Bitcoin is a Bubble

[Thunderflash500]

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.

This is why I think it's a bubble. People are buying and holding. Treating it like baseball cards.

 

[m52nickerson]

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

It shows that your opening point that Bitcoin is in a bubble because right now it is worth more than gold really does not follow.

 

[Thunderflash500]

It shows that your opening point that Bitcoin is in a bubble because right now it is worth more than gold really does not follow.

Its sort of silly to make this argument. To be a good currency you need more than just people assign value to something arbitrarily.

You're ignoring the properties of gold along with its history.

I would not be shocked if I'm wrong about bitcoin. But good money has more to it than someone gave it value. This is why we don't use sea shells as currency.

 

[m52nickerson]

Its sort of silly to make this argument. To be a good currency you need more than just people assign value to something arbitrarily.

Not really. Even currency back up by gold still relies on the value that people assign to gold. All currency relies on people assigning it value and agreeing with that assigned value. Nothing more.

 

[Thunderflash500]

Not really. Even currency back up by gold still relies on the value that people assign to gold. All currency relies on people assigning it value and agreeing with that assigned value. Nothing more.

There's actually a lot more. Rarity, divisibility, how long it lasts, ect

All paper currency always goes to zero in the end. Gold and silver carry on.

 

[m52nickerson]

There's actually a lot more. Rarity, divisibility, how long it lasts, ect

All paper currency always goes to zero in the end. Gold and silver carry on.

None of those matter. If we were to have a complete collapse of society gold a silver would lose their value as well. The only things that would retain value would be resources and tools that keep you alive.

https://www.theatlantic.com/busines...-be-useless-in-an-economic-apocalypse/282662/

 

[mcveteran81]

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.

Actually you can....in small doses or quantities. Just as iron, zinc and magnesium are metals that we need in our body, Gold & Silver can be ingested. Proposed benefits are;

Manufacturers of colloidal silver products often claim that they are cure–alls, boosting your immune system, fighting bacteria and viruses, and treating cancer, HIV/AIDS, shingles, herpes, eye ailments and prostatitis.

Manufacturers of Colloidal Gold products proposed benefits;

• Brain function
• Depression
• Despair
• Fear
• Frustration
• Drug Addiction
• Alcohol Addiction
• Melancholy
• Sorrow
• Anguish
• Seasonal Attitude Disorder

• Arthritis
• Burns
• Chills
• Circulatory Problems
• Digestive Disorder
• Gland Function
• Heat Flashes
• Night Sweats
• Obesity
• Puncture Wounds
• Cancer

But I digress.

 

[Cirris]

None of those matter. If we were to have a complete collapse of society gold a silver would lose their value as well. The only things that would retain value would be resources and tools that keep you alive.

https://www.theatlantic.com/busines...-be-useless-in-an-economic-apocalypse/282662/

The thing is. Sure as society collapses, gold and silver loses their currency value for a period of time as basic life needs like food,water, clothing, shelter take priority. but even then bartering and trading will need to happen. And a common universal currency will help fill a need.

You know something small, rare, non-biodegradable, non-oxidizing, malleable.

Gold didn't just magically become the currency of choice in the middle ages because of pure luck. It's rare and easily bartered qualities made it an attractive choice for merchants.

This won't change with an apocalypse. But good luck finding your bit coins when the internet is nonexistent. Or even worse, damaged data.

 

[m52nickerson]

The thing is. Sure as society collapses, gold and silver loses their currency value for a period of time as basic life needs like food,water, clothing, shelter take priority. but even then bartering and trading will need to happen. And a common universal currency will help fill a need.

You know something small, rare, non-biodegradable, non-oxidizing, malleable.

Gold didn't just magically become the currency of choice in the middle ages because of pure luck. It's rare and easily bartered qualities made it an attractive choice for merchants.

This won't change with an apocalypse.

Yes, but even when that happens again it is because people agree on using those pieces of metal as a currency. Their properties make them a good choice to use, but it does not give them their value.

 

[CauseImbetta]

This is why I think it's a bubble. People are buying and holding. Treating it like baseball cards.

Is that the criteria to count as a bubble?

 

[Thunderflash500]

Is that the criteria to count as a bubble?

Yes

 

[CauseImbetta]

Yes

1. Source?

2.People have been holding on to Persian rugs for Millenia. It's still an invaluable business worth millions. Same for dome online images, graphics, worth millions. Bitcoin is currency people value. With millions. It's not the same as a .com company with nothing behind it.

3. There is nothing behind US dollars. It left the gold standard.

 

[RockstarChris]

How much bitcoin can i buy with Sherdog vCash?

 

[Thunderflash500]

1. Source?

2.People have been holding on to Persian rugs for Millenia. It's still an invaluable business worth millions. Same for dome online images, graphics, worth millions. Bitcoin is currency people value. With millions. It's not the same as a .com company with nothing behind it.

3. There is nothing behind US dollars. It left the gold standard.

Yea you're right, there is nothing behind the U.S. dollar. Which has lost 99% of its value.

I would also compare bitcoin to a rug. Except one day people might realize the rug doesn't actually exist.

I could see Bitcoin one day being a real currency. But right now it's kind of silly to say their isn't massive speculation inflating the cost. I mean after I started this thread bitcoin increased 200%. Then decreased 30%. Now it's shooting back up. It's speculation at it's finest. But yea, it could eventually actually turn into a currency where a full bitcoin is worth a lot.

If there is another major financial crisis that triggers more money printing, which triggers a rise in inflation, a countries citizens could start adopting bitcoin rapidly which would push the cost through the roof.

 

[CauseImbetta]

Yea you're right, there is nothing behind the U.S. dollar. Which has lost 99% of its value.

I would also compare bitcoin to a rug. Except one day people might realize the rug doesn't actually exist.

I could see Bitcoin one day being a real currency. But right now it's kind of silly to say their isn't massive speculation inflating the cost. I mean after I started this thread bitcoin increased 200%. Then decreased 30%. Now it's shooting back up. It's speculation at it's finest. But yea, it could eventually actually turn into a currency where a full bitcoin is worth a lot.

If there is another major financial crisis that triggers more money printing, which triggers a rise in inflation, a countries citizens could start adopting bitcoin rapidly which would push the cost through the roof.

Check it out...millionaires can no longer avoid it....https://www.cnbc.com/2017/08/22/mark-cuban-backs-new-20-million-cryptocurrency-venture-fund.html