RightCoastBias
F8TRED
Yeah, bitcoin is highly flawed and I don't think it's going to be a currency.
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bitcoins
- Thread starter enki
- Start date
Yeah, bitcoin is highly flawed and I don't think it's going to be a currency.
Entoptic
Red Power!
Good question. Inflation in theory won't occur because more can't be made.
+1
Do you spend less when you have more? I don't think the price increasing is going to stop people from spending. It may temporary make them hold but at some point everyone cashes out.
It already is a currency. People are buying and selling goods with it. Companies included.
RightCoastBias
F8TRED
I don't think it's a sustainable currency.
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alien
How do I short it? Just curious, I'm not really looking to short since I don't play that sort of trade. But if there was something simple like an inverse etf I might be tempted.
Dubbington
Slamdunk Champion
Well those two twin dbags, the Winklevoss's, that said facebook was their idea and got $75mil, they became the first bitcoin billionaires today.
RightCoastBias
F8TRED
First that have come out, at least.
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alien
Good for them. They sort of got screwed out of their FB share.
If something kept appreciating, say stock, I don't. Once I think it hits the peak, or there is a better investment opportunity sure I'll cash out, but it's not exactly currency then. The way I look at Bitcoin as a cross between gold and stocks. There is scarcity to it, people speculate on it, there is a transaction fee to transfer it, exchange to USD. Except gold is ingrained in us to be valuable, and it's a physical thing. Stocks, in theory, are backed up by companies performance. Bitcoin is backed up by this ephemeral thing that it might be the next big thing. Except by design I don't think it's meant to replace actual currency. It's like using Gold or tying USD to gold. Current world economy just doesn't work that way. So the question is, what exactly "the next big thing" means?
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Chicago Mercantile Exchange is opening BitCoin futures, so that's one way to do it.
https://www.bloomberg.com/news/arti...-hedge-funds-prepare-to-trade-against-bitcoin
jiffy
Member
It's a bubble, a fool and his money parted, etc. An object that has a limited supply, that gains demand, ultimately increases in value. Look at another farce that we as a society buy into, diamonds.
Bitcoin has been called worthless, bubble, etc. since 2009. It has seen dips and swells, and large ones. The more people interested in it's value or that want to acquire Bitcoin the more it's value will rise. Around 1% of the population may own bitcoin and that's at the high side estimate. There is room for more money in the game, which for a limited supply item means higher prices in the long run.
Will it boom or bust, if you knew you'd be wealthy.
Metcalfe's Law is the closest relationship that has been found with Bitcoin and it's price models. Metcalfe's law basically says that the value of a network is proportional to the square of the number of users on the network.
http://markets.businessinsider.com/...metcalf-law-network-effect-2017-10-1007560818
Bitcoin has been called worthless, bubble, etc. since 2009. It has seen dips and swells, and large ones. The more people interested in it's value or that want to acquire Bitcoin the more it's value will rise. Around 1% of the population may own bitcoin and that's at the high side estimate. There is room for more money in the game, which for a limited supply item means higher prices in the long run.
Will it boom or bust, if you knew you'd be wealthy.
Metcalfe's Law is the closest relationship that has been found with Bitcoin and it's price models. Metcalfe's law basically says that the value of a network is proportional to the square of the number of users on the network.
http://markets.businessinsider.com/...metcalf-law-network-effect-2017-10-1007560818
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Entoptic
Red Power!
Careful CME will have operating hours and a kill switch if the market goes crazy.
While CME is asleep, the real craziness happens and you may be locked in.
I counter your argument with this
https://www.cryptokitties.co/
redruM
Peripheral Visionary
- Joined
- May 31, 2011
- Moto(s)
- Turismo Veloce 800 / Dorsoduro 1200
At least they know who built their car.
A company with decades if not a century of proven engineering success. Seriously, what a ridiculous statement. And an even more ridiculous analogy.
TripleSeven
...
At least they know who built their car.
Seriously, what a ridiculous statement. And an even more ridiculous analogy.
Why you kicking up dust in the thread? Just go about your biz if you're not interested in it.
panthera
Ride or Die
Because, its his mo along with a few others in this thread. Bash everything you dont understand fully. Then continually come back and attack. I was going to stop posting in this thread and potentially barf because of how toxic this environment has become. Its a shame.
Yakoo752
USN
inflation occurs when one of 2 things happen. The top increases or the bottom decreases. With a limit on how many can be created, I would assume the bottom get's infinitely smaller. You can always make 1/2 of something digitally.
I've yet to understand how they will prevent dilution from the bottom from occurring.
Entoptic
Red Power!
At least they know who built their car.
Seriously, what a ridiculous statement. And an even more ridiculous analogy.
+1 please find the closest rock and start kicking it.
RightCoastBias
F8TRED
New things are scary. I think skepticism and education are both important on things like crypto currency and blockchain.
Some folks, on both sides, should take time for a bit of skepticism and education.
The way I view the bubble comments and general criticism from traders/economists and the like is two fold. They fear something that could disempower or disrupt the institutions that they have studied, supported and profited from. However, they also know a lot more about financial institutions and may have a perspective, of a bubble for instance, that is totally valid and true.
Truth likely lies somewhere in the middle between crypto fanatics and neo-liberal economists.
Some folks, on both sides, should take time for a bit of skepticism and education.
The way I view the bubble comments and general criticism from traders/economists and the like is two fold. They fear something that could disempower or disrupt the institutions that they have studied, supported and profited from. However, they also know a lot more about financial institutions and may have a perspective, of a bubble for instance, that is totally valid and true.
Truth likely lies somewhere in the middle between crypto fanatics and neo-liberal economists.
Think so? It's exactly what anyone should expect. I think RCB nailed it, except for the "disrupt the institutions" part. I don't think the majority of people get that far along in their thoughts before rejecting it. Either way, this is all totally normal for the two main sides of; this-will-go-on-forever and get-off-my-lawn.