QUOTE Originally Posted by I_Need_A_Detox: The value of bitcoin and most of the other cryptos is that they’re decentralized and are not subject to government inflation. If you took $10,000 and put it in a safe, and took another $10,000 and bought Bitcoin, in 20 years the difference in value of the two will be astronomical. Hey, not everyone can see it. That’s ok. Rostos - please read this again. There is a limited qty (21m). It is decentralized. There is no other currency / commodity that fits these two criteria. That is the value. And as Detox says - some people see it - and some dont - and that is fine.
So why do i need Bitcoin and not any of the other 1300 cryotos that i can buy that will essentially do exactly the same thing?
Please explain.
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Quote Originally Posted by vanzack:
QUOTE Originally Posted by I_Need_A_Detox: The value of bitcoin and most of the other cryptos is that they’re decentralized and are not subject to government inflation. If you took $10,000 and put it in a safe, and took another $10,000 and bought Bitcoin, in 20 years the difference in value of the two will be astronomical. Hey, not everyone can see it. That’s ok. Rostos - please read this again. There is a limited qty (21m). It is decentralized. There is no other currency / commodity that fits these two criteria. That is the value. And as Detox says - some people see it - and some dont - and that is fine.
So why do i need Bitcoin and not any of the other 1300 cryotos that i can buy that will essentially do exactly the same thing?
BTC, Cryptocurrency in general, and the Blockchain is here to stay. It’s going to change the world. If you don’t see how that’s possible, please do some research and educate yourself. Reading through this thread, it’s evident that many of you (looking at you Rostos) don’t even know what blockchain technology is. Once you understand it, you will see what Vanzack and a few others are trying to convey. If you educate yourself and you still don’t see it as the future, then okay - don’t invest in it. There were plenty of people that didn’t believe in the internet. There were plenty of people that didn’t believe in Google, Apple, Amazon, Netflix, etc, etc. Their early investors made out okay, right?I’ll be holding onto (hodl) my BTC and ETH. Bump this thread in 5 years and again in 10 years and we’ll see who’s laughing then.
And again, you do not even understand my argument.
I never argued anything against crypto's as a currency or block chain.
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Quote Originally Posted by Kaufee:
BTC, Cryptocurrency in general, and the Blockchain is here to stay. It’s going to change the world. If you don’t see how that’s possible, please do some research and educate yourself. Reading through this thread, it’s evident that many of you (looking at you Rostos) don’t even know what blockchain technology is. Once you understand it, you will see what Vanzack and a few others are trying to convey. If you educate yourself and you still don’t see it as the future, then okay - don’t invest in it. There were plenty of people that didn’t believe in the internet. There were plenty of people that didn’t believe in Google, Apple, Amazon, Netflix, etc, etc. Their early investors made out okay, right?I’ll be holding onto (hodl) my BTC and ETH. Bump this thread in 5 years and again in 10 years and we’ll see who’s laughing then.
And again, you do not even understand my argument.
I never argued anything against crypto's as a currency or block chain.
QUOTE Originally Posted by vanzack: QUOTE Originally Posted by I_Need_A_Detox: The value of bitcoin and most of the other cryptos is that they’re decentralized and are not subject to government inflation. If you took $10,000 and put it in a safe, and took another $10,000 and bought Bitcoin, in 20 years the difference in value of the two will be astronomical. Hey, not everyone can see it. That’s ok. Rostos - please read this again. There is a limited qty (21m). It is decentralized. There is no other currency / commodity that fits these two criteria. That is the value. And as Detox says - some people see it - and some dont - and that is fine. So why do i need Bitcoin and not any of the other 1300 cryotos that i can buy that will essentially do exactly the same thing? Please explain.
Rostos...dont bother. If you give them books to read they would probably eat the pages.
