TV provides a tangible asset. So that doesn't at all fit the criteria laid out in the first post. TV provides entertainment, enjoyment etc. The consumption of energy for the production of assets is perfectly okay. My problem is that we are wasting tons of electricity, resources, energy, and time to produce nothing. Bitcoin is not tangible Here's a great article posted today on how much energy we are actually wastinghttp://theweek.com/articles/742253/bitcoin-worth-energy |
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I think crypto has similarities to both religion and the lottery.
Theres 1380+ cryptos and exponentially that number is growing
Choosing which crypto to invest in is similar to choosing which of the 1000s of religions to believe in.
The lottery attracts millions and millions of people who dream of getting rich
Crypto is like the lottery because most of the investors believe they wont have to work and will get rich. The lottery is a tax on the poor. Most of the people who buy bitcoin own very little of it and are not wealthy. But they dream of getting rich
What similarities do you see between BTC/crypto and religion or the lottery?
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Bitcoin is a really neat technology.
But are politics a threat to the longevity of BTC?
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Jamie Dimon, the chairman, CEO and president of JPMorgan, the nation's largest retail bank, famously said he'd fire any employee who traded bitcoin, calling it "a fraud" and boldly predicting that it would eventually "blow up." Those sentiments echoed past remarks about bitcoin by Warren Buffett, perhaps the world's most admired investor.
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I have made enough money to retire myself before my 25 years old Maybe you can spend some of that money on an education now  |
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Most people own less than .01 BTC The fees to sell or transfer this .01 BTC is getting absurdly expensive and will continue to rise. My theory is the fees will become so high that most people will just hold onto their BTC rather than sell. Especially when the cost to send .01BTC cost more than .01BTC. Eventually the addresses holding huge amounts of BTC will start to sell. It will clog the blockchain and fee prices will sky rocket even more. The transfers will take longer and longer to confirm and everything will get "stuck". I believe this will fuel more and more panic selling as everyone tries to cash out at the same time. What do you think about bitcoin fees and the .01 theory?  |
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https://www.msn.com/en-us/news/politics/bitcoin-is-a-ponzi-scheme-and-it-will-collapse-like-one/ar-BBGCigr "Ponzi schemes promise investors returns above what real investments yield, but the Ponzi scheme operator does little, if any, actual investing. Instead, cash from new investors is paid to earlier investors to maintain the illusion that the scheme is earning real profits. All Ponzi schemes eventually collapse, of course, when sufficient amounts can no longer be raised from new investors to pay off earlier investors. The same will occur with bitcoin and all other cyber currencies, except perhaps the ICOs. Investors will pull back from buying cyber currencies, causing their prices to begin a sustained decline. That downward spiral will accelerate as cyber-currency "investors" try to bail out before prices plunge even more. As one sports-radio commentator I heard recently sagely observed, cyber currencies are "imaginary money." That reality will become readily evident as cyber currencies' prices approach zero" (Source: Bert Ely, MSN, Bitcoin is a Ponzi scheme)
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LOL Please tell me that original poster is trolling. Do not quit your job to watch bitcoin prices. Go to your job and earn real fiat cash
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The biggest problems I see with mining is that it is a waste of computing power, energy, and labor. We could be using this computing power for AI, exploring space, or solving world problems. Instead we are using up a ton of resources like electricity and producing nothing tangible in return. On the other hand our current banking system does use up a lot of resources to produce and maintain currency. I just wish there was a way to be more planet friendly when producing a digital currency.
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It appears that mining costs and the creation of crypto currencies consumes a lot of resources  We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it? |
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Most of the people who haven't cashed out yet are delusional, inexperienced, or afraid of missing out on profits
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I believe it is time to sell because there is no fundamental basis for valuation of Bitcoin and other cryptocurrencies
The price is basically based on one thing: crypto is a popular idea
As far as the actual value of bitcoin. The price is through the roof and will surely fall back down - maybe to $0
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To be honest, its too late to buy. The price is through the roof. Most people are getting in now because of FOMO (the fear of missing out). The majority of the profits have already been made. The miners and whales are just waiting to cash in their plunders. A small group of people will cash in for 5 million times their initial investment and my guess is the price will correct back to $0.003
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What are your top reasons to sell bitcoin?
PLEASE DONT Spam the board with anything except reasons to SELL BITCOIN. There are other threads for that
MY Top 10 Reasons To Sell:
1. The price is through the roof
2. There are already 1380 other crypto currencies
3. Anything on the internet is vulnerable to hackers
4. The fees are way too much to transfer funds
5. 1000 people control the addresses of 50% of the bitcoin
6. The unpredictability surrounding Futures and December 18th
7. It appears Bitcoin is near the bubble
8. The volatility is insane and unpredictable
9. Bitcoin was only worth $0.003 each in 2010 and could drop back to that level
10. The only way to collect profits is to cash out before it crashes
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Just a crazy idea since I am single in the house. And was just exploring and engrossed how powerful the BTC is. WOW. Bitcoin is definitely POWERFUL if people are considering going homeless to chase the gamble |
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Less than 1% of the world has adopted crypto currencies. If the fees are this absurd already, what is it going to be like when more people try to transfer money using BTC and altcoins. The fees make no sense and are a big part of the overall money grab/scheme. The fees go to the miners and the whales. The big profits will also go to the miners and whales who will crash the market when they cash in
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The arguments against bitcoin being a Ponzi Scheme are laughable.
Coin the term however you want. Bitcoin is the largest global scheme in the history of the world
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Bitcoin is Very Risky! Invest Responsibly
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This is supposed to be the money of the future.
I personally don't want to wait a week and pay 25% fee. That's some bullshit
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