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The exponential growth of Bitcoin value explained

bitcoinowl.com

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Re: The exponential growth of Bitcoin value explained

#11

Post by tobykier »

betterunix wrote: post #8

The article asserts this: "All technologies eventually become outdated" There are easy counterexamples: * Wheels * Fire * Knives These are technologies that predate written records (did I mention writing as another example?) yet they all remain use and are actually fundamental in our daily lives. I am not going to claim that fiat currency will be so enduring, but I see no reason to assume that it will be replaced by…

fire superseded by central heating and electric fires

knives superseded by guns (weapons) and fork (cutlery).

I'll give you the wheel only because I'm still waiting for my hovercar

Re: The exponential growth of Bitcoin value explained

#12

Post by joezydeco »

I'm holding some bitcoin, but I'm still not sure whether I'm speculating or if I'm in for the long run.

Sure, the Chinese are plowing huge sums of surplus cash into BTC, but where can it go? If the US, EU, and China decide tomorrow to freeze out bitcoin exchanges (like the US has already pretty much done), then where does that value go? Does it sit in BTC until adoption hits critical mass? How do you reach critical mass if you can't get in and out of fiat during the transition?

All it takes at this point is for China to decide on the socialist side of the fence and seize btcchina. All that Yuan hasn't really left the country and I'm sure Beijing will make damn sure it never does.

Re: The exponential growth of Bitcoin value explained

#13

Post by xylem »

tobykier wrote: post #10
betterunix wrote: post #8

The article asserts this: "All technologies eventually become outdated" There are easy counterexamples: * Wheels * Fire * Knives These are technologies that predate written records (did I mention writing as another example?) yet they all remain use and are actually fundamental in our daily lives. I am not going to claim that fiat currency will be so enduring, but I see no reason to assume that it will be replaced by…

fire superseded by central heating and electric fires knives superseded by guns (weapons) and fork (cutlery). I'll give you the wheel only because I'm still waiting for my hovercar

I'd like to see how you cut bread with a gun or a fork.

Re: The exponential growth of Bitcoin value explained

#14

Post by aw3c2 »

Datsundere wrote: post #3

how legit is this? because I'd love to buy me some bitcoins right now

Please tell me you are being sarcastic. You are asking how legit a speculation about the astronomical rising price of bitcoin on a bitcoin .com website, with a graph that accurately pinpoints our location in time at the foot of a giant mountain of $$$$$, predicts the downfall of normal money, has no scientific sources.

Consider all "you should buy bitcoin now" to be bait from gamblers who want to maximize their speculative outcome. Bitcoin is nothing but speculation. And right now it is in a ridiculous bubble.

I would flag this if I could.

Re: The exponential growth of Bitcoin value explained

#16

Post by zanny »

lumberjack wrote: post #6

The article just supposes that Bitcoin is the next big thing and then it portrays where we might be in terms of adoption if indeed the supposition is right. But I would rather want to know why people are adopting Bitcoin and what they are exchanging it for. That way I could truely understand the Bitcoin economy and whether it is actually the next big thing or not. I don't want to be a harsh critic but I always get my…

> what they are exchanging it for.

I went to a Subway in Allentown and bought subs with bitcoin last week. Scan QR code, send amount with a (in fiat) .5 cents confirmation fee to get it accepted quickly, done. No signing paper, no pinning codes, no 5% vendor transaction fees for using a piece of plastic.

I've bought humble bundies, reddit gold, wordpress themes, and an sd card from a bitcoin auction site with bitcoin. I regularly tip people on reddit with /u/bitcointip and its simple syntax. I donate to various open source projects in bitcoin because I just copy paste their address and send a few USD worth in seconds.

Re: The exponential growth of Bitcoin value explained

#17

Post by dlsx »

I don't understand bitcoin. In the sense, for a normal person to use it. I don't understand a normal consumer using bit coin.

I can't even figure out how to setup this stupid wallet. It has been downloading a block file for over 5 days. How the fuck is this the future?

The future is retarded.

Re: The exponential growth of Bitcoin value explained

#18

Post by waterlesscloud »

joezydeco wrote: post #12

I'm holding some bitcoin, but I'm still not sure whether I'm speculating or if I'm in for the long run. Sure, the Chinese are plowing huge sums of surplus cash into BTC, but where can it go? If the US, EU, and China decide tomorrow to freeze out bitcoin exchanges (like the US has already pretty much done), then where does that value go? Does it sit in BTC until adoption hits critical mass? How do you reach critical m…

The Chinese central bank has said it's fine for Chinese citizens to buy bitcoins.

http://sinosphere.blogs.nytimes.com/2013/11/22/bitcoin-gets-...

Re: The exponential growth of Bitcoin value explained

#19

Post by 300bps »

lumberjack wrote: post #6

The article just supposes that Bitcoin is the next big thing and then it portrays where we might be in terms of adoption if indeed the supposition is right. But I would rather want to know why people are adopting Bitcoin and what they are exchanging it for. That way I could truely understand the Bitcoin economy and whether it is actually the next big thing or not. I don't want to be a harsh critic but I always get my…

When things have gone up, people think they will go up forever.

When things have gone down, people think they will never go up again.

This article reminds me of this:

http://www.amazon.com/Dow-2008-Different-This-Time/dp/189395...

Re: The exponential growth of Bitcoin value explained

#20

Post by judk »

zanny wrote: post #16
lumberjack wrote: post #6

The article just supposes that Bitcoin is the next big thing and then it portrays where we might be in terms of adoption if indeed the supposition is right. But I would rather want to know why people are adopting Bitcoin and what they are exchanging it for. That way I could truely understand the Bitcoin economy and whether it is actually the next big thing or not. I don't want to be a harsh critic but I always get my…

> what they are exchanging it for. I went to a Subway in Allentown and bought subs with bitcoin last week. Scan QR code, send amount with a (in fiat) .5 cents confirmation fee to get it accepted quickly, done. No signing paper, no pinning codes, no 5% vendor transaction fees for using a piece of plastic. I've bought humble bundies, reddit gold, wordpress themes, and an sd card from a bitcoin auction site with bitcoin…

Did the Subway accept BTC directly (or with any BTC opt in on their side), or did you out use a real time currency conversion provider on your side?

The explicit fee was 0.5c, but there is also exchange rate to negotiate, right?

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