Official Bitcoin Thread

[squatchnt]

Good honest answer....... "history".

Bitcoin is 9yrs old and worth currently 6x of GOLD (metal). fathom that.

When I say history, I mean generations. Gold has had value or been recognized as a form of currency for forever lol. Crypto at 9 yrs is in its infancy by comparison so people like myself are hesitant but willing to roll dice on it a bit.

 

[fapmasterjr]

No, it isn't. Not even close. Gold's worth is in the trillions. 7.8 Trillion actually.

I doubt Bitcoin will ever be used on a massive scale for payments any time soon due to volatility, but stablecoins backed by collateralized bitcoin/ETH look to be a real solution for real world currency.

I wasn't talking total marketcap...so i guess i'm wrong. which brings up, if gold is 8tril.....you don't see bitcoin/crypto taking a cut of that? cool.

 

[fapmasterjr]

But at the same time, what's stopping a US FedCoin and strong regulation from raining on Satoshi's parade?

because it will be CENTRALIZED. There is a price of being decentralized to many people worldwide, not just US.

 

[americangenius]

I wasn't talking total marketcap...so i guess i'm wrong. which brings up, if gold is 8tril.....you don't see bitcoin/crypto taking a cut of that? cool.

Where did I say I didn't? In fact it has many superior qualities to gold. I'd personally rather own BTC than store gold bars. But we're still very early, and volatility and the Proof of Work protocol still makes it unsuitable for worldwide replacement.

 

[goldenchild9]

When does "speculation" term with bitcoin/crypto go away?

- when NYSE / ICE / BAKKT / GS has it on their platforms
- payment gateways?
- high transactions that are just like Visa / MC (lightning network)
- store of value?

WHEN SWAY?!?!

- When you can seamlessly buy milk, bread and other necessities with crypto at your local supermarket.
- When the majority of crypto in circulation is being used for real word use cases and not price speculation on centralized exchanges.
- When crypto has parity with fiat in terms of value stability.
- When crypto platforms beside STEEM actually develop usable in demand software platforms.
- When Bitcoin accounts for more than .1% of revenue for companies that do accept Bitcoin like Overstock.com.

The crypto market cap is literally based almost entirely on speculation, it's not just something critics are saying. Just look at this thread for example, there is almost 0 discussion of real world uses of personally owned cryptocurrencies, it's all about speculation and the next big thing/move/good entry & exit opportunities (aka speculation).

 

[fapmasterjr]

- When you can seamlessly buy milk, bread and other necessities with crypto at your local supermarket.
- When the majority of crypto in circulation is being used for real word use cases and not price speculation on centralized exchanges.
- When crypto has parity with fiat in terms of value stability.
- When crypto platforms besides STEEM actually develop usable in demand software platforms.
- When Bitcoin accounts for more than .1% of revenue for companies that do accept Bitcoin like Overstock.com.

The crypto market cap is literally based almost entirely on speculation, it's not just something critics are saying. Just look at this thread for example, there is almost 0 discussion of real world use of cryptocurrencies, it's all about speculation and the next big thing/move.

Gotcha. Now replace crypto with Mr 8trillion "GOLD"

 

[goldenchild9]

Gold is largely a speculative asset as well, so you can expect Bitcoin to eat into it's market cap....if it remains a sector leader in the future.

But unlike BTC, gold has tangible real world uses right now like dentistry, jewelry and manufacturing. Hell, you need gold to make the motherboards, RAM & CPUs used to mine crypto

It's also been around for thousands of years as opposed to 9 years. And while precious metal prices do fluctuate wildly, it's usually over a span on 5/10 years, not 5/10 days.

 

[reputory]

Look at it like this.... where is the world heading to? Idk about the age of people in this thread but people my age group,(millennials, Gen Z) from my personal observation, carry little to no cash on them. Almost every spot I have come across, even mom and pop shops, accept credit cards. Our bank accounts are a digital store of value, information in general is digital, even stores are starting to roll out email receipts. We also have apple and Samsung pay, we don’t even have to carry a card around, the information is stored on our phone. There’s crypto projects that are trying to develop cards, NFC terminal payments, and fiat gateway systems for you to spend your crypto. I agree, many project will fail and it will definitely take a couple of years for the technology to be adopted and used on a daily basis just like the internet did.

As for the gold vs bitcoin debate, bitcoin meets the checklist of being rare, durable, portable, uniform, divisible, and acceptability is rising fast, I mean you can even convert your btc to USD from a touch of a screen. Gold has the history behind it, rarity, durability, physical use for goods, but I’d argue bitcoin wins out on portability, divisibility, uniformity, durability, and even acceptability. Try walking into a store and buying something with a gold bar, instead you can use already working cards that convert your crypto into fiat without the merchant even knowing. There’s also the storage part, you own your own bitcoin and can store it however you’d like, no need for others to handle your money. None of these currencies are a guarantee, just because the government backs it doesn’t mean it’ll hold value forever. Greece and Venezuela are examples that are most commonly used, I grew up in a small village right after the Soviet Union collapsed, don’t think that the U.S or any government for that matter is too big to fail.

 

[moderndarwin]

People that fear world governments collapsing don’t have the risk appetite to believe that something less than a decade old won’t collapse. Just saying.

The main problem with crypto is that it makes no sense. Like I’ve read about it and as a well educated person I still have no idea what the purpose of it is beyond some cool conceptual niche market.

It’s a made up form of currency that is supposedly decentralized...but u need to log into something like coinbase for the layman to use it. That in itself makes it no different than anything else given the most mass level use case.