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Quote Originally Posted by Rostos:
QUOTE Originally Posted by vanzack: QUOTE Originally Posted by I_Need_A_Detox: The value of bitcoin and most of the other cryptos is that they’re decentralized and are not subject to government inflation. If you took $10,000 and put it in a safe, and took another $10,000 and bought Bitcoin, in 20 years the difference in value of the two will be astronomical. Hey, not everyone can see it. That’s ok. Rostos - please read this again. There is a limited qty (21m). It is decentralized. There is no other currency / commodity that fits these two criteria. That is the value. And as Detox says - some people see it - and some dont - and that is fine. So why do i need Bitcoin and not any of the other 1300 cryotos that i can buy that will essentially do exactly the same thing? Please explain.
Rostos...dont bother. If you give them books to read they would probably eat the pages.
Bitcoin was first to the game and is the pioneer of all cryptos. Being first gives it a distinct advantage over the rest. Bitcoin is so big now that if it were to collapse, the entire market would likely go down with it. It literally drives the ecosystem. In most cases, you need Bitcoin (or ETH) to even buy other crypto currencies. In other words, without it the market would not operate or function correctly. You can’t say that about any other crypto.
It’s original intention was as a currency. It has since turned into a store of value as well. Because there are only 21 million, there is a limited supply. Approximately 4 million have been lost, leaving only 17 million in circulation. That’s a very limited supply and because it is scarce, it is valuable. It is considered the digital Gold because it has similar characteristics to Gold.
The best part is you don’t need to lose your life savings investing in it. It’s still very early and lots of money can be made with minimal risk.. Only invest what you can afford to lose. It may just be the smartest thing you ever did.
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Bitcoin was first to the game and is the pioneer of all cryptos. Being first gives it a distinct advantage over the rest. Bitcoin is so big now that if it were to collapse, the entire market would likely go down with it. It literally drives the ecosystem. In most cases, you need Bitcoin (or ETH) to even buy other crypto currencies. In other words, without it the market would not operate or function correctly. You can’t say that about any other crypto.
It’s original intention was as a currency. It has since turned into a store of value as well. Because there are only 21 million, there is a limited supply. Approximately 4 million have been lost, leaving only 17 million in circulation. That’s a very limited supply and because it is scarce, it is valuable. It is considered the digital Gold because it has similar characteristics to Gold.
The best part is you don’t need to lose your life savings investing in it. It’s still very early and lots of money can be made with minimal risk.. Only invest what you can afford to lose. It may just be the smartest thing you ever did.
Bitcoin was first to the game and is the pioneer of all cryptos. Being first gives it a distinct advantage over the rest. Bitcoin is so big now that if it were to collapse, the entire market would likely go down with it. It literally drives the ecosystem. In most cases, you need Bitcoin (or ETH) to even buy other crypto currencies. In other words, without it the market would not operate or function correctly. You can’t say that about any other crypto.It’s original intention was as a currency. It has since turned into a store of value as well. Because there are only 21 million, there is a limited supply. Approximately 4 million have been lost, leaving only 17 million in circulation. That’s a very limited supply and because it is scarce, it is valuable. It is considered the digital Gold because it has similar characteristics to Gold. The best part is you don’t need to lose your life savings investing in it. It’s still very early and lots of money can be made with minimal risk.. Only invest what you can afford to lose. It may just be the smartest thing you ever did.
I agree that the other currencies have a correlation in regards to Bitcoins value. But that is all it is, a correlation to its value.
Has nothing to do with it as a function of currency.
Again, i have over 1300 cryptos to choose from if i wanted to buy something if i dont want to use FIAT.
There is absolutely no reason for me to ever need Bitcoin.
Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental.
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Quote Originally Posted by Kaufee:
Bitcoin was first to the game and is the pioneer of all cryptos. Being first gives it a distinct advantage over the rest. Bitcoin is so big now that if it were to collapse, the entire market would likely go down with it. It literally drives the ecosystem. In most cases, you need Bitcoin (or ETH) to even buy other crypto currencies. In other words, without it the market would not operate or function correctly. You can’t say that about any other crypto.It’s original intention was as a currency. It has since turned into a store of value as well. Because there are only 21 million, there is a limited supply. Approximately 4 million have been lost, leaving only 17 million in circulation. That’s a very limited supply and because it is scarce, it is valuable. It is considered the digital Gold because it has similar characteristics to Gold. The best part is you don’t need to lose your life savings investing in it. It’s still very early and lots of money can be made with minimal risk.. Only invest what you can afford to lose. It may just be the smartest thing you ever did.
