Bitcoin - Part 2

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jhunter1163 said:
Down over 10% in less than 12 hours. Yeah, that's something I'd want to put my money into. [/sarcasm]
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Can't imagine putting any money in something like that for your retirement, can you ?

But even if we used BTC as a self-contained currency that didn't need to be converted to USD or something else before purchases could be made, can you imagine the headaches of constantly adapting prices to reflect the market fluctuations ? And if you don't, you don't even know if you can buy your groceries for the week.
 
The Don said:
Yes, use of bitcoin IMO will in due course be restricted to drug dealers, child pornographers and the paranoid.
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Is this the final final final final final final final epitaph or just one of the many that we will continue to see in this thread?
 
psionl0 said:
Is this the final final final final final final final epitaph or just one of the many that we will continue to see in this thread?
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That depends on a few things IMO:

  • How long it will take to flush the speculation tail out of the price
  • How long it takes for Apple Pay or something similar to fill the need for legal straightforwards currency payments to get established
  • How many paranoid people out there and how long they're prepared to keep bitcoin mining

Bitcoin will likely have some residual value as long as it provides utility for its core market of drug dealers, child pornographers and paranoid people but if demand is low then so is the price.
 
So, are people still holding onto bitcoins, or is the daily bit coin exchange close to saturating the supply?
 
The Don said:
That depends on a few things IMO:

  • How long it will take to flush the speculation tail out of the price
  • How long it takes for Apple Pay or something similar to fill the need for legal straightforwards currency payments to get established
  • How many paranoid people out there and how long they're prepared to keep bitcoin mining

Bitcoin will likely have some residual value as long as it provides utility for its core market of drug dealers, child pornographers and paranoid people but if demand is low then so is the price.
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Come off it! You are merely the latest in a long line of failed prophets who said that bitcoin is dead and only criminals and idiots would continue to use it. Yet it is still being bought and sold a prices far higher than they have been for most of its history. Obviously a lot of people still see it as a speculative investment. It wouldn't be wise to make it your only investment but it can still be a worthy addition to any investment portfolio.

Maybe, like a stopped clock, one of these prophets may turn out to be correct some day but it wont be today and it wont be you.
 
As mentioned both coinbase and the winklevos twins plan on rolling out exchanges soon. I expect this will bump the price a little. I see this as pretty much the last real effort to keep bitcoin going.

If there are no security issues, transactions may increase. However if they get hacked that's the end of it.
 
psionl0 said:
That's a silly rationalization if you are buying for the long term.
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At least with mining stocks there is a rationalisation for their long term value (the value of whatever they mine and the reserves of whatever it is). Of course this could be wrong (commodity prices could drop, reserves could be unproven) but there is a rationale there.

For Bitcoin it's not clear what the long term factor underpinning the would be if there are viable commercial alternatives to making payments.
 
psionl0 said:
Maybe, like a stopped clock, one of these prophets may turn out to be correct some day but it wont be today and it wont be you.
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Did I make a prediction regarding time ?

Did you bother to try to understand my post through the red mist ?
 
psionl0 said:
That's a silly rationalization if you are buying for the long term.
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But how in the hell can you estimate the long-term value of bitcoin?

And if you possibly can't, why "invest" in it, unless it's just gambling?
 
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psionl0 said:
Is this the final final final final final final final epitaph or just one of the many that we will continue to see in this thread?
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Too many people are too ideologically invested in this for it to totally fail. And the use of it for such transactions will keep it at some value. But it just isn't a game changer in itself.
 
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