• Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.

Bitcoin is going to ruin a ton of people mainly millennials

G

gatti-man

Member
SonicXtreme said:
lol most exchanges allow you to cash out $10,000 per day so this is a strange thing to worry about, unless you have peers who are six digits invested, and by that time i doubt those are the type of people who have money problems
Click to expand...

10,000 is really nothing. My baby robinhood stock account separate from my major trading/investment accounts has 20k in it.


pieface said:
It will take a lot with it but a lot will also survive. The crypto scene isn't completely dependent on Bitcoin doing well. There's a hell of a lot of real world use cases for many crypto coins which won't simply stop being needed just because Bitcoin has fallen in price.
Click to expand...

I don't mean die like stop functioning I mean die in the sense that it's value will be nothing compared to what it is now. When you have nothing backing up value but perception and the largest name in the game crashes it will drag the others down with it. Crypto won't react like other currencies because there is no backing to it. The only real world use crypto fills is for people in 3rd world countries and illicit transactions. Everything else I've ever heard is just fantasy land bs. Not saying there can't be other uses but I've yet to hear one.

prophetvx said:
It's inherent value is that there is global instability in many currencies and people see it as a viable store of value. Just look at how Russia, Turkey and South Africa are currently performing. US investment is obviously many people speculating but globally there are many uses for people trying to move away from their own currencies which are potentially even more volatile.

I don't even know what you could call cratering at this point... Even if it crashed down to $1500 it would have still had positive growth for 2017. There is so much money invested in it now that the risks of manipulation are quickly declining, it would take a lot of money to be pulled out for it to crater, with it being so volatile, many see it as the ebb and flow of the currency and just hold anyway.
Click to expand...

Crypto is far more volatile than any major currency lol. It's had giant crashes how many times this year alone?

The thread isn't titled if you got in at the beginning of 2017 you're doomed in crypto. I'm talking about right now. The people buying in the 8-10k range are essentially lighting their money on fire and I'm concerned about lasting damage to millennials who trust tech more than anyone else. Crypto while having money in it is still very small potatos for a currency/commodity.
 
G

gatti-man

Member
mashoutposse said:
Too many people believe in Bitcoin for it to go to zero.

Energy expenditure will have absolutely nothing to do with a crash.

The only thing that takes Bitcoin to zero is if someone figures out how to arbitrarily insert transactions into the chain. It goes to zero overnight in that case.
Click to expand...
Energy waste will be the excuse governments use to ban mining farms and computers used for bitcoin. Once it’s illegal the bull case for bitcoin falls apart. Value dies.

The bull case for bitcoin is essentially “those gains!” So as soon as that falls apart so does the market for btc.
 
Slayer-33

Slayer-33

Liverpool-2
gatti-man said:
10,000 is really nothing. My baby robinhood stock account separate from my major trading/investment accounts has 20k in it.




I don't mean die like stop functioning I mean die in the sense that it's value will be nothing compared to what it is now. When you have nothing backing up value but perception and the largest name in the game crashes it will drag the others down with it. Crypto won't react like other currencies because there is no backing to it. The only real world use crypto fills is for people in 3rd world countries and illicit transactions. Everything else I've ever heard is just fantasy land bs. Not saying there can't be other uses but I've yet to hear one.



Crypto is far more volatile than any major currency lol. It's had giant crashes how many times this year alone?

The thread isn't titled if you got in at the beginning of 2017 you're doomed in crypto. I'm talking about right now. The people buying in the 8-10k range are essentially lighting their money on fire and I'm concerned about lasting damage to millennials who trust tech more than anyone else. Crypto while having money in it is still very small potatos for a currency/commodity.
Click to expand...

Because it can't keep climbing right?

The only real world use crypto fills is for people in 3rd world countries and illicit transactions.
Click to expand...

What a load of horse shit lol. Unbelievable

Crypto is far more volatile than any major currency lol. It's had giant crashes how many times this year alone?
Click to expand...

And yet here we are today.

All major and even medium tier cryptos are massively more valuable than a year ago.

You are extremely short sighted dude. You think the world is going to function like the 70's/80's/90's? Get serious

12/25/16
https://coinmarketcap.com/historical/20161225/

11/26/17
https://coinmarketcap.com/historical/20171126/

Oh no look at how much influence the GIANT crashes had

This dude is on a hate crusade it seems.
 
