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BitFinnese
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August 26, 2017, 06:43:37 PM |
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On the other hand, cashing out bitcoin can give a chance to the new comer. Besides we are all human who eat and drink, wants a comfortable home and at least have some money to spend for leisure. I also want to see Bitcoin being used as a currency where I can buy things that fiat money can buy but that is just a dream right now since there is too little store that is directly accepting Bitcoin and were too far from majority of user of Bitcoin. So there is no other way but to cash them out before we can use it. Since we are to cash out Bitcoin, it is not a bad idea to at least profit from the trades  . It is in a man's nature to make full out of what he is trading. And I would strongly oppose that cashing out would destroy crypto since if you exit there will be another person to replace you, who? The person who bought your crypto. It is a cycle, a loop. |
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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Bezobraznike
Sr. Member
 Offline
Activity: 1274
Merit: 261
★Bitvest.io★ Play Plinko or Invest!
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August 26, 2017, 06:54:17 PM |
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Maybe I am wrong, but cashing out on massive scale can ruin some countries and companies, investment or insurance firms, stock markets can collapse cause of cashing out. Bitcoin depends from
internet, money pumped in, price is sensitive that is visible, and cashing out is not the only thing that can destroy bitcoin.
What can start massive cashing out, I just have one idea and that is news about bitcoin collapse. From how strong source this information needs to come in order everyone to believe in that? FUD is
everywhere, and I saw many threads about bitcoin collapse but bitcoin is still here, and price is higher then ever.
I have the same point of view like some other members, even if bitcoin collapse that will just give a free space to a new comer!
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centralbanksequalsbombs
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Activity: 378
Merit: 278
Bitcoin :open immutable decentralized global fair
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August 26, 2017, 09:30:34 PM |
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...Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.
I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.
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Kwukduck, I can point you to hundreds of altcoins that can help you get rid of your fiat - almost any scamcoin will help you achieve that. Enjoy. |
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stromae
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August 26, 2017, 09:48:23 PM |
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Could destroy Bitcoin. But another cryptocoin could emerge and the easiest way to get this new coin would still be by using Bitcoin.
Your argument is not logical my friend. Bitcoin is the ancestor of all the crptocurrencies and if bitcoin dies, the rest cannot survive in this ecosystem. I also don't think bitcoin can die because of cash out transactions. Cashing out is the part of this business and not a threat. |
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hatshepsut93
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August 27, 2017, 12:16:03 AM |
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There's a false dichotomy that Bitcoin can be either investment or currency, in fact it can easily be both - you save Bitcoins to preserve and increase their value, but also spend them when you really want to. Fiat value is actually irrelevant, because the market value of Bitcoin will keep growing, no matter in what it will be measured - gold, dollars, goods, oil, etc. If you will only spend Bitcoins directly, you will notice that prices in Bitcoins will be going down - from BTCs to mBTCs to thousands of satoshis. Right now fiat is just very useful tool for measuring value, so people care about Bitcoin's price.
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mrcash02
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August 27, 2017, 04:09:40 AM |
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Could destroy Bitcoin. But another cryptocoin could emerge and the easiest way to get this new coin would still be by using Bitcoin.
Your argument is not logical my friend. Bitcoin is the ancestor of all the crptocurrencies and if bitcoin dies, the rest cannot survive in this ecosystem. I also don't think bitcoin can die because of cash out transactions. Cashing out is the part of this business and not a threat. If people cash out into AltCoins Bitcoin can be destroyed, but another currency can emerge, no? If everyone cashes out their Bitcoin into fiat Crypto-Currency world would die, as the demand would decrease considerably. Too much supply for low demand... |
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cybersofts
Copper Member
Sr. Member
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Activity: 658
Merit: 284
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August 27, 2017, 01:16:52 PM |
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Yes, cashing out is what is killing any crypto, and there is nothing we can do about it. People invested their money on the cryptos to make profits that's why there are selling whenever they make some profits over. People are looking for profit so whenever they make it then they sell their coins.  |
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Oilacris
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August 27, 2017, 01:29:46 PM |
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Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.
I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.
If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.
This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."
All people have different aims and would really depend on how they did know about bitcoin. If someone explains them that bitcoin is just really being created for a new payment system then it would be great but later on he would really discover on making money too out of it which i do strongly believe that he would really focus on this one knowing that people on this world do really crave for money and you cant really changed that thing.Its always been part of being human of being greedy with money. |
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cellard
Legendary
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Activity: 1372
Merit: 1250
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August 27, 2017, 02:31:13 PM |
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Its very surprising to see mr.kwukduck praising bitcoin.Its true that bitcoin was created to free people from banking sector.But when its value is highly increasing,there is nothing wrong to treat it as an asset and get utmost benefit from it.People have benefited much from bitcoins and they have found it as a new way of earning.It would only help for the progress of bitcoin and would not destroy it.
kwukduck usually only creates threads to bash bitcoin and announce the big next crash, so it was good to see an interesting post for once. I also think there's nothing wrong with speculating with it. As long as you don't go 100% fiat in your movements and you keep some BTC, you are helping BTC. In order for BTC to defeat fiat, everyone would need to use it and everyone would need to sell all of their fiat for BTC. This will not be easy, but inflation on fiat currencies and deflation on BTC will guarantee it keeps going up as an asset. |
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RodeoX
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The revolution will be monetized!
