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Author Topic: Here is why Bitcoin can only go down  (Read 611 times)
antikvark
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November 28, 2019, 10:34:28 AM
Last edit: November 30, 2019, 07:11:36 AM by antikvark
 #1

Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Meaning, it designed it to have limited supply. Now, does that mean Motorola phones would had become scarce due to the fact that phones are beneficial to people and the population was almost required to increase its demand? And does that mean the price of Motorola phones would had rised to $1,000,000? No. Why? Because companies had simply produced their own wireless communication devices. They had produced their own mobile phones, as these phones are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that was capable to put electronic components together.

In the same sense, bitcoin is just numbers associated to addresses. These numbers are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost $100, $1,000, $10,000, let alone $100,000, just because it is designed to have limited supply. There is no reason for people to enter into fast, transparent and cheap payment system for $100,000, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.

Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. It is a mega-bubble even at $10. That is why it can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones - even if they have more brand reputation and trust than for e.g. Huawei.

Edit:

I see a lot of responders saying I cannot compare Motorola as a company with Bitcoin. Well, I am not comparing the two. I am comparing limited supply of phones and coins by using an argument from analogy. This argument does not assert that the two things are identical, only that they are similar. The structure or form of this argument may be generalized like so:

P and Q are similar in respect to property x.
P has been observed to have further property y.
Therefore, Q has property y also.

In my example I assumed limited supply of Motorola cellular phones. Meaning, Motorola phones(P) and Bitcoin(Q) are similar in respect to limited supply(x). Then I made the second premise: limited supply of Motorola phones wouldn't lead to drastic price growth because people would simply produce their own cellular phones - they would simply produce their own wireless communication devices(y). And then the conclusion followed: limited supply of Bitcoin won't lead to drastic price growth because people will simply produce their own coins - they will simply design their own crypto payment systems (y).

And this is exactly what is happening with the inflation of altcoins - people are designing their own crypto payment systems. Simply, there is no rational reason for people to enter into fast, transparent and cheap payment system(Bitcoin) for $7K, or even for $10, if they can enter such system for $0.001(altcoins) or if they can design their own systems.

That is also the reason why Bitcoin is a mega-bubble and can only go down to the price of an average coin, and not up to the moon.
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November 28, 2019, 10:51:57 AM
Merited by hatshepsut93 (1)
 #2

I have reviewed your history of comments that are not many since you've been here just 2 months and the conclusion is clear.

You keep repeating the same comments over and over again, as you are so smart and know that Bitcoin is a failed experiment.

Why don't you GTFO and stop wasting your time trying to convince us to see the "truth"?
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November 28, 2019, 11:09:27 AM
 #3

More and more mobile phones have been produced since the first production of Motorola phones. I don't think we have up to the numbers of mobile phones that have ever entered the market as compared to the different altcoins that keep entering the market and promising to kill the bitcoin. Some of these altcoins came up with different strategies to annihilate the bitcoin but most ended up in the dustbin. Today bitcoin is the most preferred of all coins and the coin with the highest market dominance. Bitcoin is not Motorola.

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November 28, 2019, 11:15:23 AM
 #4

Lover and haters everywhere. Not only crypto. First of all I saw thousands of calculation like you.saw thousands of posts that bitcoin will be 0.01$ or bitcoin will be dead. But finally bitcoin is more than 7500$ right now.hope i will see same post when bitcoin price will be more than 30k$.but no matter bitcoin is bitcoin. Lovers will love and haters will hate.       

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November 28, 2019, 11:30:57 AM
Merited by nelson4lov (1)
 #5

Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand?.

I don't want to imagine something that doesn't make sense, how does it even occur to you to compare Motorola as a company with Bitcoin, which is the first decentralized cryptocurrency, independent and unique.

There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.

No altcoin (this including all BTC forks) is never achieve nothing close to BTC, and it's pretty safe that it never will. That's the whole point, altcoins are centralized projects that have only one goal, profit for those who designed them. People are not stupid (at least not most), they follow what has proven over the years, empty promises are just empty promises and nothing more.

Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.

We can easily prove this part completely wrong, just look at the history charts - can you see how price is going down over the years? I see only constant increase, and I also see 90% of altcoins dead in past 5-6 years.

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November 28, 2019, 11:34:00 AM
 #6

Lover and haters everywhere. Not only crypto. First of all I saw thousands of calculation like you.saw thousands of posts that bitcoin will be 0.01$ or bitcoin will be dead. But finally bitcoin is more than 7500$ right now.hope i will see same post when bitcoin price will be more than 30k$.but no matter bitcoin is bitcoin. Lovers will love and haters will hate.       
Yes its true there are so many lovers in bitcoin also haters because bitcoin price are going down so many are haters of bitcoin especially to those buy bitcoin in high price. But once bitcoin goes up many can bitcoin lovers so don't be negative all we can do now is to support bitcoin love bitcoin don't mind the haters.
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November 28, 2019, 11:45:40 AM
 #7


Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.

If this is what you really think, knock yourself out doing a short on Kraken, Bakkt or Bitmex or the other futures exchanges.

Put your money where your mouth is.  Grin

 
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November 28, 2019, 11:53:01 AM
Merited by The Pharmacist (3)
 #8

You are missing a lot of things of the bitcoin environment.
Look at some other altcoins, how much decentralized are they? How much miners are mining altcoin? Compare it with Bitcoin. I guess a lot of people are mining Bitcoin & the bitcoin blockchain is the most immutable & decentralized.
The whole point of cryptocurrency is to reduce the interfere of 3rd party with a secure & immutable transaction which can mostly achieved by only bitcoin.
There are a lot of coins already there in the market, they might have better feature but it's not possible to have decentralized chain like bitcoin. That's why the emission model of bitcoin supply will scarce.
By the way, I guess Satoshi never had thought of bitcoin as a value against USD. It's always 1 BTC = 1 BTC to him & that's how we must consider it if we want less hassle in day to day life transaction.
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November 28, 2019, 11:55:27 AM
 #9

Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.

In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.

Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.

Whenever you compare two things, always compare apple to apple! Then only it would make sense to the educated class of people! Your example sounds very similar to a recent comparison between Tesla Truck and Ford F15. Where Tesla is 4WD truck and Ford F15 is a 2WD truck! So it makes no sense for the people who knows about cars!

If you are so pissed off about bitcoin, why don't you donate your coins to a charitable organization and let them help some poor people with it?

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November 28, 2019, 12:28:42 PM
 #10

You have lost the point by comparing a phone company to a cryptocurrency. The production of phones from a phone manufacturer has increased over the years. But for Bitcoin, the supply is limited but it trading. Mr. A may decide to sell part of his bitcoin on an exchange and Mr. B will buy it from from him at an agreed price. But for phones? No.
Your post clearly shows that you're an anti-bitcoin,  so why not take a leave, forget about bitcoin.

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November 28, 2019, 12:42:09 PM
 #11

Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.

In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.

Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.

How can you compare bitcoin with Motorola phones ? Your example does not suit to the bitcoin and crypto currencies. If you relate phones with altcoins, even then all the altcoins did not have any effect on bitcoin. You can just think that bitcoin won't go up in your dreams. In reality, the opposite of this will happen and you can't imagine how high will it go.

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November 28, 2019, 01:08:47 PM
 #12

While it could be true, still there are no other altcoin who can already surpass what Bitcoin has proven. And to think that the market for altcoins are too crowded that a single altcoin becomes too irrelevant or would be difficult to stand out unless it proves itself too and brings major improvements over existing top cryptocurrencies. These altcoins you're talking about could easily be taken down, and could also be considered a 'bubble' if manipulators decided to hype it once then dump, leaving investors with empty pockets.


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November 28, 2019, 01:09:47 PM
 #13

Why would you even compare it to a mobile phone?
As you can see all of the alt's didn't even replace or overtake Bitcoin in the past 10 years so how could you even compare it to the first mobile phone?
You are just one of those people who doesn't believe in Bitcoin and how could you say that it can only go down when it already proves that it can go up so many times before.