Razorback

Razorback

Member
Atrus said:
Except as pointed out, this could be said of anything, including Blockchain. A common element to many alternate value schemes, like gold, is that there is consistent fear-mongering over the existing model. Yes, economies and even civilizations rise and fall with time but your lifespan with respect to these events is short.
Click to expand...

My argument is that history is speeding up. Economies and civilizations will rise and fall in the span of our lifetime. Such is the nature of the law of accelerating returns.

How many more decades will we continue to complain about the top 1% with nothing happening?
 
G

gatti-man

Member
Slayer-33 said:
Because it can't keep climbing right?



What a load of horse shit lol. Unbelievable



And yet here we are today.

All major and even medium tier cryptos are massively more valuable than a year ago.

You are extremely short sighted dude. You think the world is going to functioning like the 70's/80's/90's? Get serious
Click to expand...

So your load of horse shit is what exactly? Please tell me how Btc is going to be some amazing currency that people actually use.

All your saying is exactly what I pointed out in my last post. Bull case for crypto amounts to “those gains!” And that’s it. A currency with zero backing will never exist. Bitcoin at best is a commodity traded among the black market and technofiles
 
Slayer-33

Slayer-33

Liverpool-2
gatti-man said:
So your load of horse shit is what exactly? Please tell me how Btc is going to be some amazing currency that people actually use.

All your saying is exactly what I pointed out in my last post. Bull case for crypto amounts to ”those gains!" And that's it. A currency with zero backing will never exist. Bitcoin at best is a commodity traded among the black market and technofiles
Click to expand...

You are buying the tech today for more mainstream use tomorrow, this is still developing, people are already conducting massive buy and sales via bitcoin and other cryptos and paying taxes. You are your own bank with these assets. Unless the governments around the world throw you in jail over this I don't see how anyone is stopping this. You see volatility because this market is still in an infancy stage without mainstream adoption, but it'll get there. You seem to want to focus on the negatives of any currency. Any currency could be used for illegal activities, any. If anything you can be traced much easier via crypto because you have a particular address.

https://bitpay.com/card/

You can use that card with your bitcoin, all the while your bitcoin value is appreciating as it has been showing for over a year already. You have countless investors and even wall street ones predicting six figure gains for BTC. What is wrong with that? That's the bottom line.

If you don't like the "risks" then you have the option of not to touch this since you seem to be hellbent on throwing some hate on the tech. If you don't believe in it then that's your opinion, but the sky isn't falling here. No risks no reward

https://ripple.com/insights/news/ri...evel-the-economic-playing-field-for-the-poor/

That's just one of the positives, you have many legitimate currencies with real use cases. The thing is that this stuff is still rolling out, it's still early. More streamlined implementation and adoption by the general public is going to take some time.

https://basicattentiontoken.org/

That's another currency looking to solve real world problems in the world of e-advertising and consumer attention of ad's via a browser all while working to keep you completely anonymous and un-tracked.

https://www.ethereum.org/

I'm sure you might be familiar with etherium already, there's a lot going on right there.

No one is saying that there aren't piles of garbage crypto's but lets get real here this is revolutionary stuff in the making. People will always be apprehensive on something so highly disruptive of the status quo
 
A

Atrus

Gold Member
Razorback PT said:
My argument is that history is speeding up. Economies and civilizations will rise and fall in the span of our lifetime. Such is the nature of the law of accelerating returns.

How many more decades will we continue to complain about the top 1% with nothing happening?
Click to expand...

There is no indication that this will happen in your lifetime. It's like predicting the next Mega Earthquake or Eruption, these things happen like clockwork but the variance is so great that's it's silly to base decisions on such low probabilities in any given year.

I also don't know why you use 'We' in relation to the top 1%. If you live in an industrialized country, at the least, any revolution or change to divest the wealthy will likely include us as part of the wealthy. The top 1% income is something like $32K USD. Statistically, the groups whose median incomes are lower are those with less than a high school education and that's with limiting this comparison to the top 1% and not 5%.
 
P

prophetvx

Member
gatti-man said:
Crypto is far more volatile than any major currency lol. It's had giant crashes how many times this year alone?

