Economy Bitcoin Doubters, Come Eat Your Crow

[Cubo de Sangre]

I think you missed my question here. What is the investment you are holding with those bitcoins.

Are you harping on there being no tangible asset to bitcoin?

Nothing tangible backs dollars. Or bonds. Even with stocks, that value is gonna plummet if there's bankruptcy. Not like you show up at the company and take a few desks and a conference table for your shares.

 

[Jack V Savage]

Are you harping on there being no tangible asset to bitcoin?

Nothing tangible backs dollars. Or bonds. Even with stocks, that value is gonna plummet if there's bankruptcy. Not like you show up at the company and take a few desks and a conference table for your shares.

No one acquires dollars in hopes of them appreciating in value so that comparison misses the point. Bonds are debt contracts so that one is out, too. Stocks give you a part ownership in a company. But aside from not being related to the point, I do appreciate the implication of this--that wealth is a legal construct.

I think @Lead is making a clear and important point.

Personally, I think it's a kind of mania now, and I'm staying far away, but there's no telling when the mania will end so who knows? Could go up and down a lot going forward.

 

[Hoof Hearted]

What do you mean? I'm holding on to them because I don't want to kick myself in the ass later on when they hit 1 million per coin. That's the primary reason. I don't want to look back and regret not investing. I'm doing great financially and all this money I'm putting into it is disposable income. I have zero debt. My mortgage is paid off, credit cards are paid off, I have 8 acres in Pahrump, I have union pension and 401k. There's more money coming in than there is going out. This is all fun and games for me.

Do you really think it will get to 1m per coin? i've heard a few people say it could get to 50k in a couple of years and John McAfee tweeted he thinks it will get to 500k, but that seems crazy. Wouldn't most people sell by then and then there won't be enough buyers at those prices?

 

[Cubo de Sangre]

No one acquires dollars in hopes of them appreciating in value so that comparison misses the point. Bonds are debt contracts so that one is out, too. Stocks give you a part ownership in a company. But aside from not being related to the point, I do appreciate the implication of this--that wealth is a legal construct.

I think @Lead is making a clear and important point.

Personally, I think it's a kind of mania now, and I'm staying far away, but there's no telling when the mania will end so who knows? Could go up and down a lot going forward.

Thanks, but I'm trying to engage with @Lead on the concept of risk and intrinsic value as it relates to holdings of wealth. I'm not interested in splitting hairs with you over the differences between the various options.

 

[Jack V Savage]

Thanks, but I'm trying to engage with @Lead on the concept of risk and intrinsic value as it relates to holdings of wealth. I'm not interested in splitting hairs with you over the differences between the various options.

That's fine, but it's a public forum, and your comparisons were poor for the reasons I stated. It's not splitting hairs; there are fundamental differences.

 

[xcvbn]

I see a disturbing lack of blockchain technology understanding or even acknowledgement. Bitcoin and Ethereum(as well as the vast majority of all coins) have always been a currency second(or third, etc) to their blockchain.

Also, no we don't know how/when/if the technology is adopted on a large scale or the actual uses for industry or what have you. At this point it's up in the air but with hundreds of billions in market cap and billions traded daily you'd be an idiot to lean towards a collapse.

Two things are for sure: crypto is here to stay and most people still haven't a fucking clue what Bitcoin/Ethereum/blockchains are.

 

[Cubo de Sangre]

That's fine, but it's a public forum, and your comparisons were poor for the reasons I stated. It's not splitting hairs; there are fundamental differences.

Just letting you know I'm not interested in exploring the topic with you. Let's call it a courtesy.

 

[Jack V Savage]

Just letting you know I'm not interested in exploring the topic with you. Let's call it a courtesy.

Yes, you're only interested in exploring your own bizarre hostility. You know what I do when I don't want to engage with someone on a topic? I don't. Simple.

Anyway, the question Lead asked is a good one, and your response missed the point completely.

 

[xcvbn]

Just letting you know I'm not interested in exploring the topic with you. Let's call it a courtesy.

 

[Greoric]

Yes, you're only interested in exploring your own bizarre hostility. You know what I do when I don't want to engage with someone on a topic? I don't. Simple.

Anyway, the question Lead asked is a good one, and your response missed the point completely.

Reads more like he's granting you the courtesy by letting you know he's not interested in the debate instead of leaving you hanging without a response...

 

[Jack V Savage]

Reads more like he's granting you the courtesy by letting you know he's not interested in the debate instead of leaving you hanging without a response...

