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Bitcoin - Part 2

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psionl0 said:
There doesn't appear to be any clear trigger but a Forbes Magazine article makes a couple of interesting (though not necessarily definitive) points:

One is the ".........old adage that people tend to overestimate the possibility of technology in the short run but wildly underestimate it in the long run" and the other is that the more businesses that accept bitcoin as payment, the more businesses that want to to cash out those bitcoins (putting downward pressure on the bitcoin price).
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Interesting. I wonder if the speculators will panic and dump their BTC for cash, then, if they feel they'll never see that money back.
 
Belz... said:
Interesting. I wonder if the speculators will panic and dump their BTC for cash, then, if they feel they'll never see that money back.
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If you are referring to the "early adopters" (as distinct from those who jumped on the bandwagon a year or so ago) then I doubt it.

Don't forget that the Forbes article is claiming (without proof) that this is a short term phenomenon.
 
There are obviously a couple of serious proponents of BitCoin in this thread.
Perhaps it's due to my age but I can't help seeing this, yes sort-term phenomenon, for what it is.

Perhaps some people are too young, or have forgotten, to know what happened in the 90's and early 00's when all the people saw the internet as being a quick way to make a buck. It was a disaster.

Dot-Com.Bubble
http://en.m.wikipedia.org/wiki/Dot-com_bubble


BitCoin is in no way a currency, it's an ill-advised investment, designed to entice the gullible and make profit for the people at the top.

It never has been, nor ever will be, a currency in the correct sense of the word in the modern world.

It differs in no way to Alex Jones trying to convince his rubes that investing in Gold is prudent, (whilst he profits from his advertisers by saying so).

It matters not if eBay, or whoever, "accept" them, there is no risk whatsoever to those organisations. They will receive £'s or $'s regardless. They will have legal guarantees in place to ensure that, with these third party merchant account handlers, they receive real money.

For the average person on the street there are no such legal safeguards in place.

Unless you want to buy something dodgy on CraigsList that is.
 
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psionl0 said:
If you are referring to the "early adopters" (as distinct from those who jumped on the bandwagon a year or so ago) then I doubt it.
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I wasn't talking about a specific group, except those who purchased BTC at a higher price than it is now, in order to make a profit from the speculation.

Why do you doubt it ?
 
Belz... said:
I wasn't talking about a specific group, except those who purchased BTC at a higher price than it is now, in order to make a profit from the speculation.
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I'm one of those. Not panicking at all, more like anticipation. But then again, my investment is around 0.2 BTC. I went in being comfortable with the possibility of losing it all, it is a high risk investment after all. Since then I had a few relatively easy and fast transactions I couldn't have otherwise done, so I'm content already. So now I'm thinking I'll probably never cash it out, just use it if I want to buy something.
 
ComfySlippers said:
Dot-Com.Bubble
http://en.m.wikipedia.org/wiki/Dot-com_bubble


BitCoin is in no way a currency, it's an ill-advised investment, designed to entice the gullible and make profit for the people at the top.
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  • What do you mean by "currency"?
  • Who are these people "at the top"?
  • Are the people at the top the ones who designed bitcoin?
  • Did they pay somebody to design bitcoin?
  • How did they mastermind the appearance of bitcoin exchanges and ATMS?
  • What aspect of the design of bitcoin makes it an enticement for the gullible?
  • Why compare bitcoin to the dot-com bubble instead of a more successful investment?
  • Why are you recycling arguments that have been done to death in the old thread?
 
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To pick up the thread of discussion from the silver thread, my position is that silver is a better investment than BTC because silver is tangible; its value will never go to zero because there will always be some demand for silver, whether for industrial or jewelry uses. That is not to say that silver is necessarily a good investment, but it is better than BTC. There is nothing whatsoever to stop the value of BTC from going to zero if demand falls off or a competing cryptocurrency emerges. It has no intrinsic value.
 
FWIW, my friend sold all of his bitcoin, realized a $9+ million dollar gain, 3000%+ return (before taxes). He thinks the fact that both Russia and China made it illegal, plus the marketplace stagnating are headwinds.
 
jhunter1163 said:
To pick up the thread of discussion from the silver thread, my position is that silver is a better investment than BTC because silver is tangible; its value will never go to zero because there will always be some demand for silver, whether for industrial or jewelry uses. That is not to say that silver is necessarily a good investment, but it is better than BTC. There is nothing whatsoever to stop the value of BTC from going to zero if demand falls off or a competing cryptocurrency emerges. It has no intrinsic value. shiny.
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ftfy.

Now it is consistent with what you said in the other thread.
 
jhunter1163 said:
To pick up the thread of discussion from the silver thread, my position is that silver is a better investment than BTC because silver is tangible; its value will never go to zero because there will always be some demand for silver, whether for industrial or jewelry uses. That is not to say that silver is necessarily a good investment, but it is better than BTC. There is nothing whatsoever to stop the value of BTC from going to zero if demand falls off or a competing cryptocurrency emerges. It has no intrinsic value.
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Isn't that the case with all fiat currency? After all a dollar has no intrinsic value. By that logic you should be a gold/silver bug.
 
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