Meet the anti-crypto crowd

[MrMuppet]

Months? Make that a single day. BTC more than halved from high of 03/13/20 (7977.84) to low of 03/14/20 (3867.09).

In order to store value, an asset needs to have value. For example, gold is used in industry, aerospace, electronics, computers, dentistry, medicine, jewelry. Can be used today or stored for years without degradation.

Bitcoin? Realistically not good for anything other than selling it to someone else (and wasting electricity). Its price is entirely derived from speculating on the 'greater fools' to be there to take it off your hands. When the pyramid scheme fails one day, price converges to Bitcoin's real value.

well, look who's there... a gold bug.
The price of gold is 100% determined by the greater fool theory. The use of gold is so miniscule compared to what's hanging around in vaults, I would not even speak about it.

The volatility of bitcoin is literally zero if you do it right. BTC is all about using the network, not price. And the fact that after all these years it's still there and it's actually usefull (unlike gold) should tell you something.

 

[NoahA]

I also think the risk to Bitcoin losing great value instantly as a result of regulation is very worrying, and I certainly wouldn't have 50% of my networth in it. Maybe its good to hold a few percent as a speculation.

But I also think the regulation aspect won't come in too soon because the government is going to extract far too much value from following the paper trail, be it with drug/mob money or simply regular citizens not reporting income from the gains. They will be able to track it down I think far easier than trying to figure out how a $100 bill circulates.

 

[NoahA]

BTC is all about using the network, not price.

Please explain what this means. Using the network for what? Just to verify a transaction?

 

[Pekelo]

A billion+ selfies and other assorted photo nonsense ("here's what I'm eating for breakfast guys!") will be taken this week for example.

Yeah, but first, somebody is paying for that energy in monthly subscription fees. Second, those selfies make people happy.

Compared to generating Bitcoin. Since the most important feature right now is the store of value, I could just make 21 million tokens with 1 laptop and declare it the new store of value. As long as people buy into it, it works just as well as bitcoin does.

 

[Pekelo]

Meanwhile BTC > 20.000 USD

Perfect fundamentalist argument, well, it is not. Not to mention it only works if you bought it at much lower priuce than 20K. And you can not tell where price will be in 1,3 or 5 years from now. Because you know fundamentals...

If you can't explain why something is good or valuable, than chances are, it is not.

Don't forget, my limited edition of poops are still available, buy it now!

 

[MrMuppet]

Please explain what this means. Using the network for what? Just to verify a transaction?

Just?

 

[NoahA]

Yeah, but first, somebody is paying for that energy in monthly subscription fees. Second, those selfies make people happy.

Compared to generating Bitcoin. Since the most important feature right now is the store of value, I could just make 21 million tokens with 1 laptop and declare it the new store of value. As long as people buy into it, it works just as well as bitcoin does.

Exactly right. Celebrities used to think they were special because they had to climb the ladder. First you probably had to sleep with somebody and then pray the movie roles came in. Now Youtube and Instagram come along and anyone can be a star and famous. The world order has flipped. Fame used to be a currency that was tightly controlled, but not any longer.

 

[stochastix]

For everyone that brings the tired old trope of Bitcoin is a waste of energy.

Why are you picking on Bitcoin?

Why have I never heard anyone bring up the massive energy use of online porn, the War on Terror, the War of Drugs, all the wars that never seem to end, selfies, millions and millions of celebrity news articles and tv shows, video games, 500+ TV channels and on and on.

Yes, Bitcoin uses a lot of energy and that's a good thing if you understand Bitcoin. But please, if you're that worried about excess energy use, try to focus on far more useless things that use far more energy than Bitcoin ever did.

Cause bitcoin is the latest in the list of all that bullshit you listed . Go advertise something else

 

[stochastix]

Months? Make that a single day. BTC more than halved from high of 03/13/20 (7977.84) to low of 03/14/20 (3867.09).

In order to store value, an asset needs to have value. For example, gold is used in industry, aerospace, electronics, computers, dentistry, medicine, jewelry. Can be used today or stored for years without degradation.

Bitcoin? Realistically not good for anything other than selling it to someone else (and wasting electricity). Its price is entirely derived from speculating on the 'greater fools' to be there to take it off your hands. When the pyramid scheme fails one day, price converges to Bitcoin's real value.

Please explain what this means. Using the network for what? Just to verify a transaction?

It's where you die if you don't have electricity because no one can transact to give you the bread

 

[MrMuppet]

Exactly right. Celebrities used to think they were special because they had to climb the ladder. First you probably had to sleep with somebody and then pray the movie roles came in. Now Youtube and Instagram come along and anyone can be a star and famous. The world order has flipped. Fame used to be a currency that was tightly controlled, but not any longer.

Go ahead with your rant...I'll grab some popcorn