Bitcoin Will Worth $1 Million By This Date, Predicts Cathie Wood

[johnarb]

Just tell me one thing. Is bitcoin currently being used as a medium of exchange (eg. money) between individuals (or even among corporations), especially in the developed world?

In El Salvador, yes. Also possibly in Dubai, Turkey Lugano Switzerland, Gibraltar and South Korea

I paid my TradingView Pro+ Annual subscription with 0.1286566 btc. Gold was not a payment option

Gold and Silver have been used a medium of exchange for thousands of years, do you know of places where they are still being used? Does it mean Gold and Silver are worthless or useless?

Or more to the point, when Mr. Satoshi flipped the switch on for Bitcoin, did he think Bitcoin would be used as a vehicle of speculation? Other than trading/investing, Bitcoin is totally useless IMO. It has yet to serve its intended purpose.

When Satoshi flipped the switch on Bitcoin, the whole world was in a furious pace to debase every single fiat currency. Look up the message that is contained on the Genesis Block and deduce from that Satoshi's purpose for Bitcoin

When Bitcoin started, it was worth $0.They were giving bitcoins away, you just visit the website faucet and get 5 bitcoins or you could mine 50 bitcoins within 24 hours if you have a decent laptop or desktop

Laszlo mined 10,000 bitcoins and he used it to purchase 2 pizzas

did he think Bitcoin would be used as a vehicle of speculation?

He thought there was a chance bitcoin will be very valuable in the future

“It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.” — Satoshi Nakamoto


https://bitcoin.org/bitcoin.pdf

 

[johnarb]

I don't understand the level of fear or laziness that ET nocoiners outside of the US possess

Spain, Canada, Australia, UK, Turkey, Lebanon, New Zealand and others

For several years stablecoins such as Tether, USDC, PAX, GUSD have given these people the ability to effectively open a US $ bank account

Opening this US $ bank account did not require permissions from any of their overlords and is available 24/7/365 and they have full and total control even if they disagreed with the government policies

At the very least they could have acquired a few hundred $ worth to test it out and understand more and as they gain courage, they could put in more

But no, they choose to stay obedient to their current situation...

 

[newwurldmn]

The white paper (admittedly I have not read) isn’t about bitcoin becoming a global currency.

That’s the definitive purpose of bitcoin. Not your opinion of what it should be.

I’m a nocoiner despite talking to some very serious and respected people in the space. I still haven’t gotten a straight answer for some basic questions.

Are you a Bitcoiner or a nocoiner?

Bitcoin can mean different things to different people, and it serves a purpose that may differ based on a different set of circumstances

I have studied Bitcoin for a very long time and have extensive experience with it

You're unqualified to tell me what Bitcoin is and is not

 

[schizo]

Yes in El Salvadore. It's adopted as one of the legal tenders. You can officially use it to pay for goods and services at El Salvadore and the businesses cannot refuse it because it's legal tender. And if I am not mistaken, I read somewhere that Saudi Arabia is looking to adopt bitcoin as well as one of its legal tenders.

But El Salvador ain't no developed country. I specifically asked whether it was used in the developed countries (as you can see below).

Just tell me one thing. Is bitcoin currently being used as a medium of exchange (eg. money) between individuals (or even among corporations), especially in the developed world?

 

[schizo]

In El Salvador, yes. Also possibly in Dubai, Turkey Lugano Switzerland, Gibraltar and South Korea

I paid my TradingView Pro+ Annual subscription with 0.1286566 btc. Gold was not a payment option

Gold and Silver have been used a medium of exchange for thousands of years, do you know of places where they are still being used? Does it mean Gold and Silver are worthless or useless?

Just as I wrote above, El Salvador (and some others) that you mention aren't considered developed countries.

Also gold and silver have track records. While they can't be used in place of money, you do see it on the fingers of just about everyone on this planet. Can you say the same for Bitcoin? Nah.

Laszlo mined 10,000 bitcoins and he used it to purchase 2 pizzas

That's how Bitcoin should be used, for something tangible like pizza. But instead, it's become a hub for speculation.

“It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.” — Satoshi Nakamoto

Valuable as in $70,000 per BTC (even though it came down a lot since)? Sorry, that won't fly.

 

[Overnight]

Will Cathie's fate be the same as John McAfee?

 

[johnarb]

The white paper (admittedly I have not read) isn’t about bitcoin becoming a global currency.

That’s the definitive purpose of bitcoin. Not your opinion of what it should be.

Bitcoin is decentralized which literally means no one can dictate the rules of what it should or should not be. Not even Satoshi himself

You think Satoshi was happy when Bitcoin became the currency of the dark net?

Or how about when Satoshi got angry when bitcoins were used to donate to Julian Assange, but Satoshi could not stop it and disappeared shortly thereafter

To me, Bitcoin has been a very profitable speculative investment asset and during bear markets, I put it aside in the same way a gold bug stores his precious metals in safes

Perhaps Bitcoin will never be global currency, but could it become a global reserve asset that Sovereign wealth fund might start allocating to? or Central Banks, i.e. El Salvador?

Of course not, says majority of ET...

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I’m a nocoiner despite talking to some very serious and respected people in the space. I still haven’t gotten a straight answer for some basic questions.

You lack incentives to go deep into the rabbit hole

In the same way that 2-3 years ago, a wealthy resident ($2M+ net worth) of one of the most highly advanced cities in the world, vibrant, exciting, very expensive real estate called Shanghai

Let's imagine that some of them were able to allocate 10% or more of their wealth into Bitcoin and able to get out with their family... They would describe Bitcoin's purpose differently than mine

I imagine that residents of Hong Kong and Taiwan have a lot more incentives than you in trying to understand Bitcoin...

 

[johnarb]

Valuable as in $70,000 per BTC (even though it came down a lot since)? Sorry, that won't fly.

You should put the conversation into context that bitcoin was less than $1 each when Satoshi posted that

And in the case of the Bitcoin Whitepaper incentives reference, bitcoin was $0, literally a vaporware when the WP was published

 

[TheDawn]

But El Salvador ain't no developed country. I specifically asked whether it was used in the developed countries (as you can see below).

Oh sorry misread there. Thought you wrote "developing country". That's why I wrote before that crypto will never be used as legal tender by governments that have and want control over their economy. I am just perplexed that Saudi Arabia is contemplating the usage of bitcoin as well so they don't have control over their economy either?

 

[virtusa]

yes El Salvadore adopted it,.... LOL

View attachment 300197

That was predictable.
El Salvador and Venezuela have the same problem.