porc (OP)
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December 17, 2013, 12:32:48 AM |
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Bitcoin is going up in price because people believe it will be used as a medium of exchange and store of value. If they realise this wont happen it will collapse in price. So lets look at these two aspects.
1) Medium of exchange.
Bitcoin is only a medium of exchange when merchants accept it and hold onto it. Right now merchants are dumping bitcoin for dollars, so its not being used as a medium of exchange. This btw. also throws the transaction cost benefit argument right out of the window (spread).
Now will merchants ever accept bitcoin and hold onto them?
No.
Why?
a) Governments have already effectively made it impossible for people to use bitcoin as a medium of exchange, as they expect taxes to be paid on bitcoin gains. Thus it cant function as a medium of exchange (same goes for gold btw.). Unless Government loses its control on its money monopoly this law wont be altered.
b) Governments will prohibt merchants from accepting bitcoins. Again: They will never give up their monoply on money.
2) Store of Value
After people realize that merchants are not adopting bitcoin and that it is not used as a medium of exchange, it will collapse in price. Will anybody store significant wealth in Bitcoin after this spectacular collapse? Not likely.
Also Bitcoin is a technology, that can be outcompeted by other altcoins. Your wallet can be hacked. The average citizen cant judge if the code can or can not be hacked and thus more bitcoins created. If you want to store wealth over a long period of time investing in a technology is not the best and easiest option. Also Bitcoin is not useful or wanted. If you ask a Bitcoiner what can I do with it they will say: dump it on the next guy it will go up in price! Gold and Silver where always wanted (jewlery and nowadays industry) and thats why they became MONEY in the first place! They have unique properties and everybody love to hold them in their hand. This will always be the case ensuring significant value and acceptance. Nothing like this can be said for bitcoins. Thus I dont believe bitcoin will function as a store of value in any significant way.
Conclusion:
I predict bitcoin to collapse in price (as it wont be used either as a medium of exchange nor as a store of value).
EDIT: The price increasing shows bitcoin is used as a speculative vehicle. It does not demonstrate bitcoins viability as a store of value or medium of exchange.
(Additional line of attack for governments: Government could come down hard on miners. They could make it illegal to mine bitcoins. Then bitcoin will lose all of its advantages compared to alternative cryptocurrencies. It will be a code like the rest of them.)
bitcoin will not last long at current prices.  Bitcoins are useless tokens masquerading as money. |
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I HATE TABLES I HATE TABLES I HA(╯°□°）╯︵ ┻━┻ TABLES I HATE TABLES I HATE TABLES
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porc (OP)
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December 17, 2013, 02:21:28 AM |
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Like I said in the OP: After people realize its not being adopted as a media of exchange the price collapses and nobody will store wealth in bitcoin after this (and for many other reasons).
Many new adopters are being burnt for good.
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porc (OP)
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December 17, 2013, 02:54:54 AM |
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I think we will see greater financial instability in the west due to the unwillingness to deflate their own currencies, and that is where bitcoin will derive it's utility. I like bitcoin for the same reason I like gold; actually I like bitcoin a little more. I can be robbed of my gold; but I can store and transmit my private keys anywhere.
Lol. Bitcoin is so transparent, government could not have asked for more. Keep dreaming. Gold is much more anonymous. Have fun with your tokens. |
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alxAcid
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December 17, 2013, 05:09:15 AM |
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CIA probably created bitcoin as a way to deal with the world after the collapse of the fiat currency experiment, which is inevitable.
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ilpirata79
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December 17, 2013, 10:16:41 AM
Last edit: January 13, 2014, 07:11:53 PM by ilpirata79 |
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I think we will see greater financial instability in the west due to the unwillingness to deflate their own currencies, and that is where bitcoin will derive it's utility. I like bitcoin for the same reason I like gold; actually I like bitcoin a little more. I can be robbed of my gold; but I can store and transmit my private keys anywhere.
Lol. Bitcoin is so transparent, government could not have asked for more. Keep dreaming. Gold is much more anonymous. Have fun with your tokens. You are so stubborn in repeating again and again the same things that I started thinking you are being paid by paypal or some banks to do that... you will not succeed... ilpirata79 |
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Findus
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January 13, 2014, 01:04:30 AM |
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When bitcoin will collapse in price?
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BTC: 1mS5TK68ViQHjWxLB8ZR8moJwhJbJokGy
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ScaryHash
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January 13, 2014, 03:05:43 AM |
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Wait a minute, so, then if your thesis is that BTC will collapse in price, then what is your explanation of why it went up in price from $.01 to $100 and then over $1000??
How do you define a collapse? Collapse back to $100? I doubt that will happen, and even if it did, I don't think it would matter one bit. It will just shake out the weak hands, setting up for the next rally.
