Unless someone can make a rational argument that will have a bitcoin actually be worth something, then it is a borderline (likely) ponzi or pyramid scheme. The end game of the excitement is almost ways because you can convert bitcoin into real money, like dollars. The pumpers are most happy when new blood, or algos push up the price, because that means they can more easily convert it to more dollars.
It is great for depositing and withdrawing from offshore sportsbooks, I will give it that, but bitcoin works just as well if you can convert it to 100 dollars or one hundred thousand dollars, and sooner or later there will be another huge event that crashes the price somewhat permanently. Too many exchanges seem to be able to seemingly shrug off hacks that cost them tens of millions of dollars. One day the emperor will be revealed to have no clothes.
Imagine if your bank account at Wells Fargo, or brokerage account at Etrade could be hacked without recourse? I saw a guy last year with a bitcoin hat on...it must have been about 18 months ago...bitcoin had just broken through 10k that day. He gave me the whole pumper speech, about how bitcoin had far to go in price because it wasn't even close to one percent of the world money supply. Total clown show. I asked him when he first got involved...he said at one time he owned bitcoin when it was a few dollars per bitcoin. I told him that unless he cashed out for ten million he had to have huge regrets. He basically told me that he got zero out of it....didn't even change his life back in the day....I imagine there are tens of thousands of people out there who lucked into being interested in this garbage, mostly for all of the wrong reasons, but still failed to figure it out by ringing the register or having bitcoin when it when it really started moving in mid 2017.
A lifetime of regrets for 99 percent of the bitcoin crowd. A new batch of regrets awaits those playing with fire at these prices. A black swan type of event can happen at any time. Enron went to zero. Bernie Madoff scammed many. It will surely happen in some form to the price of bitcoin. Big losses coming.
The excitement now is because holders can convert to more dollars. Funny that there is not an economic problem or financial dilemma on earth that cannot be solved with enough dollars. No financial issue on the planet can be solved with bitcoin. It is only because enough people temporarily agree that a bitcoin is worth a certain amount of dollars, that bitcoin has any value at all.
That being said, it will be remembered as one off the more interesting developments of our time.
>>No financial issue on the planet can be solved with bitcoin Reveals all you need to know about this user, folks
Jaxson Morales
The only non-bullshit post ever made on Jow Forums
Logan Howard
GFY warren buffet minion
Daniel Hall
>exchanges getting hacked Thats the world we are in, crypto seems to have pushed security further along including making 2FA more well known among normies. These exchanges are under constant 24/7 hack attempts from the best hackers, government agencys, etc. Its amazing they have been able to fend off attacks this long and remain open.
Nathan Myers
>what is the paper dollar? A contract that is very difficult to replicate.
>what is a cryptocurrency? A contract that is very difficult to replicate.
>what gives each of these their value? The difficulty in the ability to replicate (counterfeit) each contract.
Jeremiah Green
New boomer pasta
Jordan White
Dollars are backed by state violence
Bitcoin is backed by chink computers in Harbin province.
Jackson Morris
I hear Harbin is quite nice. They have ice sculptures during the winter and it gets very cold. It must be nice to have a bowl of some soup when it's sub zero outside, watching the snowflakes fall. As the sculptures stand in the distance, casting shadows in the twilight.
Brody Jones
I didn’t read past your first sentence, which is all that’s really relevant anyway. Here’s where you’re wrong: you are assuming that the best explanation of the market is the rational one. That is almost never the case.
Christopher Rodriguez
OP, tell me what YOU think BTC is......
David Moore
Right now it's worth 7,900 fiat bux. Hurry up and buy faggot.
Imagine spending all the time to write this and still not understanding the value of trust. Where the fuck do you retards come from?
Nicholas Moore
Another lazy argument. You guys just don't understand. There simply are little, if any, transactions that happen in bitcoin. A bitcoin has value because it can be somewhat easily be converted to dollars. Transacting in dollars is the end game, like depositing to sportsbooks, or in the days of Silk Road, buying illegal drugs. The Holy Grail, and what generates the real excitement, is the amount of DOLLARS someone can extract from the bitcoin scam, ponzi, pyramid. He who gets the most dollars, wins. A bitcoin is nothing without the immediate ability to convert to dollars. Get it?
Aiden Torres
You know we're bullish when the angry boomer fud starts posting.
