He thinks it's too expensive and taken over by big players and that poor people can no longer use it as a currency.

In a way he's right. It's hard to use it when you're very poor and rely on micro transactions but bitcoin is not yet fully developed. It's evolving and this is not its final stage.

Maybe it will become a store of value and digital gold, nothing more. We don't know yet but it's too early to turn your back on it only because fees are high.

Instead of debating whether it's a scam or not you people should read some posts on the first page of this thread. It was all explained there.

It's not a ponzi and it's not a scam. It's a reward for playing their casino game.

Anyway, bottom line is you shouldn't do it unless you're ready to risk a lot of money in the process.

It doesn't help adoption.

Porn sites don't and won't really have a big impact on payments because with the amount of free porn in the Internet not many people decide to pay for it. Nowadays you even have live webcams for free and can tip a few dollars to get the content that you desire.

It's great that more companies accept bitcoin but how many bitcoiners will actually spend their money to buy porn? Would you?

^^^
Bitcoin is not for the impatient types.

Good advice OP, but very basic and somewhat childish. You shouldn't advice people to buy what they can and hold if they're patient because nobody knows if they are able to hold until they get tested by a real market winter. Usually people set goals for themselves and when these goals fail they get frustrated, give up and blame the whole world but not their own stupidity.

Telling people to buy and hold if they can means nothing because nobody knows if they can. After all most of us need money and most of us feel fear and regret. It's probably going to go to 50 thousand but what if it doesn't? Are you ready for it?

It's sad that people who don't know much about something always act like they're smarter and all-knowing.
Your family did that when they told you that it was a scam and now want to learn more about it. So they never knew much about it and tried to judge it anyway.

You did a good job choosing for yourself. It's going to work wonders for your confidence and self esteem.

The answer is so simple. Bitcoin was always the first one.

The other coins are trying their best to get some of the market value from bitcoin and catch newcomers with promises of cheap coins, fast transactions, smaller supply than bitcoin and so on. It doesn't mean they're better.

If you eat at a restaurant that you like and someone offers you a cheaper meal somewhere else, you don't necessarily have to go there. What if the meal won't be as tasty as the one that you're eating?
There are many things that make people choose one brand over another despite some brands being cheaper and of similar quality.

Good job OP.

Was it your money that was invested in Bitcoin or your family's? You invest, you decide when to buy and when to sell, your family should not give you advice about things they don't understand

I agree that we should trust our gut but also be ready for consequences whatever they may be.

Of course he does, like any other fighter. Look at Mayweather, he made so much taht he started using nickname "money". All these guys drive expensive supercars and throw money away everywhere they go. They need more to sustain their lifestyles.

Connor is a good MMA fighter but he's not good enough in boxing to win against a top level champ. He lost to Floyd and he's going to lose to Manny.

It's even better if he bought a car with his scammed money. This will make it much easier to take everything away from him.
If he hid the money it would be more difficult to get it back but a car is registered, you can find it, take it away and sell it.

That man was pretty dumb if the first thing he did after scamming was not to hide, move abroad, but instead buy things that he has to register with the government. These things make you a target for both the authorities and the thieves.

At the same time if something happens to your stablecoin or to the company that issues it, fiat and bitcoin will remain unaffected.

What are the chances of something happening to fiat money like USD or EUR compared to something happening to some stablecoin like USDt that isn't even backed 1:1 and refused to undergo an audit?

Yes, stablecoins are not fiat money but are they better? I'd rather have bitcoin or good old cash than a promise from Tether.

That's a very underrated response

Most people that we went 3x from the ATH and think that was the bubble but it wasn't. There was a very similar move in 2017 when the price went from the last ATH of 1 thousand to 3. Then there was a correction because people thought that was it and a few months later it went parabolic.

The fact that we had no real drop and a dead cat bounce yet proves that we are going to see another pump.

It's possible but what would be the probability?

When you ask if it's possible for you to win the lottery we have to say yes but what are the odds of that?

100 thousand bitcoin? I'd say 80% that it happens one day.
1 million? Probably 40% chance
10 million? Would have to be a miracle like the NWO happening or something

It depends on your target price and time.

It's suitable to buy for most people, but you have to be prepared to wait a long time for it to double again. Most people buy to see at least 50% gains on their investment and won't simply sell at 50 thousand. So if your target is 50 or lower or you can wait 2 or 3 years if it takes that long, by all means buy it.

Just don't go all or nothing like it goes to 100 thousand this year or I'm fucked. In such case you probably are whatever you do.

You are bringing back discussions from maybe 4 years ago but there are far better threads on this forum.

6 years ago people thought it was the end of Bitcoin and we'd never see 1000 USD again after that Gox fuckup. You could see people calling others bagholders because they did not sell at 1000 dollars.
Time flies. I'm sure we'll see many similar situations in the next 5 years. It's hard to imagine but there will be people complaining about not buying at 50 thousand when it was still cheap

It's only because of TA. There were many professional traders who said that XRP chart looks like it's bottoming and people are trying to make some money on the market, but these people are ignoring the fundamentals.

XRP is a shitcoin that is going to die if not because of this lawsuit than some other shitstorm probably involving their CEO or the whole company. Eventually they'll run out of premined coins to sell or there will be nobody left to buy them.

Is this a bad thing?

I don't really care if bitcoin becomes a world currency, a payment system like paypal, or a digital gold. I'll be happy as long as functions and continues to be a reminder that an independent system of exchange can also work. That not everything has to be registered and ask for permission to be used. That you don't need a license to trade with other people. This is what's important for me.


What about simple allocation of wealth?

I don't have enough to buy a house, but I don't want to hold fiat money because it loses value. I don't like gold because it's hard to travel with and to sell. The answer is bitcoin.

It's following BTC in price just like many stronger altcoins, it's nothing new.

In 2017 it pumped much stronger and faster because of ICOs but many people got burned there and they won't get fooled twice, so now most of these people stay away from new trending projects and prefer to invest in bitcoin. For this reason you got a crazy price of Bitcoin while altcoins are creeping behind.

There were many such attempts.

XRP was supposed to be a centralized successor of Bitcoin that banks would accept.

BCH was supposed to be the new king. Just like Bitcoin but with cheaper transactions.

BSV was supposed to be better because of the "real" Satoshi.

Don't forget about Libra, the Bitcoin killer

It's easy to make a coin. Much harder to persuade people to use it.

You achieved your goal OP and made him change his mind so it's all good. You did all you could and you did it well enough to make him admit to his mistake. Good job.

What I'd do is simply tell him to do some research and not wast my time on him. I know that's lazy but I had so many random encounters with people who had their opinions about Bitcoin without knowing anything about it that I no longer argue with them. I'm not going to help them make money. If they don't want to do it it's their choice and it's going to be their regret.

It looks like FOMO has got a hold of you. It's fine, I hope more people feel like that because it makes the rally even more powerful.

Of course we will see 29 thousand and below that because every bear market ends with a deep dive towards the long term support. It happened in 2015 and in 2019.

Even if we go to 50 thousand in a few weeks it's going to correct to 20 -25 thousand again one day. The trendline that marks the bottom is still at 16-17 thousand at the moment and we are overbought. Even 20 thousand is still in play and going there would still mean that we're in a bull market.