Bitcoin currency of the future?

Luminaire said:
@Der Eisbär

$360 by tomorrow at 3pm am I right? Feeling a little shook now huh?
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dnno.gif


Like it's a bad thing that it's falling. I hope it continues to fall so I can buy up more.
 
CerebralKnievel said:
I wasn't going to weigh in (I anticipated it would drop well down to the mid 200s as I think I posted earlier) but what's your prediction?
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I said $240... by Friday at 3pm... but I have no clue, just that the hysteria and "bull run" wasn't sustainable.

I'm not like Eisbar over here raving that $315 is a "buying opportunity"

Might crash right thru $240 tho
 
Luminaire said:
I said $240... by Friday at 3pm... but I have no clue, just that the hysteria and "bull run" wasn't sustainable.

I'm not like Eisbar over here raving that $315 is a "buying opportunity"

Might crash right thru $240 tho
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Yeah, I believe it will, once the panic sets in and most people with money to lose begin cashing out. I actually set a limit buy yesterday on LTC at 260 but then thought better and decided to cancel it. Better to watch it for a while now and see where it settles at for a day or so.
 
JonesBones said:
It is shit as a currency.

VISA can handle on average around 1,700 transactions per second (tps), call it a daily peak rate of 4,000 tps.

PayPal, in contrast, handled around 10 million transactions per day for an average of 115 tps in late 2014.

Today the Bitcoin network is restricted to a sustained rate of 7 tps due to the bitcoin protocol restricting block sizes to 1MB.

https://steemit.com/cryptocurrency/@steemhoops99/transaction-speed-bitcoin-visa-iota-paypal
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This is the point people keep missing. Cryptocurrencies have no actual function. If they were viable as actual currency, we'd be on to something, but they absolutely are not legit currency. They serve no functional purpose and have literally zero backing.
 
Supereem said:
I love the idea of cryptocurrenices, as I think most people do. A global, anonymous currency is exactly what I need.

But right now bitcoin is useless as a currency, and is being treated as an investment by essentially everyone other than a few core believers (who would likely still sell if they are sitting on a huge profit) and people who use it to buy drugs.

Many of the investors seem to fit the following stereotype: Low income males with a chip on their shoulder about their social status and who think they are starting a revolution. But in reality they would sell when they are up as proof of their foresight and ingenuity.

Many of the experts who believe this is not a bubble are tech guys, NOT economists. These guys have no idea how markets work (which is really human psychology) and will be in for a huge surprise. I find it strange that these tech guys still think they can waltz into any profession and dominate it with their wikipedia knowledge just because the internet has changed the landscape of how we do some things. Economic theory has been established over hundreds of years of experience with how we deal with these phenomena. History might not repeat itself, but it does rhyme.

We have thousands of people sitting on paper fortunes now because of the recent run. Are these people really going to hold on forever and later use that money to buy groceries in 10 years? Do they plan on turning (and risking) that entire investment long term and buying a house with it? Or are they going to sell and make a real profit?

Will this cause a crash? likely. Cryptocurrencies have crashed in the past and will again.
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Good post. The market is a lot of psychology, that is what got me into it. I like to figure people out. The market is like this huge worldwide game of chess --though less sophisticated. You try figure out other people. What they are thinking. What they are feeling.

I agree with the demographic too. Same kind of people who believe in conspiracy theorists. Idiots who think they are smarter than everyone else. lol. Like there is some royal road to riches. I have had people who never invested before asking about it. I have seen parents have their teenagers open accounts on Coinbase.

You know who is the only one making real money here? Like money that has landed, not pixie dust in the system, is the exhanges/brokers. Fees. Fees are real money. Bitcoin aint. lol.

COMMISSION MOTHERFUCKER Keep them on that ride. Don't let them get off. Because then it would be real.


Mark Hanna: Nobody knows if a stock is going to go up, down, sideways or in circles. You know what a fugazi is?"

Jordan Belfort: *Fugayzi*, it's a fake.

