

I see someone failed their economics 101 classes. Gold has intrinsic value. BTC does not.

what intrisic value is in gold

nothing has intrisic value in this world. only the value we're willing to give to it.



b bbb buutt gold is shiny ! it's a good conductor that can be used in electronics !

yep, so are tons of other metals.

 

[ill]

what intrisic value is in gold

nothing has intrisic value in this world. only the value we're willing to give to it.



b bbb buutt gold is shiny ! it's a good conductor that can be used in electronics !

yep, so are tons of other metals.

If you believe that than I can't continue to argue with you. Take Econ 101 and come back. I'm not even being a wiseass right now. Seriously, take an econ class and come back and fix your argument.

 

[Berniewood Hogan]

http://www.theguardian.com/technolo...ina-payment-processors-digital-cryptocurrency



http://www.reddit.com/r/worldnews/comments/1t5ugl/bitcoin_loses_almost_50_of_its_value_overnight_as/

The current top post on /r/bitcoin is the number for the US suicide hotline.

Edit - I'm not joking

http://www.reddit.com/r/Bitcoin/comments/1t5ofu/please_sticky_usa_suicide_hotline_1800273talk/

 

[Kritic]

JP Morgan did not create a cryptocurrency. There is no sign that point to China accepting Bitcoins as of right now, quite the contrary, please inform yourself and read up on the subject.


People could create a million copy cat of Bitcoin, but they still won't be a threat to it because of the infrastructure behind Bitcoin, that is constantly growing

That's like saying everyone could create a search engine.

Do you have the resources to compete with Google ?

you or no one else really knows what china is going to do about bitcoin in the future. just like we didn't know they were gonna deny it. so my question is if they accept it how does it affect the price, it goes up or down? china or another major economy accepting bitcoin is the only thing that's gonna save it.

42% of ppl know what a bitcoin is. it's still early in the game for another crypto currency to get in the game.

 

[heisenburrr]

If you believe that than I can't continue to argue with you. Take Econ 101 and come back. I'm not even being a wiseass right now. Seriously, take an econ class and come back and fix your argument.

I'll leave it to renowned economist to explain it to you

http://archive.lewrockwell.com/north/north772.html

intrinsic value simply doesn't exist

 

[ill]

I'll leave it to renowned economist to explain it to you

http://archive.lewrockwell.com/north/north772.html

He states that NOTHING other than GOD has intrinsic value

So what you're saying is Warren Buffets strategy of investing in under-priced stocks with true intrinsic value is just a farce? Makes sense

 

[heisenburrr]

you or no one else really knows what china is going to do about bitcoin in the future. just like we didn't know they were gonna deny it. so my question is if they accept it how does it affect the price, it goes up or down? china or another major economy accepting bitcoin is the only thing that's gonna save it.

42% of ppl know what a bitcoin is. it's still early in the game for another crypto currency to get in the game.

well obviously if Bitcoin is backed by a superpower like China, the prices will skyrocket. How else do you want this to affect the price ?

 

[heisenburrr]

He states that NOTHING other than GOD has intrinsic value

So what you're saying is Warren Buffets strategy of investing in under-priced stocks with true intrinsic value is just a farce? Makes sense

you're just not getting the point.

Warren Buffet's strategy points to stock that supply essential needs to make the world go round

have you read the article I refered you to or did your selective reading only point you to that God mention ?

 

[ill]

you're just not getting the point.

Warren Buffet's strategy points to stock that supply essential needs to make the world go round

have you read the article I refered you to or did your selective reading only point you to that God mention ?

I stopped reading when I got to the part where he said God is the only thing in this life with intrinsic value. I've already read both sides of the argument over wether gold has/does not have intrinsic value in the past.

Anyways, let's make that bet. $500 that BTC doesn't touch 1K again. Give me a time frame that you think it will be there.

 

[heisenburrr]

for the sake of argument, here is a good comment IMO on what you could say is the intrinsic value of Bitcoin.

The Intrinsic Value Of Bitcoin Is "Trust"

How do you make strangers from all over the world trust eachother? Not an easy task. When it comes to money, the reason we willingly accept dollars for payment is because we trust them. We all know that the paper a dollar is printed on is essentially worthless, it doesn’t even work for the purposes of a piece of paper, which is a clean surface to write on. Yet, we all stake our livelihoods on the value of a dollar, whether it is in our hand, or our bank account. Why? Because we trust dollars. We trust the system dollars are based on, which is a fractional reserve banking system with an implied guarantee by our government that those dollars are legal tender. We trust the system to enforce the value of a dollar, and we trust that people will accept them as a form of payment today, tomorrow, and a long time into the future. We know that our dollars will lose value over time, but that is apparently a small price to pay for the benefits of trust that a dollar provides.

However, if a stranger walked up to your store in the USA and wanted to pay you with Japanese Yen, would you accept it? Probably not, because unless you are familiar with Japanese currency, you would not be able to trust that those bills are real. In otherwords, you would not trust the other party enough to engage in that transaction because you are uncertain of the value of the object they are presenting you with.

When critics of Bitcoin speak out, they often point to the fact that Bitcoin has “no intrinsic value” and therefore cannot be considered a valuable or safe investment. Unlike gold or silver, they might say, you can’t do anything useful with a Bitcoin – you can't build anything with it, you can’t eat it, it is not tangible. However, if Bitcoin is trusted by people, we quickly realize that anything that provides trust between strangers is indeed extremely valuable. In fact, look at all of the money spent on establishing contracts between two parties who don’t trust eachother. Trust is so hard to find in commerce today that we have entire systems established to provide trust . We store our money in a bank because we trust that bank. We use an escrow service to close a sale on a property because buyer and seller do not trust eachother. Collectively as a society we spend billions of dollars in legal fees every year due to a lack of trust.

But people so far seem to trust Bitcoin. Programmers, hackers, and everyone else who deeply understands technology seems to trust Bitcoin. Of course, trust doesn’t mean perfection or “fail safe”. We trust dollars, eventhough millions of counterfeit dollars are circulated all over the world. We trust our bank even though there is a chance it may go bankrupt. We put money in stocks because we trust that those companies will survive financial turmoil or market changes. In other words, whether or not Bitcoin is perfect or not doesn’t matter if most people trust it most of the time. And for people to trust something with their money, it needs to work almost every time. So far, Bitcoin has lived up to its reputation as a trustworthy method of exchange.

Another criticism of Bitcoin is that there is now a better way to make a Bitcoin. But technology is funny, because, often times widespread adoption is what makes it the best. For example, I know many programmers complain that HTML is a horrible language to use for the Internet – but that is the one we are using and so it remains dominant. English might not be the easiest language to learn, but yet, it has become the dominant language for business. Google might not even be the best search engine, but it works well enough that people trust it and don’t even bother looking for a better one. Over and over again we see how when the time is right for a particular technology, widespread adoption is the primary factor in determining its success. It doesn’t have to the best possible solution, it just has to be a solution that works to solve a problem.

As more and more people learn to trust Bitcoin and/or other coins like it, they will permeate our society to a larger and larger degree until everyone knows and trusts them, without any third party required to establish trust. Trust between strangers, especially for the purposes of commerce, is probably one of the biggest problems we have on the planet. If Bitcoin works to solve that problem, its intrinsic value is immeasurable.

 

[ill]

@heisenburrr are you taking me up on the bet that you wanted or what? i put my money where my mouth is. If i could short BTC right now I would but since I can't, taking your money will have to do