Bitcoin as a Game

Post by alwillis » Wed, Nov 06, 2019, 10:21 PM UTC

eru wrote: post #78

alwillis wrote: post #76

Earlier quoted context omitted.

The outlook isn’t good; certainly things in the US are slowing: https://www.washingtonpost.com/business/2019/10/30/us-slowdo...

There has been a slowdown in growth, yes. Google search suggests that we are still expecting 1.9% real GDP growth in the US for 2019. The article you linked some talks about specific sectors and measures shrinking. Slower growth is still not a contraction. And the US is not the globe.

Since the dollar is the world’s reserve currency, if the US goes down, everyone goes down.

There are negative interest rates all over the place; there’s the inverted yield curve, etc.

The US debt just went to a new record of $23 trillion; this won’t end well.

Post by Zimahl » Wed, Nov 06, 2019, 10:50 PM UTC

JohnJamesRambo wrote: post #9

Zimahl wrote: post #7

The problem with the Bitcoin game is there is no longer the 'millionaire overnight' scenario as a possibility. Sure, you could buy 1 coin and it could go up 10x, yet you'd still only be (at this time) $90k richer. Which isn't bad but the big climb from decimal places up to full dollars is where there was more possibility. Common folks can take a gamble on 100 coins for $1 a piece, they really can't take a gamble at $…

A 10x is actually fine by me.

Like I implied, yeah, it would be fine with a lot of people. But that's not the same as buying 100 coins for $100 and then those coins are worth $10k each and you're a millionaire. That big multiplier is what got people interested in the first place, but it's gone. The equivalent of that now (with coins at $9.3k) is 100 coins at $933k. Sure, to make a million you just need to just over double the bitcoin price but you need almost a million dollars to make that happen.

Re: Bitcoin as a Game

Re: Bitcoin as a Game