Long time lurker and hodler, first time poster.
I just bought a small amount of btc to purchase a product without dipping into my larger storage. By the time the btc got from the exchange to the market wallet, my btc were no longer valuable enough to purchase the product I desired.
Can someone remind me why btc is master currency?
We wouldn't have this problem if venders would just keep the bitcoins and not exchange them to cash but I guess they have to pay there bills to. In the long run, with a deflationary currency, that wouldn't work either. Your (merchant) products would get ridiculously expensive. |
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Let's pretend right know 'everybody' would have or even get the same amount of bitcoins, and all the bitcoins are mined.
What would happen? Some will instantly sell, while others will buy, some will hold, some will spend, and some will lose them.
So within months, there again is an uneven distribution. Which then in time will be considered 'unfair', because some would argue they needed the fiat, did not fully understand Bitcoin, got robbed, etc etc.
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OP, all I am reading here is that you would feel guilty for making money when you add liquidity and trust into a market which desperately craves it.
If you don't understand why people buy gold, stocks, or land and hope they increase in value; Then you won't understand why people buy bitcoin and hope it gains value without guilt.
Do you know how hard it is to hold onto $70k+ you never had and watch it plummet into the floor? I do, and it is heart attack inducing. I have doubled what I have invested in fiat and I am still holding the rest so it's not like i'm losing a dime.
I have put my entire future on the line here, I have had far more than 10 years worth of savings in my hands at certain points and I did not sell. I NEED THAT MONEY, SO FUCKING BAD. There are days when I just want to sell out and walk away because I just want to keep my leg up in life. But I am not giving up on bitcoin, not just because I might be rich but because I believe in the change it will bring. For me bitcoin isn't about the money, it is about freedom and ideals. I will NEVER sell a portion of my stash, I would rather watch it go to $0. And if I have to deal with all of the shit I get from everyone calling me crazy and the roller coaster ride that is bitcoin, I want to get paid for it. I feel absolutely no shame.
Don't you tell me I am doing nothing, bitcoin has given me hope to gtfo of my shitty job and be able to do all of the things I have dreamed of.
inb4 so brave, such moon, & whatever
wow man that was passionate +1 Indeed, great post! Thanks for sharing your roller coaster story  @OP Why don't you just consider it as buying shares into a new disruptive technology you truly believe in? If it succeeds, by far not only the shareholders will benefit. For example, the 10-15% fee by Western Union is currently taken from the poorest people in the world. By investing in Bitcoin, a few are putting their fiat on the line, a whole lot more will potentially benefit from it's new cost saving technology and opportunities. |
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After watching this, I realized Buffett seen it all (closely!) at least once already (think it is taped in 1999). To be honest, I don't believe he lets this bitcoin opportunity slip, based on his previous experiences. "Time and distance are not limiting factors anymore" "Costs of getting your information around the world is going to be close to zero" "IT is changing the world in a very big way" "Technology is turning the world upside down" etc.. http://www.youtube.com/watch?feature=player_detailpage&v=IvveZr0D_9Y#t=1200 |
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The run up from $250 WAS China. You may be tired of hearing about China but China is STILL more than 50% of the market cap of BTC right now so calling it BS and saying it is insignificant is incredibly foolish and stupid and ill-informed. NO LONGER A FACTOR??? LOL The run-up from $100 last October was China. There's massive denial about the China situation from Bitcoin fanboys. There are desperate attempts to misread clear guidance from the PBOC. Read the comments from people in China. Bitcoin in China is over.Yup. And then it hits wall street / big player adapts bitcoin / other news. Price pumps to over $1000 dollar: the Chinese will manage to convert their CNY somehow just fine, because they like you and me, don't want to miss the train. |
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In the end, one bitcoin is worth $1 million, and one dollar is worth quite much less than it is now. The plan ends there because the world will look very much different. I hope you will spend your BTC rather than sell them.
I all of the sudden realize something, and maybe finally get the remark of Risto. It is quite likely that if bitcoin hits $1 million, there is no/less urge in 'cashing out' in fiat. It actually by then could be considered quite risky, switching to a centrally controlled non-crypto money. The world would indeed be different than today's. Interesting! |
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Imagine bitcoin being less volatile, so no conversion to fiat is needed. Enterprises could use Bitcoin as their (international) payment system, Business2Business is by far the biggest piece of the pie in the Enterprise world. Imagine the savings in exchange rates and fees, it would be a highly attractive payment method for large enterprises.
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Thanks for adding the Log10 Differences From the Logistic Model Trendline Slipperyslope.
You and a few others are really adding some value to this forum!
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Thanks again for your analysis gbianchi! Interesting finding as well, seems like 'Joe average' is shaken off, almost like in a real economy |
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Great post TheFootMan! And yes I created an account just to say that Appreciate the effort and thoughts. |
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