Bitcoin currency of the future?

[kahiljabroni]

https://www.entrepreneur.com/article/292103#

This is just the first article I found on google. Just some things to consider at least.

Sorry but article sounds like bs. Less volatile than USD? I'll buy that it's more secure but that's about it.

 

[JonesBones]

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.

I have spent time researching it, hence why I know it is a con.

Underlying tech that can do less than a dozen transactions a second.

microsoft and apple produce things. apple has made me money in investments. dont compare them to your monopoly money

 

[JonesBones]

Sorry but article sounds like bs. Less volatile than USD? I'll buy that it's more secure but that's about it.

Another hallmark of a con. Misinformation. I cannot believe they are using the volatility argument FOR bitcoin when many sales are reversed because the value has changed so much by the time the transaction goes through. I saw a charlatan on TV saying US dollar is too volatile too and bitcoin is the answer. lol.

I doubt bitcoin is more secure. People are getting robbed, hacked, etc left and right. The amount of information these companies want on you is amazing.

just read the topics in reddit:

https://www.reddit.com/r/CoinBase/

 

[Der Eisbär]

I have spent time researching it, hence why I know it is a con.

Underlying tech that can do less than a dozen transactions a second.

microsoft and apple produce things. apple has made me money in investments. dont compare them to your monopoly money

here's your monopoly money, that devalues at 3% a year

 

[JonesBones]

here's your monopoly money, that devalues at 3% a year

Bitcoin's value can drop much more than that in a day. Derp. lol.

Excuse me while I use my monopoly money to buy nearly everything under the Sun. What can you buy with bitcoin you mark? lol. I really dont have sympathy for you people. You wont listen to reason. You will get what you deserve.

 

[Der Eisbär]

Bitcoin's value can drop much more than that in a day. Derp. lol.

Excuse me while I use my monopoly money to buy nearly everything under the Sun. What can you buy with bitcoin you mark? lol.

Bitcoin's value can swing up or down more than that in a day, but is up 4000% in a single year. The USD is down 30% since 2007.

What can I buy with Bitcoin? Lots of shit. Take some time for yourself and learn where it can be spent. In Japan, it's legally recognized as a form of payment and over 4000 retailers accept it. I can also buy 17,000 US dollars with a bitcoin, so LOL.

 

[kahiljabroni]

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.

Idk man...of course US currency has no intrinsic value except for the consensus that it's worth something. But that's the thing. .. There is a consensus. EVERYONE on the planet agrees that the dollar has value. Very few people agree that crypto currencies have value. And the innovative technology behind cryptos really doesn't add to the perceived value of them. You also fail to address the most important thing in all this. .. That is the federal governments reaction if this ever threatened their power. And the Fed would have the full support of Americans as well. They have 401ks and iras and mutual funds. They like the way things are.

 

[Der Eisbär]

Idk man...of course US currency has no intrinsic value except for the consensus that it's worth something. But that's the thing. .. There is a consensus. EVERYONE on the planet agrees that the dollar has value. Very few people agree that crypto currencies have value. And the innovative technology behind cryptos really doesn't add to the perceived value of them. You also fail to address the most important thing in all this. .. That is the federal governments reaction if this ever threatened their power. And the Fed would have the full support of Americans as well. They have 401ks and iras and mutual funds. They like the way things are.

There's no reason traditional investment products like ETFs, 401ks, mutual funds won't eventually diversify into cryptocurrency/bitcoin. When that old/traditional investment money finally enters the market it's going to skyrocket. There are already plans for ETFs with bitcoin in them. More products will follow. Get in now before that tide of money washes in.

Also, lol'd at "the fed would have the full support of Americans". Yeah, the federal reserve is super popular with main street america lol.

If bitcoin has less consensus than the dollar, then why is it valued at 17000 times that of the dollar? Bitcoin is a legal currency in japan (which btw don't forget that japan sets the trends in technology, that the world soon follows), its on the CBOE/CME. All of these things add legitimacy and consensus to the currency and it's only growing. Every month some new announcement comes out that establishes more and more legitimacy.

 

[JonesBones]

Bitcoin's value can swing up or down more than that in a day, but is up 4000% in a single year. The USD is down 30% since 2007.

What can I buy with Bitcoin? Lots of shit. Take some time for yourself and learn where it can be spent. In Japan, it's legally recognized as a form of payment and over 4000 retailers accept it. I can also buy 17,000 US dollars with a bitcoin, so LOL.