 

[moderndarwin]

That said. I think one awesome use case for it would be to have a bunch of game/app companies agree on a partnership to create a coin that can be used across a bunch of different games. Set out a predetermined max (eg 500,000,000 coins) and have an offering where people can buy them and use them to make purchases in games. Clearly not fully thought out but just sometin I thought of on the fly.

 

[polosanddunks]

The main problem with crypto is that it makes no sense. Like I’ve read about it and as a well educated person I still have no idea what the purpose of it is beyond some cool conceptual niche market.

It’s a made up form of currency that is supposedly decentralized...but u need to log into something like coinbase for the layman to use it. That in itself makes it no different than anything else given the most mass level use case.

You sir...are incorrect and it makes perfect sense. You don't have to be educated to understand it

So niche markets are identity, IoT, security, AI? IoT alone is a market that will reach like 3 trillion by 2020. If you think thats a niche market then idk what to say . How do you think all these systems are going to be able to talk to one another and feasibly collect data without security breaches? Blockchain Tech is helping scale all of that and is the future.

Some of you guys just gotta read up more and stop just thinking P2P payments and the basics.

 

[moderndarwin]

You sir...are incorrect and it makes perfect sense. You don't have to be educated to understand it

So niche markets are identity, IoT, security, AI? IoT alone is a market that will reach like 3 trillion by 2020. If you think thats a niche market then idk what to say . How do you think all these systems are going to be able to talk to one another and feasibly collect data without security breaches? Blockchain Tech is helping scale all of that and is the future.

Some of you guys just gotta read up more and stop just thinking P2P payments and the basics.

Niche not related to the amount of money or size. Clearly there are plenty of industries that technology can help. I meant niche as in not a mainstream use for the everyday consumer (like credit cards).

I’m all for the tech and improving how we transit, store, and send data. However, the use as currency has thus far really not caught on with the general public. It’s simply a speculative market.

 

[fapmasterjr]

Niche not related to the amount of money or size. Clearly there are plenty of industries that technology can help. I meant niche as in not a mainstream use for the everyday consumer (like credit cards).

I’m all for the tech and improving how we transit, store, and send data. However, the use as currency has thus far really not caught on with the general public. It’s simply a speculative market.

There was a time when email was incredibly hard for the average person...maybe ur too young to remember that. But when it came out, everyone said that there is no cot damn way peeps will use email than snail mail aka stamps. Your vision of “general public” sounds familiar does it not?

 

[BIG LEEMELONE]

Some good points being made. When I think back to things like car phones, 14k dialup, 2x cdr burners, Napster which was basically Apple music what..20 years ago? And then I think about crypto..brings a smile to my face

 

[boxybrown]

Got onto the nano hype train during the fire sale a few days ago. Should have gotten more, but seems like the market is falling again.

 

[InTheHallway]

Ya'll are seriously overestimating global intelligence ... 99.9% of people have no idea wtf a crypto is ...

I'm looking at getting in, but purely because I don't want to miss out, not for any logical, economically sound reason ... Speculation ...

 

[tay1]

6 billion people don't know about crypto?

 

[johnnyredstorm]

I’d agree with that notion. People know the word crypto but the majority don’t understand the intricacies of it.

 

[fapmasterjr]

6 billion people don't know about crypto?

I guess we’ll only need 1%ers....sound familiar??

 

[SupremeBeing5]

Good. More money for us.

The same people talking now will be back during the bull asking “how do you buy crypto?”

 

[wr]

Any thoughts on the XRP /bittrex, bitso, coins.ph and binance news? Supposedly they are signing deals with these exchanges to use xrapid as a liquidity tool.

In an announcement on Wednesday, Ripple named Bittrex, Bits and Coin.Ph – in the United States, Mexico and the Philippines respectively – as its “preferred’ cryptocurrency exchanges to solidify its xRapid ecosystem wherein XRP will be used to facilitate payment flows between banks globally.

“These exchanges allow xRapid payments to move from one currency – into XRP – and back into another currency quickly and efficiently,” Ripple explained.

The three new partner exchanges will specifically help payment flows using XRP between US dollars, Mexican Pesos and Philippine Pesos, respectively.

Quite simply, international payments between the three currencies will be settled in XRP on the XRP Ledger, with deposits and withdrawals for payments in fiat.

https://www.ccn.com/ripple-picks-three-crypto-exchanges-for-international-xrp-payments/

 

[BIG LEEMELONE]

How many here could break down all the code needed to make this website? It doesn't matter. It's all about convenience and ease of use. There's a reason we're not all on mirc or usenet or something even tho those came out first. Right now the crypto and block chain tech itself is an advancement but the application and inconvenience of it basically takes us back to the days of writing out checks for everything. The crypto infrastructure is still in the dirt road phase. Once that catches up adoption should take off

 

[moderndarwin]

I’m really not knocking anybody doing crypto..in fact my buddy just started working at a coinbase and am getting an earful from him daily about it.

I just don’t see the investment of it at it this point compared to something like stocks. Ethereum and Bitcoin I get why they’d be great long holds. Literally the rest of them seem like it’s purely luck. It’s not about having the best technology, it’s about being able to sell it to the right people and get market share.

Again, my view is not on short term trading but on why this is a better (or not) long term hold than certain growth stocks when I’m looking at a 5-10 year window.

 

[finessesosa]

 

[jewseejay]

Got onto the nano hype train during the fire sale a few days ago. Should have gotten more, but seems like the market is falling again.

The markeg is always falling