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bitcoins

kevin 714 said:
What ever happened to Bitcoin being a currency, with an underlying use

Now it just seems like a speculative investment? Isn’t this kinda defeating it’s purpose?

I’m not even kindergarten in terms of Bitcoin knowledge, full
Disclosure
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bitcoin was nothing more than something to buy drugs off silkroad with somewhat anonymously before they got taken down. I haven't seen an actual real use case since then - it's not even an anonymous currency (monero >). Yeah some vendors accept bitcoin or crypto.. Of all the people I know who have money in crypto, not one person has every cared or used a crypto currency to make a purchase.

all in my (slightly uneducated) opinion of course
 
jiffy said:
Don't worry the naysayers are the loud and proud in this thread.:afm199:afm199
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It's cyclic. If it goes up to a new high, the proponents will be back in here strutting around.

It's like the Raiders and the 49ers whose fans strut around depending on which team beat the other. :twofinger :laughing
 
Holeshot said:
China shutting down mining operations was blamed this time, although that seems to be a side act. The real concern must be the lack of acceptance by China of Bitcoin for monetary use.

I'd think limiting the quantity of future coins would drive demand upward. I also read that many of the coin mining companies are holding considerable coins in their treasuries and there may soon be a selloff of those company coins, thereby flooding the market.
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Not sure I heard anyone talk about China adapting bitcoin. There was a talk of China rolling out it's own digital currency. I don't think it was even going to be block chain based, and it was context of this digital currency replacing USD as worlds reserve currency.

What would be the advantage of them flooding the market? Buy more on the dip? There is no guarantee it will dip enough and then rebound enough. Seems like better play is to keep scarcity artificially high and slowly sell off btc. Although there is certain gambling mentality with crypto, so who knows.
 
Pretty sure it's been said like 17 times in this thread, the point of bitcoin isn't for it to be currency, it's a value store.... most of us probably just got tired of talking to ourselves?
 
I seem to recall a bunch of posts where the pro bitcoin folks talking about it replacing the US dollar as the World Currency...
 
kingmoochr said:
Pretty sure it's been said like 17 times in this thread, the point of bitcoin isn't for it to be currency, it's a value store.... most of us probably just got tired of talking to ourselves?
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Well I'm pretty sure you're pretty wrong about that, at least a few years ago, the point of Bitcoin WAS to be an alternative for a currency so..
.. yeah, the question of "what's being bought with it, actually?" was probably still valid.

Unless, we agree, that, since 2018, nothing is being bought with it but that it is just an .. "investment".. of / in nothing???
 
When I first heard of it, and it was still at $0.10 in value, it was touted as a means to anonymously buy things that would be untraceable back to you, especially illegal items and services.
 
Climber said:
When I first heard of it, and it was still at $0.10 in value, it was touted as a means to anonymously buy things that would be untraceable back to you, especially illegal items and services.
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Or to transfer money across currencies without getting dinged by exchange rates. I think asking, "what is this actually used and good for?" is a totally valid question.

I think there is a good argument to be made that currently crypto is just turning natural resources into pollution for speculative purposes. No one is eating a bitcoin.
 
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It's constantly evolving, like the internet in 1980. No one currently holding bitcoin is planning on buying pizza with it. There are other coin types for that purpose. But I guess we ONLY talk about bitcoins in a vacuum here?
 
kingmoochr said:
It's constantly evolving, like the internet in 1980. No one currently holding bitcoin is planning on buying pizza with it. There are other coin types for that purpose. But I guess we ONLY talk about bitcoins in a vacuum here?
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I'm just a casual observer with no skin in the game. I appreciate all the crypto talk. :)
 
You make a valid point, moocher. Personally, I think that Bitcoin will have been the most visible, but like the search engines of the mid to late 90's, it will be a footnote once the industry has stabilized.
 
The way I see it, IF blockchain technology morphs into a world currency into the next few years, and people continue to consider bitcoin digital gold, I don't think there's currently anything in place to topple it. If it isn't adopted in that fashion and is used for other purposes, other coins will basically be blockchain stock shares, where btc will serve little purpose.
 
kingmoochr said:
It's constantly evolving, like the internet in 1980. No one currently holding bitcoin is planning on buying pizza with it. There are other coin types for that purpose. But I guess we ONLY talk about bitcoins in a vacuum here?
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understand that Im not asking from a naysayer POV, im genuinely interested
 
So basically..?

kingmoochr said:
It's constantly evolving, like the internet in 1980. No one currently holding bitcoin is planning on buying pizza with it. There are other coin types for that purpose. But I guess we ONLY talk about bitcoins in a vacuum here?
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.. this ^^^^ is like hand-waving here...

kingmoochr said:
The way I see it, IF blockchain technology morphs into a world currency into the next few years, and people continue to consider bitcoin digital gold, I don't think there's currently anything in place to topple it. If it isn't adopted in that fashion and is used for other purposes, other coins will basically be blockchain stock shares, where btc will serve little purpose.
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and this is like... "50% chance it will work and will be something big" and "50% chance, yeah I agree with others that ... no big deal. Little purpose".

:laughing

I agree..
 
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