The thread isn't titled if you got in at the beginning of 2017 you're doomed in crypto. I'm talking about right now. The people buying in the 8-10k range are essentially lighting their money on fire and I'm concerned about lasting damage to millennials who trust tech more than anyone else. Crypto while having money in it is still very small potatos for a currency/commodity.
Click to expand...
It's "crashed" exactly zero times this year. The market has fluctuated heavily but can you tell me exactly where it has crashed? Any blip and it recovered it's value in less than a month if not a week, that is not a crash.

KRcIMHW.png


If you have inexperienced investors panicking on those blips, yes it is a poor investment. Crypto is the wild west of investing, no doubt about it. People were talking the way you are talking when BTC was $200. You're an idiot if you put your life savings in it, but you're an idiot if you do that with any investment. Diversify.

As for it being more volatile than any currency, sure it is, but currency isn't the only consideration. Banking systems, taxation and political climate all come into play, many countries see it as safer than trusting their own systems. I think many would prefer to see the 15% fluctuations trending upwards instead of downwards like South Africans see.
 
Razorback

Razorback

Member
Atrus said:
There is no indication that this will happen in your lifetime. It's like predicting the next Mega Earthquake or Eruption, these things happen like clockwork but the variance is so great that's it's silly to base decisions on such low probabilities in any given year.

I also don't know why you use 'We' in relation to the top 1%. If you live in an industrialized country, at the least, any revolution or change to divest the wealthy will likely include us as part of the wealthy. The top 1% income is something like $32K USD. Statistically, the groups whose median incomes are lower are those with less than a high school education and that's with limiting this comparison to the top 1% and not 5%.
Click to expand...

This is the century of automation, the century of robotics, the century of genetic engineering and nanotechnology. More importantly, this is the century of artificial intelligence.

You will experience more change in the next 100 years than humanity has experienced in the previous 20,000. I'm not basing this claim on Ray Kurzweil's projections alone, but they are something I can easily point to if you need to look at data.

Maybe not Bitcoin, but some sort of cryptocurrency will definitely play a big part in the pre-singularity cyberpunk dystopia we are creating for ourselves.

Also, excuse me for saying so but your comments on my use of 1% come off as highly pedantic. The "1%" is a common expression relating to the problems of inequality at large.
A common example given to illustrate the problem is the fact that the world's eight richest people have the same wealth as the poorest 50% or 3.5 billion people.
 
LordOfChaos

LordOfChaos

Member
norinrad said:
Has Business week posted the bitcoin millionaires under 40 yet?
Click to expand...

There's 17,500 estimated millionaires made through bitcoin lol. Going to be a big edition!

http://www.blocklink.info/distributions.html

https://twitter.com/balajis/status/935640593551695873

There are likely at least 10,000 blockchain millionaires ("only" $10B of the $300B market cap). These are people who placed early, large, contrarian bets against the system. Today they are funding technology, but tomorrow they will be funding philosophy
Click to expand...

Now imagine if they listened to bubble fears for the last 8 years.
 
S

SMattera

Member
LordOfChaos said:
There's 17,500 estimated millionaires made through bitcoin lol. Going to be a big edition!

http://www.blocklink.info/distributions.html

https://twitter.com/balajis/status/935640593551695873



Now imagine if they listened to bubble fears for the last 8 years.
Click to expand...

You could've said the same thing about dot-com millionaires in 2000, or housing millionaires in 2006.

Price action doesn't mean anything.

Get back to me when people are actually using BTC to transact and store value.
 
mashoutposse

mashoutposse

Ante Up
Bitcoin will never work as a currency. It is a limited commodity on par with something like gold.

The fact that there are a limited number of them ensures that its value will never stabilize, and completely deincentivizes using it for ordinary consumer spending.

As long as its scarcity remains intact, the prospects for continued increases in value are strong. Enough people believe in it. Once the scarcity is compromised through an exploit, game over. $300B evaporates instantly.
 
D

Dhx

Member
mashoutposse said:
As long as its scarcity remains intact, the prospects for continued increases in value are strong. Enough people believe in it. Once the scarcity is compromised through an exploit, game over. $300B evaporates instantly.
Click to expand...

You can't counterfeit and spend bitcoin. You could theoretically double spend if you controlled a majority of mining power but goodluck with that.
 
