Fundamental value of Bitcoin

[JackRab]

Very simple. He wanted the house, he got the house using bitcoin. He didn't want the fiat. Clear? He got change out of the deal. Again, it's dirty fiat. He didn't want it. Used it to buy the car. Clearer?

I want to buy a laptop so I get a gift card with bitcoin, I get the laptop. What's hard to understand?

If I don't accept bitcoin as payment for my house... you can't buy it using bitcoin... you have to change it into USD and then pay me in USD.

Just because you had it in bitcoin and ride the hype up, and got out on top and then swap it to USD to buy my house... doesn't give it meaning... you're just riding the hype/bubble.

Again, mass acceptance.... not there yet... and will not be there when BTC is at 5000

 

[johnarb]

If I don't accept bitcoin as payment for my house... you can't buy it using bitcoin... you have to change it into USD and then pay me in USD.

Just because you had it in bitcoin and ride the hype up, and got out on top and then swap it to USD to buy my house... doesn't give it meaning... you're just riding the hype/bubble.

Again, mass acceptance.... not there yet... and will not be there when BTC is at 5000

Life is like a box of chocolates. You never know what you're gonna get. This is a trading site. Market is the one that dictates the price not anything that's posted on the forums. Bitpay is a payment processor. Maybe that will light a bulb over your head. I highly doubt it. Goodnight my friend. Be happy with your convictions and don't ever buy in to his crypto hype.

 

[JackRab]

Life is like a box of chocolates. You never know what you're gonna get. This is a trading site. Market is the one that dictates the price not anything that's posted on the forums. Bitpay is a payment processor. Maybe that will light a bulb over your head. I highly doubt it. Goodnight my friend. Be happy with your convictions and don't ever buy in to his crypto hype.

Ai... did I step on your little toe?

Price is dictated by the market on the basis of valuations and expectations... If you don't get that... I think you're in over your head...

And using BitPay still means you need to change BTC into USD to buy my house mate....

 

[Gotcha]

I'm surprised nobody has mentioned the role of the government yet. If this thing would gain any momentum in terms of usage, the government can very well step in with their own rules. If you don't like the rules the government sets, move to a different country. I bet they just let it slide right now because they are busy building a database of some sorts to catch crooks, etc. But the minute that it gains any traction as in getting paid in bitcoin to subvert taxes, etc., then it will be game over. Sure you might be able to use it in Venezuela, but that will be about it.

If the US government lets it compete along side with the US dollar, well then, they might as well also let you form your own military and set your own laws. So in other words, it aint gonna happen. Even though the government might be royally screwing the common people with how they manipulate currency, there will not be any competition.

 

[JackRab]

@Gotcha, they did... in New York they did (try) to regulate Bitcoin services... but that's State regs... so easy to avoid.

 

[johnarb]

Ai... did I step on your little toe?

Price is dictated by the market on the basis of valuations and expectations... If you don't get that... I think you're in over your head...

And using BitPay still means you need to change BTC into USD to buy my house mate....

Apologies my friend. Sometimes typing too fast without reviewing it. Appreciate the advise. I've held on for years and yes, I am aware the success of the trades is giving me overconfidence. It was a trade with consideration of the risk of a complete loss which made it easy to hold on through the wild swings.

 

[Pekelo]

Why does currency have to be centralized and controlled by governments?

Because when there is no central authority, then you get problems that takes 7 years to fix, instead of 2 months. But no, it doesn't have to be a government, just look up American monetary history. 150 years ago every local banks had their own little money and as you imagine their staying power was very finite. Hell, when a company had coupons for its workers and they could use it only in the very same company's store, that was practically money too. And depending on the power of the company those coupons had better value than the bank notes.

So no, money doesn't need to come from a government, but a central authority has (ir should have) trust and does fixes and control of the money flow much easier than "consensus". When it come to money, democracy and consensus aren't a good thing.

 

[NeoTrader]

I'm surprised nobody has mentioned the role of the government yet. If this thing would gain any momentum in terms of usage, the government can very well step in with their own rules. If you don't like the rules the government sets, move to a different country. I bet they just let it slide right now because they are busy building a database of some sorts to catch crooks, etc. But the minute that it gains any traction as in getting paid in bitcoin to subvert taxes, etc., then it will be game over. Sure you might be able to use it in Venezuela, but that will be about it.

If the US government lets it compete along side with the US dollar, well then, they might as well also let you form your own military and set your own laws. So in other words, it aint gonna happen. Even though the government might be royally screwing the common people with how they manipulate currency, there will not be any competition.

Sometimes government claws are just not bug enough... It is rare, VERY RARE, but when it happens, government can't do anything about it. That's the beauty of cryptocurrencies. I've recently been to the DDR Museum in Berlin and I learned that the Governement in the east side could't find a way to block the television transmission from the west side. So the only pathetic move they could do was accept the transmission, but labeling it as "The Black Channel" and putting a moron to coment on parts of the transmission in order to "show the lies" from the west. And we're only talking about television here. But when the same thing happens with money and no central power to bribe or threaten to shoot, added the easy realization that people can save their own hard earned money easily and not get fucked by the morons from government and in an increasingly bigger scale... The results will be VERY interesting.

 

[Pekelo]

There's only one bitcoin. (Oops, slowly takes out foot from the mouth as there's bitcoin cash, but that's another story...)

Holy fuck, the ignorance is strong in this one. There is nothing unique about Bitcoin. Litecoin is already over $60. Let's say bitcoin doesn't exist. Can you imagine that a digital currency actually can be worth 60 bucks? There is only Litecoin, said the ignorant...

So your little math about bitcoin being limited is misleading. You can just look at the different cryptos as different brand of cellphones. Some of them are better, most of them are worse, but they COULD all do the main property of what bitcoin pretends to be unique about, the store of value.

And acceptance is a tricky thing. Facebook replaced Myspace, anything could easily replace bitcoin in no time if you give it easier usage, better security and better utilities.

 

[Pekelo]

Sometimes government claws are just not bug enough... It is rare, VERY RARE, but when it happens, government can't do anything about it. That's the beauty of cryptocurrencies.

Your imagination is so lacking. If the 3-4 biggest governments outlaw cryptos (US, EU and China) and make it illegal to accept them as a legal tender, you can go and:

1. Buy alpaca socks from Peru.
2. Shine your precious little coins.

Sure you can send cryptos between your friends, but when no merchant will accept it due to government regulation, where is its UTILITY VALUE???