Originally Posted by O. Pierce
Okay, Bitcoin has gone from nonexistence, to $20,000, to $3000 in a matter of a decade. This is not an "investment grade asset" or a "store of value," it's a lottery ticket.
I honestly don't see the technology as a big factor in the long run. The desire for a decentralized money that isn't printable by a small circle of Jews will undoubtedly provide incentive to create blockchain technology that can handle all the transactions that the world needs. We went from the Wright Brothers' 10-second flight to Chuck Yeager breaking the sound barrier in half a century. Bitcoin seems a lot simpler than airplanes. But, it's not right to say that Bitcoin is "backed" by technology. Technology will surely limit its value, because no one will use Bitcoin if it takes hours to confirm a transaction. But even if the technology could handle all the transactions in the world, 10 times, over, so what? Who's forcing me to use a Bitcoin, or why do I want to? No one's forcing me, but I'm going to want to get one if I think it will hold its value, which requires me to estimate what I think others think, and what I think others think others think, and so on. The whole thing is a Keynesian Beauty Contest, because a bitcoin has no consumption value.
That's where the speculative value lies. Seeing what's going to happen, likely to happen, before it does. And if you're right more than others, you win
You're doing exactly what the socialists do: capitalism = this bad snapshot in time. they show little kids working in mines or sweatshops. well everything has to develop. they never show you obese, borderline-retarded proles with better material goods than yesterday's king and blame that on capitalism, do they?
Yeah, all that shit isnt there YET. but all the smartest people in the world are working on it. it will be solved. maybe not by bitcoin, but by one of them.
Your case also ignores what you have now: your purchasing power continually being eroded by corrupt counterfeiters who are LEGALLY stealing from you by imprimatur of congress. BitCoin is the response to that.
But... maybe I'll buy one. I could see it going to $100 or $100,000. Who knows
Some coins will do this. The questions is whether BC is one of them. I think it will be. It has most fame, reputation. I assume it has the most or close to the most smart people building its infrastructure.
Cryptos are great for moving large sums of money. Paypal takes 3%. Transferwise charges ~1%, which is the best deal I could find. Bitcoin is a few cents. If you're moving 100,000, this is a huge deal.
Bitcoin is public, but there are privacy coins (most famous being monero) which hide transactions from the public record.[quote]
Yes, and that is a good thing. That openness is a legit criticism of BC, from my POV. What is needed is integrity not necessarily transparency.
I forgot to mention this earlier, but if you actually want a crypto that is usable for transactions now, will not change by 20% by the time you buy something, and has significant market cap and volume. there are cryptos backed by existing fiat currencies: USD (USDT, TrueUSD), CNY (BitCNY). I don't know if these are actually private like monero, but even if they aren't, they are an option for political dissidents who are deplatformed by payment processors and don't like the volatility of Bitcoin.
BC will get there. At some point you will be able to buy cheap stuff with it. That's my opinion.