Rostos

So why are most people HOLDING IT in the hope that its price rises so they can sell it and hence convert it to FIAT?

That doesnt seem to be one of the hall marks of a currency now does it?

Of course holders want to praise it and bag anyone that doesn't agree with it, because that is all they have. Hype to drive the price up. That is all they have.

I mean, you cant look at anything else objective and point to it.

At least with a fiat currency, you can say, look, the U.S economy is over heating, this results in inflationary pressure and hence interest rates will rise. There will be a demand for US dollars for such a case. If anyone praises or bags the US dollar, then who cares, it has no bearing in such a case because there is objective econimic data to support your argument.

Same goes for a stock. Who cares if people bag it, the price will for the most part reflect underlying fundamentals irrespective of ones feelings.

Crypto fan boys cannot point to anything objective except hype, good publicity and feelings and that is why anything that is negative is FUD because it ruins there dreams of getting rich.

LOL

Bitcoin keeps on going up because other people think it is going up, not because of anything intrinsic..

Just a group of market participants saying "because we say so".

Nothing more, nothing less

But you dont need Bitcoin

That is ONLY from an ICO perspective (PRIMARY MARKET)

If i wanted to but any crypto do i have to go through Bitcoin?

The answer is NO

Hang on. 

That is my argument exactly. This has added to the imaginary value for Bitcoin due to the injection of funds for from the ICO's.

Again, it is nothing more than a "because we say so".

WHAT? Is that a serious question?

You guys are just too emotionally invested in it because you hold it.

Nothing more.

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?

Just LIKE EVERY OTHER CRYPTO.

Not when you but them through an ICO which are dime a dozen today

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

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.

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.

And again, you do not even understand my argument.

I never argued anything against crypto's as a currency or block chain.

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.

Gold and precious metals are COMMODITIES.

For example with Gold, there are numerous demands for gold itself. 

Gold can be used for jewelery, excellent wire for electricity, material for filling cavaties, used for space crafts etc etc.

This is what gives it a demand and hence a price/value. Very simple.

The ONLY possible thing i can see Bitcoin having value is if itself being some sort of status symbol. That is, hey look i own bitcoin. Something that is gives people a status symbol. 

Or as i said earlier if a drug company finds a cure for a disease and the manufacturer ONLY accepts Bitcoin as a form of payment, no other crypto.

Please dont mistake this for bagging bitcoin and other cryptos as a currency. I think it will be awesome as long as there is security, insurance etc etc which i am sure they will work out. But as a form of value, it is sheer utter nonsense.

IMO, i think the big boys know this and are just taking everyone for a ride.

What is the value of Bitcoin based on?

This is so hilarious and in my opinion shows the stupidity of human beings.

The price/value is based on the market? But what are the participants in the market basing it on? There are no underlying fundamentals to base it off. So what are the participants basing it off?

Essentially it is nothing more than participants valuing it based on nothing but "because i say so". Essentially what side of the bed they came off that day.

Why does one need Bitcoin? They dont. There are 1300+ other crypto's and growing at a rapid rate. There are no barriers to entry.

Theortically, we could all get together and develop our own coin and call it coverscoin. Then artifically ramp it up to a price based on nothing but because we say so and go and buy a house with it because the seller of the house has also bought into our delusion that it is worth the price based "because we say so". 

Again, why does one need BITCOIN?

The ONLY 

The overwhelming majority of owners of crypto's have not purchased them to use it. From my understanding, as a currency, at the moment, they are extremely slow and very expensive and not many places accept it.

People own it now for the hope that they will sell at a higher priceto someone else in the future.

Its a Ponzi

Problem is....you have completely ignored my main argument.

In terms of it being a currency, i have absolutely NO ISSUE with it but NOT in its current form. NO ISSUE AT ALL. It needs tweaks and sure they may come.

My main issue/gripe is with it being used as a STORE OF VALUE.

This is what my arguments are against.