Bitcoin currency of the future?

[Der Eisbär]

The thing about crypto currency is that nothing actually backs them. There's no government, army, gold etc. They're not actual currency as you can't really use them as currency without paying abhorrent fees. As such, they're a collector's item. They're only as valuable as the collector deems. In that sense they're no different than baseball cards. If they were viable as currency, I'd be more optimistic about their future. Eventually they'll be regulated, but determining which currency becomes regulated is pretty much just gambling at this point. It's the type of unwise investment that ruins amateurs. I can't even imagine all the suicides we'll see over the next half decade.

There's plenty of cryptos that have no or tiny fees. If you want to send money via western union, what's the fee? 20%? More? If i wanna send litecoin around the world its instant with tiny fees. What's backing cryptos is the faith and trust of global markets. Fiat currency backed by central banks is on its way out.

 

[ChucksGlassJaw]

There's plenty of cryptos that have no or tiny fees. If you want to send money via western union, what's the fee? 20%? More? If i wanna send litecoin around the world its instant with tiny fees. What's backing cryptos is the faith and trust of global markets. Fiat currency backed by central banks is on its way out.

Western Union isn't a currency, it's a service. Nobody uses western union to make actual purchases. Nobody is going to pay 18% fees for currency. That's the thing, it's all just an idea. Personally, I think it's unwise to invest in an idea. You invest in tangible entities with ideas, or better yet, actual products. In 5 years, we'll hear about some amazing stories of people that got in, got out and got rich, but, those stories will pale in comparison to the ones of people that lost absolutely everything and threw themselves off a bridge.

Crypto currency has a future, but only if it's, you know, an actual currency and not an idea. Unless of course you're looking to launder the millions you've made selling kilo's of the blowcaine.

 

[Der Eisbär]

Western Union isn't a currency, it's a service. Nobody uses western union to make actual purchases. Nobody is going to pay 18% fees for currency. That's the thing, it's all just an idea. Personally, I think it's unwise to invest in an idea. You invest in tangible entities with ideas, or better yet, actual products. In 5 years, we'll hear about some amazing stories of people that got in, got out and got rich, but, those stories will pale in comparison to the ones of people that lost absolutely everything and threw themselves off a bridge.

Crypto currency has a future, but only if it's, you know, an actual currency and not an idea. Unless of course you're looking to launder the millions you've made selling kilo's of the blowcaine.

Well, fortunately, crypto currency isn't just an idea, as evidenced by the fact that actual cryptocurrencies exist?

 

[ChucksGlassJaw]

Well, fortunately, crypto currency isn't just an idea, as evidenced by the fact that actual cryptocurrencies exist?

Haha. Dude, there's nothing that actually backs them, so yes, they're nothing but an idea. What happens when the trend is to devalue them just because enough people decided they're no longer worth anything, like baseball cards. When I invest in the $, I invest in the United States. When I invest in Bitcoin, I'm not actually investing in anything.

 

[Der Eisbär]

Haha. Dude, there's nothing that actually backs them, so yes, they're nothing but an idea. What happens when the trend is to devalue them just because enough people decided they're no longer worth anything, like baseball cards. When I invest in the $, I invest in the United States. When I invest in Bitcoin, I'm not actually investing in anything.

You clearly don't understand what you're talking about. USD is lended to the united states via the federal reserve. You're not investing in America, you're investing in a central bank. Decentralized currency is the future of finance. Just like the internet has replaced traditional communications. Get out now while you can.

 

[ChucksGlassJaw]

@Der Eisbär

I'm assuming based on your emotional investment in this thread that you've made a fair amount of money on crypto currency. If so, that's fucking awesome. If I had your position I'd do 1 of 2 things A) Take all my profits and diversify them among all crypto currencies, forget about them and hope to get lucky. After all, it's funny money anyway. Or B) Liquidate them now. Accept 50% of their perceived/estimated value and reinvest in an Index and forget about them. After all, it's all funny money anyway.

I'm pulling for you.

 

[Der Eisbär]

@Der Eisbär

I'm assuming based on your emotional investment in this thread that you've made a fair amount of money on crypto currency. If so, that's fucking awesome. If I had your position I'd do 1 of 2 things A) Take all my profits and diversify them among all crypto currencies, forget about them and hope to get lucky. After all, it's funny money anyway. Or B) Liquidate them now. Accept 50% of their perceived/estimated value and reinvest in an Index and forget about them. After all, it's all funny money anyway.

I'm pulling for you.

