Bitcoin currency of the future?

[Orgasmo]

My point was you can't predict what will take off.

Tulip bulbs were not an innovation or new technology and therefore aren't a good comparison.

The Gold Rush didn't make every miner filthy rich, but neither has any market made every participant filthy rich. That isn't even a realistic expectation.

You're holding on to a pot of fool's gold. The type of fool's gold may be new, but still a pot of foold's gold.

And yet here you expect blockchain will make you into billionaires and become dominant currency. It's been ten years since the technology emerged, and it has yet to see any mass use other than speculative digital commodity.

 

[Thunderchild]

You're holding on to a pot of fool's gold. The type of fool's gold may be new, but still a pot of foold's gold.

And yet here you expect blockchain will make you into billionaires and become dominant currency. It's been ten years since the technology emerged, and it has yet to see any mass use other than speculative digital commodity.

Not only are you clairvoyant about the future value of the tech, but you also can read my mind and tell me what my expectations are. That's impressive!


I don't believe that I will become a billionaire, nor do I believe Crypto will be the dominant currency. (Although Bitcoin is already the 6th largest circulated currency in the world by value btw).

I think I can make a good return on my investments, better than with traditional financial instruments. Nothing more.

 

[HIMBOB]

Damn was thinking of buying Bitcoin when I got up this morning.

Would be up 50% by now.


This world is insane

 

[HIMBOB]

Powr up over 60%

 

[HIMBOB]

These figures are over 3 hours.

 

[Thunderchild]

Damn was thinking of buying Bitcoin when I got up this morning.

Would be up 50% by now.


This world is insane

No way bro Crypto is over, haven't you heard?

 

[Prefect]

Gold has uses but 95% of it does nothing except be shiny and or expensive.

Bitcoin has uses but currently a huge amount of that use is being portable and expensive.

Gold has a physical value. Bitcoin doesn't. It is a place holder on a ledger.

This is besides the point. Without large backing by government or corporation, it will be voatile and unsecure and useless as a real currency. Right now, it is in the news because of how much value it has gained through speculation. In my opinion, it is no different than the run on tulips other than there are piwerful entities that have no interest in its success.

No one buys bitcoins other than for speculation. That there shows you how it is failing.

 

[Thunderchild]

Gold has a physical value. Bitcoin doesn't. It is a place holder on a ledger.

This is besides the point. Without large backing by government or corporation, it will be voatile and unsecure and useless as a real currency. Right now, it is in the news because of how much value it has gained through speculation. In my opinion, it is no different than the run on tulips other than there are piwerful entities that have no interest in its success.

Gold does not have a physical or intrinsic value. It is valuable because people believe it to be. Brass is shiny and conductive also.

Blockchain/Cryptocurrencies are a new tech, tulips had existed for a very very long time before the craze. It is not a good comparison at all as tulips were ascribed a value, whereas cryptocurrencies are serving the purpose they were designed to serve.

 

[HIMBOB]

Gold has a physical value. Bitcoin doesn't. It is a place holder on a ledger.

This is besides the point. Without large backing by government or corporation, it will be voatile and unsecure and useless as a real currency. Right now, it is in the news because of how much value it has gained through speculation. In my opinion, it is no different than the run on tulips other than there are piwerful entities that have no interest in its success.

No one buys bitcoins other than for speculation. That there shows you how it is failing.

Bitcoin allows me to transfer value internationally at low cost. That is useful and therefore has value.
Is it $15,000 a coin useful? Fuck no.

Well aware of tulipmania.

I was tempted to speculate on btc earlier this morning as I mentioned but I didn't because I don't see it's value over other coins.

I gamble on crypto for fun and am a strong believer that you should not 'invest" more than 1% of your net worth.

Happily for the first time in my sub 1 week crypto investing career I am in profit.....a whole $5.85 up.

I personally prefer restricted ledgers not open ones like btc, part ethics part concerns that if it is ideal for tax evasion, laundering or illegal products it has much higher risks.

 

[Orgasmo]

Not only are you clairvoyant about the future value of the tech, but you also can read my mind and tell me what my expectations are. That's impressive!


I don't believe that I will become a billionaire, nor do I believe Crypto will be the dominant currency. (Although Bitcoin is already the 6th largest circulated currency in the world by value btw).

I think I can make a good return on my investments, better than with traditional financial instruments. Nothing more.

I certainly don't think I can predict the future, but I can spot a speculative bubble when there is one. It's not really impressive when vast majority of economists have been issuing warnings for the past 6 months. You can spend your money however you want, but advertising how these cryptocurrencies are the best thing since sliced bread? Since the system requires more and more suckers to buy these coins in order to maintain its value, I'm going to call the fanboys for trying to encourage others to buy bogus investment.

 

[Thunderchild]

I certainly don't think I can predict the future, but I can spot a speculative bubble when there is one. It's not really impressive when vast majority of economists have been issuing warnings for the past 6 months. You can spend your money however you want, but advertising how these cryptocurrencies are the best thing since sliced bread? Since the system requires more and more suckers to buy these coins in order to maintain its value, I'm going to call the fanboys for trying to encourage others to buy bogus investment.

That's fair. There is definitely speculation, no way to argue against that! Only less than a handful of the currencies will survive long term. It's up to people to do their own research. There are a lot of garbage ICOs and tokens and scams out there for sure. You won't catch me shilling that super sketchy stuff and be wary of those who do.

However, if people actual research a given coin and the underlying protocol, understand the problem it is trying to solve/reason for existing, and the dev/operational roadmap then they can make a semi-informed decision. I don't foresee cryptocurrency as a whole going away. I think there are blue chip coins that are here long term. However, buying small cap icos is just a trip to the casino.