Collapse back to a penny per BTC? Highly doubtful, unless an attack takes out the network, and even then, there would be enough hashing power on the network to make such an attack incredibly costly and tough to execute.
Yawn. These threads are a dime a dozen.
Keep hashin' and don't worry about it.
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Kungfucheez
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January 13, 2014, 03:18:19 AM |
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When bitcoin will collapse in price?
Tommorow at 4am CST |
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garcias
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January 26, 2014, 01:03:35 PM |
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When bitcoin will collapse in price?
Tommorow at 4am CST TROLOLOLO  some people here need to RKO themselfs.... |
Support DigiByte DGB:DLLC7PPEZ7zxnB1RJd9hsvwr1HdJxFfGcb this is a scam: 69.5 BTC
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johncarpe64
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February 18, 2014, 04:10:16 PM |
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Its about to go up, just wait for MtGox..
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Chellger
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February 18, 2014, 04:21:02 PM |
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Sometimes, when I look into these old threads that resurfaced for some reason, I wonder if those people who made those age-old-posts are still around. What have they seen? They are so far away in that Dec. 2013 past. How have they lived? What have they felt? Were they happy? I love me some good history-thread!
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Chris001
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electroneum.com
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April 27, 2014, 07:14:30 PM |
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When it loses its reserve status
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https://bitcointalk.org/index.php?action=trust;u=186785Here is the link to my trust settings here on forum. This trust system is very unfair. I make good on every deal Ive ever made. I had many, many deals as you can see and I never scammed anyone. All it takes is a random account to give you negative trust and youre screwed. Tomatocage has never even talked to me ever but when the random acct hit me with negative trust, Tomatocage came right behind him and marked neg trust again so obviously he was the one who did it. You can look at Tomatocage trust and see how many of his compeditors at the currency exchange thread he labeled scammers. I never scammed anyone. My trust was green over 20 before this. I hope it never happens to you because the mods cant help you.
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igorr
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April 27, 2014, 07:22:38 PM |
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Its about to go up, just wait for MtGox..
True, just MtGox can raise the bitcoin prices. |
Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
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deisik
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English ⬄ Russian Translation Services
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April 27, 2014, 08:11:02 PM |
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Sometimes, when I look into these old threads that resurfaced for some reason, I wonder if those people who made those age-old-posts are still around. What have they seen? They are so far away in that Dec. 2013 past. How have they lived? What have they felt? Were they happy? I love me some good history-thread!
You're yourself history now. RIP. But bitcoin ain't and is still kicking... |
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Chris001
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electroneum.com
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April 27, 2014, 08:34:58 PM |
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Very rare that the first one ends up being the one that stays.
I can't see why BTC would be any different
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https://bitcointalk.org/index.php?action=trust;u=186785Here is the link to my trust settings here on forum. This trust system is very unfair. I make good on every deal Ive ever made. I had many, many deals as you can see and I never scammed anyone. All it takes is a random account to give you negative trust and youre screwed. Tomatocage has never even talked to me ever but when the random acct hit me with negative trust, Tomatocage came right behind him and marked neg trust again so obviously he was the one who did it. You can look at Tomatocage trust and see how many of his compeditors at the currency exchange thread he labeled scammers. I never scammed anyone. My trust was green over 20 before this. I hope it never happens to you because the mods cant help you.
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deisik
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April 28, 2014, 05:35:39 AM |
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Very rare that the first one ends up being the one that stays.
I can't see why BTC would be any different
These times obviously haven't yet come, to substitute bitcoin with something else which would be much better...  |
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DeboraMeeks
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May 01, 2014, 02:11:44 PM |
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When it loses its reserve status
There is no reserve value for bitcoin.. |
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deisik
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May 01, 2014, 02:20:17 PM |
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When it loses its reserve status
There is no reserve value for bitcoin.. He probably meant its value as a means of hoarding (i.e. store of value)... |
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igorr
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May 01, 2014, 02:21:01 PM |
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Because low mining factor, now is about 2.5 cent/Gh at 24h  View Screen Capture |
Cлaвьcя, Oтeчecтвo нaшe cвoбoднoe,
Бpaтcкиx нapoдoв coюз вeкoвoй,
Пpeдкaми дaннaя мyдpocть нapoднaя!
Cлaвьcя, cтpaнa! Mы гopдимcя тoбoй!
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jamesc760
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May 01, 2014, 04:41:04 PM |
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@igorr,
Stop posting the same shite graph over and over, it makes you look stupid retarded. Bitcoin is NOT going to collapse any time soon; in fact, I'd wager 10 BTC that it's going to flourish and thrive.
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