I

infinitys_7th

Member
gatti-man said:
I always thought it was an interesting idea but a gamble. Now it’s flat out dangerous. The writing is on the wall for BTC and it astounds me that so many are putting everything they have behind it. Millennials trust technology too much and current BTC value means exactly the same thing as it did when it was .01 per BTC. That’s what people don’t understand. BTC value is entirely up for interpretation all the time. Its not like gold or stock or currency backed by a govt.

What I’m trying to say is when BTC goes away, and it will because of the energy requirements, the harm done to an entire generation is concerning to me.
Click to expand...

Fiat currency is only valuable because the government will arrest you if you do not tender it. Literally, "believe it has value, or we reserve the right to have police shoot you".

That is value based on interpretation as well, and no amount of macroeconomic linguistic puffery will change that. Bitcoin is every bit as legitimate a currency as the dollar or goods in a bartering arrangement.
 
mashoutposse

mashoutposse

Ante Up
Dhx said:
You can't counterfeit and spend bitcoin. You could theoretically double spend if you controlled a majority of mining power but goodluck with that.
Click to expand...

That’s the protocol working as designed. I’m talking about some sort of exploit that compromises the trustworthiness or integrity of the chain.
 
MisterFalcon

MisterFalcon

Member
cubicle47b said:
The 24h volume on Bitcoin was ~$6,000,000,000. Selling $8000 worth is not an issue. People transfer money off of exchanges all the time.
Click to expand...

Six billion per day is more then 2 trillion per year or the economy of Brazil. I wonder how the split of that 6 billion would be between:

-People selling to cash out
-People buying to get into bitcoins
-Purchase of a legitimate non-cryptocurrency product or service
-Purchase of illegal goods or ransomware payoffs
-Tumbers and mixers exchanging bitcoins to make them untracable

Personnaly I estimate the last one to be the vast majority of the volume. It's also the most meaningless, it could generate the BNP of the world per day.
 
I

iamblades

Member
MisterFalcon said:
Six billion per day is more then 2 trillion per year or the economy of Brazil. I wonder how the split of that 6 billion would be between:

-People selling to cash out
-People buying to get into bitcoins
-Purchase of a legitimate non-cryptocurrency product or service
-Purchase of illegal goods or ransomware payoffs
-Tumbers and mixers exchanging bitcoins to make them untracable

Personnaly I estimate the last one to be the vast majority of the volume. It's also the most meaningless, it could generate the BNP of the world per day.
Click to expand...

AFAIK all of that $6 billion are actual currency moves on the exchanges, because that's what people are measuring, not the number of bitcoins that move per day. If not it's a significant majority, as the largest 3 bitcoin exchanges alone have more than $5 billion per day in volume on just bitcoin.

https://coinmarketcap.com/exchanges/volume/24-hour/all/
 
G

gatti-man

Member
infinitys_7th said:
Fiat currency is only valuable because the government will arrest you if you do not tender it. Literally, "believe it has value, or we reserve the right to have police shoot you".

That is value based on interpretation as well, and no amount of macroeconomic linguistic puffery will change that. Bitcoin is every bit as legitimate a currency as the dollar or goods in a bartering arrangement.
Click to expand...

Not even close. Bitcoin isn't accepted in 1/100th of the places the dollar is. Once again this is what I'm talking about. You have way too much faith in bitcoin. Open a business and pay your people in bitcoin see how many apply ��.

The dollar has value for many reasons but the biggest one is stability. The dollar and major currencies are stable. Bitcoin could be worth 20% less in a day which actually just happened. That is not how currencies behave. You can't barter that you can't spend that you can only trade that like some weird commodity.

LordOfChaos said:
There's 17,500 estimated millionaires made through bitcoin lol. Going to be a big edition!

http://www.blocklink.info/distributions.html

https://twitter.com/balajis/status/935640593551695873



Now imagine if they listened to bubble fears for the last 8 years.
Click to expand...

There are always winners and losers so what's your point. I'm talking about people getting in now not the originals. This just proves my point again that the argument for investing in BTC is always ”dem gains brah" and not a real solid argument which is the definition of a bubble or fad.

prophetvx said:
It's "crashed" exactly zero times this year. The market has fluctuated heavily but can you tell me exactly where it has crashed? Any blip and it recovered it's value in less than a month if not a week, that is not a crash.