I appreciate what you are trying to say and do by calling out "fan boys." I just disagree with your aim. I don't think people shouldn't enter the market, I just think they should make informed decisions. The underlying technology is valuable and if someone doesn't believe that, they shouldn't invest.

 

[HIMBOB]

Gold has a physical value. Bitcoin doesn't. It is a place holder on a ledger.

This is besides the point. Without large backing by government or corporation, it will be voatile and unsecure and useless as a real currency. Right now, it is in the news because of how much value it has gained through speculation. In my opinion, it is no different than the run on tulips other than there are piwerful entities that have no interest in its success.

No one buys bitcoins other than for speculation. That there shows you how it is failing.

Currently Bitcoin has a value too. I think you mean has physical uses and therefore will always retain some value, while btc could retain zero value. That is true. However most gold is used for nothing but being shiny and expensive. Without those qualities it's value is similar to that of lead. On a fundamental use analysis both are over priced by a factor of 20 imo.

I loved watching preppers talking about holding gold in case of societies collapse. Wtf do they think people will be able to do with gold??

In short I think you are mistaking my negative view of gold as a positive view of btc. I own neither and advocate for neither.

I do own cryptos but deliberately do not own any that's primary feature is anonymity or ability to conduct black market transactions. Imo that is the stuff that governments will crush and personally I think that is a good thing.

 

[HIMBOB]

Do cryptos usually trade with such synchronisation?

It seems everything dropped this week and everything bounced back. Looking at coinmarketcap only 2 out of the top 100 moved independently. Stock market moves in sync too but not with this level of correlation.

 

[Inspector 2211]

Last week I transferred some cash from my bank account to my USD wallet on coinbase. It took just over a week to get in there. Today I bought $500 of bitcoin with it. It’s been pending for about 8 hours now. Is this normal? I thought the point of depositing money into the USD wallet was for instant purchase?

 

[HIMBOB]

Last week I transferred some cash from my bank account to my USD wallet on coinbase. It took just over a week to get in there. Today I bought $500 of bitcoin with it. It’s been pending for about 8 hours now. Is this normal? I thought the point of depositing money into the USD wallet was for instant purchase?

Dunno but hear about issues like that a bit.

I use coinspot and everything is damn near instantaneous. 3% fee buying coins (less for big boys like btc) + a considerable buy sell spread at times.
Thus far seems fairly newbie proof, but convenience ain't free clearly.


One bit of advice, split your intended purchase over several days.
For example if you want $500 of btc as a Long term strategy instead of buying $500 at whatever price buy $125 a day for 4 days.
It will ensure you buy at the average price over that period instead of potentially buying at the top of a short term spike. Of course you could miss a bargain.

 

[Inspector 2211]

Dunno but hear about issues like that a bit.

I use coinspot and everything is damn near instantaneous. 3% fee buying coins (less for big boys like btc) + a considerable buy sell spread at times.
Thus far seems fairly newbie proof, but convenience ain't free clearly.


One bit of advice, split your intended purchase over several days.
For example if you want $500 of btc as a Long term strategy instead of buying $500 at whatever price buy $125 a day for 4 days.
It will ensure you buy at the average price over that period instead of potentially buying at the top of a short term spike. Of course you could miss a bargain.

Thanks for the advice. It’s getting a little frustrating to have to wait again, when I already had to wait a week for my USD to transfer. I wanted to use the BTC to use to purchase other coins. My fee for the $500 purchase was about $7.

 

[NewS]

I tried to buy some altcoins on Etherdelta (only available here atm) 3 times and I always got the error message "Warning! Error encountered during contract execution [Bad jump destination"

The ridicolous thing is that I always had to pay for GAS fee!
Anyone knows how I can place an order successfully on this platform?

 

[Der Eisbär]

You're holding on to a pot of fool's gold. The type of fool's gold may be new, but still a pot of foold's gold.

And yet here you expect blockchain will make you into billionaires and become dominant currency. It's been ten years since the technology emerged, and it has yet to see any mass use other than speculative digital commodity.

You're so ignorant and so wrong it's hard to believe you still post here.

How long was it before the internet saw mass adoption?? 10, 15 years?? Moneygram has a partnership with ripple. Kodak is creating their own block chain. I own a coin that is going to be integrated with aptoide later this year. Aptoide being the 3rd largest app marketplace with 200 million users. There are countless examples of block chain projects being worked into real world products you're just too fucking ignorant to look into it.

 

[Der Eisbär]

Last week I transferred some cash from my bank account to my USD wallet on coinbase. It took just over a week to get in there. Today I bought $500 of bitcoin with it. It’s been pending for about 8 hours now. Is this normal? I thought the point of depositing money into the USD wallet was for instant purchase?

1) Wire transfers are the most effective way to put money into coinbase or any other exchange that accepts USD. No fee and takes less than a day.
2) I don't recommend actually making your purchase on coinbase. The interface is garbage and it locks you in at the highest price of the given minute. What happened is you probably placed a buy order @ the price you saw on the screen and the price then moved before your buy went through. If you're going to insist staying on coinbase at least get set up on GDAX (coinbases actual exchange platform) and move your money from coinbase to Gdax, it's instant and free.

 

[4daLuLZ]

Gold is a store of value, Bitcoin is a store of value.

So is a condom to a hooker on Saturday night.

Thing is, I can walk into most any country, any city, any town or any village. No matter how remote, no matter what the language and no matter what the level of technological or social / economic status..........and buy anything with some gold.
It can be in coins, in bars, in jewellery, shaped like teeth or even dicks, hell it can even be shavings.
Can be minted from any country or even mined by hand. Nobody cares. They all recognise it and desire it.
Across time, across countries long gone, existing and still to come.

^this is why Bitcoin will never replace gold.