I agree that the other currencies have a correlation in regards to Bitcoins value. But that is all it is, a correlation to its value.
Has nothing to do with it as a function of currency.
Again, i have over 1300 cryptos to choose from if i wanted to buy something if i dont want to use FIAT.
There is absolutely no reason for me to ever need Bitcoin.
Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental.
Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental.
You are basically describing every single monitary system in the world.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by Rostos:
Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental.
You are basically describing every single monitary system in the world.
Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental.
And BTW - we already described the underlying fundamental. I remember these debates with you from years ago Rostos, you get the answer to a question you ask, ignore it, and keep asking the question.
Here it is again:
1. Finite supply
2. Decentralized
Those that believe in those two underlying fundamentals and their relative importance are what makes BTC go up or down.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by Rostos:
Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental.
And BTW - we already described the underlying fundamental. I remember these debates with you from years ago Rostos, you get the answer to a question you ask, ignore it, and keep asking the question.
Here it is again:
1. Finite supply
2. Decentralized
Those that believe in those two underlying fundamentals and their relative importance are what makes BTC go up or down.
QUOTE Originally Posted by Rostos: Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental. You are basically describing every single monitary system in the world.
Wrong, currency values are determined by market participants which are in turn based on underlying fundamentals.
For example, the US dollar may increase if data comes out showing inflationary pressure. This pressure could lead to an increase in interest rates thereby resulting in an increase in demand for the US dollar due to increased returns due to higher interest rates.
Bitcoin is determined by NOTHING other than participants saying so based absolutely nothing but how they feel.
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Quote Originally Posted by vanzack:
QUOTE Originally Posted by Rostos: Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental. You are basically describing every single monitary system in the world.
Wrong, currency values are determined by market participants which are in turn based on underlying fundamentals.
For example, the US dollar may increase if data comes out showing inflationary pressure. This pressure could lead to an increase in interest rates thereby resulting in an increase in demand for the US dollar due to increased returns due to higher interest rates.
Bitcoin is determined by NOTHING other than participants saying so based absolutely nothing but how they feel.
QUOTE Originally Posted by Rostos: Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental. And BTW - we already described the underlying fundamental. I remember these debates with you from years ago Rostos, you get the answer to a question you ask, ignore it, and keep asking the question. Here it is again: 1. Finite supply 2. Decentralized Those that believe in those two underlying fundamentals and their relative importance are what makes BTC go up or down.
Limited supply, so WHAT? You do NOT need bitcoin to transact cryptos.
Your case would ONLY hold water if for example a supplier for a good that is in demand ONLY accepted Bitcoin as a means of payment.
Cmon man, economics 101
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Quote Originally Posted by vanzack:
QUOTE Originally Posted by Rostos: Sure it can still rise $50k, $100k, whatever, but that value is nothing more than because the participants say so. Has nothing to do with anything objective or an underlying fundamental. And BTW - we already described the underlying fundamental. I remember these debates with you from years ago Rostos, you get the answer to a question you ask, ignore it, and keep asking the question. Here it is again: 1. Finite supply 2. Decentralized Those that believe in those two underlying fundamentals and their relative importance are what makes BTC go up or down.
Limited supply, so WHAT? You do NOT need bitcoin to transact cryptos.
Your case would ONLY hold water if for example a supplier for a good that is in demand ONLY accepted Bitcoin as a means of payment.
Limited supply, so WHAT? You do NOT need bitcoin to transact cryptos. Your case would ONLY hold water if for example a supplier for a good that is in demand ONLY accepted Bitcoin as a means of payment. Cmon man, economics 101
Rostos - what if I was in international trade. Every time I sent USD to Germany I have to do a currency transaction, and a bank wire. On a 1,000 dollar payment, it costs me 20 in currency transaction fees and 50 in wire fees, takes 3 days, and I have to go to my bank and spend a half hour to do it.
OR
I can send BTC and be done in 10 seconds and costs close to nothing.
