https://99bitcoins.com/how-to-buy-bitcoin-with-a-credit-card/If credit card purchases of bitcoin rise there could be a lot of issues. Credit purchases already have to pay more fees, ontop of the very large fees that currently exist. And if people take out mortgages etc to buy crypto thinking the price will rise forever they might be in for a rude awakening. They will rack up so much debt from fees, interest and late payments. I fear what is going to happen if Bitcoin's price were to crash for some reason or lose 75% of its value.
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Well said Mike. I never thought to look at the fees like that. There is so much one could buy with just the fee money alone. Oh man. These growing fees are no good at all  |
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Bitcoin will get to 25k-100k perhaps. And then... $0 (or close to it) That's my prediction for 2018  |
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Bitcoin was born following the great recession of 2007.
The nationwide banking emergency, known as the subprime mortgage crisis can be blamed on everyone from financial institutions, to credit agencies, to consumers. What essentially happened is millions of people were buying houses that they couldn't afford on credit. Home prices began to fall dramatically from the 2006 highs, and mortgage backed securities lost most of their value.
This brings me to the topic of this thread: Credit Crisis & Bitcoin.
I am very concerned that bitcoin can be bought using credit cards. Much like what happened during the subprime mortgage crisis, millions of people who can't afford to invest are buying bitcoin. If crypto were to drop in value like housing prices did, we could have another giant credit crisis as people are left with depreciating digital currency and increasing debt.
Should exchanges accept purchases made by credit cards? Will this credit crisis be the worst one of all time?
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What? I think you just aren't comprehending.
Bitcoin network will "use as much electricity as the entire world does today" by early 2020
Honestly I can't see what contribution you are adding to the thread, if anything at all. Except maybe arguing semantics and wording
Can you think of anything valuable to add to the discussion?
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there will be no anarchy... bitcoin existed over a decade already underground Wait what? How does that prevent anarchy exactly? |
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Bitcoin is praised by Anarcho-capitalists (proponents of free market anarchy). Anarcho-capitalism is a political philosophy that advocates the elimination of the state in favor of individual sovereignty, private property, and open markets. Anarcho-capitalists believe that in the absence of statute (law by decree or legislation), society would improve itself through the discipline of the free market Ahhh okay, so perhaps it is more of anarcho-capitalism than anarchism? |
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that could never happen Strongly disagree with your use of the word never in this case. Especially when you provide no supporting details Be careful making such egregious statements |
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In anarchy, A single group of people assume the control and influence the lives of others Um no lol! That's called a dictatorship! Anarchism is the exact opposite. Its the decentralization of everything. Since money is arguably the most important thing in the world, decentralizing money seems like the first step to Anarchy Other people growing bugs on protein farms due to the ecosystems collapse in 2023 because of mining consuming all of the worlds electricity I can picture this too! |
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Spoofing: Spoofing is the act of placing an order on a market or exchange which you don’t plan to actually execute. This is done to move the wheels of the market, to influence peer traders. A large bid will tell bots and people it might be time to close short positions, or the inverse. If you have coins for sale, you can manipulate the market into buying them from you at your preferred rate through spoofing, if done correctly. Spoofing is a high frequency trading tactic and in the regular stock market it is wholly illegal under the Dodd-Frank Act. (Source: https://www.cryptocoinsnews.com/bitcoin-analyst-identifies-clear-spoofing-pattern-at-bitfinex, Madore, 2017) What do you think about the dangers of spoofing? Is the price of bitcoin being manipulated using tactics like this? |
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Does digital currency represent the coming of anarchy?
Does crypto have the chance to eradicate governments, banks, or stock markets?
It seems like crypto, or at least the block chain, can change more aspects of our lives than just money.
What is the relationship between Anarchy and Crypto? Which one is fueling the other?
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Long term digital currencies will be better for the environment than physical currencies, in time we will have sustainable energy sources and the electricity usage won't matter Agree. Several people including myself have pointed out over and over that fiat is also a waste of resources. However, crypto is not replacing that problem, it is making it DRAMATICALLY worse. In fact crypto is now 27 times more expensive than fiat to produce. And by the year 2020 crypto mining will have consumed as much electricity as the entire planet if it continues on the same path. Of course fiat is a waste of resources. That is why we need to make a digital currency that SAVES resources. Bitcoin destroys resources |
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Remember to be kind to people who don't like bitcoin and respect their views on why. Also try to learn things from them
Getting a different perspective can be very helpful. At times it feels like the forum is 100% on board with crypto that there isn't much of a healthy discussion on many topics. Remember that it is okay to disagree with someone and still be cordial/get along
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Can yall stop spamming the boards? Haha I love how you all come in and repeat the EXACT same thing like it isn't spam. Also there is a rule that all replies must be related to the original title, so how about you all learn to follow the damn rules before pointing fingers at others. If you have an issue use the report button. You don't need to repeat yourselves over and over about how bitcoin bears are awful and should be banned from the forum. Theres bulls and bears in every market. Get over it. Perhaps I have explained the fees slightly wrong. But every source you read will say that bitcoin mining costs are going up. So really all your points are moot. I actually didn't see a single piece of evidence that shows bitcoin prices and mining costs aren't correlated. There can be other variables at play and not a 100% correlation. You would actually have to use quantitative modeling to prove it and not just spitting out bullshit. If you aren't interested in discussing the reason we use money... Simple SOLUTION! Stop bumping the thread and reading it LOL! That's not block chain science, that's common sense P.S. Are you borrowing this from somewhere or making it up yourself because those claims are baseless. Haha I love how you tried to say one of my claims was baseless. And someone on your own FUD team instantly proved you wrong, LOL |
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Realized Profit > Unrealized Profit
Returns seem so unpredictable to me on bitcoin investments, that I think locking in a big win is underrated.
You have to cash out to realize profit
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People don't invest in bitcoin with a hope of getting daily interest return I'm confused. Or maybe I just disagree. I think the majority of people are indeed investing in bitcoin to get returns. |
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One problem with "riding the wave" with bitcoin that other investments don't have is: Liquidity
Liquidity is a major issue. With fees and wait times increasing with volume it makes it harder to cashout Bitcoin exactly when and how you want to. So if you are correct, and Bitcoin is a bubble, it will be very hard for everyone to liquidate in time before significant damages are done.
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Ever thought how much paper and cotton does fiat currency wastes? or how much electricity or man hours do banks take to work? Yes I have! And Fiat certainly wastes a lot, if not more than Crypto. The problem is 99% of the world is using Fiat and now 1% of the world is using Crypto. This means we are paying DOUBLE DUTY! We are burning through resources at an alarming rate. And bitcoin is only going to cost more and more to produce. Technically, we should be able to make a very environmental friendly crypto. Or alter (no pun intended) Bitcoin to become that Right now Crypto is 1/100 the size of Fiat but the fees are 27x as much! That is simply not practical to scale Making money out of electricity is better than making money out of oil that has a limit and can harm the ecology. Very good point. I can agree with that  |
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