41–50 of 77 posts
I feel its too late for me to buy in and to get any value out of Bitcoin. 3 years ago (when it was around $350 per coin) I asked my friend about buying one up and I received a pretty good reason not to jump in. 3 years later and it looked like I made the wrong choice. I don't have $10,000 just hanging around to buy into one whole coin. Oh well...
I get the feeling a lot of people are going to get a very nasty shock in the not too distant future. Other than buying purely for speculation, does Bitcoin really have any purpose right now, at scale? Geniunely curious.
That's huge. Bitcoin is to money what the internet was to communications.
I feel that bitcoin is unstoppable. It offers massive, tangible benefits. Money that is not controlled by corrupt institutions completely changes the game. There is an entire industry being built around it. Thousands of engineers are creating new businesses as we speak. It has different properties to stocks. The more people that convert their money to bitcoin, the more use it has. This is a basic property of currency…
Nobody actually uses bitcoin for payment. There is more or less the same places where to spend it as there was 4, 5 years ago. And they all have about the same traffic, which is nearly zero. Most people only use it for speculation. This can't end well.
I use bitcoin for payment. I get paid in bitcoin and I pay in bitcoin wherever possible.
Earlier quoted context omitted.
I'm going to repeat myself here, but please bear with me if you haven't heard this argument before. I respectfully disagree with the idea that Bitcoin's killer-app is to be used as a currency for transactional purposes. I can't really think of many reasons why you would use crypto to pay for a coffee or a sandwich if you live in the West (or frankly, even most developing nations). On the other hand, I can definitely…
>I can't really think of many reasons why you would use crypto to pay for a coffee or a sandwich if you live in the West (or frankly, even most developing nations). If you had the choice between a form of currency not controlled by a bunch of extremely corrupt entities that is much more convenient and cheaper in terms of storage and transactions, why would you use traditional money? I can't even transfer money to my…
I realise that I haven't been clear.
The point I was trying to make is only that you don't need for Bitcoin to be a replacement to visa in order to justify current skyrocketing valuation.
I would venture that Bitcoin's censorship-resistant store of value use case is enough to justify current valuation.
Earlier quoted context omitted.
I use bitcoin for payment. I get paid in bitcoin and I pay in bitcoin wherever possible.
Does your pay get adjusted according to the current price of BTC? It's got to be strange to have money in your account that is worth 20% more over the weekend.
Earlier quoted context omitted.
Yes, but bitcoin is not scarce in any meaningful sense in the long run. Using the same software alternative versions of the coin can be created. Or worse better versions ... Gold will cease to be meaningfully scarce if we ever mine an asteroid or something like this, but the barriers to that are obviously somewhat higher.
Wrong. Bitcoin has a fixed supply of 21M bitcoins that will ever exist. I could also create software alternatives of Facebook & Wikipedia, but they would have no value. Network effects are what matter.
I feel that bitcoin is unstoppable. It offers massive, tangible benefits. Money that is not controlled by corrupt institutions completely changes the game. There is an entire industry being built around it. Thousands of engineers are creating new businesses as we speak. It has different properties to stocks. The more people that convert their money to bitcoin, the more use it has. This is a basic property of currency…
The problem is that bitcoin cannot be a currency - because it cannot facilitate more than 7 transactions per second, this is many orders of magnitude not enough for a currency. It can be something similar to gold - mostly a value store. But personally I have doubts - first of all the energy costs are crazy. I think it will be eventually replaced by a POS coin - proving that the value store function of something that…
It's certainly enough to be an everyday currency for the people who want to use it as an everyday currency at the moment, and Lightning Network will expand the capability massively.
Earlier quoted context omitted.
You are wrong, Bitcoin has a designed in limited number of 20999999.9769 BTC.
Why isn't it a round number of BTC?
A few years ago I brought a little bit of altcoin and 'believed' in it. I only put a small amount but I still was nervous spending money on some 'pretend' digital asset. Within a few days it was worth half what I started with. Thinking I was in a low point of the chart, I invested a little bit more.
It then dropped again, so much I lost around 80% of the value within a week.
I then declared the money lost and saved my private keys.
Fast forward to the beginning of this year, I randomly picked up my private key from a backup drive that I was going to wipe and decided to check it's value.. around £15
As it was such a little amount I decided just to cash it out, buy a pizza and continue with my life. However, as it wasn't so straight forward to just 'cash out' I left it.
A few months later I hear the news that bitcoin is rising so checked on my altcoin (because the altcoin charts followed closely to the bitcoin charts), and there you go, I tripled my initial investment. I still declared the coins 'dead' so wasn't worried about losing it, but converted them into bitcoin as that felt most secure to me. The conversion lost me some percent but I stuck it out and have had 0.1BTC in my wallet since.
It's nice watching my little amount go up. It's not a deal breaker if I lost it, but it's now more 'alive' than 'dead' to a point I have started thinking about converting it into fiat and enjoy a good Christmas. But there is that little bit inside me now, that refuses to listen to my 'the coins are dead, and I wouldn't really lose anything' mentality which is unfortunate because I feel as the price goes up that feeling will cement harder to a point I would never cash it out.