I think the flaws in his response were made pretty clear, and he lacks the grace to acknowledge it so he's just lashing out.

 

[Greoric]

I think the flaws in his response were made pretty clear, and he lacks the grace to acknowledge it so he's just lashing out.

How do you figure that's lashing out? He just told you he's not interested in the debate with you. Reads pretty neutral and frankly apathetic. I (more or less) agree with you on the issue by the way, but this is the kind of thing that keeps you marginalized around here. You've built up such a reputation for being dishonest with your discourse that you're having to effectively beg people to engage you.

Something maybe to sleep on.

 

[Denter]

No one acquires dollars in hopes of them appreciating in value so that comparison misses the point. Bonds are debt contracts so that one is out, too. Stocks give you a part ownership in a company. But aside from not being related to the point, I do appreciate the implication of this--that wealth is a legal construct.

I think @Lead is making a clear and important point.

Personally, I think it's a kind of mania now, and I'm staying far away, but there's no telling when the mania will end so who knows? Could go up and down a lot going forward.

I dunno Jack, I made a small amount of money on the way up but sold a few days ago. Im hoping it'll plummet again and maybe I'll buy back in then.

 

[xcvbn]

Do you really think it will get to 1m per coin? i've heard a few people say it could get to 50k in a couple of years and John McAfee tweeted he thinks it will get to 500k, but that seems crazy. Wouldn't most people sell by then and then there won't be enough buyers at those prices?

$1mil/coin with a current total of 16.71m coins works out to a $16.71trillion market cap. That's roughly the GDP of America. While I do believe crypto will continue towards and surpass a $1trillion market cap(currently ~$300b), theres a definite limit to how high it can go.

$60k/coin seems like the next major milestone.

On a side note I keep Ethereum tracking at a price of 1/10 or about half the market cap whatever bitcoin is so I include it alongside bitcoin in calculating the potential total of crypto value.

 

[Jack V Savage]

How do you figure that's lashing out? He just told you he's not interested in the debate with you. Reads pretty neutral and frankly apathetic. I (more or less) agree with you on the issue by the way, but this is the kind of the thing that keeps you marginalized around here. You've built up such a reputation for being dishonest with your discourse that you're having to effectively beg people to engage you.

Something maybe to sleep on.

People engage me with extreme regularity, and I've never been dishonest here. Further I'd be fine with Cubo quietly sulking after seeing the flaws in his post.

 

[xcvbn]

Don't mind @Jack V Savage he's completely out of his element.

 

[Hoof Hearted]

$1mil/coin with a current total of 16.71m coins works out to a $16.71trillion market cap. That's roughly the GDP of America. While I do believe crypto will continue towards and surpass a $1trillion market cap(currently ~$300b), theres a definite limit to how high it can go.

$60k/coin seems like the next major milestone.

On a side note I keep Ethereum tracking at a price of 1/10 or about half the market cap whatever bitcoin is so I include it alongside bitcoin in calculating the potential total of crypto value.

What's your opinion of Litecoin, do you think that will overtake Ethereum?

 

[xcvbn]

What's your opinion of Litecoin, do you think that will overtake Ethereum?

I've always seen litecoin as predominately a Chinese-mined and traded(almost exclusively) alternative to bitcoin. It has some slight advantages in terms of transaction speed, but otherwise it's essentially a bitcoin clone. I've stayed away due to the heavy Chinese manipulation but I'm not surprised it went from $3 early this year to nearly $100. Again, the Chinese love the shit out of LTC.

As for real-world usability I don't see it outside of China. It could be a big hit there, though, so if it's something you're interested in keep an eye on it in that regard.

Good luck. Don't invest what you're afraid to lose.

 

[WorldofWarcraft]

Do you really think it will get to 1m per coin? i've heard a few people say it could get to 50k in a couple of years and John McAfee tweeted he thinks it will get to 500k, but that seems crazy. Wouldn't most people sell by then and then there won't be enough buyers at those prices?

People are selling every second. People are buying every second. People need drugs and they need bitcoin to buy them from the deep web markets. Do you think people are going to stop buying drugs from the deep web the very same day that people decided in unison that they are going to sell their bitcoins? What about the people that will buy bitcoin at 999k a piece? Do you think they'll sell them at 1 million so they can profit 1k? How about people who bought them at 998k? 997k? etc..

 

[CauseImbetta]

I'm rolling in Bitcoin! Muahahahaha!

I better take that shit out soon though. I feel a crash coming.