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Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

cointelegraph.com

31–40 of 45 posts

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#31
post #28
post #6

Serious question: why would one buy Bitcoin except for holding on to it? That seems like a very unhealthy reason imho...

https://www.youtube.com/watch?v=AecPrwqjbGw For me, buying BTC is buying out of fiat. Being able to have autonomous control of the currency I have the private keys to. I've been thinking lately: the rich invest their fiat into stores of value, while paying the poor in fiat which is soon to be worthless. This reinforces the current inequality Just plucking some thoughts from the aether of my mind. I'm currently holdin…

Thank you for the detailed answer. I have some follow up questions.

How can it settle on a value when there is a limited amount of Bitcoins

Also, why would you spend it if it can double in value 2 months later?

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#32
post #17

Earlier quoted context omitted.

I'd take pay in bitcoin as payment for work anytime over last 5 years because of stupidly high cost of international money transfers. Unfortunately nobody wanted to pay me like that because apparently it was harder for accounting.

Would you have spent it?

If I didn't have money and I needed it then definitely.

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#33

Earlier quoted context omitted.

All "knowledge" about investment in speculative instruments is pseudoscience. You can see it when you compare hedge funds with index funds like Warren Buffet did.

And yet Warren Buffett consistently beats the market.

Yes. Because he is Warrent Buffet. He does that not because he reads the market but because he drives the market.

He, at no fault of his own, is same thing for stocks as penny stock scammers are for penny stock market.

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#34

Earlier quoted context omitted.

Money laundering and terrorist financing can be done and is done with fiat currencies too. Bitcoin is also not a private coin, ledger is public and anyone can analyze the flow of money. The only private coin I know of is Monero (XMR). Analyzing Monero ledger is like looking at random data, there's no amounts, there's no receivers, there's no senders. Everything is fully, by default, encrypted. Even receivers can't kn…

How does a private coin work with blockchain tech? If you can't know who the sender and receiver are how can you verify transactions?

There's an optionable Payment ID you can attach (also encrypted), so receiver can confirm that the payment received was for a particular purpose.

Let's say payment id is user id + product id, so receiver could easily confirm that transaction was from a particular user for a particular product.

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#35
post #27

Earlier quoted context omitted.

It is instantaneous depending on which platform you are using. Maybe you should bother looking into it.

Platform? Bitcoin is bitcoin, either you use a different crypto (in which case we're no longer talking about bitcoin) or you're using some fluff on top (in which case we're also no longer talking about bitcoin). Have a look at this graph to understand why bitcoin doesn't work as transactional currency https://blockchain.info/charts/avg-confirmation-time

I think he meant how many confirmations they want, 0 confirmations is instant, also unlike paypal you won't get charge-backed.

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#36
post #31
post #28

Earlier quoted context omitted.

https://www.youtube.com/watch?v=AecPrwqjbGw For me, buying BTC is buying out of fiat. Being able to have autonomous control of the currency I have the private keys to. I've been thinking lately: the rich invest their fiat into stores of value, while paying the poor in fiat which is soon to be worthless. This reinforces the current inequality Just plucking some thoughts from the aether of my mind. I'm currently holdin…

Thank you for the detailed answer. I have some follow up questions. How can it settle on a value when there is a limited amount of Bitcoins Also, why would you spend it if it can double in value 2 months later?

I'm going to describe this in terms of gold; as a metaphor, you can replace gold with any other non deflating asset. There's a limited amount of gold. If you could atomically store your cash as gold yet still pay with it directly through debit, then you don't really need cash. But man does not survive on gold; so you must spend the currency

By settle in value I don't mean settle on a precise fiat price. Because I'm thinking post-fiat. This may be idealistic, I know, but try to think from that perspective. By stable I mean the value of BTC shouldn't double every two months. Unless the goods it buys are becoming twice as cheap due to technological advancement

There may be weird implications of having your mortgage be in terms of an asset that's non deflating, where if the economy is causing wages to go down as cost of living decreases it can become infeasible to pay for one's house in a year. Two things: banks can come up with a bank-coin which should inflate in order to stimulate long term loans, & maybe people should avoid debt. I personally live with my only debt being my mortgage

So maybe BTC isn't a good currency to take out a loan for, but in that case if you can have the bank agree to a dogecoin loan it work outs. I only mention doge because it's an inflating cryptocurrency originally based on BTC, but ideally the inflating currency would be segwit so that one can make atomic payments to that currency with their BTC. Kind of going on a tangent here in this stream of consciousness but the core of this idea is that you can pay with BTC for something in a different unit, currently loans are in the unit of USD, but perhaps in the future loans will be in terms of a 'platonic housing price according to some index' unit

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#37
post #25

if you have 9k dollars and you don't need to spend it on something, and you want to save, what are your options, keep it cash, will only loose its value (maybe less in US but in other countries yes with 7% inflation), you would pay bank fees, and the money would do nothing, buy gold, is complicated, you need to make a contract, again pay fees to hold it for you, buy real estate, is to little money, buy stocks, is com…

An ETF tracker?

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#38
post #36
post #31

Earlier quoted context omitted.

Thank you for the detailed answer. I have some follow up questions. How can it settle on a value when there is a limited amount of Bitcoins Also, why would you spend it if it can double in value 2 months later?

I'm going to describe this in terms of gold; as a metaphor, you can replace gold with any other non deflating asset. There's a limited amount of gold. If you could atomically store your cash as gold yet still pay with it directly through debit, then you don't really need cash. But man does not survive on gold; so you must spend the currency By settle in value I don't mean settle on a precise fiat price. Because I'm t…

(thinking a bit, really a BTC loan should just have a lower interest rate compared to what we currently have, as that's accounting for inflation)

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#39

Earlier quoted context omitted.

That's all there is to it at this point. Other cryptos are vastly better if you actually want to do anything with it.

Indeed, 7 day moving average of confirmation time is currently 107 minutes. This has gotten as high as 440 minutes, making Bitcoin utterly useless as a transactional currency. It's basically just e-gold now.

Of course, the reason the Bitcoin confirmation time is so high is because it's processing more transactions than every cryptocurrency except Etherium...

Re: Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

#40

Earlier quoted context omitted.

Penny stocks are also scarce, durable and transferable...

Penny stocks are generally not scarce (You can buy a lot of them) not durable (Companies tend to go bankrupt). Gold would be a better analogy.

People can't create new types of gold by taking an open source coin and forking it...
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