Bitcoin is a Bubble

[mike sherry]

It'll happen if people lose faith. If 100 people are using bitcoin it's essentially a failed currency. Whether it's technically at zero is not relevant.

I've been researching this more on my own, and the one piece of evidence that I see that's interesting is overstock accepting bitcoin. If a few big sites like accept bitcoin without any weird rules involved I could accept Bitcoin not being a bubble. Until then it's speculation in my eyes. If enough people actually accept it I'll view it as a real money system.

the real adoption has yet to begun, if it ever will. overstock essentially liquidates their bitcoin almost immediately to cash - not sure if thats good or not. i bought a dumbbell handle from them before haha

bitcoin is just not something that can really replace the ACH system as it stands. it takes far too long to confirm transactions.

now, if we had an ACH type debit card that can be loaded with bitcoin, that would allow someone to use bitcoin on any transaction.

but why would someone do that, if they werent a proponent of bitcoin for other reasons

 

[JDragon]

any digital can be hacked. Since it's digital, it will be hard to trace too. What's stopping people from "creating" their own bitcoin? There's no physical evidence. No paper trails. I don't understand how all this works but I'm sure some high level hacker can easily hack it to give himself a million bitcoins like any video game currency.

That is precisely what is not possible. While Bitcoins can be stolen, every one of them carries the proof of authenticity by containing the information of all preceding bitcoin transactions.

Bitcoins may end eventually by being replaced by a more sophisticated digital currency. But its incredibly powerful in theory. Ever tried an international transaction? It takes days. A matter of minutes with bitcoins.

The underlying technology is blockchain, and blockchain is a potential killer application for many, many areas.

Here is a five minute read that explains it well:

 

[trident]

Its backed by the exact same thing gold is backed by. People see it as a currency. You cant eat gold. Its not valuable to build much of anything. Its just an alternate form of currency, same as bitcoins. Gold has just been around the longest.

Gold is a spectacular element.

That's why it's coveted.

Bitcoin is anonymous.

That's why it has value.

 

[EGarrett]

It's only been around for a short time. Saying you're right might be premature.

It's been around 9 years and the subject of hundreds of millions of transactions, attacks, and fluctuations, any one of which could have triggered a collapse. Nonetheless, it's not only still here, it's still growing. I strongly suggest you don't join the pile of corpses of Bitcoin doomsayers.

 

[Lord Commander Palis]

damn i sold mine back when it hit 800.

I still kick myself not buying up bitcoins back when they were worth less than a dollar. shoulda invested

 

[MRDOG]

I don't think BitCoin is going away but who knows where the Value of the currency will settle. It may fluctuate for a long time or maby it will always. My prediction is we will see it crash and rise over and over again. Not crash in the sense it will be worth next nothing but I can see it going below $500 and then rising ... rinse and repeat.

I am kicking myself for not buying years ago when they were offered to me for $1 each. I essentially laughed at the guy saying, who is going to give you real money for a fake. I play Poker Online, and the guy said well isn't that what you do when you deposit on a poker site.

 

[Buck Swope]

I still kick myself not buying up bitcoins back when they were worth less than a dollar. shoulda invested

For every bitcoin there are thousands of other losers. Can't invest on a whim.

 

[xcvbn]

I still kick myself not buying up bitcoins back when they were worth less than a dollar. shoulda invested

Not too late to hop on Ethereum

It's actually backed by major financial institutions unlike Bitcoin

 

[Lord Commander Palis]

For every bitcoin there are thousands of other losers. Can't invest on a whim.

True but it was so cheap...

 

[Lord Commander Palis]

Not too late to hop on Ethereum

It's actually backed by major financial institutions unlike Bitcoin

Never heard of it, but, I'm out of the loop nowadays.

 

[Buck Swope]

True but it was so cheap...

As are you.

 

[Lord Commander Palis]

As are you.

I consume your dreams.

 

[TenderLoving]

Anonymous drugs in the mail. That's the only reason why bitcoin has value.

Nowadays its apparently also very driven by all the ransomware/cryptlocker guys taking payment in bitcoins.

 

[Buck Swope]

I consume your dreams.

You are base and shallow. The sad fact is you look into the mirror and know it.

 

[Lord Commander Palis]

You are base and shallow. The sad fact is you look into the mirror and know it.

I look into the mirror and see success and handsome.

 

[Buck Swope]

I look into the mirror and see success and handsome.

You poor bastard. Delusion can fuck you up.

 

[Lord Commander Palis]

You poor bastard. Delusion can fuck you up.

Yet here I am, making great money, beautiful wife and kids, handsome, in shape and served my country.

There you are... a hater.

HOW TASTE MY E-PEEPEE?

 

[Buck Swope]

Yet here I am, making great money, beautiful wife and kids, handsome, in shape and served my country.

There you are... a hater.

HOW TASTE MY E-PEEPEE?

OK cool. Can I have sexual relations with your wife? Cuck and all........

 

[Lord Commander Palis]

OK cool. Can I have sexual relations with your wife? Cuck and all........

This right here proves you are underlaid. I'm sorry you have nothing going on in your life besides being a left wing snowflake cuck.

What was your previous ban name btw?

 

[Buck Swope]

This right here proves you are underlaid. I'm sorry you have nothing going on in your life besides being a left wing snowflake cuck.

What was your previous ban name btw?

Calling yourself President here and gloating over it makes you a small mind. Small.

Ask me anything. Good luck.