KRcIMHW.png


If you have inexperienced investors panicking on those blips, yes it is a poor investment. Crypto is the wild west of investing, no doubt about it. People were talking the way you are talking when BTC was $200. You're an idiot if you put your life savings in it, but you're an idiot if you do that with any investment. Diversify.

As for it being more volatile than any currency, sure it is, but currency isn't the only consideration. Banking systems, taxation and political climate all come into play, many countries see it as safer than trusting their own systems. I think many would prefer to see the 15% fluctuations trending upwards instead of downwards like South Africans see.
Click to expand...

A stock losing 20% of its value quickly is considered a crash. That's the definition. So yes it's a crash.

Slayer-33 said:
You are buying the tech today for more mainstream use tomorrow, this is still developing, people are already conducting massive buy and sales via bitcoin and other cryptos and paying taxes. You are your own bank with these assets. Unless the governments around the world throw you in jail over this I don't see how anyone is stopping this. You see volatility because this market is still in an infancy stage without mainstream adoption, but it'll get there. You seem to want to focus on the negatives of any currency. Any currency could be used for illegal activities, any. If anything you can be traced much easier via crypto because you have a particular address.

https://bitpay.com/card/

You can use that card with your bitcoin, all the while your bitcoin value is appreciating as it has been showing for over a year already. You have countless investors and even wall street ones predicting six figure gains for BTC. What is wrong with that? That's the bottom line.

If you don't like the "risks" then you have the option of not to touch this since you seem to be hellbent on throwing some hate on the tech. If you don't believe in it then that's your opinion, but the sky isn't falling here. No risks no reward

https://ripple.com/insights/news/ri...evel-the-economic-playing-field-for-the-poor/

That's just one of the positives, you have many legitimate currencies with real use cases. The thing is that this stuff is still rolling out, it's still early. More streamlined implementation and adoption by the general public is going to take some time.

https://basicattentiontoken.org/

That's another currency looking to solve real world problems in the world of e-advertising and consumer attention of ad's via a browser all while working to keep you completely anonymous and un-tracked.

https://www.ethereum.org/

I'm sure you might be familiar with etherium already, there's a lot going on right there.

No one is saying that there aren't piles of garbage crypto's but lets get real here this is revolutionary stuff in the making. People will always be apprehensive on something so highly disruptive of the status quo
Click to expand...

No you aren't your own bank because you can't even rely on bitcoin to be worth near the same amount when you wake up as when you went asleep. You also can't depend on the exchanges to stay open, the largest one just crashed all day. That card is another way of saying dem gains bruh. Yeah etherium is working on things and still doesn't solve the fact that crypto is fantasy land money with no real world backing or value or regulation. Any currency with the volatility of crypto IS NOT A CURRENCY AT ALL.
 
S

Shadowhelper

Banned
But bitcoin is used a shitload. Of course not as much as the dollar.

But what bitcoin is used for, the shadow economy, is only growing. And BTC will always be used for that. The shadow economy is fucking huge. It might be 20% of the global economy. Not sure the mainstream needs to use it in the way cash is used.

My dad asked me right at the beginning like in 2010 if he should invest $10,000 in btc. I said its very volatile and risky. I wasn't sure. So he didn't. I think because I was so poor back then, the idea of blowing $10,000 didn't sit well. Right now, of course i'd take a bet on an early and risky investment. Still, extremely stupid of me.

I put a little of my own cash into it, earlier in the year, and pleased with the gain, but fear I missed out on the massive gains. Probably best not to put my life savings into it though.
 
P

prophetvx

Member
gatti-man said:
A stock losing 20% of its value quickly is considered a crash. That's the definition. So yes it's a crash.
Click to expand...

It's considered very volatile. I don't think you'll find too many investors claiming a stock has crashed if it has 1200% growth in a year.

If that is your definition of a crash, it crashes on an almost daily basis. Its daily fluctuation is 10-15% most days. It lost 20% in 90 minutes yesterday... Which returned it to the same value it was the day before.
 
D

darkinstinct

...lacks reading comprehension.
Larogue said:
I feel bad for selling my $1000 worth of BTC at $240 back then.
Click to expand...

Don't. Nobody from back then is still invested, it would be stupid. Typically you take your profits at a dip and go somewhere else. The greatest morons are those that say "now is a good time to buy" whenever it goes down.
 
