Bitcoin is a Bubble

[HIMBOB]

I really dont know whats its mainly used for. But billions of Asians who historically use it as a store of value. So it's not losing value anytime soon.

A huge chunk is Indians.

I don't see it crashing but I don't see it as the totally safe value store many people do.

 

[HIMBOB]

I really dont know whats its mainly used for. But billions of Asians who historically use it as a store of value. So it's not losing value anytime soon.

90% was fact well actually 10% was used for something other than being pretty/expensive.

 

[P4p Islam]

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

And online gambling

 

[sub_thug]

It's roughly comparable to stocks being sold against the valuation of a company. It's a little different, but not terribly. I have no issues with the valuation of different crypto currencies.

 

[RockstarChris]

The price of a Bitcoin is higher now than an ounce of gold. This is hilarious to me. How is something that doesn't exist end up being worth more than gold? "But it has value, It's a digital currency. " The dollar is a digital currency. "But it can't be manipulated by central banks." Perhaps the best argument. But it's still a currency backed by nothing but confidence. This is called mass speculation. It's not that i think its value should be zero. But worth more than gold? Nah. Bubble that'll crash.

Am I wrong?

Im going to buy some bitcoins after it crashes hard.

 

[sub_thug]

We will see. It did go from 1800 back up to like 4,000 grand all based on news events. To me it shows how speculative it all is. The major flaw with Bitcoin isn't bitcoin, it's that anyone can make a coin. It's unlimited.

Bitcoin can potentially be a great thing. But it's really hard to tell.

But blockchain technologies, the things that support bitcoin, aren't questionable. They're definitely great. It's a decentralized database that implicitly is based on distrust. In order to create false entries into the database, you need to hit every place where the records are held in order to become authoritatively correct. The implications are huge. Imagine a logistics system where the integrity of the data has to be right 100% of the time. You need to know exactly how many of different kinds of spare parts you have on hand. Or you need to know exactly what evidence has been processed to show chain of custody in a major criminal investigation. This is what blockchain does. It's tamper proof, and that is why it is so useful as a currency.

 

[King of Fists]

Crypotocurrency has other advantages that your average layperson doesn't realize, such as the fact that

1. It cannot be counterfeited.
2. Every transaction it has ever made is traceable.

If someone told you they invented a dollar bill that could not be counterfeited and every transaction it is ever involved in can be traced, it wouuld sound pretty amazing, right? Welp, that's cryptocurrency.

 

[Thunderflash500]

But blockchain technologies, the things that support bitcoin, aren't questionable. They're definitely great. It's a decentralized database that implicitly is based on distrust. In order to create false entries into the database, you need to hit every place where the records are held in order to become authoritatively correct. The implications are huge. Imagine a logistics system where the integrity of the data has to be right 100% of the time. You need to know exactly how many of different kinds of spare parts you have on hand. Or you need to know exactly what evidence has been processed to show chain of custody in a major criminal investigation. This is what blockchain does. It's tamper proof, and that is why it is so useful as a currency.

The part you quoted I typed wrong. I meant to say that blockchain and the coins you can make aren't limited. So while bitcoin can't be faked, there are hundreds of other coins. Different coins have different features. It's impossible to know which coin will win.

There's no way to say it's not speculation at this point. You can say that there is a good chance it will pay off though.

 

[sub_thug]

Crypotocurrency has other advantages that your average layperson doesn't realize, such as the fact that

1. It cannot be counterfeited.
2. Every transaction it has ever made is traceable.

If someone told you they invented a dollar bill that could not be counterfeited and every transaction it is ever involved in can be traced, it wouuld sound pretty amazing, right? Welp, that's cryptocurrency.

Unfortunately, the tech has been demonized by people because of what some people have done with the tech. Nefarious uses are not, however, a damnation of the tech itself. They are merely use cases that should be viewed in conjunction with its good.

 

[sub_thug]

The part you quoted I typed wrong. I meant to say that blockchain and the coins you can make aren't limited. So while bitcoin can't be faked, there are hundreds of other coins. Different coins have different features. It's impossible to know which coin will win.

There's no way to say it's not speculation at this point. You can say that there is a good chance it will pay off though.

For now, I think you're correct. There were other search engines before Google, and there were other social media sites before Facebook ruled that space. Eventually, one will emerge as a standard, and the rest will be less important or utilized. The speculation is betting on which horse will win. I'm far less interested in making those predictions and far more interested in the future of the cryptocurrency concept.

 

[xcvbn]

But blockchain technologies, the things that support bitcoin, aren't questionable. They're definitely great. It's a decentralized database that implicitly is based on distrust. In order to create false entries into the database, you need to hit every place where the records are held in order to become authoritatively correct. The implications are huge. Imagine a logistics system where the integrity of the data has to be right 100% of the time. You need to know exactly how many of different kinds of spare parts you have on hand. Or you need to know exactly what evidence has been processed to show chain of custody in a major criminal investigation. This is what blockchain does. It's tamper proof, and that is why it is so useful as a currency.

