Bitcoin

IdleRich

IdleRich
Yeah I actually agree with you that it's a different thing.
But then again what money is has changed over time so I guess it could be something that people call money which would be enough.
 

IdleRich

IdleRich
Sure though for the moment (and foreseeable future) just call it an asset and use it when it's useful (cos it certainly does have its uses) if you like.
I thought a ponzi scheme has a collapse built in to it though? I assumed you were saying it would collapse, not potentially hang around indefinitely.
 

vimothy

yurp
just bc bitcoin is a "bad asset" doesnt mean ppl wont value it, so it doesnt necessarily matter whether its well designed or not or if it can fulfill a certain role
 

HMGovt

Bamber Clatscoigne
It's going mental right now. History being made.
Who wants to predict an EOY price?
I'm thinking $33k
All time high in 2017 was barely under $20k
It's a little under $18k now
 

Dusty

Tone deaf
Paypal adoption is driving the price up. Hard to say where it will end. The plan is to allow people to not only buy bitcoin but also use crypto to pay for goods as part of the Paypal ecosystem.

In regards to the concept that Bitcoin will become 'money'. I think that is the wrong way to look at it. Bitcoin will become a store of wealth. No one will ever want to use it again to buy a pizza. As already discussed its value is in its absolute hard-coded supply and the inability to print more.

This makes it inherently rare... far more scarce than gold which is being dug out of the ground all the time. Whilst once bitcoin keys are lost, that bitcoin is gone forever.

This also makes it unfair, unfair that white techno nerds hold the vast majority of it and continue to accumulate it. Unfair in that it will never bring financial liberty to the worlds poor as some libertarian bitcoin evangelists try and preach. Unfair in that it is increasingly being bought up by investment portfolios and big business, who will lock it up in their vaults and the common man will never get to own Bitcoin.

Buffets argument that it has no inherent value, (you can't make silicon chips out of Bitcoin like you can gold) is a very old fashioned way of looking at the world. You shouldn't be able to bundle up sub-prime mortgage debt and sell it on an open market as an asset, but banks did. Concepts and computer code are as real as any precious metal today, and Bitcoin is the distillation of that.

*disclaimer; I own some bitcoin. I believe it will become a well respected store of wealth. I also never invested more than I am happy to lose. Bitcoin could drop to $0 tomorrow and anyone buying it should be prepared for that. It is a massive, very expensive experiment. It also paid for my cats extensive medical bills and my beemer. So for me on a personal, very selfish level, bitcoin has already succeeded.
 
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pattycakes_

Well-known member
@Dusty yeah this is the problem. part of the idea was to avoid centralisation and manipulation but it's the same as fiat in that regard for the reasons you mention. too many whales. the other main problem is the energy use to keep the blockchain ticking. and then on a practical level the transactions are very slow.
 

IdleRich

IdleRich
This also makes it unfair, unfair that white techno nerds hold the vast majority of it and continue to accumulate it. Unfair in that it will never bring financial liberty to the worlds poor as some libertarian bitcoin evangelists try and preach. Unfair in that it is increasingly being bought up by investment portfolios and big business, who will lock it up in their vaults and the common man will never get to own Bitcoin.
It DOES sound a lot like money suddenly.
 
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