The above is a case where BTC is BETTER. It doesnt need to be the ONLY choice, it simply needs to be a BETTER choice.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by Rostos:
Limited supply, so WHAT? You do NOT need bitcoin to transact cryptos. Your case would ONLY hold water if for example a supplier for a good that is in demand ONLY accepted Bitcoin as a means of payment. Cmon man, economics 101
Rostos - what if I was in international trade. Every time I sent USD to Germany I have to do a currency transaction, and a bank wire. On a 1,000 dollar payment, it costs me 20 in currency transaction fees and 50 in wire fees, takes 3 days, and I have to go to my bank and spend a half hour to do it.
OR
I can send BTC and be done in 10 seconds and costs close to nothing.
The above is a case where BTC is BETTER. It doesnt need to be the ONLY choice, it simply needs to be a BETTER choice.
You need Bitcoin or Ethereum to buy other cryptos on 90% of the exchanges. I think NEO and Qtum might also be used on some Asian exchanges. All ICO’s take payments in ETH or BTC. BTC is the backbone of the crypto universe.
When I explain this to friends, I call fiat currency A, bitcoin B, and all other crypto C.
There are very few A to C linkages - but there is ALWAYS and A to B, and a B to C.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by I_Need_A_Detox:
You need Bitcoin or Ethereum to buy other cryptos on 90% of the exchanges. I think NEO and Qtum might also be used on some Asian exchanges. All ICO’s take payments in ETH or BTC. BTC is the backbone of the crypto universe.
When I explain this to friends, I call fiat currency A, bitcoin B, and all other crypto C.
There are very few A to C linkages - but there is ALWAYS and A to B, and a B to C.
Rostos, it’s valuable because we as society say it is. It is a digital coin that has value - the people have spoken. We as a society also say money, gold and diamonds are valuable. There is no difference.
The question is will it be worth something in 3, 5, or 10 years from now? BTC has been gaining steam for 9 years. I’m betting that continues as more and more people get involved.
I believe Bitcoin as a store of value is here to stay. If I’m wrong, I’ll lose a little money. That’s what gamblers do, we win some and lose some. But, I really like the odds of its success and def think it’s worth the risk.
Someone do me a favor and Bump this thread when a bitcoin is worth $1,000,000
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Rostos, it’s valuable because we as society say it is. It is a digital coin that has value - the people have spoken. We as a society also say money, gold and diamonds are valuable. There is no difference.
The question is will it be worth something in 3, 5, or 10 years from now? BTC has been gaining steam for 9 years. I’m betting that continues as more and more people get involved.
I believe Bitcoin as a store of value is here to stay. If I’m wrong, I’ll lose a little money. That’s what gamblers do, we win some and lose some. But, I really like the odds of its success and def think it’s worth the risk.
Someone do me a favor and Bump this thread when a bitcoin is worth $1,000,000
It is a lot to wrap your head around in the beginning but once you get involved you can see the beauty of it and why it’s going to make such a big impact on the world.
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It is a lot to wrap your head around in the beginning but once you get involved you can see the beauty of it and why it’s going to make such a big impact on the world.
Rostos, it’s valuable because we as society say it is. It is a digital coin that has value - the people have spoken. We as a society also say money, gold and diamonds are valuable. There is no difference. The question is will it be worth something in 3, 5, or 10 years from now? BTC has been gaining steam for 9 years. I’m betting that continues as more and more people get involved. I believe Bitcoin as a store of value is here to stay. If I’m wrong, I’ll lose a little money. That’s what gamblers do, we win some and lose some. But, I really like the odds of its success and def think it’s worth the risk.Someone do me a favor and Bump this thread when a bitcoin is worth $1,000,000
Kaufee - that would be a 100 times current price gain.
I already have a thread here from 2013 where the price was 30 and it is now a 350 times gain.
What Rostos doesnt understand is that Apple and google will probably be worth zero in 50 years also. Doesnt mean people arent investing in them now. With his logic, you couldnt invest in anything. He ignores that people are making money, while rooting for it to fail, and then one day 30 years from now he will say I told you so to everyone else who is rich. You cant teach these people.
