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Author Topic: Is having 1 bitcoin like having a lottery ticket?  (Read 2592 times)
kkaspar
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January 13, 2014, 04:38:20 AM
 #21



1 bitcoin is now worth approximately $1000 (depending on market fluctuations though)

Perhaps 1 bitcoin might be worth $100,000 soon? Or maybe $1,000,000


So, just having 1 bitcoin, is like having a lottery ticket to perhaps 'win' $100,000 or $1,000,000

Claiming things like that here is like asking if Jesus was real in a Christian forum Wink
But to be serious, I think that it is more of an lottery then an investment. It seems like small groups have hoarded most of bitcoins in existence and are creating artificial deficit to drive the price up. It is unpredictable how high they plan to go before they begin their dumping procedures, but I'm pretty sure that they have a plan with an exact number. So bitcoin could go 30 000$ per coin or the maximum could be 2000$ per coin. Impossible to predict the plans of smaller groups in control, with trends or common sense.

And as an investment, I think that buying BTC is generally foolish. Not foolish in a way that it is impossible to earn with it, because it is possible. But in a way where the investments actually go - into mining. The arms race for mining is just stupid and investing by buying BTC just fuels this stupidity. It's stupid because with increased network power, the security or any other practical aspect doesn't improve much. It doesn't protect the network from an 51% because all the network is pooled together into single points that could be compromised anyway. If you could compromise BTCguild and GHash.io, then you can coordinate an 51% attack without any difference how powerful these networks are. The increasing network power would only make sense if it would speed up transaction times and wouldn't be pooled together into points that could be compromised. People only invest into mining to earn BTC, but mining has very little positive effect to the progression of the entire bitcoin system.
Investments should go into support services that offer new payment options and practical usability for bitcoin. Without practical usability, then bitcoin is just a new innovative gambling platform where people get their kicks on trying to buy low and sell high.
rebuilder
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January 13, 2014, 06:32:00 AM
 #22

In a lottery, the odds are known and  you're statistically much more likely to lose money than to win. With an investment, the odds are not known.

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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Wilhelm
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January 13, 2014, 08:11:48 AM
 #23

Bitcoin is more like religion.
Grin
You read everything there is to know and still there is no certainty. It's all down to faith and personal investment Smiley
Shocked

On a serious note, awesome view as much as I dislike religion.

I left the part out "and bending it's interpretation to your needs" Cheesy

Bitcoin is like a box of chocolates. You never know what you're gonna get !!
Lewis2
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January 13, 2014, 09:57:43 AM
 #24

It is a high risk investment, in some ways a lottery ticket is too. Your average pay out however will be higher with bitcoin and the outcome is more predictable.

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January 13, 2014, 03:14:16 PM
 #25

I could buy 20 metric tons of peanuts or I could buy 2000 bitcoins in early 2010. LOL.

Definitely should have chosen peanuts, they have intrinsic value! Wink

About lottery - no, it is not. In lottery, see, there is one winner for a million losers. In Bitcoin, the ratio is much, much better, and you are given the chance to pick whether you'll be the winner (hold) or a loser (sell lower than you bought).

i am satoshi
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