Economy Bitcoin Doubters, Come Eat Your Crow

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?

Bitcoin is actually the least liquid of all cryptocurrencies.

While cryptocurrencies are touted as being highly liquid, bitcoin is the least liquid among them. That’s because its blockchain is old. It’s the equivalent of running all trades through a single PC in a cloud-based world.
 
Bitcoin is actually the least liquid of all cryptocurrencies.

While cryptocurrencies are touted as being highly liquid, bitcoin is the least liquid among them. That’s because its blockchain is old. It’s the equivalent of running all trades through a single PC in a cloud-based world.
That doesnt make any sense.
 
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I bought one for $60, sold it for $700. Still got one.

<TheWire1>

Wow !
You made hundreds of dollars and are inline to do it again.

Fukin A.

I'll forever feel like an idiot for missing this gravy train.












<{pranko}>
 
How do you even spend a bitcoin? I cant use it at a Walmart or Krogers.

Neither can you throw it on strippers.
How the fuq is Candy supposed to pay for her college ???
 
What about all the power it consumes?

It’s also interesting to note how Bitcoin and Ethereum mining compares in power consumption to the largest traditional financial services company, Visa. According to this statistic, the number of U.S. households that could be powered by the electricity consumed by Bitcoin mining alone exceeds a 1.25 million. Another way to look at it is that roughly 27 times as much energy is consumed by Bitcoin mining as is consumed by the entire Visa network.

https://www.digitaltrends.com/computing/bitcoin-ethereum-mining-use-significant-electrical-power/

POS coins are most eco friendly.
 
Feeling like bumping this because bitcoin just crossed the 7000$ threshold

To the naysayers, at what point do you become convinced? Is it years gone by where it doesn't crash? a market cap $?

it certainly is a good store of value. Some coins i bought last week are already up 15%
 
Feeling like bumping this because bitcoin just crossed the 7000$ threshold

To the naysayers, at what point do you become convinced? Is it years gone by where it doesn't crash? a market cap $?

it certainly is a good store of value. Some coins i bought last week are already up 15%

Not a naysayer, but I haven't bought in on any Cryptocurrencies because none of them have that "killer app" or established use case to justify their value, and since the value is therefore based on speculation rather than fundamentals, it's just gambling.
 
Good luck turning them into actual money.

I'll keep investing in my 401k, stocks, and bonds because I like real money backed by the authority of the US government and not some guy no one knows.
 
Not a naysayer, but I haven't bought in on any Cryptocurrencies because none of them have that "killer app" or established use case to justify their value, and since the value is therefore based on speculation rather than fundamentals, it's just gambling.
one could argue that the decentralized, trustless nature of bitcoin is itself a killer app. you cant be banned from opening a bitcoin account etc etc

I think the real killer app will come with the inevitable smart contract adoption

but past that, lets talk about gold. Why is that a respected store of value? It looks pretty and thats about it.
 
one could argue that the decentralized, trustless nature of bitcoin is itself a killer app. you cant be banned from opening a bitcoin account etc etc

I think the real killer app will come with the inevitable smart contract adoption

but past that, lets talk about gold. Why is that a respected store of value? It looks pretty and thats about it.

That's still a theoretical use though, cryptocurrency's not actually in demand because of that. Whereas gold's use for adornment (and increasing functional use) actually drives demand. It's physical properties (dense, soft, shiny, malleable, ductile and resistant to oxidation/corrosion) also make it ideal as a store of value (hence it's historical use as currency).

I'm not saying cryptocurrency can't have inherent value, but it's current value is derived purely from speculation, which is why it's so volatile.
 
<TheWire1>

Wow !
You made hundreds of dollars and are inline to do it again.

Fukin A.

I'll forever feel like an idiot for missing this gravy train.












<{pranko}>

I've made over $6k now. Not bad. But we all missed the gravy train. The only question is how far does it go before it derails?
 
Is it hard to turn bitcoin in to cash?

What’s the loophole?

Buy some
Rolex’s with bitcoin and then sell em
For retail or something?
 
That's still a theoretical use though, cryptocurrency's not actually in demand because of that. Whereas gold's use for adornment (and increasing functional use) actually drives demand. It's physical properties (dense, soft, shiny, malleable, ductile and resistant to oxidation/corrosion) also make it ideal as a store of value (hence it's historical use as currency).

I'm not saying cryptocurrency can't have inherent value, but it's current value is derived purely from speculation, which is why it's so volatile.
Fair points. I believe bitcoin has inherent value because of the protocol itself being a departure from traditional banking. I feel far more incontrol of the bitcoins I own and mine than the money I have in my bank accounts.

But I disagree that gold has any value based on its functional uses. Cooper is a better conductor. Nickel doesn't have the same anti oxidation properties (gold literally cannot oxidize) but it is certainly close enough to be a substitute. They are worth like 25 cents an ounce.

Gold's value is based on not much more than just its rarity and that people like to look at it. The majority of gold mined goes straight to jewelery.

I am not saying gold is worthless. I am not arguing it is a bad financial asset. As an investment it is very safe.

my point is eventually people will realize why it is silly to think bitcoin is worthless, when gold could be argued to be worthless yet clearly is not
 
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Is it hard to turn bitcoin in to cash?

What’s the loophole?

Buy some
Rolex’s with bitcoin and then sell em
For retail or something?

You can buy bitcoins on a bitcoin exchange and when they are in your account, it is as easy as selling stock. Just put in a sell order. So for people who just want to buy some in hopes of the value going up it's super easy.

It might be more complicated for people who setup bitcoin wallets and move them from the exchange into their wallets but I don't know how that works.
 
I thought it was criminal currency. The cartel would be smart if they used bitcoin to transfer money to Mexico.

Really it's both nerd and criminal currency, as well as speculators and maybe libertarians.
 
Good luck turning them into actual money.

I'll keep investing in my 401k, stocks, and bonds because I like real money backed by the authority of the US government and not some guy no one knows.

True. I would invest in this if it were easy to cash out in a few months but it seems difficult to do so. I believe you have to meet someone and then swipe with them. If you do it online you could get scammed though
 
Not a naysayer, but I haven't bought in on any Cryptocurrencies because none of them have that "killer app" or established use case to justify their value, and since the value is therefore based on speculation rather than fundamentals, it's just gambling.


Imagine spending 7K on a few bitcoins and then a few months later finding out they were worth a few hundred dollars in days? I would probably want to shoot myself. It is also difficult to exchange for cash I believe.
 
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