If I have to pay $8,000 just to use 1 bitcoin, how will it ever be used in circulation? Gambling device only?
If I have to pay $8,000 just to use 1 bitcoin, how will it ever be used in circulation? Gambling device only?
This is worse than the Tulip bubble. At least you had Tulips. Now you just "own" some useless code.
I agree. People aren’t going to lose bigtime
Are*****
?? wrote:
If I have to pay $8,000 just to use 1 bitcoin, how will it ever be used in circulation? Gambling device only?
You know you can use lower amounts? For example I own 0.3 BTC. You can buy $5 if you are so inclined, giving you 0.000XX etc.
fdefender wrote:
You know you can use lower amounts? For example I own 0.3 BTC. You can buy $5 if you are so inclined, giving you 0.000XX etc.
why would i do that when i can have 5 actual dollars instead
This is going to be truly sad. The ship is sailing you better jump on.
Everyone posting here clears knows ZERO about Bitcoin.
It's me Jerry wrote:
This is going to be truly sad. The ship is sailing you better jump on.
Everyone posting here clears knows ZERO about Bitcoin.
or maybe because its extremely volatile. wallets get hacked all the time and people lose millions of dollars. people try to hype it up so the price will move ala r/wallstreetbets/ before dumping their own investments with no repercussions. what's not to love about it?
Bitcoin does two things: 1) gives sketchy international rich people a way to move money free of the banking system and interference by governments and creditors; 2) provides the uber rich a plaything investment for their high risk portfolio (i.e. just short of straight up gambling). Alternative currencies are an interesting idea because people outside of the EU, US and Asia are at risk due to currency fluctuations and have a lot of currency conversion cost when doing business internationally.
If international commerce took place using a monetary system that was not tied to a national currency, it could potentially save everyone a lot of money, make international commerce more stable and end a lot of geopolitical problems from the World Bank to currency manipulators, and so on. But in practice, crypto currencies have been a disaster. The technology is terrible, requiring huge amounts of computer power and with very poor security. The currencies are also subject to manipulation as they are traded without any regulatory authority.
trulysad wrote:
or maybe because its extremely volatile. wallets get hacked all the time and people lose millions of dollars. people try to hype it up so the price will move ala r/wallstreetbets/ before dumping their own investments with no repercussions. what's not to love about it?
That's almost as bad as investing in stocks.
How is it currency? Who is buying anything with it and why would you if you think it is going to increase in value?
?? wrote:
If I have to pay $8,000 just to use 1 bitcoin, how will it ever be used in circulation? Gambling device only?
Bitcoin is 100% digital. You don't carry it around (other than you can access it on your phone). You transact in partial amounts on bitcoin.
Most people don't buy bitcoin to transact with it. They are speculating with it. The idea is that bitcoin has a finite number of coins, which grow at a very slow rate. If bitcoin becomes something that lots of people transact with, then you will have a supply of a limited asset. This will drive up prices as more people want bitcoin. Of course, this is the exact thing people don't want to use to transact with. Why will you part with 0.0145 bitcoin today, when next year it will only cost you .0125?
The way you make money with bitcoin is that someone will pay you more today than when you bought your coin. The way you lose money is that less people want to buy bitcoin. If no one wants bitcoin, then you lose all your money (the same goes for dollars, buy the way).
Stocks, on the other hand, represent a real business. Hopefully, making real profits. Your ownership of the stock represents a partial ownership of all the assets and profits of the company.
The way you make money with stocks is the same as with bitcoin, but it's more nuanced. You can lose all your money in a stock if the company goes out of business and has more debts than assets. If the company does not go out of business and stays public, you will not lose all your money. You make money by: 1) you get paid a dividend while you own the stock, 2) someone wants to pay you more per share today than you paid when you bought the stocks, 3) the company makes more per share share than when you bought it (this can be offset or expanded by #2).
Your risk with stocks is that: 1) the business is bad or corrupt, 2) you paid too much for the earnings the company can generate, 3) the company earning growth slows or goes in reverse (meaning you paid too much).
Stocks are real things. Bitcoin is not (though the technology behind it is real). Bitcoin (or more likely blockchain) might end up being "real" things (or be behind real things), but right now they are speculative (which might end up being worth a lot).
At 2.30 in
People just love to gamble especially poor people who don’t understand it
Just like People love lottery tickets and slot machines, a good tax on poor people
Wow that's scary wrote:
That's almost as bad as investing in stocks.
Wow ? ???. Stocks have done phenomenally well over history. S&P 500 from 150 in the 1980s to 2700ish today
Stocks are based on real businesses, cash flows, things you know are there
You can spend in fractions of 0.00000001 bitcoin which is about USD $0.00008. The bigger problem is it costs about USD $4 to process one transaction. The "Lightning Network" could reduce this
Hardloper wrote:
You can spend in fractions of 0.00000001 bitcoin which is about USD $0.00008. The bigger problem is it costs about USD $4 to process one transaction. The "Lightning Network" could reduce this
You and Jamin use it?
https://www.bloomberg.com/news/articles/2019-05-31/bitcoin-s-rally-masks-uncomfortable-fact-almost-nobody-uses-itHardloper wrote:
You can spend in fractions of 0.00000001 bitcoin which is about USD $0.00008. The bigger problem is it costs about USD $4 to process one transaction. The "Lightning Network" could reduce this
Hardloper wrote:
You can spend in fractions of 0.00000001 bitcoin which is about USD $0.00008. The bigger problem is it costs about USD $4 to process one transaction. The "Lightning Network" could reduce this
This you or Jamin?
https://www.reddit.com/r/CryptoCurrency/comments/bv1kj7/i_lost_everything/?utm_source=share&utm_medium=ios_appBitcoin go poo poo
The idea of "a victim of their own success" is appropriate here. If a bitcoin had of started say at =US$1 and after appreciation was only $50 or $200 now it may have had a future. It's more like an antiquity or commodity now than a currency sadly.