Economy Bitcoin Doubters, Come Eat Your Crow

[Rod1]

Good for free trade, but i really dont give much of a fuck about whether i could had been rich if i had jumped into a fad.

I tend to distrust ways of getting rich without doing any work or investing on things i dont think have a tangible effect on economic output

 

[eembach]

Lol this thread is like looking into a portal to 2013, you have some catching up to do

 

[Metusalemi]

 

[SlicerDM]

Got to grab a couple of these eh

 

[mike sherry]

its pretty funny when people that don't understand even a small fraction of the block chain technology try to convince everyone it is worthless

Well crypto is, but not necessarily Bitcoin. The next evolution in that space will be to link tangibles to the currency... then government backed central banks are really fucked.

you mean like a physical bitcoin wallet? because they exist

Got to grab a couple of these eh

It's always a bad idea to buy when at a local high, people usually sell to make a realized gain

 

[Lead]

Why not? If that currency is backed by or made out of something tangible. Numismatics, man. I hold in my hand this very second a 1964 quarter with a face value of $0.25, but an intrinsic value of $2.88.

A currency should be used for transaction purposes. Sure people are free to hold on to it as they need to buy you never want them to be doing that specifically because it's rising in value. Then people won't actually use it.

For your coin example, I would argue any rare coins no longer become a good use of currency and become an investment in the form of a collectible or antique. They quarter is no longer really a quarter as its primary purpose is less reasonable than to hold on to it

 

[Cubo de Sangre]

Couldn´t that be said for many things? ***pops Van Dammes TimeCop in the VHS***

It surely could.

Well that can be hard to guess at some times.

Anyway nothing smart and brave about investments that have no relation to value creation and depend entirely on guessing market timing. The dumb and the guillable would be a better description. That goes for anyone who has an investment strategy based around currencies or even commodities. Hedges are not good investments for generating a return over the long term, it's all speculation.

It's not fiat though, as it's not put in existence through law (i.e. fiat). And don't see how it's a commodity, no underlying value (again if I am missing something here feel free to explain). It's an alternative currency and will have its place.

I wonder how many dumb and gullible folks have out-earned you with bitcoin since its inception. I'd bet it's >0.

Obviously it's intended to be currency. The investment and speculation in its infancy could be seen as a commodity (based on the loose definition in #2). Other than for tax purposes I'm not sure how much it matters to debate the definition. And yes, it lacks the government backing that's associated with fiat.

http://www.dictionary.com/browse/commodity

noun, plural commodities.
1.
an article of trade or commerce, especially a product as distinguishedfrom a service.
2.
something of use, advantage, or value.
3.
Stock Exchange. any unprocessed or partially processed good, as grain,fruits, and vegetables, or precious metals.
4.
Obsolete. a quantity of goods.

 

[xcvbn]

It surely could.




I wonder how many dumb and gullible folks have out-earned you with bitcoin since its inception. I'd bet it's >0.

Obviously it's intended to be currency. The investment and speculation in its infancy could be seen as a commodity (based on the loose definition in #2). Other than for tax purposes I'm not sure how much it matters to debate the definition. And yes, it lacks the government backing that's associated with fiat.

http://www.dictionary.com/browse/commodity

Dude's a lost cause on the topic and just trying to FUD imo

 

[Cubo de Sangre]

Dude's a lost cause on the topic and just trying to FUD imo

He's an old dog and this is a new trick.

Fear, uncertainty, doubt?

 

[5H3RD0G]

If Bitcoin is electronic or digitally transferred it can be manipulated. We need a credit system which is impossible to manipulate thus equality prevails for all equally.

 

[mike sherry]

If Bitcoin is electronic or digitally transferred it can be manipulated. We need a credit system which is impossible to manipulate thus equality prevails for all equally.

how can bitcoin be manipulated? what are you claiming exactly?

 

[RockstarChris]

$1 = $1

 

[robotsonic]

Liquidity of it is shit, people like to say 'If I bought $1000 worth back in the day i could've sold it for a million'....LOL, try exchanging bitcoins for dollars in those amounts and see how far you get. It's more like a commodity than a currency in that respect, just exchanging large amounts back on to the market would crash the price of it.

 

[Prutfis]

It surely could.




I wonder how many dumb and gullible folks have out-earned you with bitcoin since its inception. I'd bet it's >0.

Obviously it's intended to be currency. The investment and speculation in its infancy could be seen as a commodity (based on the loose definition in #2). Other than for tax purposes I'm not sure how much it matters to debate the definition. And yes, it lacks the government backing that's associated with fiat.

http://www.dictionary.com/browse/commodity

How many computer upgrades will it take for bc to reach its potential max of 21 billion

 

[xcvbn]

If Bitcoin is electronic or digitally transferred it can be manipulated. We need a credit system which is impossible to manipulate thus equality prevails for all equally.

The beauty of the blockchain is its complete transparency. All transactions are public but only show the send and receive addresses. These addresses are backed by an encrypted private address which can then have an encrypted password attached in order to send funds.

Bitcoins only security flaw is that it can be monopolized, but doing so is virtually impossible and completely reversible through what's essentially a user/owner vote to fork or roll back the blockchain to delegitimize transactions past a specific block or date.

 

[Cubo de Sangre]

How many computer upgrades will it take for bc to reach its potential max of 21 billion

No clue. @mr.bigglesworth is far more savvy on the technical side than I.

 

[Prutfis]

No clue. @mr.bigglesworth is far more savvy on the technical side than I.

At the computing power of 2009 it was estimated that bc would run out in 2146. However computing power is already moving beyond moores law. Bc will be obsolete in less than 10 years.

 

[xcvbn]

Liquidity of it is shit, people like to say 'If I bought $1000 worth back in the day i could've sold it for a million'....LOL, try exchanging bitcoins for dollars in those amounts and see how far you get. It's more like a commodity than a currency in that respect, just exchanging large amounts back on to the market would crash the price of it.

I won't dispute the possibility of a crash but take into account several things.

Supply and demand. People make coordinated stock market shorts everyday. At this price point it would take hundreds of millions of dollars if not billions to cause a sizeable price drop, let alone cause an outright crash.

There has been a crash from $13bil market cap to $4bil, however that was when much fewer people owned Bitcoin and years before it gained mainstream real life use.

 

[xcvbn]

At the computing power of 2009 it was estimated that bc would run out in 2146. However computing power is already moving beyond moores law. Bc will be obsolete in less than 10 years.

Block mining difficulty is exponential. It's moved up 6 years to May 5th 2140, however that's just 5 months faster from 2013's October 2140 date. Do the math. But in any case, having all 21,000,000 coins mined isn't some Y2K end of days scenario. It's supposed to happen. Btw BTC doesn't "run out".

Bitcoin? Doubt it. Blockchain(bitcoins core technology)? Practically everything will run on one in the future.

 

[method115]

Should a currency be seen as a form of investment? How useful is Bitcoin to companies selling goods when the value changes so frequently? Unless it hits a stable area, it had little use as a currency.

You could explain the security of the block chain but our first interaction was you empty posting. I don't think security changes the reasons I don't think it fulfills its purpose as a currency. It could stay around a long time but in its current form, I has little use as a currency and it isn't an investment. There is no real intrinsic value behind it. It does a shitty job at doing either thing

It has plenty of use as a currency. You just don't go to the right places where it's being used.