Why Bitcoin will collapse in price.

[traderCJ]

Fact is, the scarcity argument that BTC is limited to 21 million is a complete and utter myth. It can be replicated a gazillion times over with the exact same properties, just called by a different name.

Incorrect.  For one, it will not have the same raw hashing power, which is the backbone of bitcoin.

[toknormal]

1) I think it is central. Without value, the medium of exchange will not be accepted

You're talking about "currency" here, which can be a very distinct definition from "money". Bitcoin is money - unlevered "base" money in the sense that it isn't backed by anything (which is what gives it it's value, same as gold). Currency is something which proxies for money and is traded on a day to day basis for goods and services.

That fact tends to put some people in a state of cognitive dissonance which is why they start threads like this on discussion forums. (The words "horse" and "stable door" spring to mind).

Bitcoin's future does not revolve around being accepted at retail outlets any more than Gold's does.

Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

[porc]

1) I think it is central. Without value, the medium of exchange will not be accepted

You're talking about "currency" here, which can be a very distinct definition from "money". Bitcoin is money - unlevered "base" money in the sense that it isn't backed by anything (which is what gives it it's value, same as gold). Currency is something which proxies for money and is traded on a day to day basis for goods and services.

That fact tends to put some people in a state of cognitive dissonance which is why they start threads like this on discussion forums. (The words "horse" and "stable door" spring to mind).

Bitcoin's future does not revolve around being accepted at retail outlets any more than Gold's does.

Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

Lol.

Read the damn thread.

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

Again read the thread. Your arguments have been refuted already.

"Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value ! "

So the value of bitcoin is that I can dump it on the next guy?

Again reread the last few pages.  

[traderCJ]

So the value of bitcoin is that I can dump it on the next guy?

What good is a commodity you cannot convert into another form?  You could argue that anything which cannot be used to directly purchase something will get "dumped on the next guy" when it is converted into an alternate form to make a purchase.

[deisik]

So the value of bitcoin is that I can dump it on the next guy?

What good is a commodity you cannot convert into another form?  You could argue that anything which cannot be used to directly purchase something will get "dumped on the next guy" when it is converted into an alternate form to make a purchase.

Don't waste your time. Some people learn only the hard way, and some are not capable of learning at all until you literally beat the crap out of them. You could just as well talk to a bot with the same level of success and intelligence...

[Zarathustra]

1) I think it is central. Without value, the medium of exchange will not be accepted

You're talking about "currency" here, which can be a very distinct definition from "money". Bitcoin is money - unlevered "base" money in the sense that it isn't backed by anything (which is what gives it it's value, same as gold). Currency is something which proxies for money and is traded on a day to day basis for goods and services.

That fact tends to put some people in a state of cognitive dissonance which is why they start threads like this on discussion forums. (The words "horse" and "stable door" spring to mind).

Bitcoin's future does not revolve around being accepted at retail outlets any more than Gold's does.

Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

Lol.

Read the damn thread.

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

Again read the thread. Your arguments have been refuted already.

"Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value ! "

So the value of bitcoin is that I can dump it on the next guy?

Again reread the last few pages.  

You are a troll. Everybody knows that Bitcoin is already stored; it is already used as a media of exchange, because it has value.

[toknormal]

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

[porc]

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

Money needs to have certain properties and one of them is that it needs to have value in and of itself.

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

What can I do with Bitcoin except dumping it on the next guy?

ABSOLUTELY NOTHING!

LET THAT SINK IN! I can do ABSOLUTELY NOTHING with a Bitcoin except dumping it on the next guy.

Thus it cant be money.

Now what is frustrating to me, is the delusion/ crowd think fellow libertarians are falling in to. This is a pyramid and lots of people will get hurt.

[flynn]

Cassandra ! Cassandra !

[toknormal]

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

So you're saying that money derives its value from "aesthetics".  I don't think thats what they teach in business school.

What can I do with Bitcoin except dumping it on the next guy?

Well that is kinda what people generally do with money. It's not any use for anything except....exchange ! (Or, as you put it "dumping it on the next guy").

http://www.valuewalk.com/2013/12/bitcoin-compared-to-3d-printing-by-hendry/

LET THAT SINK IN!

Are you my old teacher by any chance ? You sound familiar.

[Zarathustra]

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

Money needs to have certain properties and one of them is that it needs to have value in and of itself.

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

That's the opposite of inherent and intrinsic. It is external usage. Are you blind?

What can I do with Bitcoin except dumping it on the next guy?

Dump, transfer, barter, donate, destroy, store ...
Are you blind?

ABSOLUTELY NOTHING!

ANYTHING

Now what is frustrating to me, is the delusion/ crowd think fellow libertarians are falling in to. This is a pyramid and lots of people will get hurt.

It seems that you are hurted by the fact that you missed the train. Give up. Nobody will believe your fairytales.

[porc]

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

Money needs to have certain properties and one of them is that it needs to have value in and of itself.

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

That's the opposite of inherent and intrinsic. It is external usage. Are you blind?

What can I do with Bitcoin except dumping it on the next guy?

Dump, transfer, barter, donate, destroy, store ...
Are you blind?

ABSOLUTELY NOTHING!

