Exchange of anything that can get you goods or sevice, I will term that as currency for laymen terms. A kilogram of rice can be currency. Back in the days, people used beads/rare stones/sea shells for trade after the barter system. Now we see USD as a global acceptable currency and other local currencies limited to a country.The starting point for me to believe in Bitcoin or any other crypto would be when I can pay my taxes with it. Some would say, with this approach one would loose the value/wealth creation opportunity. But for me and many like me, atleast crypto right now is not an investment option to go all in.
Ask HN: How many of you believe in Bitcoin and why?
11–20 of 41 posts
Re: Ask HN: How many of you believe in Bitcoin and why?
#12My prediction: Bitcoin will someday after ETH2 merge happens everyone will see PoS is better. ERC771s and the entire backlog will release and suddenly bitcoin will show its age and money will leave because btc is not a good investment unless you got in early.
Later after the market has moved, bitcoin will go out of fashion, it will fall to a hashrate attack attributed to lack of use & disinterest.
Re: Ask HN: How many of you believe in Bitcoin and why?
#13I got an awesome idea. I'm going to burn CPU cycles to make magic numbers that mean nothing to anybody except me and my buddies, based on an erudite sounding white paper that has plausible but nonsensical foundations that feed off conspiracy theories and a pile of libertarian ideals that can't possibly work.
Next, I'm going to find some rubes to read it, and they will give me money to own those nonsensical numbers. Those guys are going out to farm more rubes. We aim to say all sorts of new finance is now possible while enabling nothing but crime and fraud.
Rinse. Repeat.
if it isn't completely obvious, I think the whole thing is unhinged
Re: Ask HN: How many of you believe in Bitcoin and why?
#14Bitcoin as a concept is great but it's too slow. Lightning solves this a bit but seems like unnecessary complexity.
I also want the value to stabilize before I start using it. Bitcoin as an investment is scary I'm not sure where the current price comes from and why it keeps going up. Once it levels off I'd be happy to use it.
Re: Ask HN: How many of you believe in Bitcoin and why?
#15Bitcoin is the digital equivalent of gold. (As long as people continue to use it as such). Advanced cryptocurrencies such as Ethereum and Algorand are more suitable for commerce. The basic concept of cryptocurrency, which sadly is generally missed because many people have turned it into a get-rich-scheme like everything else, is to *use math and computer science to reduce or eliminate cheating in databases that recor…
I agree with the digital gold analogy. The value of bitcoin and other blockchain currencies is solving the double-spending problem online.
Gold and paper money solves it in the physical world. Gold because it’s dense and easy to check for forgeries (although gold is not used everyday now, is it). Paper money obviously has counterfeiting and serial numbers. But neither of these can be exchanged online.
If we agree that blockchain currencies are a way to exchange value online, then the question is: are they better than credit cards and banks?
Right now, it’s not clear to me that they are, because of the emissions from mining, and the relatively slow transaction rate. Time will tell if the digital currencies will scale better than they are now.
By the way, when comparing emissions of digital currencies with banks, do analysts include the physical bank infrastructure, such as all the bank’s retail branches, and associated employees and other overhead?
Re: Ask HN: How many of you believe in Bitcoin and why?
#16My prediction: Bitcoin will someday after ETH2 merge happens everyone will see PoS is better. ERC771s and the entire backlog will release and suddenly bitcoin will show its age and money will leave because btc is not a good investment unless you got in early. Later after the market has moved, bitcoin will go out of fashion, it will fall to a hashrate attack attributed to lack of use & disinterest.
Everyone like to shill their own coin. Eth has plenty of laughable problems. Bitcoin just don't give a shit, and that's the beauty of it.
Re: Ask HN: How many of you believe in Bitcoin and why?
#17I believe in Bitcoin. Specifically, in the sense that the concept of digital money it created is never going to go away now that it's out. It will have the staying power in human life precious metals, paper currency, bank deposits, stocks and bonds. It will exist as long as the internet exists, long after you, me, and everyone on this forum is dead and gone. If you think it's a scam and going to collapse then don't h…
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Re: Ask HN: How many of you believe in Bitcoin and why?
#18I believe in Bitcoin. Specifically, in the sense that the concept of digital money it created is never going to go away now that it's out. It will have the staying power in human life precious metals, paper currency, bank deposits, stocks and bonds. It will exist as long as the internet exists, long after you, me, and everyone on this forum is dead and gone. If you think it's a scam and going to collapse then don't h…
> but most are just dismayed that they were wrong and these reasons are just coping mechanisms to avoid having to admit it.
Cryptocurrency proponents love parroting that idea. It’s like they are dismayed at the harm caused by cryptocurrencies but don’t want to give them up, so they fabricate scenarios where other people are petty as coping mechanisms to avoid having to admit it.
Re: Ask HN: How many of you believe in Bitcoin and why?
#19I believe in digital currency as an incredible exercise in human logic and reason. If there's a value assigned to that, so be it, but I want and need to be involved in this whole algorithmic exercise because I live and work in the industry.
Am I relying on crypto to retire? Hopefully not, and anyone who does may want to reconsider balancing their portfolio. It can go away as easily as it arrived. I don't think it will, but there's a chance that it's a Palm Pilot in a world if iPads.
Re: Ask HN: How many of you believe in Bitcoin and why?
#20> I don't believe in Bitcoin because it is a scam. This is a part where I can't agree. A scam assumes someone is profiting on purpose. Bitcoin supply is largely diluted now though some early adopters made big, this was mostly by chance. That is, unless you think Nakamoto is still hiding for the big pay-off. > Bitcoin is a digital currency that has no intrinsic value There is no such thing as "intrinsic value". The va…
>> Bitcoin is a digital currency that has no intrinsic value > There is no such thing as "intrinsic value". The value gets assigned by people and market participants. I'll leave out the discussion of the value of a company and fundamental analysis as off-topic here. Let's focus on currencies instead. The value of a currency is not its exchange rate. Just because Bitcoin is worth 38910.69 USD, does not mean it's more…
One of the biggest values of currency is that you must have it to pay your taxes.