Economy Bitcoin Doubters, Come Eat Your Crow

Speculation is of course part of what is driving the price up. But it will only go up independently. We are seeing use cases pop up across socialist countries.

Mark my words, as long as the currency is unhackable the price will continue to go up.

This adoption so far is nothing.

We don't even have killer applications yet. When Bitcoin adds the lightning network functionality transactions will be even faster and cheaper.

Ethereum does not even have a good use case yet. 300 for ethereum is probably cheap considering the potential of smart contracts.

Curious, is there any way to track the number of transactions (not just buying and selling coins of speculators) to determine some sort of fundamental growth in legitimate use?

And what is to stop other types of coins from popping up and taking away bitcoins market share?
 
Its hard for me to take anything you say about bitcoin seriously when you clearly havent even read the white paper to even ATTEMPT to understand the protocol

You're free to forward it to me. It may be easier if you just tell me what in the white paper shoots down the points I made earlier in this thread.

Im still seeing the same crowd argue against me and haven't noticed any new arguments. One side is acting like it's an investment that simultaneously will be a stable/ useful currency and even make silly comparisons to it with stock.

Others (I could be wrong but I believe this is you) point to some of the cool features bitcoin incorporates like blockchain. I'm making basic points about how a currency works while you are coming back with technology features that don't counter the point.
 
Curious, is there any way to track the number of transactions (not just buying and selling coins of speculators) to determine some sort of fundamental growth in legitimate use?
Im not sure if there is a public method for this. I do not think so.

Im brainstorming out loud here so keep that in mind.

As you know, every single transaction is recorded in the blockchain publicy for all to see. If one is able to make a utility that analyzes transactions and makes a determination if it is likely a algorithim trader(would have to have some interesting qualification criteria there) then I suppose it is possible.

Eliminating the algorithim traders would cut out a ton of the speculation volume. There are no limits against day trading bitcoin like there are against stocks, that combined with the fact that the markets never close lead to an interesting speculation enviroment.

I have to imagine the big banks are working out a way to figure out a 'true adoption' volume. That would be a huge competitive advantage
 
Im not sure if there is a public method for this. I do not think so.

Im brainstorming out loud here so keep that in mind.

As you know, every single transaction is recorded in the blockchain publicy for all to see. If one is able to make a utility that analyzes transactions and makes a determination if it is likely a algorithim trader(would have to have some interesting qualification criteria there) then I suppose it is possible.

Eliminating the algorithim traders would cut out a ton of the speculation volume. There are no limits against day trading bitcoin like there are against stocks, that combined with the fact that the markets never close lead to an interesting speculation enviroment.

I have to imagine the big banks are working out a way to figure out a 'true adoption' volume. That would be a huge competitive advantage

Yeah if that is possible it would be very valuable information. It would be sort of like stock analysis in terms of actually looking at the accounting of a public company to see if the stock price was valued properly or if it was largely hype.

I'm just thinking about how someone would possible gauge to what degree the speculative component is driving the price up, vs the underlying fundamentals.
 
Harper certainly appeared to try to do at least as much harm as good at every opportunity. Couldn't stand him. He's another douchebag that never worked a real job in his life. Ptui.
Partisan hack identified
 
My problem with bitcoin has always been it's liquidity. Bitcoin exchanges are more than willing to exchange your USD for BTC but the other way around they make you jump through lot's of hoops, to me that screams scam. The true test of whether a currency is worth anything is how easy it is to exchange it to other currencies and from everything I've seen BTC fails on that count. Hey, your 500 USD in BTC is now worth 4000 USD but you can't spend it as few vendors take BTC and you can't exchange it back to a currency vendors will take.

That being said last time I look at this was a year or so ago and I know things change quickly in this world. How many guys on here are actively trading this to/from other currencies and is it as difficult as it used to be? Do you get killed with fees and commission from the exchanges?
 
I think I am willing to throw a couple of grand at bitcoin as a high risk extremely speculative investment.

I am not overly scared about losing 2000 but i am scared of it being stolen.

How do I keep it safe?

Fyi we have a client who bought 50,000 about 5 years ago i think it was = 55 million now.
 
I would use my gambling model.
When it triples recoup the initial investment.

Opps i meant if not when.
 
I just bought $100 worth of bitcoin yesterday and I plan on converting it to Ripple. Anyone know about Ripple?

I'm new any advice?
 
My problem with bitcoin has always been it's liquidity. Bitcoin exchanges are more than willing to exchange your USD for BTC but the other way around they make you jump through lot's of hoops, to me that screams scam. The true test of whether a currency is worth anything is how easy it is to exchange it to other currencies and from everything I've seen BTC fails on that count. Hey, your 500 USD in BTC is now worth 4000 USD but you can't spend it as few vendors take BTC and you can't exchange it back to a currency vendors will take.

That being said last time I look at this was a year or so ago and I know things change quickly in this world. How many guys on here are actively trading this to/from other currencies and is it as difficult as it used to be? Do you get killed with fees and commission from the exchanges?

I used Kraken exchange and found the process to be quite easy once it is setup. Sold the coins and transferred the cash into my bank account no problem at all (just placed the order to exchange online)

There was a fee for withdrawing the cash out of Kraken though. Can't remember what it was but it's a hit, so you wouldn't want to be doing a lot of withdraws.

I never had a bitcoin wallet though so the process may be more complicated if you move the coins from the exchange into your wallet and then try to liquidate them. Not really sure about that process.
 
I just bought $100 worth of bitcoin yesterday and I plan on converting it to Ripple. Anyone know about Ripple?

I'm new any advice?
Get an account on kraken, you will need to get verified to deposit bitcoin and exchange it for ripple

ripple is pretty interesting. it is quietly the 3rd largest crypto by market cap.

I bought some ripple last week. Its already up 25%
 
Get an account on kraken, you will need to get verified to deposit bitcoin and exchange it for ripple

ripple is pretty interesting. it is quietly the 3rd largest crypto by market cap.

I bought some ripple last week. Its already up 25%

What's ripple? I'm so confused with all the different crypto currencies out there. What sets one apart from the other?
 
What's ripple? I'm so confused with all the different crypto currencies out there. What sets one apart from the other?
To be honest I have barely researched it. I was looking at the market caps last week and realized I never even heard of ripple, so I just went and bought some.

What i do know is that it is centralized and far more regulated than other cryptos. It is already used by a number of banks. Ripple is the transaction system, XRP is the coin. You are not forced to use XRP to use Ripple, but it has incentives to encourage the usage.

https://en.m.wikipedia.org/wiki/Ripple_(payment_protocol)
 
Get an account on kraken, you will need to get verified to deposit bitcoin and exchange it for ripple

ripple is pretty interesting. it is quietly the 3rd largest crypto by market cap.

I bought some ripple last week. Its already up 25%

I'm using changelly to convert my bitcoins to ripple, then stashing it in a rippex wallet.
 
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