Ian White
>The end game of the excitement is almost ways because you can convert bitcoin into real money, like dollars. That’s not the endgame >Too many exchanges seem to be able to seemingly shrug off hacks that cost them tens of millions of dollars. That’s because their profits are in the hundreds of millions >Imagine if your bank account at Wells Fargo, or brokerage account at Etrade could be hacked without recourse? you shouldn’t keep your money on the exchange, you absolute mongoloid. Losing money on the exchange is comparable to being robbed in the currency exchange kiosk. It has nothing to do with the security of bitcoin itself >muh no value Jews can’t steal it from you - that the only value you need
Parker Powell
This just tells me you have no argument so you resort to insults.
Bentley Ortiz
Anons, don't argue with warren buffet
Levi Turner
>boomer cope: the thread
Jace Myers
Do you really think it is an insult to be compared to the greatest investor in the world? That shows how delusional the bitcoin believers really are, if it wasn’t already obvious.
Zachary Williams
>Unless someone can make a rational argument that will have a bitcoin actually be worth something, then it is a borderline (likely) ponzi or pyramid scheme.
It used to be used as a currency for buying drugs online but from what I've heard basically all DNMs are down now. I think online dealing still goes on through telegram groups and shit but it's obviously getting much smaller if there are no established websites you can just look up the URL for and you have to be invited to some super secret club.
Kayden Bennett
Ok then, act like "the greatest investor in the world" and apply some 1950 theory to the modern world.
Jaxson Taylor
Yes, an asset don't have value if it can't be changed to real money. Also, dollar (an asset too) wouldn't have value, if it couldn't be changed to other currencies. Apart of that, Bitcoin removes third party, which makes it cost saving.
John Thomas
Okay I'll play. I will go ahead and let you know right now that you started this argument and you're about to get owned.
What you're saying is true. Bitcoin as a currency, as it stands right now, doesn't have enough benefits over fiat currency for organic adoption to occur. If I went into Target and bought some shit like I did earlier today, I wouldn't ever go through the hassle of paying with bitcoin even though I'm a cryptocurrency geek. It's just not practical.
But...
you aren't seeing the more grand scope of programmable money. Let's say I want to throw a contract out into the wild and say whoever can beat me at such and such video game, I will pay you $10,000. In a not so modern sense you would need someone to waste a lot of money to organize this type of loser contest. But would it not be pretty cool if I could make this, or something similar as a smart contract? And maybe that I could know with certainty that the necessary inputs and outputs that were going to trigger stages of the contract were going to be secure? Am I ringing any bells?
Assuming you're still with me, how am I going to interact with these types of digital agreements? Paper money as a currency, as it stands right now, doesn't have enough benefits over digital currency for organic adoption to occur.
there's tons of problems with bitcoin, but your understanding of the situation is utterly flawed broken clock right twice a day situation
Parker Harris
You don't need cryptos to do that. Most of your transactions nowadays are digital anyway.
Dylan Thompson
If you're talking to me explain
The transactions are "digital" but they don't allow for a broader use case in the world of financial applications.
Isaiah Diaz
But they can be.
Levi Perez
You did catch the LINK reference.
Brandon Edwards
How often does someone want to make a $10,000 bet with someone online over a video game? I literally do not know a single person who would ever need to do that.
Sebastian Walker
I wouldn't call myself a master of architecting smart contracts, but perhaps some day. The general idea is still there.
Justin Gomez
The idea is there but it can still be done with dollars. There is no reason people cannot make an online wager using dollars. It happens all the time.
Michael Richardson
Online casinos are boring, and who the fuck gambles anything but table games?
Besides I'd rather use facebook to look what kind of smart contracts are available today.
Leo Scott
Who gives a fuck? I just want to dump my bags on boomers.
Jackson Bennett
No, faggot YOU don't understand. The end game is never having to cash out to fiat.
>no reason people cannot make an online wager using dollars the government of the USA literally banned people from doing this in 2006 with the UIGEA. and in answer to your very long and gay OP, Bitcoin will replace the dollar because it cannot be debased by Jews. it is a more sound form of money. and you cannot stop this from happening even if you yourself refuse to believe in it
Michael Gonzalez
I also hold LINK and it's a great thing. But I believe it's still going to be small compared to Bitcoin.
You knew you can use Bitcoin in Ethereum network? It'll work like this: Bitcoin will be the currency, Ether will be the gas to run the machine and LINK will serve as a collateral in a risky business of inputting data into the machine. Nothing else is needed. Of course you can print you own hair saloon tokens and whatever you like, but the fundamentally it's all about BTC, ETH and LINK.
Juan Roberts
Check out LINK thats a real coin with working product and partnerships
Grayson Clark
Yes bitcoin is and will be the currency of the crypto world. But we're still in building stage. Bitcoin needs to have it's use case exposed to people in a way that makes them want to use it.
Zachary Parker
But yes I do completely agree with what you're saying.
