But natural resources IS money...

bitcoin is not some magical cure to all of the world's problems. It's silly to even contemplate that bitcoin could bring about world peace.

That's why you follow kelly criterion to decide how much to bet based on your bankroll.


However, if allowed, betting 1 satoshi a large number of times is probably the safest way to gain a profit.

What do you mean by technical reason? Everything is based on speculation, but speculation is based on factors such as the maximum potential of bitcoin, how big can it get? How many people currently use it? Has the number of users been growing or declining? Has the rate of growth been steady or declining? How has development been the past while? Is bitcoin becoming easier to use? Are people becoming more aware and accepting? etc.


Without those real factors, there would be no speculation going on.

Why is that realistic? How is that realistic? Because bitcoin is kind of close to $1000?

Tell facebook in 2005 that having 100M+ users is unrealistic because they only had 5M at that time. It's just such a bad argument.

As if your post is any more relevant? Why don't you follow your own advice, filthy hypocrite?

Many people on this forum, like you, does not have a shred of common sense. How am I to know whether Grebit is one of them? Suicide is a serious matter and one should not encourage it no matter what. It's not always easy to detect sarcasm online, and I still don't know whether Grebit was sarcastic or not.

the number of people who KNOWS about it could number hundreds of millions, even.

The number of people who have either bought, received from friends or faucets or whatever may number in the high 7 digits or even low 8 digits.

The number of people who still believe in bitcoin and own at least 1 satoshi probably number in the very low 7 digits.


But the number of people who actually use it either for trade or buying things or whatever, is probably quite low. Maybe 100-250k

source: Numbers pulled out of my ass. But I think it's probably as good as any.

Too bad the average IQ of the applicants is 73, TC :p

I wonder what's the ratio of ownership between shorter term traders and longer term speculators for XMR. I don't think there are any people who own it just for the ideal yet.

Uh, no it doesn't. My point was that your way of defining greedy doesn't make sense. It has nothing to do with what LCG is saying.

That said, to imply that any of those reasons above is more "noble" or "righteous" or in any other way "better" than hoping to invest in bitcoin for a financial gain is completely silly. So what if we want a financial gain? What is wrong with that?

There are many people in the world who are not well off financially. They need all the money they can get, to LIVE. They can't afford luxury items like a new laptop every 6 months (or even every 3 years). There is very little they can afford after food, shelter and clothing. So what can they buy with bitcoins? Basically nothing.

Is it wrong then, for these people to want to improve their financial situation by making a bet on bitcoin increasing its price?

Also, we live in the real world, not a theoretical one. Bitcoin will NOT WORK at $3, because by that time very few people will accept it.


Anyway, there is absolutely nothing wrong with speculating about bitcoin. Without speculators, bitcoin will die, period. The number of true believers of bitcoin as a currency AND hates fiat/banks etc is not that many.

If you would commit suicide because you got robbed/scammed, you are a fool. Period.

Even intelligent people can get scammed/robbed. It's not always easy to avoid these things. That's no reason to throw away your life.

It's funny how most of the posters who say something like "it can't get to 10k, that's too much" simply because they think it's too much, not because they have valid reasons why bitcoin will fail are also the people who tend to write illogical sentences with horrible grammar.



I mean if you have valid reasons for why bitcoin will fail, great. Bitcoin is an incredibly risky investment, and there are many problems that need to be solved before it can go mainstream, that is completely true.

Otherwise, saying that bitcoin will remain a few hundred or a few thousand simply because your little brain cannot comprehend the possibility of its price going up is quite laughable. In what scenario will bitcoin be worth $200-1000? If everything else stays exactly the same? That's a ridiculous assumption. Either things improve and bitcoin improves, thus increasing in price many-fold, or nothing happens, in which case people will start losing hope and price will go down. The chances of bitcoin staying at a price that's not so low it's basically dead, and yet not high enough to be relevant in the real world is very, very low. Not impossible, but very low.

I'm willing to bet that every single person who says bitcoin cannot reach 10k in this thread (other than people who thinks it will fail) did not do ANY critical thinking, and only looked at the current price and thinks 10k is too far off. Learn to think critically, people.

I'm pretty sure americanpegasus is just trolling you, danny. I would think that he understands basic gambler's fallacy.

pewdiepie.

I don't think any individual celebrity will really make bitcoin big, but if we had a few hit "bitcoin millionaire" shows showing bitcoiners living in luxury with their new money, and add some drama to it, who knows, that might catapult bitcoin's popularity.

Your definition of "greedy" needs a little work. People don't somehow turn greedy when they convert bitcoins to fiat, but not so if they keep it in bitcoins.

It's really quite simple. At the current time, fiat is accepted at a lot more places, and much more usable than bitcoin in most of the world. I can go outside and buy a pizza anywhere I want, but if I had to use bitcoin, i would be limited to very few choices, and maybe those places simply don't make good pizza.

So that's why I will use fiat when I make purchases. If in the future bitcoin becomes extremely mainstream and accepted virtually anywhere, at that time there is no need to convert to fiat except to spread out the risk. But converting/not converting has nothing to do with greed. The only real reason to buy bitcoins now is in anticipation of a rise in value. It's not about converting to fiat, it's about having higher purchasing power, and comparing it to USD is the simplest way to evaluate the purchasing power.

Yes, people needs trust in crypto itself, and come to accept that its not fake money. At that point other cryptos can flourish.


But right now crypto = bitcoin, so bitcoin needs to succeed first. It's highly, highly unlikely that bitcoin will be displaced before that, I think.

there is actually a formula for this kind of thing. It's called a kelly criterion. It depends on the likelihood of winning, the EV, and your bankroll. You should probably check it out on wikipedia.

It's not that "real casinos" are rigged; they most likely are not rigged unless you go to a shady underworld casino. The problem is, the bankroll of the casinos are far greater than any individual gambler, and furthermore there are steps taken to insure that a high roller doesn't somehow bankrupt the casino by having a max bet put in place. Added to that the inherent house advantage, and it is very unlikely that casinos will lose money.


That said, because the bankrolls of bitcoin casinos are likely much smaller than a real, full fledged casino in Las Vegas, it is much more likely to go bankrupt. Other issues are security. Will their coins get stolen? Will the owner run off with the funds?

is there a list of land/buildings or whatever for sale somewhere?

totally not true. Most bitcoiners own less than a bitcoin even now.

English please, pab. If you want to speak another language, there are sections in this forum for other languages.

It's not about figuring out what bitcoin is. It's about not recognizing its value.

Not that long ago, when I go shopping, I always isles and isles of useless items. Scarfs, ugly handbags, ugly clothes, weird tools... etc etc etc. I would not take those items if they were free, even if you gave me money I'd only be disposing of that garbage for you. I can see the items, I know they're there, but I wondered, who in the world would buy them? I thought they were absolutely valueless.

But they weren't. Even if I may not like them, even if I may never use them, they are valuable to some people.

It's the same thing with bitcoin. People can understand what it is but not see its value.