ANYTHING

Now what is frustrating to me, is the delusion/ crowd think fellow libertarians are falling in to. This is a pyramid and lots of people will get hurt.

It seems that you are hurted by the fact that you missed the train. Give up. Nobody will believe your fairytales.

What can I do with Bitcoin EXCEPT DUMPING IT ON THE NEXT GUY?

ABSOLUTELY NOTHING.

Fairytale of bitcoiners: People will in future (even though this has never happened in history over a prolonged period of time) EXCHANGE SOMETHING FOR NOTHING.

Well if you say so. You wont be dumping your NOTHING on me thats for sure.

[deisik]

Hey, people here at first tried to explain you in serious how matters stand in reality, now they are just making fun of you. If you don't catch up, they will next ignore you...

[porc]

Imagine if you went to your bank and asked for stock advice.

Bank: Buy Stock Pyramid

You: why?

Bank: Well it will go up in price and you can dump it on the next guy.

You: Does Stock Pyramid have value?

Bank: No. Absolutely no value. But you can dump it on the next guy at a higher price.

Would that be convincing to you?

Apparently since you are buying bitcoin.

[Zarathustra]

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

Money needs to have certain properties and one of them is that it needs to have value in and of itself.

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

That's the opposite of inherent and intrinsic. It is external usage. Are you blind?

What can I do with Bitcoin except dumping it on the next guy?

Dump, transfer, barter, donate, destroy, store ...
Are you blind?

ABSOLUTELY NOTHING!

ANYTHING

Now what is frustrating to me, is the delusion/ crowd think fellow libertarians are falling in to. This is a pyramid and lots of people will get hurt.

It seems that you are hurted by the fact that you missed the train. Give up. Nobody will believe your fairytales.

What can I do with Bitcoin EXCEPT DUMPING IT ON THE NEXT GUY?

ABSOLUTELY NOTHING.

Fairytale of bitcoiners: People will in future (even though this has never happened in history over a prolonged period of time) EXCHANGE SOMETHING FOR NOTHING.

Well if you say so. You wont be dumping your NOTHING on me thats for sure.

Dump, transfer, barter, donate, destroy, store ...
Are you blind?

[porc]

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

Money needs to have certain properties and one of them is that it needs to have value in and of itself.

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

That's the opposite of inherent and intrinsic. It is external usage. Are you blind?

What can I do with Bitcoin except dumping it on the next guy?

Dump, transfer, barter, donate, destroy, store ...
Are you blind?

ABSOLUTELY NOTHING!

ANYTHING

Now what is frustrating to me, is the delusion/ crowd think fellow libertarians are falling in to. This is a pyramid and lots of people will get hurt.

It seems that you are hurted by the fact that you missed the train. Give up. Nobody will believe your fairytales.

What can I do with Bitcoin EXCEPT DUMPING IT ON THE NEXT GUY?

ABSOLUTELY NOTHING.

Fairytale of bitcoiners: People will in future (even though this has never happened in history over a prolonged period of time) EXCHANGE SOMETHING FOR NOTHING.

Well if you say so. You wont be dumping your NOTHING on me thats for sure.

Dump, transfer, barter, donate, destroy, store ...
Are you blind?

Transferring something does not give it value.

[Zarathustra]

Transferring something does not give it value.

Dump, transfer, barter, donate, destroy, store ...
Transferring it out of Argentina/Cyprus does give it value.
Are you blind?

[TeeBone]

Imagine if you went to your bank and asked for stock advice.

Bank: Buy Stock Pyramid

You: why?

Bank: Well it will go up in price and you can dump it on the next guy.

You: Does Stock Pyramid have value?

Bank: No. Absolutely no value. But you can dump it on the next guy at a higher price.

Would that be convincing to you?

Apparently since you are buying bitcoin.

The hallmark of Pyramid. Get more people involved, pass it (nothing) on to the next shmuck. 99.99% of btc owners are in it strictly to make a quick profit. The opposite of how money originated.

This could drag out for awhile, though. The tulip craze lasted nearly a decade, the greatest scam of all time Social Security for 70+. I own tulipcoins myself (quite bullish short term lol), any suckers left ? Step on up..

[Zarathustra]

The hallmark of Pyramid. Get more people involved, pass it (nothing) on to the next shmuck. 99.99% of btc owners are in it strictly to make a quick profit. The opposite of how money originated.

This could drag out for awhile, though. The tulip craze lasted nearly a decade, the greatest scam of all time Social Security for 70+. I own tulipcoins myself (quite bullish short term lol), any suckers left ? Step on up..

That was a single event. It crashed only once. That's a difference to Gold 2.0.

[sdp]

Transferring something does not give it value.

I get the impression that it comes down to politics.  Does a government control its central bank or vice versa?  If you believe the first part, you can hope that your elected officials will support bitcoin because all of the good things *they* say about it.  If you believe vice versa, the current president whose real boss is the Federal Reserve will see bitcoin as a problem to mitigate. 

I wish I could disagree with you (proc) with confidence.  If you want to convince proc, you need to convince him on this point.  I, for one, am not prepared to make a convincing argument against this premise.  Or we just call each other crazy and solve nothing.