Mark Hanna: *Fugayzi*, fugazi. It's a whazy. It's a woozie. It's fairy dust. it doesn't exist. It's never landed. It is no matter. It's not on the elemental chart. It's not fucking real.


 
ChucksGlassJaw said:
This is the point people keep missing. Cryptocurrencies have no actual function. If they were viable as actual currency, we'd be on to something, but they absolutely are not legit currency. They serve no functional purpose and have literally zero backing.
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You have some self educating to do.

Bitcoin is plenty viable as a currency, it's used that way already, especially in places where other forms of currency either aren't as efficient or if you can believe it, aren't as stable.

In the long run, Bitcoin is viable as a currency and, there is SOME credibility to being bullish on it in the long run. Essentially if Bitcoin even approaches the market value of Gold then this will be a great investment, long term.

The problem as I see it currently is that these are all being treated as speculative investments, and the acceleration and hype behind them signals a classic bubble. That doesn't even mean these prices will never be seen again. (Real Estate prices today are about the same as they were in 2007/08) but I fully expect a crash because the people investing in it are uneducated and just looking for the next quick money scheme... when it starts to go south, Panic selling will follow and once everyone has been sufficiently scared to holy hell, there may actually be a buying opportunity for any of these Cryptos that have long term value.

Of course when that happens, Plumber Joe will have lost some money and be terrified of buying back in.
 
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Luminaire said:
You have some self educating to do.

Bitcoin is plenty viable as a currency, it's used that way already, especially in places where other forms of currency either aren't as efficient or if you can believe it, aren't as stable.

In the long run, Bitcoin is a viable as a currency and, there is SOME credibility to being bullish on it in the long run. Essentially if Bitcoin even approaches the market value of Gold then this will be a great investment, long term.

The problem as I see it currently is that these are all being treated as speculative investments, and the acceleration and hype behind them signals a classic bubble. That doesn't even mean these prices will never be seen again. (Real Estate prices today are about the same as they were in 2007/08) but I fully expect a crash because the people investing in it are uneducated and just looking for the next quick money scheme... when it starts to go south, Panic selling will follow and once everyone has been sufficiently scared to holy hell, there may actually be a buying opportunity for any of these Cryptos that have long term value.

Of course when that happens, Plumber Joe will have lost some money and be terrified of buying back in.
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You may be able to buy some shit with bitcoin but you can buy anything anywhere with a visa or Mastercard so what is bitcoins competitive edge?
 
kahiljabroni said:
You may be able to buy some shit with bitcoin but you can buy anything anywhere with a visa or Mastercard so what is bitcoins competitive edge?
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It is a store of value right now. It is deflationary, so it won't really replace all currency.
 
Luminaire said:
You have some self educating to do.

Bitcoin is plenty viable as a currency, it's used that way already, especially in places where other forms of currency either aren't as efficient or if you can believe it, aren't as stable.

In the long run, Bitcoin is a viable as a currency and, there is SOME credibility to being bullish on it in the long run. Essentially if Bitcoin even approaches the market value of Gold then this will be a great investment, long term.

The problem as I see it currently is that these are all being treated as speculative investments, and the acceleration and hype behind them signals a classic bubble. That doesn't even mean these prices will never be seen again. (Real Estate prices today are about the same as they were in 2007/08) but I fully expect a crash because the people investing in it are uneducated and just looking for the next quick money scheme... when it starts to go south, Panic selling will follow and once everyone has been sufficiently scared to holy hell, there may actually be a buying opportunity for any of these Cryptos that have long term value.

Of course when that happens, Plumber Joe will have lost some money and be terrified of buying back in.
Click to expand...
You're not wrong here, and I realize the possibility of that happening.
 
JonesBones said:
Good post. The market is a lot of psychology, that is what got me into it. I like to figure people out. The market is like this huge worldwide game of chess --though less sophisticated. You try figure out other people. What they are thinking. What they are feeling.

I agree with the demographic too. Same kind of people who believe in conspiracy theorists. Idiots who think they are smarter than everyone else. lol. Like there is some royal road to riches. I have had people who never invested before asking about it. I have seen parents have their teenagers open accounts on Coinbase.

