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Bitcoin Surpasses $4,000, Reaches Another Milestone

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Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#61

Post by rrobukef »

solotronics wrote: post #3
do5 wrote: post #2

This is just speculative but the Bitcoin fork was probably the best thing to happen to the price of bitcoin. http://amp.timeinc.net/fortune/2017/08/07/bitcoin-cash-bch-h...

weird question but why not fork more and people will trade it for BTC. at what point would it not work anymore?

At the point BTC isn't under pressure anymore. Both forks have value because people give them value. But two forks are worth more than one because it was under immense pressure to scale. It could be that the growth was stunted until the split but I think the fork gave people confidence and became more than the sum.

Forking again will probably not relieve any pressure. It wouldnt take off.

Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#62

Post by [deleted] »

solotronics wrote: post #3
do5 wrote: post #2

This is just speculative but the Bitcoin fork was probably the best thing to happen to the price of bitcoin. http://amp.timeinc.net/fortune/2017/08/07/bitcoin-cash-bch-h...

weird question but why not fork more and people will trade it for BTC. at what point would it not work anymore?

[deleted]

Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#63

Post by ericb »

Laforet wrote: post #20
Temasik wrote: post #7

What's Bitcoin use case besides speculation? Buying $10 worth of namecheap domain and pay $5 on fees no thanks!

Bypassing financial regulations, extortion, llicit substance trade and many other forms of small-time illegal activities. If you strip speculative value and all the technical gloss, what's left is essentially Liberty Reserve 2.0. https://en.m.wikipedia.org/wiki/Liberty_Reserve P.S. Fees has actually got lower since the worst back in May, but there is no telling it won't happen again. Paying for anon hosting is not a…

You forgot some:

-Peer to peer remote transactions

-Embed money into a binary, a puzzle, an image, a file

-Non-correlated asset https://www.thebalance.com/what-is-asset-correlation-2894312

-The only money no one can take away from you, even states. Protection from governments like Greece

-Inflation hedge. Protection from governments like Venezuela.

Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#64

Post by runeks »

Temasik wrote: post #7

What's Bitcoin use case besides speculation? Buying $10 worth of namecheap domain and pay $5 on fees no thanks!

Bitcoin is designed to be a decentralized store of value. A form of money that belongs to the people, as opposed to the banking sector.

That being said, I don’t think Bitcoin will become truly relevant (to the average saver) until either a) inflation picks up to a worrying degree, or b) negative interest start prevailing. When/if this happens, the advantages of a decentralized monetary unit will become obvious.

Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#65

Post by ericb »

qq66 wrote: post #15
sxv wrote: post #12

Earlier quoted context omitted.

a decentralized, unseizable, cross-border, deflationary store of value. it's next-gen gold.

Gold wouldn't have this role if there was not substantial consumer and industrial demand for it.

The portion of gold's market cap attributable to consumer and industrial demand is miniscule compared to the portion attributable to its wealth protection function. Bitcoin is a better mousetrap for that use-case and the market is figuring that out.

The market's decision about what to use as a store of value is a market-wide Schelling point decision based not around "what asset has underlying value" as any underlying value is quickly dwarfed by the magnitude of the value that needs to be stored, but instead the Schelling point decision is based on what asset has the best properties for money. If you look at what has been money in the past, you'll see examples (like giant stones) that were clearly not based on underlying industrial demand.

https://en.wikipedia.org/wiki/Focal_point_(game_theory)

Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#68

Post by andy_ppp »

andirk wrote: post #50
andy_ppp wrote: post #44

I sold mine a few days ago around $3100 which is slightly annoying. I did buy most of them at about $500 though. At this price there is definitely going to a be a sell off and I'll get in again then.

Why did you sell it? If you needed the cash that makes sense, but else if you've believed in it for a couple years, then why now?

I was tired and thought it had reached a maximum for a while. I was very wrong.

Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#69

Post by beefield »

honestlyreally wrote: post #35
beefield wrote: post #25

Earlier quoted context omitted.

And why, exactly, total value of currency should equal total amount of wealth? What exactly is the contradiction, arbitrage or other mechanism that sets total value of currency to total amount of wealth?

The original assumption was just world cash supply (M0), include all m3 supply and you in for a surprise. Who creates money is the best answer to your questions.

You mean (US) M3 equals (US) wealth? Why? Can you back that claim with statistics?

Re: Bitcoin Surpasses $4,000, Reaches Another Milestone

#70

Post by EliRivers »

danieltillett wrote: post #55
marcell wrote: post #16

Earlier quoted context omitted.

There is an interesting discussion between Hal Finney and Satoshi in 2009 about the possible value of bitcoin. This is back when it was just a random software project, and had zero value: http://diswww.mit.edu/bloom-picayune/crypto/142207 As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of the currency should…

Does anyone think the current owners of capital are going to sit by and let their powers and wealth be destroyed? If bitcoin were ever likely to become close to being the dominant payment system it will be outlawed with "extreme prejudice".

Do the current owners of capital principally hold their money in cash? If they're holding their money in ownership of companies and things, then their wealth wouldn't be destroyed as (current) monies became displaced by bitcoin.
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