|
Title: Bitcoin should crash Post by: aop on June 11, 2011, 07:02:13 PM Currently there's no real economy built around Bitcoin. Bitcoin value is purely based on speculation and it has become a ponzi scheme. New investors pay the profits of miners and early adopters. If new investors stopped investing in Bitcoin the price in $ would drop like a stone. "Worth" of all existing Bitcoins got up to $200M before this price drop occured.
Now ask yourself how can Bitcoins be worth $200M when there's maybe couple a million $ worth of stuff that you can actually buy using Bitcoin? Why do people invest in Bitcoin? To actually use them or to get rich quick? $10 Bitcoin is still a massive bubble, it should crash to around $1 or less to be on solid ground. This would drive most of the speculators out and stabilize the currency a bit. Maybe Phoenix would rise from the ashes. Title: Re: Bitcoin should crash Post by: kiba on June 11, 2011, 07:06:11 PM Vitalik Buterin said the opposite. (http://bitcoinweekly.com/articles/exploring-the-bitcoin-bubble-from-february-to-now)
Since you also said bitcoin is a bubble, here's the comic. (http://www.bitcoinweekly.com/articles/comic-reaction-after-dramatic-rise-of-bitcoin-s-value) Title: Re: Bitcoin should crash Post by: Jack of Diamonds on June 11, 2011, 07:09:28 PM Currently there's no real economy built around Bitcoin. Bitcoin value is purely based on speculation and it has become a ponzi scheme. New investors pay the profits of miners and early adopters. If new investors stopped investing in Bitcoin the price in $ would drop like a stone. "Worth" of all existing Bitcoins got up to $200M before this price drop occured. Now ask yourself how can Bitcoins be worth $200M when there's maybe couple a million $ worth of stuff that you can actually buy using Bitcoin? Why do people invest in Bitcoin? To actually use them or to get rich quick? $10 Bitcoin is still a massive bubble, it should crash to around $1 or less to be on solid ground. This would drive most of the speculators out and stabilize the currency a bit. Maybe Phoenix would rise from the ashes. If BTC price goes down to $1 there will be nobody left to mine at current difficulty levels. Since difficulty takes 2016 blocks to adjust and mining would consume more electricity than there is reward to be gained, the network would become unsecured fast. Title: Re: Bitcoin should crash Post by: bcpokey on June 11, 2011, 07:09:52 PM I wish these forums had a screening algorithm like
If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy") Then reject.post Title: Re: Bitcoin should crash Post by: kiba on June 11, 2011, 07:11:53 PM I wish these forums had a screening algorithm like If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy") Then reject.post But it gives me opportunity to promote my articles. 8) Title: Re: Bitcoin should crash Post by: Basiley on June 11, 2011, 07:15:05 PM wrong. you probably had spell-checking fail. not "crash", but "crush". bitcoin should crash, kill and destroy !!
kill/rape/torture people, apart, blow construction, demolish/burn building, destroy humanity ! oh wait ! Title: Re: Bitcoin should crash Post by: Justsomeforumuser on June 11, 2011, 07:22:43 PM I like how he said "has BECOME a ponzi scheme".
>implying it was at some point not just a transfer of money from some to others, based solely on "belief" Title: Re: Bitcoin should crash Post by: Reiku on June 11, 2011, 07:46:05 PM I wish these forums had a screening algorithm like Needs a higher amount. :DIf Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy") Then reject.post Also expand it to starting new threads, would clean things up a bit. Keep your heads down and continue feeding on the bad side the media only posts little sheep. Title: Re: Bitcoin should crash Post by: aop on June 11, 2011, 07:58:17 PM I wish these forums had a screening algorithm like Needs a higher amount. :DIf Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy") Then reject.post Also expand it to starting new threads, would clean things up a bit. Keep your heads down and continue feeding on the bad side the media only posts little sheep. |