You know who is the only one making real money here? Like money that has landed, not pixie dust in the system, is the exhanges/brokers. Fees. Fees are real money. Bitcoin aint. lol.

COMMISSION MOTHERFUCKER Keep them on that ride. Don't let them get off. Because then it would be real.


Mark Hanna: Nobody knows if a stock is going to go up, down, sideways or in circles. You know what a fugazi is?"

Jordan Belfort: *Fugayzi*, it's a fake.

Mark Hanna: *Fugayzi*, fugazi. It's a whazy. It's a woozie. It's fairy dust. it doesn't exist. It's never landed. It is no matter. It's not on the elemental chart. It's not fucking real.


Click to expand...

Lmao. "Bitcoin isn't real money". If you had 100 of them I bet you'd just give them away right, because you know, they're fairy dust and not real, not worth anything, right?
 
Der Eisbär said:
Lmao. "Bitcoin isn't real money". If you had 100 of them I bet you'd just give them away right, because you know, they're fairy dust and not real, not worth anything, right?
Click to expand...

I would treat them like beanie babies. Pawn them off on the closest fool.


When Chris Robinson’s father started collecting Beanie Babies, he thought he could use the eventual profits to pay for five college tuitions. Instead, he ended up spending upwards of $100,000 (Robinson’s estimate, based on average cost for each) for a collection of 20,000 stuffed animals that still sit in his garage.


https://qz.com/114753/meet-the-family-who-lost-100000-when-the-beanie-baby-bubble-burst/

Good parallel with bitcoin because bitcoin is not a currency, it is a collectible.
 
ChucksGlassJaw said:
This is the point people keep missing. Cryptocurrencies have no actual function. If they were viable as actual currency, we'd be on to something, but they absolutely are not legit currency. They serve no functional purpose and have literally zero backing.
Click to expand...

Yeah like Luminaire said, you need some real education on the matter. You clearly don't know what you're talking about.

The US dollar has "no real backing". It's backing is the consensus that a dollar is a dollar. Can you measure that consensus, faith and trust in economic or mathematical terms? No, you can't. It's backed by something immeasurable, so essentially it's nothing. In the sense that currency value is determined by consensus, bitcoin obviously has that same backing, right? It also has the backing of new and revolutionary technology and the underlying block-chain network - a network of millions of computers around the world. That is real backing.

beyond that, you're just talking about bitcoin here as currency, and how it's not viable.

What about other crypto's that have different applications? How about power ledger, which will be a crypto tied into the smart energy grid used for buying, selling and exchanging renewable energy in the former of a digital coin? How about Ripple, which already has partnerships with major banks and credit card companies, that will be used to provide instant liquidity between financial firms. Meaning, transaction times that are nearly instant, and 0 transaction fees? How about ethereum, which is both a cryptocurrency, programing language, and decentralized data network all in one?

Different coins have different applications and use cases, not all of them are trying to be a new currency for daily transactions.

If you think fiat paper currency created out of thin air, controlled by the fed, that is expensive and slow to send and receive, is here to stay, you're either ignorant, stupid, or both.
 
JonesBones said:
I would treat them like beanie babies. Pawn them off on the closest fool.


When Chris Robinson’s father started collecting Beanie Babies, he thought he could use the eventual profits to pay for five college tuitions. Instead, he ended up spending upwards of $100,000 (Robinson’s estimate, based on average cost for each) for a collection of 20,000 stuffed animals that still sit in his garage.


https://qz.com/114753/meet-the-family-who-lost-100000-when-the-beanie-baby-bubble-burst/

Good parallel with bitcoin because bitcoin is not a currency, it is a collectible.
Click to expand...
lol @ comparing collectible stuffed animals to a new evolution in technology.

what's next, comparing your old pokemon card collection to investing early in computer companies like microsoft and apple?

If you would actually spend some time researching the tech underlying some of these coins you wouldn't be saying stupid shit like this.
 
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