I know you are totally unreasonable but these facts must be established for any conversation to continue. To deny them is ignorance or deception pure and simple.

1. Bitcoin is more volatile than the USD
2. Bitcoin will not be used as a currency. Nobody is using it for that. They are storing it. So drop the notion that it is on its way to a currency because that aint happening. Your only hope is the collector's market.
3. Bitcoin sucks for what it was actually made to do. Uses a ton more energy and Visa can do tens of thousands of transactions a second and bitcoin can do about 10. Hence it being nothing but a collector's item. Mark Cuban said that and I think he nailed it. Exactly what it is.


oh and tell me all the things you can buy with bitcoin

 

[ChucksGlassJaw]

Bitcoin's value can swing up or down more than that in a day, but is up 4000% in a single year. The USD is down 30% since 2007.

What can I buy with Bitcoin? Lots of shit. Take some time for yourself and learn where it can be spent. In Japan, it's legally recognized as a form of payment and over 4000 retailers accept it. I can also buy 17,000 US dollars with a bitcoin, so LOL.

Don't say "lots of shit." What exactly can you buy with Bitcoin? You don't live in Japan. Even if you did, that number seems like bullshit.

Don't kid youself, the USD is backed by the biggest military this world's ever seen.

 

[Der Eisbär]

I know you are totally unreasonable but these facts must be established for any conversation to continue. To deny them is ignorance or deception pure and simple.

1. Bitcoin is more volatile than the USD
2. Bitcoin will not be used as a currency. Nobody is using it for that. They are storing it. So drop the notion that it is on its way to a currency because that aint happening. Your only hope is the collector's market.
3. Bitcoin sucks for what it was actually made to do. Uses a ton more energy and Visa can do tens of thousands of transactions a second and bitcoin can do about 10.


oh and tell me all the things you can buy with bitcoin

1) Bitcoin is more volatile than USD. I ALREADY said that. You're also refusing to acknowledge that USD only devalues and bitcoin grows in value.
2) If you read this thread you would see I agree. It's not going to be the currency. It's digital gold. It's a store of value that grows.
3) I don't disagree, although fixes are coming for these problems. Bitcoin is not going to be currency, something like litecoin/ripple/ADA/IOTA will be.

I already told you what you can buy. I'm not going and looking up the giant list and posting it here because you're lazy. I already explained to you that you can buy 17,000 monopoly monies, it's a legally recognized form of payment in japan, and so on.

 

[Der Eisbär]

Don't say "lots of shit." What exactly can you buy with Bitcoin? You don't live in Japan. Even if you did, that number seems like bullshit.

Don't kid youself, the USD is backed by the biggest military this world's ever seen.

https://www.japantimes.co.jp/news/2...s-japan-accept-virtual-currency/#.WjK8C1WnFhE

As of December 2016, payment by bitcoin was accepted at 4,500 domestic outlets, including bars, cafes and even sushi restaurants, according to Coincheck Inc., another major bitcoin exchange in Japan.

It's also coming to an additional 260,000 retailers because bitcoin payment will be intergrated into a point of sale system currently used by that many retailers in japan.
https://news.bitcoin.com/rollout-of-260000-bitcoin-accepting-stores-in-japan-begins/
Sorry bud, it's happening.

As for everything else, go look up the list of what you can buy with bitcoin. Stop being lazy.

 

[Luminaire]

oh and tell me all the things you can buy with bitcoin

You can buy DOLLARS with Bitcoin... $16,828 of them as of this post.

I'm not some pro-crypto moron (Der Eisbar might be)... I feel it's in a bubble at the moment and a lot of people are going to get shaken out soon.

But you're foolish if you don't see the potential in this space. Both in the short term (how many people have doubled there money several times over this year?) and long term (once prices stabilize some of these have some real world VALUE)

The problem right now is that the price doesn't reflect the VALUE... nor is their any real way to gauge the appropriate value.

In short, it's going to be a bumpy ride, but ignoring it or equating it to Beanie Babies is unwise.

About as unwise as keeping your DOLLARS in a .01 interest savings account.

 

[kahiljabroni]

There's no reason traditional investment products like ETFs, 401ks, mutual funds won't eventually diversify into cryptocurrency/bitcoin. When that old/traditional investment money finally enters the market it's going to skyrocket. There are already plans for ETFs with bitcoin in them. More products will follow. Get in now before that tide of money washes in.

Also, lol'd at "the fed would have the full support of Americans". Yeah, the federal reserve is super popular with main street america lol.

