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What will the price be on April 11 at 9:15 PM EST (New York time)? Take a guess!
Deadline: April 10 at 9:15 PM EST.
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It only fell to 105, and shot back to 190 within minutes. People started buying the cheap coins like crazy. Does not this promise well for the future of BTC?
No. A 50%+ crash in a couple of hours does not bode well for bitcoin, even if there is a full or partial price recovery. Not a crash, just a correction. Since there are so many speculators on the boat. These corrections will get relatively smaller with time, as more and more people start using bitcoins. That is my prediction. |
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It only fell to 105, and shot back to 190 within minutes. People started buying the cheap coins like crazy. Does not this promise well for the future of BTC?
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Why are there so few millionaires investing in Bitcoin? Millionaires are rich because of their smart investments. If Bitcoin were such a great investment, we would expect more rich people to be attracted, right?
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Get out with 50%  |
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Currencies must be:
- scarce
- a medium of exchange
- durable
- evenly divisible
- widely accepted as payment
- used as a standard of market value, thereby enabling users of the currency to save money for later use.
Let's see how Bitcoins perform against gold.
Scarcity
Both are scarce. Gold is naturally scarce, while bitcoins were created to be scarce. The amount of Bitcoins is fixed, while new findings of gold gradually increases the amount of accessible gold. Bitcoins 1, gold 0. On the other hand, one can know for sure that new Bitcoins will never be generated. A possible criticism of Bitcoins is that it can be outcompeted by another cryptocurrency (or another solution), and therefore lose its value. Gold, on the other hand, is not likely to be outperformed by other precious metals. Bitcoins 1, gold 1.
Medium of exchange
Bitcoins perform well as a medium of exchange. They are are accessible as payment through computers and mobile devices connected to the Internet, it acts efficiently as both a currency and a payment system. People can exchange (or save) them anonymously. Exchange of gold, on the other hand, is more cumbersome. It takes days, of not weeks, to transport gold overseas, for example. Bitcoins 2, gold 1.
Durable
As a digital currency, there is no risk of breakage or other deterioration. Bitcoins are extremely, if not infinitely, durable. Gold qua gold is also extremely durable, but gold coins may suffer from physical damage, and require casting, verification, etc. Bitcoins 3, gold 1.
Evenly divisible
Each Bitcoin is of identical character and quality as the next. It is extremely simple to divide a Bitcoin into subunits. Dividing gold, on the other hand, is much more cumbersome. Bitcoins 4, gold 1.
Widely accepted as payment
Bitcoins are not yet currently widely accepted, although it becomes more accepted every day. Will it be accepted in the future? It is still too early to know. So far gold outperforms Bitcoins by far when it comes to acceptability.
Conclusion: Bitcoins have a number of advantages that gold does not have, but it is still too early to know whether Bitcoin will be established as a major currency or whether it will collapse.
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"While gold is designed so that it cannot be hyperinflated in name, it certainly can be hyperinflated in substance. Already, there are numerous knockoffs such as platinum, silver, and copper in place."
Gold is being durable, amalgamable, malleable, divisible, homogeneous, rare, easily recognizable... Bitcoin and other cryptocurrencies are more or less clones. Different metals are not. |
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Most pieces of paper are backed by nothing.
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USD is backed by debt and force. Otherwise I would agree - paper notes qua paper notes have no objective value as money.
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Moreover, gold has a lot of advantages in comparison with other metals, while the bitcoin seems to be more or less similar to any other cryptocurrency.
Good point. I'll give you 10 billion proudhoncoins for 10 bitcoins. Just for fun. Yes? No. Since there is a bitcoin bubble now, driven by a lot of stupid people hoping to get rich, I'd rather have the bitcoins  People buy bitcoins because others buy bitcoins - not because they are inherently better than other cryptocurrencies or because they have any objective value as money. That's my view. |
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Moreover, gold has a lot of advantages in comparison with other metals, while the bitcoin seems to be more or less similar to any other cryptocurrency.
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Since the type of thing ordinary fiat is is paper notes, and anyone can create any number of paper notes; but it's very difficult to print token notes qualitatively identical to, say, modern US dollars. US dollars are not mere paper notes. They are in fact backed by debt. |
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What's your take on the rest of the article?
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Oh god, the pullback happened. Rejoyce! (Sniped at 180 ) Sniped at 180? But you weren't buying at 180? What's the logic in that? O Lord this is such a bubble rofl. Didn't get my funds yet. Got them at 190, and I wasn't buying at 190, I got 10 free points! How many did you buy? |
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OMG, what is happeing?  178 |
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Oh no... No 200 today  |
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I just got my account funded today to buy some extra BTC at the price of yesterday...
I'm disappointed but I think you are right! I will keep on waiting for a pullback to get in and the price will be over 300 soon.
Come on bears, give me your cheap BTC!
300 within the next 24 hours!
That's too optimistic, I think |
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I think so. How about you?
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