LordOfChaos

LordOfChaos

Member
SMattera said:
You could've said the same thing about dot-com millionaires in 2000, or housing millionaires in 2006.

Price action doesn't mean anything.

Get back to me when people are actually using BTC to transact and store value.
Click to expand...

gatti-man said:
There are always winners and losers so what’s your point. I’m talking about people getting in now not the originals. This just proves my point again that the argument for investing in BTC is always “dem gains brah” and not a real solid argument which is the definition of a bubble or fad.
Click to expand...


My point is it's going to be one big ass edition of Business Week. I made no claim there would be as many future millionaires, I was responding to a post you lost the context of. So there's good straw thataway for the man you're building.


Anywho, I still think a few things

1) Yes, don't bet everything on crypto, that's dumb
2) Putting, say, 10% of your investment money isn't that bad. If it goes tits up, your 90% in index funds and whatnot is what you were relying on anyways, that's where I am.
3) There is absolutely nothing backing OPs statements that it will ruin a generation. Booms and busts always happen, and crypto is still a very small niche. It's far removed from destroying a generation or anything so melodramatic, and with a rational approach one can have a little more magic internet money with it.

52dzfhy882101.png
 
longdi

longdi

Banned
Bitcoin sounds like a ponzi scheme, until we have official backing. Like the government control or not, i think people will feel safer.

Until then, people screaming to buy now, just wants to benefit from the Ponzi gains. Imo
 
O

Ombra

Member
longdi said:
Bitcoin sounds like a ponzi scheme, until we have official backing. Like the government control or not, i think people will feel safer.

Until then, people screaming to buy now, just wants to benefit from the Ponzi gains. Imo
Click to expand...
This. Basically.
 
R

ronco2000

Member
n0razi said:
I have an old co-worker who cashed out his 2010-era BTC and pretty much retired on the spot... said he made something in the tens of millions
Click to expand...

No way in hell he held that long to make millions. He either forgot about it or hes lying to you.
 
Azelover

Azelover

Titanic was called the Ship of Dreams, and it was. It really was.
You have to believe in what you're investing. To me there's no question Crypto is the future, so I believe in this idea very much. It is inevitable, the momentum is just too great.

But I don't think Central Banks will give up their power. Some are already spewing rethoric about Bitcoin facilitating illegal transactions, going as far as tying it to terrorism activity.

They're gonna come up with their own Fed regulated Crypto, and the current ones will go away somehow, Bitcoin included. But if you think you can still take advantage of Bitcoin go ahead, just be careful.
 
S

Shadowhelper

Banned
Regardless of future viability.

There is so much fucking money to be made before a crash or plateau.

2017 alone as been amazing.

No one has to keep their money in BTC forever.
 
womfalcs3

womfalcs3

Banned
Given bitcoin lacks the regulatory backing that other currencies have, it is nothing but the new thing that young hipsters feel is cool and will ultimately collapse.
 
HarryKS

HarryKS

Member
That guy who made a thread about putting his savings into bitcoin about 2-3 years ago and who was laughed out of the forum must feel vindicated now. Holy cow did he win.
 
PSYGN

PSYGN

Member
Surveys show that the vast majority of bitcoin owners are buying and holding bitcoin to exchange them for dollars. Let’s be clear: If the predominant use case for any asset is to buy it, wait for it to appreciate, and then to exchange it for dollars, it is a terrible currency. That is how people treat baseball cards or stamps, not money. For most of its owners, bitcoin is not a currency. It is a collectible—a digital baseball card, without the faces or stats.
Click to expand...

https://www.theatlantic.com/business/archive/2017/11/bitcoin-delusion-conquer-world/547187/
 
MisterFalcon

MisterFalcon

Member
HarryKS said:
That guy who made a thread about putting his savings into bitcoin about 2-3 years ago and who was laughed out of the forum must feel vindicated now. Holy cow did he win.
Click to expand...

Maybe. Or they are like the people who I know to be in bitcoins who go through this cycle:

1: Buy bitcoins
2: Sell bitcoins at profit
3: Feel great about profit
4: Feeling bad at selling too soon
5: Go to 1

The theoretical profit increases but as not selling is always the most profitable action they never get to see it.
 
longdi

longdi

Banned
Can we buy ETH now? BTC is so expensive! ETH is 1/20 of BTC!

