Old people will call it a bubble for 7 years and when it drops a bit they'll say I told you so. No doubt this was their tune on the internet in 1995.
What he said then still holds true today. Cc's values are almost entirely built on investment and speculation, just like the dotcom stocks were. A few will make it but most will collapse.
Agree, that was a bad analogy. I was mote referring to his comments in 2000. It holds true for this bubble too imo. "The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money … But a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest." - Warren Buffett, Berkshire Hathaway 2000 shareholder letter
lots of those dotcom companies were "mirages" because they didn't really do anything or have much of a product. cryptocurrency at least has a practical application... which currently appears to be illegal gambling and purchasing drugs on the internet.
I'd say the dotcom bubble did more than "drop a bit." For ever Amazon and eBay there were thousands that failed.
That's my entire point. They'll have to move past just drugs and gambling to a real application for them to become a form of accepted currency by the masses.
I'm guessing you're not reading the chart the way you think you are? Notice how the price in 1980 is higher than it is today?
Yeah that seems the real benefit is illegal activity. That's why I'm wondering at what point does the government get involved with regulating if?
I don't know much at all about bitcoins, I'm reading this thread to learn more. Seems you are just arguing for no reason with people that obviously have researched it way more than you What the fuck ever though, you do this in multiple threads and I have no idea why I responded to you. That's on me, my bad
Yup and the same will be go for crypto..bitcoin and some others will stick around and Be huge. Also the illegal activity thing is overblown. Without silkroad and the likes that argument is tired.
Sounds like we mostly agree. I'm not saying Cc's won't be a thing. I'm just saying overall most will fail and a lot of people will lose a lot of money. After it busts, a couple will hang around. Most are basically penny stocks with 1000% growth rates on nothing but people investing to ride the wave. Most will be pets.com, a couple will be Amazon. Picking the right one is next to impossible right now. Invest today and a hedge fund pulls out tomorrow and you're washed. Or maybe you guess right.
People on this page saying they're only use is for gambling and illegal drugs... on the first page of the thread posters literally listed "real world uses" of BTC. You're not gonna use them to get gas or groceries or pay your tab at the bar but you can actually buy consumer goods and services with the fucking things.
Could be below 1% and the line of thinking would still be wrong. It's probably higher than most people think just take a minute and consider the fact that you get a 10% discount at cheapflowers.com for paying with BTC On a serious note if you use Purse.io you can get solid discounts on Amazon stuff. It's not an immediate purchase but it's still saving money
But to answer maybe you've got a significant amount of bitcoin and decide to buy into an bubble burst. Instead of just selling it use it at places or ways that get discounts like the Purse-Amazon process that can save you 5-30% on something you would have bought with cash from selling the BTC. Lower the amount you have of a potentially worthless investment and acquire consumer goods at a discount at the same time. Obviously if something is increasing in value at the speed BTC has in the past year then it's not wise to spend it on things you can buy with the USD. I doubt anyone ITT actually believes the ride will last forever and eventually ______ CC that becomes "the one" levels out in value. When that happens it's not like people will be left with something they can't use. At that point it's just money that you can get and spend without dealing with financial institutions. Also pretty much everyone on the pro-CC side has admitted that the majority probably won't survive and will become worthless. I'm curious how long it will potentially be before the first employer uses some form of CC as compensation
Well yeah, but that's happening; just in a different way than marketing directly to Sue in Nebraska (love our example btw). International banks: https://www.bloomberg.com/news/arti...ain-to-make-international-payments-in-seconds VISA: https://usa.visa.com/visa-everywhere/innovation/visa-b2b-connect.html Retailers (McDonald's in this link): http://www.cryptoquicknews.com/omisego-just-confirmed-partnership-mcdonalds-thai/ Goldman Sachs: http://www.investopedia.com/news/go...ncy-patent-setlcoin-crypto-settlement-system/ Don't get me wrong, I'm speculating in it to make money and I could lose all of it. And I certainly understand that any single crypto could go belly up. But it is clear and certain the technology behind crypto, in general, is the future. It's an alternative currency, but don't look at it like it's a substitute currency at this moment. This is a long term idea.
I know it's dbl but still... it seems to be one of the primary anti-BTC arguments "you just buy drugs with them" and it's retarded Page 1 of this thread. Can't speak for your acquaintances IRL but they're probably holding onto an investment that's increasing in value at a great pace and spending USD instead. Point is that you can if you want
Again, I've said many times that I agree Cc's have a place in the future. I just think most will fail and the couple that are able to cross over into real life application will be the ones to make it.
gatorfromiowa and pianoman y'all are arguing/trying to explain this to a guy that has never admitted to being wrong (dbl) and a guy that is either a horrible troll or complete moron (tmbrules).
Long term bc you think they'll succeed or short term bc you think prices will go up as more people invest in them but get out before the bubble pops? I guess that's where I'm confused. You've said you think most fail yet you also now is a good time to invest in them.
What have you, or anyone you know, bought with them? There are real world options but they are very rarely, if ever, used. As of right now, one of, if not the, biggest actual use of them is illegal activity.
I haven't used them to buy anything practical and why does that matter in the argument that they have "no real application besides drugs and gambling"??? You can literally furnish your home on overstock.com, buy all the tech gadgets you want on newegg, and book your travel through expedia using BTC and you have been able to for 3 years. The fact that it's smarter to save them right now and use USD on those purchases is not part of this argument. you CAN use them if you want to. there absolutely 100% is a real application besides drugs and gambling if you choose to spend them that way.
Regardless of where you stand on CC, the term "bubble" has become way overused. They are almost always conclusively identified only in retrospect - seen the Big Short? There were only a small handful of bears (and they were mercilessly laughed at). There are more skeptics and people that just flat out don't understand this mechanism and thus want nothing to do with CC, compared to the number of bulls - and yet the price is shooting up in spite of these headwinds.
yes so they're pretty much worthless and I can't believe people are buying this currency that you can't use to purchase anything besides drugs and gambling money if only there were other things I could use them to buy like consumer goods then they would have a real life application.... maybe one day!
https://www.lifewire.com/big-sites-that-accept-bitcoin-payments-3485965 Ah you can pay your Dish bill with BTC too. That's not a real world application though unfortunately, right dblplay1212 There's a difference between: "There's no real life application for them" and "It's smarter to save them while they are appreciating at such a high rate than spend them on the real life applications available currently"