It's funny that there's so much hype around what's otherwise a quite boring technology. But it's potentially so valuable because it can penetrate every single world market from consumer to enterprise.

 

[HockeyBjj]

I have a buddy who bought 50 when they were worth $0.72 each. Now they're worth like $1200 each. Cocksucker.

I'm actually really sad I didn't do that, provided I could find a way to tangibly cash them out

 

[Terry Noonan]

Lol bitcoin. Mined currency.

 

[WorldofWarcraft]

What if next year there's another thread and now Bitcoin is selling for 5 million a piece

 

[sub_thug]

It's funny that there's so much hype around what's otherwise a quite boring technology. But it's potentially so valuable because it can penetrate every single world market from consumer to enterprise.

If you want to change the world, just move it a few inches forward. No giant leaps for mankind required.

 

[Cid]

The guy that created bitcoin was on the Joe Rogan Podcast last year.

He talked about how "IT IS the future and it just takes time to grow on everyone." "People in the 1800s rejected paper money at first but the finally gave in," etc etc etc.

Pretty sure that's not the creator. Apparently lives in Japan but not much is really known about the guy.

https://en.wikipedia.org/wiki/Satoshi_Nakamoto

 

[HIMBOB]

The only reason that bitcoin goes below 100$ is if the block chain itself is proven to be untrustworthy. It will then for sure go down to being worthless.

Even when bitcoin had its worse crash, it never went below 200 for long, if it even did at all. That crash had to do with a number of things, the major exchange turning insolvent, The Silk Road being raided, as well as numerous fake sell bots that were artificially driving up the price on mtGox. Still, the block chain remained trusted.

I don't even disagree that a major reason the price is so high right now is speculation. You probably think the actual price should be like 150(assuming you believe it has any value I guess), I think it should be closer to 850. But that doesn't change the fact that it is not selling for anywhere near those prices. The next time there is a new all time high I expected the whales to sell their shares off and crash the price, so they can then buy more cheaper and do it again after the panic selling.

But, if you see no value in the blockchain at all then you clearly have 100% faith in whoever controls the currency. I certainly do not trust the federal government as much as you.

But blockchain technologies, the things that support bitcoin, aren't questionable. They're definitely great. It's a decentralized database that implicitly is based on distrust. In order to create false entries into the database, you need to hit every place where the records are held in order to become authoritatively correct. The implications are huge. Imagine a logistics system where the integrity of the data has to be right 100% of the time. You need to know exactly how many of different kinds of spare parts you have on hand. Or you need to know exactly what evidence has been processed to show chain of custody in a major criminal investigation. This is what blockchain does. It's tamper proof, and that is why it is so useful as a currency.

See that all makes sense but wouldn't this help track illegal funds.

 

[CauseImbetta]

The price of a Bitcoin is higher now than an ounce of gold. This is hilarious to me. How is something that doesn't exist end up being worth more than gold? "But it has value, It's a digital currency. " The dollar is a digital currency. "But it can't be manipulated by central banks." Perhaps the best argument. But it's still a currency backed by nothing but confidence. This is called mass speculation. It's not that i think its value should be zero. But worth more than gold? Nah. Bubble that'll crash.

Am I wrong?

Yes you are wrong. It's a hedge against Fiat currency (printed money) much like gold.

I don't trust banks. They are parasitic by nature. USA left the gold standard. Counties manipulate money. Bitcoin gives power back to the people. It is growing. You have nothing to lose by buying some. The come in 1, or parts. Sit on it and wait. You see, soon you won't be able to afford one. There is a cap on the number of coins that will ever be made.

I got ethereum too. It's the future, contracts and AI. Bitcoin is crypotocurrency standard for now. Get both.

 

[m52nickerson]

The price of a Bitcoin is higher now than an ounce of gold. This is hilarious to me. How is something that doesn't exist end up being worth more than gold? "But it has value, It's a digital currency. " The dollar is a digital currency. "But it can't be manipulated by central banks." Perhaps the best argument. But it's still a currency backed by nothing but confidence. This is called mass speculation. It's not that i think its value should be zero. But worth more than gold? Nah. Bubble that'll crash.

Am I wrong?

Anything that has value does so because people give it value. If tomorrow people stopped caring about gold it would lose it's value.

 

[Thunderflash500]

Anything that has value does so because people give it value. If tomorrow people stopped caring about gold it would lose it's value.

It's true that if people give something value, it has value. This is meaningless though. Doesn't disprove anything.