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ardana123
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November 20, 2013, 09:03:25 PM |
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I think we're looking at it the wrong way. Maybe bitcoin isn't destined to become a currency, but something else. It's deflationary, has no consumer protection, transfers are irrevocable and no identities are tied to the addresses. How can this ever become a currency?
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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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N12
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Activity: 1610
Merit: 1010
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November 20, 2013, 09:06:18 PM |
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I think we're looking at it the wrong way. Maybe bitcoin isn't destined to become a currency, but something else. It's deflationary, has no consumer protection, transfers are irrevocable and no identities are tied to the addresses. How can this ever become a currency?
Bitcoin is super silver. |
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rpietila
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Activity: 1722
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November 20, 2013, 09:06:40 PM |
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So much for the maturing infrastructure, all exchanges are plagued by glitches not worthy of a multi billion currency .
The exchanges are incurable. Do I really need to do this?  |
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barbs
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November 20, 2013, 09:08:35 PM |
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So much for the maturing infrastructure, all exchanges are plagued by glitches not worthy of a multi billion currency .
The exchanges are incurable. Do I really need to do this? whatever you're on, I need some. |
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adamstgBit
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Activity: 1904
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Trusted Bitcoiner
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November 20, 2013, 09:09:06 PM |
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So much for the maturing infrastructure, all exchanges are plagued by glitches not worthy of a multi billion currency .
The exchanges are incurable. Do I really need to do this? lol wtf hire a programer and make an exchange! |
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TheKoziTwo
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November 20, 2013, 09:10:39 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
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N12
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November 20, 2013, 09:11:43 PM |
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I think we're looking at it the wrong way. Maybe bitcoin isn't destined to become a currency, but something else. It's deflationary, has no consumer protection, transfers are irrevocable and no identities are tied to the addresses. How can this ever become a currency?
Bitcoin is super silver. And the Winkle Bros are the Hunt Bros 2.0.  |
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Carlor
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November 20, 2013, 09:13:39 PM |
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The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for non-
reversible services. This is one of the reasons for bitcoins. http://bitcoin.org/bitcoin.pdfI think we're looking at it the wrong way. Maybe bitcoin isn't destined to become a currency, but something else. It's deflationary, has no consumer protection, transfers are irrevocable and no identities are tied to the addresses. How can this ever become a currency? This is the problem. People just look at the all time highs and become to blind to see, that all that is just coming from the promise of a cheap, reliable and fast transaction system. Not because bitcoin is the new world of warcraft gold. Pleeease get that into your heads. Please. Bitcoins are worthless if they are just stored. Bitcoin was never going to be a universal, flattened currency. Never—ever. That is not it's niche in a monetary ecosystem. Bitcoin is a risk distributor, just one part of an emerging monetary ecosystem. Bullshit. Read the bitcoin paper and come back. Bitcoin is super silver. Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers. AAAAAH . Are you people really that stupid??? Please go and buy Second Life Dollars and WOW Gold. You know why bitcoin has a value at the moment? Because it promises to be a worldwide currency. Not because Satoshi is such a nice name or because somebody wants to have them just for having them. ... |
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ardana123
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November 20, 2013, 09:14:28 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount... |
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jojo69
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diamond-handed zealot
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November 20, 2013, 09:15:30 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount... bitcoin to hookers&blow ratio |
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N12
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November 20, 2013, 09:15:52 PM |
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Bitcoin gets exponentially more volatile over time until all numbers infinitely small towards 0 and infinitely large are exhausted and the universe impldes.
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silverfuture
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central banking = outdated protocol
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November 20, 2013, 09:16:05 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount... I suppose comparing to gold or oil would be the answer. |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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November 20, 2013, 09:16:08 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount... sea shells, and food stamps. |
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silverfuture
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Activity: 947
Merit: 1008
central banking = outdated protocol
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November 20, 2013, 09:16:50 PM |
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I think we're looking at it the wrong way. Maybe bitcoin isn't destined to become a currency, but something else. It's deflationary, has no consumer protection, transfers are irrevocable and no identities are tied to the addresses. How can this ever become a currency?
Bitcoin is super silver. I like it! |
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TheKoziTwo
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Activity: 1552
Merit: 1047
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November 20, 2013, 09:17:24 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
First of all, a store of value is not a highly volatile asset class. What makes you believe that Bitcoin will ever not be volatile? Trade and speculation will decrease volatility, the more speculators we have the more people are trying to grab profit and their margins will decrease, leading to a more stable market. A large market cap is also a part of that. Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount... If bitcoin becomes the only currency left you will compare it with cars and houses, food and cloths. |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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November 20, 2013, 09:17:33 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount... I suppose comparing to gold or oil would be the answer. maybe water? |
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mb300sd
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Activity: 1260
Merit: 1000
Drunk Posts
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November 20, 2013, 09:18:44 PM |
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Bitcoin gets exponentially more volatile over time until all numbers infinitely small towards 0 and infinitely large are exhausted and the universe impldes.
I agree that Bitcoin will become more volatile over time. In absolute numbers, sure, in percentages, take a look at the last 2 bubbles. |
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Adrian-x
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Activity: 1372
Merit: 1000
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November 20, 2013, 09:19:11 PM |
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I give up fresh eyes, I just didn't see this coming. What should i do with my bits of electronic cookies. I'll try sell some and then reformat , and we can start again from the same footing. Who's in?
Bitcoin was never going to be a universal, flattened currency. Never—ever. That is not it's niche in a monetary ecosystem. Bitcoin is a risk distributor, just one part of an emerging monetary ecosystem. Hi chodpada, great to see you. Risk Distribution Virus rings in my ears every morning. So yes Bitcoin has many values other than currency, just how it spreads and is valued is the question. |
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silverfuture
Legendary
Offline
Activity: 947
Merit: 1008
central banking = outdated protocol
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November 20, 2013, 09:19:17 PM |
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Bitcoin doesn't need to be a currency to be successful. It will in fact be wildly successful even if only functioning as a store of value, the tax havens amounts to trillions. The first phase is speculation and this is where we are now... people believe in bitcoins future potential and that is what drives the price up and the large market cap will make it viable for large fortunes to be stored in bitcoin, eventually it will stabilize at much higher prices. At that point it will work well as a way to settle debt even if we're not able to do as many transactions as other networks I don't think it matters. Micro-transactions can happen off-chain, big money stored safely away from government and bankers.
How can big money be stored away safely if bitcoin is still tied to fiat currency? If fiat currency collapses, bitcoin no longer has anything to compare itself to, so how would we express value then? Using valuation in bitcoin itself? How would that work since there's a limited amount... I suppose comparing to gold or oil would be the answer. maybe water? A basket of water perhaps? |
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TheKoziTwo
Legendary
Offline
Activity: 1552
Merit: 1047
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November 20, 2013, 09:19:35 PM |
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Bitcoin gets exponentially more volatile over time until all numbers infinitely small towards 0 and infinitely large are exhausted and the universe impldes.
I agree that Bitcoin will become more volatile over time. In absolute numbers, sure, in percentages, take a look at the last 2 bubbles. +1 We'll be seeing $100 swings like it's nothing in the future, but % swings will be very low. |
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