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November 28, 2019, 01:18:23 PM
 #14

You are comparing an item that is meant to be used every day, as a tool, as a helper, to a currency/investment that was created in order to counteract centralization and the inflation rates of the world. Do you use BTC every day, is it a tool? Completely 2 different things here.

Let's talk about designer, limited clothing then. Companies like Supreme make a limited supply of goods, and they resell for 100x their retail value? How are you going to justify this then, shouldn't it be going down.

Don't make useless comparisons.
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November 28, 2019, 01:25:00 PM
 #15

That is not true. Bitcoin can always go both ways and that depends on conditions in the market in certain moment, supply and demand and sometimes inisome some smaller ratio some side factors outside the crypto world.
But it's actually funny to see how someone that actually has no relevant experience that is brand new in crypto world proudly spreads his ignorance.

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November 28, 2019, 01:27:58 PM
 #16

@OP, you are entitled to your opinion but it seems to me that your ideas had been rehashed many many times by people with the same mindset such as yours - all of which are made from pure speculation!

Now, I was wondering why you are only directing your attention and your observation to just Bitcoin alone when all the while there are a ton of shitcoins out there that could be worthy of your comments and opinion! I suggest maybe you could direct it to those shitcoins that pollutes this industry and it could be your advocacy too should you wish to brighten up cryptosphere. Imho.
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November 28, 2019, 01:34:25 PM
 #17

Whatever the speculations, bitcoin is still the first and the number one cryptocurrency. You are right, anyone can make there own like bitcoin but the trust and sentimental value of it is very far from any other crypto coins existing and yet to exist. You cannot compare it with mobile phone like Motorola they are different things. Motorola is a mobile technology it evolves and depreciates. You cannot invest in phone for years. For sure its value will decrease. Bitcoin is a different thing, its a monetary investment. You cannot simply dump it anytime. Its a long term investment with a digital purpose.

 
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November 28, 2019, 01:48:00 PM
 #18

Lover and haters everywhere. Not only crypto. First of all I saw thousands of calculation like you.saw thousands of posts that bitcoin will be 0.01$ or bitcoin will be dead. But finally bitcoin is more than 7500$ right now.hope i will see same post when bitcoin price will be more than 30k$.but no matter bitcoin is bitcoin. Lovers will love and haters will hate.       
Yes its true there are so many lovers in bitcoin also haters because bitcoin price are going down so many are haters of bitcoin especially to those buy bitcoin in high price. But once bitcoin goes up many can bitcoin lovers so don't be negative all we can do now is to support bitcoin love bitcoin don't mind the haters.
It actually depends on their own perspective because sometimes they based it on how other people describes it to them and that is the reason why some of them are against with bitcoin. Sometimes they depend it on it's price whenever it's low they keep on saying that it doesn't have any value or we'll just end up feeling remorse if we continue on investing in bitcoin. I just realized that people have different levels of perception and we have to accept it, if they hate it then fine because we don't have to prove bitcoin always unless they are degrading it and underestimating it's capabilities.

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November 28, 2019, 01:57:35 PM
 #19

This is nothing but a failed FUD attempt. It's not the first time people talk ill about Bitcoin. I know not everyone would agree to the idea of  decentralization. It's quite funny how OP went on and on to compare Motorola to Bitcoin. First things first, The comparison is wrong as both entities isn't on the same league. Talking about someone later creating another currency in the future? Hardly. Companies / Governments are already going the blockchain way with Bitcoin being the pioneer.


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November 28, 2019, 02:01:33 PM
 #20

If you are correct that Motorola could only produce 10,000 phones per year then it limited the number of people that could own them or obtain them. That is not the same as Bitcoin because even though there is a limited number of Bitcoins, they can be divided to eight digits. In other words it’s not just 21 million people that can own a Bitcoin. Every person on the planet could own a fraction of a Bitcoin. So there is no limit to the number of people that can own or obtain some Bitcoin.
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