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August 27, 2017, 02:37:48 PM |
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I think you have a point Duck. I don't think it will destroy crypto, but a speculative economy will see endless bubbles. As long as people want dollars rather than bitcoin they are just trading tokens. When we see more adoption of bitcoin for payments, remittances and other economic activity then we will really ramp up.
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deisik
Legendary
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Activity: 3444
Merit: 1280
English ⬄ Russian Translation Services
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August 27, 2017, 05:14:12 PM |
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Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.
I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.
If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.
This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."
So you missed the train And sold plenty of bitcoins too early at too low a price, did I get right what you actually wanted to say (and now try to rationalize that and persuade yourself by telling us)? Regardless, I don't think that many people actually care for fiat as much as you pretend they do (to the point of cashing out every now and then). Whenever you cash out, you are set to book losses or lose profits (either way). The only point in your whole post which is plausible enough is that about investing only in assets which "you understand and believe in" (and I'm not sure about the believe part) |
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aardvark15
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August 27, 2017, 06:18:21 PM |
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Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.
I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.
If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.
This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."
Since the only way to cash out is to sell Bitcoins to another person, I don't think that can bring it down. If you are able to cash out, that means that someone else wants to buy it so it has value. As we can see, the value keeps going up so there must be more people wanting to buy Bitcoins than there are wanting to sell it. I'm sure there are other ways Bitcoin could die, but I don't think cashing out is one of them. |
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deisik
Legendary
Offline
Activity: 3444
Merit: 1280
English ⬄ Russian Translation Services
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August 27, 2017, 06:52:52 PM |
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Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.
I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.
If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.
This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."
Since the only way to cash out is to sell Bitcoins to another person, I don't think that can bring it down. If you are able to cash out, that means that someone else wants to buy it so it has value. As we can see, the value keeps going up so there must be more people wanting to buy Bitcoins than there are wanting to sell it. I'm sure there are other ways Bitcoin could die, but I don't think cashing out is one of them. It is certainly not that simple You forget that people may have to cash out at a loss, i.e. selling at prices lower than they had first bought the coins at. What does it mean in respect to the point in question? It pretty much means there is less money in the system since they first bought these bitcoins from someone (who might have withdrawn the proceeds himself which made the price drop), and then they withdraw the cash themselves. It could be easily shown that cash-outs are irrelevant when the price is rising, while they become lethal when the price is tanking |
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SimonJones
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August 27, 2017, 06:56:10 PM |
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You don't always have to understand everything. You can buy a car without even knowing how to drive it!
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BitcoinGirl.Club
Legendary
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Activity: 2772
Merit: 2712
Farewell LEO: o_e_l_e_o
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August 27, 2017, 07:08:19 PM |
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Yes, cashing out is what is killing any crypto, and there is nothing we can do about it. People invested their money on the cryptos to make profits that's why there are selling whenever they make some profits over. People are looking for profit so whenever they make it then they sell their coins. Totally agree! Cashing out on an individual level would not kill bitcoin but if people were to cash out in some sort of coordinated manner because of fud or whatever market fears this definitely would destroy not only bitcoin but several other altcoins with it. |
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fearcoka
Legendary
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Activity: 1008
Merit: 1000
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August 27, 2017, 08:11:37 PM |
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Yes, cashing out is what is killing any crypto, and there is nothing we can do about it. People invested their money on the cryptos to make profits that's why there are selling whenever they make some profits over. People are looking for profit so whenever they make it then they sell their coins. Totally agree! Cashing out on an individual level would not kill bitcoin but if people were to cash out in some sort of coordinated manner because of fud or whatever market fears this definitely would destroy not only bitcoin but several other altcoins with it. In that time, most trader and investor will panic and sell their coin for withdraw to FIAT, that situation will make the price of Bitcoin dump to lowest price as in 2013 again haha. This is worst situation of Bitcoin. |
Just Nao Tomori and Bitcoin ( ͡° ͜ʖ ͡°)
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pearlmen
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August 27, 2017, 08:31:25 PM |
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Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.
I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.
If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.
This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."
Your argument is right in that people are now more focused on converting bitcoin to fiat using the banking system in which the objective of bitcoin is to dislodge but at the same time the bank has equally helped in no small way ensuring people get access to bitcoin because they are used to fiat which they then use to buy bitcoin. |
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chesthing
Legendary
Offline
Activity: 1414
Merit: 1000
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August 27, 2017, 10:10:54 PM |
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Hey Kwukfuck, I decided to hold one bcc but the value just keeps dropping. What's up with that?
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cashodler
Member
Offline
Activity: 70
Merit: 10
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August 27, 2017, 10:12:10 PM |
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Hey Kwukfuck, I decided to hold one bcc but the value just keeps dropping. What's up with that?
YOU HADN'T LISTENED TO HIS ADVICE! you were supposed to buy it at $200, damn you. How dare u disrespect Kwakduck, the saviour. U missed 300% rise, your fault. |
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chesthing
Legendary
Offline
Activity: 1414
Merit: 1000
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August 27, 2017, 10:53:01 PM |
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Hey Kwukfuck, I decided to hold one bcc but the value just keeps dropping. What's up with that?
YOU HADN'T LISTENED TO HIS ADVICE! you were supposed to buy it at $200, damn you. How dare u disrespect Kwakduck, the saviour. U missed 300% rise, your fault. Hey Casholder, you said this was gonna take btc's mkt cap and all it's doing is dumping - what's up with that? |
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