Come to think of it, bitcoin is some synthetic codes written by some smarty in his basement, using P2p bit-torrent logic, so what's stopping this dude to fuck things up? I mean he will have the key to the back door, either slowly leech off the block-chain or he will want to watch the world burn!

Likewise, since this is synthetic, any other smart person can come up with alt-coins and if btc is saturated, isn't it better to jump over? Unlike gold, which is made by God for millions of years, and you cant fake God's creation, so it is precious!

Since bitcoin is unlikely to be regulated by the law, we have no protection against bit-scam? Unless the government steps in and confiscate all bitcoins, will they give you protection.
 
MultiCore

MultiCore

Member
longdi said:
Can we buy ETH now? BTC is so expensive! ETH is 1/20 of BTC!

Come to think of it, bitcoin is some synthetic codes written by some smarty in his basement, using P2p bit-torrent logic, so what's stopping this dude to fuck things up? I mean he will have the key to the back door, either slowly leech off the block-chain or he will want to watch the world burn!

Likewise, since this is synthetic, any other smart person can come up with alt-coins and if btc is saturated, isn't it better to jump over? Unlike gold, which is made by God for millions of years, and you cant fake God's creation, so it is precious!

Since bitcoin is unlikely to be regulated by the law, we have no protection against bit-scam? Unless the government steps in and confiscate all bitcoins, will they give you protection.
Click to expand...
You want protection on speculation?

Have you ever speculated before?

This whole project is about side-stepping the government, and you want them involved so you can feel comfortable about it?

o_O
 
Azelover

Azelover

Titanic was called the Ship of Dreams, and it was. It really was.
MultiCore said:
You want protection on speculation?

Have you ever speculated before?

This whole project is about side-stepping the government, and you want them involved so you can feel comfortable about it?

o_O
Click to expand...

They are not gonna allow it. Come on! Think after hundreds of years of control and regulation, the Central Bankers are gonna say: "well.. we've had a good run, now it's your turn!"

Bitcoin will either be completely outlawed, or just crashed out of existence. There is gonna be a federal crypto, and nothing else is gonna be allowed. Guaranteed.
 
D

Darryl

Banned
PSYGN said:
https://www.theatlantic.com/business/archive/2017/11/bitcoin-delusion-conquer-world/547187/
Click to expand...

I'm actually pretty confident about the long term viability of Bitcoin-like currencies that I would accept it for wages or for trades. A lot of people are buying it to keep, ya, but I have also paid people in Bitcoin quite a few times over the past year. The entire platform is very exciting. The idea of being paid in coin currency, then having your currency auto-invest itself elsewhere, then convert back whenever you need to buy something is an incredible concept that is possible within the short term.
 
M

MNDan

Neo Member
It'll bust back to 10k once it hits 40k. Pretty low risk at this point - haven't even started parabolic...
 
O

otake

Doesn't know that "You" is used in both the singular and plural
Bitcoin makes no sense to me either. I would like to add, another thing that is increasing demand are people living in bad economies trying to get out of their currency.

Take Venezuela or even Argentina. Brasil too.

Venezuelan dollar is actually hurting you if you keep it. Getting US dollars is difficult, buying bitcoins could be easier. Argentinian peso is hard to exchange as well, the black market dollar exchange was 14 to $1 and you have to go underground, bitcoin could be easier for the common man. The real has also been crazy volatile.

Point being, shady and common folk in these countries have been living with volatile currencies for decades, more so in the last 10 years. Bitcoin is attractive to them as an inflation hedge. They have been buying in.
 
You must log in or register to reply here.

Similar threads

Did anyone else think that the Nintendo Wii was going to be the best selling console ever back then?
39
3K
Eddie-Griffin replied
Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
|OT| 49 50 51 52 53
3K
321K
b0uncyfr0 replied
  • Locked
The Doomsday Cult of Bitcoin
2 3 4
194
23K
HyperionX replied
  • Locked
Taibbi: Wall Street is Looting America's Pension Funds
2
89
8K
Piecake replied
Resistance 3 |OT| You ARE the Resistance
118 119 120 121 122
6K
296K
Birbo replied
Top Bottom