Bitcoin is now preferred to fiat on the street

[Shiver]

When I read that your friend was taking out a loan I paused and shook my head.

On the second pass I thought "if he can service the loan no matter what *and* he has opinion that it could go up more than the cost of the loan, then better to get in now with a lump sum than buying only the equivalent of a monthly repayment amount of BTC".

I made some decent cash in my 20's using "OPM" (other peoples money).  Don't get loans for curtains and lamp shades or anything else that doesn't have resale value, but if some asset is bringing you in more than it's costing, then it's a different proposition.  I just hope his judgement is founded on good information and not just wishful thinking.

It wouldn't be my decision, but there are worse decisions that can be made in life.

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[lorylore]

Bitcoins are very easy to transfer from one account to the other and hence those who know about them, prefer them to fiat money but at the end everyone converts their bitcoins to fiat at some or the other points. Banks will never adopt it as they may end up losing a lot but they may offer people to buy bitcoins and trade in them just like demat accounts which allow trading in shares.


My friends would never trade in bitcoins as here people consider it illegal (though it's not legalized and not illegal).

I dont agree with you when you say "Bitcoins are very easy to transfer from one account to the other"
These days it had been very difficult

[Mikestang]

So I tried to see how btc worked "on the street" here in downtown Los Angeles.  I tried to give 5 different homeless guys some bitcoin, but none of them had a cell phone or computer, so it didn't work too well...

[Hyena]

So I tried to see how btc worked "on the street" here in downtown Los Angeles.  I tried to give 5 different homeless guys some bitcoin, but none of them had a cell phone or computer, so it didn't work too well...

next time give them the private key on paper for example

[Ruzka]

That might well of happend with your friend but everything else you wrote was crap lol

"Few" 'People taking out loans for bitcoin' guess what the banks still get their money back   Yes at interest and yes with money that never existed, no room for loss there.

News to you fiat is already worthless and has been since not being backed by gold.

Oh dear gold and silver become worthless because of crypto, now I've heard it all.

These are the early signs. Just because it somehow hurts your ego does not make such events go away. We will start seeing more and more stuff like I described in OP. Gold and silver have only a small intrinsic value in comparison to their current speculative value. They will lose a great portion of their value just because so many people are so god damn sure of their value and don't expect it to fall. For example, look at yourself, you are so delusional that you refuse to think of the possibility that precious metals might lose their centuries old high value. The consequences of bitcoin are much bigger than you can think of.

The only early signs which I see are from you but I won't go into what the signs are of. Some how hurt my ego? lol. Dude you are telling us that people taking out loans from banks is going to destroy them and I am the delusional one you say? You somehow think fiat has value to begin with, wake up ffs! "Precious metals" held their value for 100's of years are going to fall, OK I am going to sleep wake me up when that happens sherlock.

[Hyena]

Dude you are telling us that people taking out loans from banks is going to destroy them and I am the delusional one you say?

If I take a loan to buy something that goes up in value and the fiat that I have loaned goes down in value then I am the smart one and banks are the bagholders. The more people buy cryptos the less fiat will be worth. If you want to accelerate the downfall of fiat you should let banks print it for you as a loan and you instantly dump that shit for bitcoins. Later you dump some coins and pay the loan back. The banks hate it if a loan gets paid back because then they'll have to destroy money they have created.

"Precious metals" held their value for 100's of years are going to fall, OK I am going to sleep wake me up when that happens sherlock.

Exactly, precious metals have held their value for 100's of years. No one expects them to take a hit. You must always expect the unexpected! Thus, expect precious metals to crash down to their intrinsic value. I must say, however, that this won't happen any time soon. After fiat is gone, there will be an era of precious metals and cryptos for a while. Then, people realize how much better cryptos are in comparison to precious metals so the value of those will slowly fall.

[chesthing]

"Yes that's me."

I always wondered what happened to the creature from the black lagoon.

[erikalui]

I dont agree with you when you say "Bitcoins are very easy to transfer from one account to the other"
These days it had been very difficult

These days only...But bitcoins are still easier to transfer rather than other currencies. One can create a wallet in seconds and import their private key in that account. These days there were a lot of spam transactions taking place but overall, it is easier.