Thanks man I appreciate the good will. My positions are up quite considerably but I don't have much skin in the game yet. My emotional investment is moreso my belief in the tech than in making money. Fiat currency is on it's way out. Large central banks controlling the supply of money is done for.

 

[ChucksGlassJaw]

Thanks man I appreciate the good will. My positions are up quite considerably but I don't have much skin in the game yet. My emotional investment is moreso my belief in the tech than in making money. Fiat currency is on it's way out. Large central banks controlling the supply of money is done for.

Only if you believe in humanity's ability to actually get along and agree, which I'm skeptical of.

What's the draw for the average Joe to use crypto currency? The draw for the black market is obvious. Beyond that, I'm not convinced.

 

[Der Eisbär]

Only if you believe in humanity's ability to actually get along and agree, which I'm skeptical of.

What's the draw for the average Joe to use crypto currency? The draw for the black market is obvious. Beyond that, I'm not convinced.

The draw is that
1) The money can't be seized by the government or anyone else (assuming you have your coin in a wallet)
2) You can send the money instantly with no intermediary
3) The currency cannot be created out of thin air like USD, which devalues your USD
4) The currency cannot be counterfitted like the USD

 

[kahiljabroni]

I'm so fkn disgusted that I didn't get in early and I'm just sick of hearing about it. ...I want it to plummet to 10$ a coin already.

 

[Tamriel Terror]

I'm so fkn disgusted that I didn't get in early and I'm just sick of hearing about it. ...I want it to plummet to 10$ a coin already.

 

[Der Eisbär]

I'm so fkn disgusted that I didn't get in early and I'm just sick of hearing about it. ...I want it to plummet to 10$ a coin already.

Dude you don't have to be like that. You'll be saying the same thing when bitcoin is 100k and litecoin is 1k/5k/10k and you didnt get in at 15k bitcoin/150 litecoin. Get signed up on Gdax/Coinbase and start buying. Litecoin is up from 100 to 184 from Friday to now. The train is still rolling.

 

[Falsedawn]

You can make bank if you're still skilled with Fortran there's a lot of legacy software that needs maintenance and/or conversion to modern high level languages. Just fyi.

COBOL too. You can clear 150k easy these days. These banks are desperate.

 

[Turtlejuice]

Large central banks controlling the supply of money is done for.

The funny thing about this sentiment, is it relies entirely on the assumption that these people and organisations that control any overwhelming majority of the world's wealth are not aware of Bitcoin. If Bitcoin does become the currency, it will be the mega rich that make it so, not the poor.

That's just another thing people have been told to manipulate them into buying in to Bitcoin.

 

[Der Eisbär]

The funny thing about this sentiment, is it relies entirely on the assumption that these people and organisations that control any overwhelming majority of the world's wealth are not aware of Bitcoin. If Bitcoin does become the currency, it will be the mega rich that make it so, not the poor.

That's just another thing people have been told to manipulate them into buying in to Bitcoin.

What I said categorically true.
The federal reserve can print money out of thin air.
The federal reserve cannot create bitcoin out of thin air.
Therefore, "Large central banks controlling the supply of money is done for." is factually true.

 

[Zazen]

People have so much confidence in cryptocurrency yet all they want is to sell it high for fiat. If fiat is becoming irrelevant then why sell it at all?

 

[Turtlejuice]

What I said categorically true.
The federal reserve can print money out of thin air.
The federal reserve cannot create bitcoin out of thin air.
Therefore, "Large central banks controlling the supply of money is done for." is factually true.

They don't need to print it. They can just buy up the majority of available bitcoin.

 

[Der Eisbär]

They don't need to print it. They can just buy up the majority of available bitcoin.

the federal reserve cannot just buy up 278 billion dollars of bitcoin. They don't have the authority, the ability, or the funds to do so. You fundamentally don't know what you're talking about.

 

[Turtlejuice]

the federal reserve cannot just buy up 278 billion dollars of bitcoin. They don't have the authority, the ability, or the funds to do so. You fundamentally don't know what you're talking about.

With the right people behind them, the people who already control a large majority of the world's money, 278 billion is pocket change.

You honestly think these people would just sit by and watch their empire crumble?

 

[Der Eisbär]

With the right people behind them, the people who already control a large majority of the world's money, 278 billion is pocket change.

You honestly think these people would just sit by and watch their empire crumble?

If they buy up all the bitcoin, it drives the price up and legitimizes cryptocurrency, which would further devalue the dollar. If they do what you're proposing, the USD empire does crumble.