If bitcoin has less consensus than the dollar, then why is it valued at 17000 times that of the dollar? Bitcoin is a legal currency in japan (which btw don't forget that japan sets the trends in technology, that the world soon follows), its on the CBOE/CME. All of these things add legitimacy and consensus to the currency and it's only growing. Every month some new announcement comes out that establishes more and more legitimacy.

By fed I meant the federal government not the federal reserve.

The reason why traditional investments might not delve into cryptos is because it is so volatile. The vast majority of people want steady, low risk investments...I'm not saying the stock market always provides that. .. just that it's what they want.
And bitcoin being worth 17k is a total outlier. Historically it hasn't been worth much and the current price is the result of this new awareness of it and people rushing into the market.

 

[ChucksGlassJaw]

https://www.japantimes.co.jp/news/2...s-japan-accept-virtual-currency/#.WjK8C1WnFhE


It's also coming to an additional 260,000 retailers because bitcoin payment will be intergrated into a point of sale system currently used by that many retailers in japan.
https://news.bitcoin.com/rollout-of-260000-bitcoin-accepting-stores-in-japan-begins/
Sorry bud, it's happening.

As for everything else, go look up the list of what you can buy with bitcoin. Stop being lazy.

You just linked a website called Bitcoin News.

 

[Tamriel Terror]

I'm kinda annoyed af right now. I was going to buy 1k worth of ripple a few days ago when it was at $0.28. Now its over $.80, but ripple is a pain in the ass to buy and coinbase has no way to get it and Changelly apparently is messed up, so I missed out on a huge gain. fml.

 

[Der Eisbär]

By fed I meant the federal government not the federal reserve.

I think my point still stands. The federal government as a whole is probably even less popular than the federal reserve lol. If the government announces it's going to crack down and shut down all cryptocurrency you think americans are going to stand by that?

What's more likely:
A dramatic scenario where the government goes against silicon valley and wall street and shuts down an entire industry?
OR
The federal government slowly but surely implements normal regulations into the market and it becomes just another asset/commodity that is regulated just like everything else?

I'm banking on option 2.

The reason why traditional investments might not delve into cryptos is because it is so volatile. The vast majority of people want steady, low risk investments...I'm not saying the stock market always provides that. .. just that it's what they want.
And bitcoin being worth 17k is a total outlier. Historically it hasn't been worth much and the current price is the result of this new awareness of it and people rushing into the market.

Investors want returns, and big returns always draw attention. There's already articles floating around about old people and traditional investors calling up their brokers and asking about bitcoin. Like I said, an ETF is already on its way. The tide of traditional investment money IS coming.

 

[Der Eisbär]

I'm kinda annoyed af right now. I was going to buy 1k worth of ripple a few days ago when it was at $0.28. Now its over $.80, but ripple is a pain in the ass to buy and coinbase has no way to get it and Changelly apparently is messed up, so I missed out on a huge gain. fml.

Yeah, same here. A lot of these alt-coins are hard to get a hold of as the small handful of safe and secure exchanges are totally overloaded. Ripple sells on kraken, which is owned by the winklevoss twins and claims to be the most regulated US exchange. No debit/credit purchases, only bank transfer. Just like coinbase they're also overloaded and the website has problems.

My advice - Set up on binance, send some ether from coinbase to binance and do your trading on there. It's going to be faster and less of a pain in the ass than kraken.

 

[Der Eisbär]

You just linked a website called Bitcoin News.

So fucking what? You failed to mention that I provided an article from japan times verifying my claim that its already accepted at 4500+ retailers.

If you want news from the UFC, is UFC.com not an acceptable source? Like what?

 

[ChucksGlassJaw]

I think my point still stands. The federal government as a whole is probably even less popular than the federal reserve lol. If the government announces it's going to crack down and shut down all cryptocurrency you think americans are going to stand by that?

What's more likely:
A dramatic scenario where the government goes against silicon valley and wall street and shuts down an entire industry?
OR
The federal government slowly but surely implements normal regulations into the market and it becomes just another asset/commodity that is regulated just like everything else?

I'm banking on option 2.

Investors want returns, and big returns always draw attention. There's already articles floating around about old people and traditional investors calling up their brokers and asking about bitcoin. Like I said, an ETF is already on its way. The tide of traditional investment money IS coming.

Now you're talking out of both sides of your mouth. You're banking on it becoming a legit commodity yet arguing that it's a currency. Most commodities have actual value because they're actual goods, not ideas.