Bitcoin Is Better Than Gold For One Simple Reason

[maxinger]

The red line on the chart is drawn wrongly.
It should go up exponentially with time.

There are two things in this universe where supply is endless / unlimited.
and they are universe itself and crypto currency.

If demand for BTC LTC XRP ETH ... are soo strong, then go generate more crypto currencies.

 

[NeoTrader]

If demand for BTC LTC XRP ETH ... are soo strong, then go generate more crypto currencies.

You can certainly go and do it, but it will most likely be worth jack shit doing it if people are unwilling to use it.

The lack of logic in the argument that the crypto supply is infinite is the same as saying that computer programs, restaurants or virtually anything else can be created and just because of that, all the people that are already in those markets will all be left holding a bag of shit because of this... That, of course, is BS, because it is not enough that someone opens a restaurant, people have to be willling to buy the food, otherwise it will never be worth anything. The same logic applies to bitcoin or any other product of this world. It is not enough just to create something, people's willingness to buy/use it is what determines the value of it.

 

[Nobert]

There are two things in this universe where supply is endless / unlimited.
and they are universe itself and crypto currency.

Epic

 

[johnarb]

Article is talking about bitcoin (symbol: btc), not other cryptocurrencies. It's like talking about AAPL, then mentioning there are unlimited stocks in the stock markets and they're creating more with each IPO, or there's gold, but there's unlimited metals, like silver, copper.

https://www.theice.com/products/720...Futures-Contract/data?marketId=6137541&span=1

https://www.cmegroup.com/trading/equity-index/us-index/bitcoin.html

https://www.tdameritrade.com/investment-products/futures-trading/bitcoin-futures.page

https://robinhood.com/crypto/BTC

 

[zdreg]

Was not the purpose of cryptocurrency to have a limited supply?

The fact that Bitcoin has a limited supply is generally regarded a good thing, it gives the coin anti-inflationary properties. In other words, Bitcoin's finite supply gives it scarcity and value, preventing it from being devalued by a limitless supply

And what would you do with your bitcoin in case of war? When all your country power plants are destroyed, you have no access to internet?

You can always bury gold and wait for peacfull times to come.

Same goes for diamonds but only if you are in the diamond business. If not the spread to buy and sell is too wide.

 

[henry76]

You can certainly go and do it, but it will most likely be worth jack shit doing it if people are unwilling to use it.

The lack of logic in the argument that the crypto supply is infinite is the same as saying that computer programs, restaurants or virtually anything else can be created and just because of that, all the people that are already in those markets will all be left holding a bag of shit because of this... That, of course, is BS, because it is not enough that someone opens a restaurant, people have to be willling to buy the food, otherwise it will never be worth anything. The same logic applies to bitcoin or any other product of this world. It is not enough just to create something, people's willingness to buy/use it is what determines the value of it.

One thing for sure is people do use substitutes for bitcoin more than ever , because once upon a time Bitcoin was the only one traded , and now , is not , absolute proof that the trend is towards more and more substitutes for Bitcoin .

 

[NeoTrader]

One thing for sure is people do use substitutes for bitcoin more than ever , because once upon a time Bitcoin was the only one traded , and now , is not , absolute proof that the trend is towards more and more substitutes for Bitcoin .

If this happens, I have absolutely no problem wih it. Nothing you wrote contradicts what I wrote. This is part of any market: Select the good/uptodate and discard the bad/obsolete. If there are/will be better options to bitcoin, people will naturally gravitate towards these options.

 

[henry76]

But the point is this increases supply , unless demand increases to match, and with cryptocurrencies the supply is possibly infinite , maintaining price will become impossible . (a currency with a billion units is possible , also a trillion , a trillion trillion by simply adding noughts when you issued, and then copying the software and issueing a dozen( then a million ) more currencies badged under different names , marketed with different intentions , usp's etc .

 

[NeoTrader]

But the point is this increases supply , unless demand increases to match, and with cryptocurrencies the supply is possibly infinite , maintaining price will become impossible . (a currency with a billion units is possible , also a trillion , a trillion trillion by simply adding noughts when you issued, and then copying the software and issueing a dozen( then a million ) more currencies badged under different names , marketed with different intentions , usp's etc .

I see you still didn't get what I wrote in my first post here. It is astonishing how people can miss such a simple concept, especially one that is so present in everyday lives of most people on the planet.

It isn't enough to create something, people have to be willing to buy/use it. This is why supply is NOT the main factor here. There are millions of new ideas, businesses, services and products being produced/created every single day, but only a very small portion of it is actually successful. Why? Because garbage can't devalue what people see as valueable. The only thing that can devalue something that has value today is people's perception of an alternative being a better option.

If a cryptocurrency fucks up their system by doing what you just wrote(which makes no sense at all to want to do it, but still if this happens...), there will certainly be other cryptos who aren't going to commit the same mistake and people will simply ditch the crypto that is being fucked up. This is what any market does.

 

[henry76]

The point is supply is going to become almost infinite , and us such won't support any sort of price .it is your focus on details that is missing this point , which trumps whether usefull ,used or anything else , people need water to survive , but a long cool glass of water is of little value in a thunderstorm.