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Will Bitcoin Make a Good Investment?

beth.technology

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Re: Will Bitcoin Make a Good Investment?

#11

Post by Toine »

pmiller2 wrote: post #3

Not one word here about why BTC should be worth anything at all. Who cares if someone spent time and electricity to mine it? The USD is, along with every other major, government-backed currency, already an almost 100% digital currency. I don’t see any advantage there. In fact, BTC has the disadvantage of no major government backing it. If nobody is required to accept it, and I can’t do anything with it otherwise, wha…

I agree, right now Bitcoin and other cryptocurrencies are nothing more than pure speculative assets. Until they're completely decoupled from other currencies and are used as a real national/international currency, I'll stand here wondering what the hell is going on with all of this.

Re: Will Bitcoin Make a Good Investment?

#12

Post by zed88 »

jamisteven wrote: post #6

Short answer: hell no. What gives currency value is how often people use said currency to purchase goods, nobody uses Bitcoin, not to the extent of any real currencies anyways.

By that logic, gold should be worthless. It isn't.

Bitcoin will probably never be a currency equivalent to fiat, but it surely is a store of value in the long term.

Re: Will Bitcoin Make a Good Investment?

#13

Post by sedeki »

2bitencryption wrote: post #4

Once thing I've noticed about Bitcoin is that there are many "alt-coins" that seem to deliver better on Bitcoin's promises from a technical perspective, but those coins are forever stuck in Bitcoin's shadow because BTC has that first-mover advantage. And as a currency, the first-mover advantage is HUGE, because who wants to convert their investments from a hugely popular coin to one that could disappear tomorrow? So…

I have never thought of bitcoin as a currency -- it is clearly some kind of commodity given that it is modeled after gold. Yes, we do want stability in prices denominated in currencies.

Re: Will Bitcoin Make a Good Investment?

#14

Post by sedeki »

jamisteven wrote: post #6

Short answer: hell no. What gives currency value is how often people use said currency to purchase goods, nobody uses Bitcoin, not to the extent of any real currencies anyways.

Bitcoin is not modeled to be a currency (= stability in prices denominated in it), it is modeled to be a commodity (= gold).

Re: Will Bitcoin Make a Good Investment?

#15

Post by nikanj »

pmiller2 wrote: post #3

Not one word here about why BTC should be worth anything at all. Who cares if someone spent time and electricity to mine it? The USD is, along with every other major, government-backed currency, already an almost 100% digital currency. I don’t see any advantage there. In fact, BTC has the disadvantage of no major government backing it. If nobody is required to accept it, and I can’t do anything with it otherwise, wha…

It's proven to be very, very useful for anonymous blackmail à la Cryptolocker. Also quite useful for buying all sorts of contraband, from guns to drugs.

Re: Will Bitcoin Make a Good Investment?

#16

Post by naveen99 »

Bitcoin forces reexamination of custody issues from first principles.

Do countries smaller than the largest 100 corporations really need their own central banks ? And if they are themselves consumers of the ecb or the fed, they have custody issues also.

Democracy is the custody of people’s power with elected representatives. With immigration people can reallocate the custody of that power.

Not all people need 100% 3rd party custody of money.

Also, bitcoin makes it easy to detect theft and audit 3rd parties more easily.

Re: Will Bitcoin Make a Good Investment?

#17

Post by ulzeraj »

Lordarminius wrote: post #7
pmiller2 wrote: post #3

Not one word here about why BTC should be worth anything at all. Who cares if someone spent time and electricity to mine it? The USD is, along with every other major, government-backed currency, already an almost 100% digital currency. I don’t see any advantage there. In fact, BTC has the disadvantage of no major government backing it. If nobody is required to accept it, and I can’t do anything with it otherwise, wha…

Wait until there is a crisis and see how 'backed' your currency is.

Its going to happen soon. The signs are all around.

Re: Will Bitcoin Make a Good Investment?

#19

Post by comboy »

2bitencryption wrote: post #4

Once thing I've noticed about Bitcoin is that there are many "alt-coins" that seem to deliver better on Bitcoin's promises from a technical perspective, but those coins are forever stuck in Bitcoin's shadow because BTC has that first-mover advantage. And as a currency, the first-mover advantage is HUGE, because who wants to convert their investments from a hugely popular coin to one that could disappear tomorrow? So…

Sidechains allow you to migrate to a completely different system without losing the storage of value property.

Re: Will Bitcoin Make a Good Investment?

#20

Post by baq »

zed88 wrote: post #12
jamisteven wrote: post #6

Short answer: hell no. What gives currency value is how often people use said currency to purchase goods, nobody uses Bitcoin, not to the extent of any real currencies anyways.

By that logic, gold should be worthless. It isn't. Bitcoin will probably never be a currency equivalent to fiat, but it surely is a store of value in the long term.

Gold has practical, useful applications. Bitcoin is pretty much wishful thinking at best. I’m not sure if bitcoin is worth the CO2 emissions mining it created.
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