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by Kaufee:
Rostos, it’s valuable because we as society say it is. It is a digital coin that has value - the people have spoken. We as a society also say money, gold and diamonds are valuable. There is no difference. The question is will it be worth something in 3, 5, or 10 years from now? BTC has been gaining steam for 9 years. I’m betting that continues as more and more people get involved. I believe Bitcoin as a store of value is here to stay. If I’m wrong, I’ll lose a little money. That’s what gamblers do, we win some and lose some. But, I really like the odds of its success and def think it’s worth the risk.Someone do me a favor and Bump this thread when a bitcoin is worth $1,000,000
Kaufee - that would be a 100 times current price gain.
I already have a thread here from 2013 where the price was 30 and it is now a 350 times gain.
What Rostos doesnt understand is that Apple and google will probably be worth zero in 50 years also. Doesnt mean people arent investing in them now. With his logic, you couldnt invest in anything. He ignores that people are making money, while rooting for it to fail, and then one day 30 years from now he will say I told you so to everyone else who is rich. You cant teach these people.
You need Bitcoin or Ethereum to buy other cryptos on 90% of the exchanges. I think NEO and Qtum might also be used on some Asian exchanges. All ICO’s take payments in ETH or BTC. BTC is the backbone of the crypto universe.
Not when you but them through an ICO which are dime a dozen today
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Quote Originally Posted by I_Need_A_Detox:
You need Bitcoin or Ethereum to buy other cryptos on 90% of the exchanges. I think NEO and Qtum might also be used on some Asian exchanges. All ICO’s take payments in ETH or BTC. BTC is the backbone of the crypto universe.
Not when you but them through an ICO which are dime a dozen today
Rostos - I am not doing this with you again. I learned my lesson the last time around. Bitcoins value is based on the fact that it is decentralized and limited supply. If people stop believing that is important, it will go down. If people continue to believe that is important, it will go up. Economics 101.
Just LIKE EVERY OTHER CRYPTO.
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Quote Originally Posted by vanzack:
Rostos - I am not doing this with you again. I learned my lesson the last time around. Bitcoins value is based on the fact that it is decentralized and limited supply. If people stop believing that is important, it will go down. If people continue to believe that is important, it will go up. Economics 101.
QUOTE Originally Posted by Rostos: Limited supply, so WHAT? You do NOT need bitcoin to transact cryptos. Your case would ONLY hold water if for example a supplier for a good that is in demand ONLY accepted Bitcoin as a means of payment. Cmon man, economics 101 Rostos - what if I was in international trade. Every time I sent USD to Germany I have to do a currency transaction, and a bank wire. On a 1,000 dollar payment, it costs me 20 in currency transaction fees and 50 in wire fees, takes 3 days, and I have to go to my bank and spend a half hour to do it. OR I can send BTC and be done in 10 seconds and costs close to nothing. The above is a case where BTC is BETTER. It doesnt need to be the ONLY choice, it simply needs to be a BETTER choice.
Can you SERIOUSLY NOT READ?
WHERE did i argue AGAINST BITCOIN AS A CURRENCY?
Why are you throwing me arguments in favour of Bitcoin as a function of its use as a currency?
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Quote Originally Posted by vanzack:
QUOTE Originally Posted by Rostos: Limited supply, so WHAT? You do NOT need bitcoin to transact cryptos. Your case would ONLY hold water if for example a supplier for a good that is in demand ONLY accepted Bitcoin as a means of payment. Cmon man, economics 101 Rostos - what if I was in international trade. Every time I sent USD to Germany I have to do a currency transaction, and a bank wire. On a 1,000 dollar payment, it costs me 20 in currency transaction fees and 50 in wire fees, takes 3 days, and I have to go to my bank and spend a half hour to do it. OR I can send BTC and be done in 10 seconds and costs close to nothing. The above is a case where BTC is BETTER. It doesnt need to be the ONLY choice, it simply needs to be a BETTER choice.
Can you SERIOUSLY NOT READ?
WHERE did i argue AGAINST BITCOIN AS A CURRENCY?
Why are you throwing me arguments in favour of Bitcoin as a function of its use as a currency?
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