Bitcoin Forum
June 19, 2024, 05:48:35 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Proof bitcoin price is nothing but a massive speculative bubble  (Read 1711 times)
CtrlAltBernanke420
Sr. Member
****
Offline Offline

Activity: 350
Merit: 250


View Profile
August 26, 2014, 07:00:10 PM
 #21

The sole reason people use bitcoins is to more easily transact dollars (or any currency) from one place to another.
 

If your starting premise is incorrect, the rest of your assumptions will be wrong too.

Yes, people use Bitcoins to transfer VALUE, that's what all money is for.

But the value doesn't have to be expressed in fiat currency.  The more bitcoin
is widely accepted, the less need there will be to convert back to fiat.

People also use it as a store of a value, a hedge against inflation, and as you point out,
it is superior for transfer.  This has uses for remittances and ecommerce, and the
superiority lies in its divisibility, speed, and low cost.  Many would
like to see it become the dominant form of money, or at least money that they would
personally use.  

Some people like it because it can't be confiscated, nor does it rely on third parties.
It can be easily hidden and moved across borders.  There's so many advantages
over fiat money.





1)Ross Ulbright and SR shows they can be confiscated.  Mtgox was "hacked"

2)If my local gas station accepts bitcoin, what must the gas station sell them for dollars, how does the oil get from the ground to my vehicle to move my factory farmed food from farm to table when 15% of the population is on food stamps...

Sorry for the run-on sentence but your view tooooo simplistic in an extra-ordinary very complicated world... And I am only speaking largely of this country only.

Wooden Plate
Member
**
Offline Offline

Activity: 63
Merit: 10


View Profile
August 26, 2014, 07:04:56 PM
 #22

Speculation bubble? Well the points you mentioned happens everywhere..so the same rules apply for BTC too. Smiley
bornil267645
Sr. Member
****
Offline Offline

Activity: 406
Merit: 250


AltoCenter.com


View Profile WWW
August 26, 2014, 07:06:56 PM
 #23

After all the roller coaster ride, I think we know now

jonald_fyookball
Legendary
*
Offline Offline

Activity: 1302
Merit: 1004


Core dev leaves me neg feedback #abuse #political


View Profile
August 26, 2014, 07:10:06 PM
 #24

The sole reason people use bitcoins is to more easily transact dollars (or any currency) from one place to another.
 

If your starting premise is incorrect, the rest of your assumptions will be wrong too.

Yes, people use Bitcoins to transfer VALUE, that's what all money is for.

But the value doesn't have to be expressed in fiat currency.  The more bitcoin
is widely accepted, the less need there will be to convert back to fiat.

People also use it as a store of a value, a hedge against inflation, and as you point out,
it is superior for transfer.  This has uses for remittances and ecommerce, and the
superiority lies in its divisibility, speed, and low cost.  Many would
like to see it become the dominant form of money, or at least money that they would
personally use.  

Some people like it because it can't be confiscated, nor does it rely on third parties.
It can be easily hidden and moved across borders.  There's so many advantages
over fiat money.





1)Ross Ulbright and SR shows they can be confiscated.  Mtgox was "hacked"

2)If my local gas station accepts bitcoin, what must the gas station sell them for dollars, how does the oil get from the ground to my vehicle to move my factory farmed food from farm to table when 15% of the population is on food stamps...

Sorry for the run-on sentence but your view tooooo simplistic in an extra-ordinary very complicated world... And I am only speaking largely of this country only.




Ross Ulbricht got coins confiscated either through extortion or they had access to his computer.
Obviously different than freezing a bank account.



Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!