81–90 of 437 posts
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No. People actually use other currencies as a medium of exchange first, and store of value second (usually they purchase assets to store value long term). Bitcoin is the other way round (at present at least).
I save more than I spend, so wouldn't I be mainly using it as a store of value rather than a medium of exchange?
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There's no pyramid scheme. It's a hyped asset, to say the least, but there's no pyramid. Like a hyped startup, it doesn't do much yet, but it is promising, so people buy it. It may be "worth" much or zero in the end, it all depends on the final outcomes. It's also the easiest/cheapest/most open asset to trade (depending on where you trade). In the long term, Bitcoin can be seen as a safe heaven in case of economic ch…
> Like a hyped startup, it doesn't do much yet It does plenty already. I live almost exclusively on Bitcoin. I only get income in Bitcoin, I pay with Bitcoin whenever possible, and I have a Bitcoin-funded debit card for when that's not possible.
I do bet on BTC to change the world... so I pay in BTC when I can too!
it will easily reach $10k...don't ask why
Earlier quoted context omitted.
No. People actually use other currencies as a medium of exchange first, and store of value second (usually they purchase assets to store value long term). Bitcoin is the other way round (at present at least).
I save more than I spend, so wouldn't I be mainly using it as a store of value rather than a medium of exchange?
From a purely economic perspective, cash is just another liquid asset. The distance from currency to store of value is quite short.
Physical assets are generally regarded as stores of value, however, in modern times, currency stability has resulted in currency supplanting durable goods as the primary store of value.
I consider myself pretty tech-savvy, but I'm still completely lost as to whether Bitcoin is basically a pyramid scheme set to crash massively, or something huge that will continue climbing. I probably should've taken the time to mine some back when my friends were doing it and tried convincing me too. Ah well. (Queue heated comments from both sides. Discussing bitcoin is like bringing up religion AND politics at the…
I was quite convinced by their arguments. Where I was wrong was believing technical arguments mattered.
What matters is the psychology of the herd.
I don't know much about bitcoin i'll admit. And I was surpised the other day to read some comments where the poster was saying that the transaction price is somewhere in between 5$ - 20$. Isn't that like... a LOT? I thought the idea of Bitcoins was how easy it would be to make transactions but with a price like that I can image most smaller transactions are discouraged. Also, after the initial hype I haven't really s…
Here's a rundown of what's happened: https://blog.plan99.net/the-resolution-of-the-bitcoin-experi...
I keep seeing my non-it friends boasting on FB how much they profited with Bitcoin this week. I am afraid this bubble will get way much bigger before it bursts.
I'm afraid that like the housing bubble, it'll get "too big to burst" and require intervention to keep those who have previously invested afloat while keeping down those outside the bubble.
1) Go back to when I start to put bitcoin mining on my server for fun and than decided it would cost to much in electricity
2) Second time around I wouldn't sell it when it hit $1000 for the first time
3) I would go to the future to see when to see :)