Bitcoin Is Dying

[oktana]

Bitcoin is dying and you could be among those who are killing it. In 2010 Laszlo paid 10,000 bitcoins for a pizza. We all know this story but how many of us understand it? Do you think Laszlo didn't see potential in Bitcoin? He could have hodl and sell it off, but, he made that transaction to prove a point; to prove that Bitcoin is actually a currency. But since the price skyrocketed, only a few care about the sole aim of the currency. Everyone is "buying the dip", or "Investing some $$" in Bitcoin, and that is killing Bitcoin. The average person today sees bitcoin as an investment. Are we really turing this Cryptocurrency into a Crypto Asset?!

A way of making more money due to the price speculation. With every new investor believing this, I hate to say this but, Bitcoin is dying. I know that the chances of Bitcoin's price dropping so bad are small. But if it happens, if it ever happens, a lot of people will lose, a lot will pull out, a lot will tag us scam, a lot will (out of anger) say that we are centralized, and a lot would never know or participate in the real use of Bitcoin. We need to figure this out before it becomes too late.

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[mk4]

Psst. You can use Bitcoin for whatever purpose you may see fit. You want to use it as an investment? A payment currency? A way of having real ownership over your money? A way of hiding your wealth from the government? You may even use it to buy those anime waifu pillows or Belle Delphine's bath water and I don't care one bit. Because that's the point! You have complete freedom with Bitcoin, and you don't need to care what people think!

[Upgrade00]

I agree that attention has shifted much from the actual qualities of Bitcoin to its USD equivalent, and that is very much expected, price volatility would surely attract speculators. Also, Bitcoin is still a budding market and it would take a while for it to properly fit into a particular market, there are currently more options to spend Bitcoin through merchants than there was 5 - 6 years ago, so I wouldn't say it's dying at all.

But since the price skyrocketed, only a few care about the sole aim of the currency.

Imo, there is no sole aim of bitcoin, the whitepaper describes it as a peer to peer version of cash and as a payment network, this however doesn't mean it is limited to be used as a currency. It's decentralized and can be utilized in different ways, an alternative to fiat, a store of value, a medium of exchange etc.

if it ever happens, a lot of people will lose, a lot will pull out, a lot will tag us scam, a lot will (out of anger) say that we are centralized, and a lot would never know or participate in the real use of Bitcoin. We need to figure this out before it becomes too late.

Being centralized would mean dictating how people use the coins they own, anyone is free to spend them or hold them as part of the freedom Bitcoin offers.

[odolvlobo]

Eventually, the price will level out and it will become a investment that is as boring as gold.

[aoluain]

The OP sounds really stressed out.
Bitcoin isnt dying, if anything it is just approaching its teenage years, it has a lot of living yet to do.

We all know that Bitcoin has become something other than (as well as) a currency but it can be both.
There are plenty of places you can spend your Bitcoin and when Crypto backed credit cards become more
popular you will be able to spend everywhere.

You can Spend, Gamble, Hodl, Trade, Loan and Borrow Bitcoin. Plenty of choice.

The crypto space is moving and even Laszlo couldnt envision it. BTW here is his original pizza thread.
At that time in 2010 he was happy to get pizza for his tokens.

 https://bitcointalk.org/?topic=137.0

[Jawhead999]

A way of making more money due to the price speculation. With every new investor believing this, I hate to say this but, Bitcoin is dying. I know that the chances of Bitcoin's price dropping so bad are small. But if it happens, if it ever happens, a lot of people will lose, a lot will pull out, a lot will tag us scam, a lot will (out of anger) say that we are centralized, and a lot would never know or participate in the real use of Bitcoin. We need to figure this out before it becomes too late.

On 2018 it's already show Bitcoin is crash since the price is below $4,000 but what's next? slowly but sure, it's recover and now breaking new ATH. In my opinion those who spreading FUD (scam, centralized etc) is some newbies who doesn't understand Bitcoin for sure.

Some merchants and online shop already accepting Bitcoin, it's show real use of Bitcoin as a currency.

Bitcoin could be crash, but the chance is small until there's new technology or has many bad news against it. Also if Bitcoin is dying, other coin/token would be dying to since Bitcoin is the mother of cryptocurrency.

You may even use it to buy those anime waifu pillows

Never thought I will met a weeaboos in this forum

[amishmanish]

The topic is either clickbait or real emotions arising out of the realization that Bitcoin is slipping right out of our grasp and into the coffers of the richest people who are putting millions into it.

Every time I feel like I want more BTC and look at the price and look at my safe limit of monthly buying of a volatile asset, i too wish that all these top hoarders fucking spent it on yachts and women and lambos so i could accumulate more. Yet, these OGs seem to have something else on mind. They keep hodling and the supply on exchanges keeps decreasing.

Each new entrant is willing to pay a higher price.

This has been happening for long enough now. I think those buying opportunities will keep presenting themselves because there is no lack of FUD and weak hands. If you really believe in it, be there to lap up the Sats you can afford when it falls below 20K the next time. Alos, just as @mk4 pointed out, you can use it for whatever you want. I buy groceries with it in a roundabout way as there are no stores that directly accept BTC. I then buyback what I would have spent on groceries. For all of this to happen, we need this secure, high hash network that only Bitcoin offers.

Keep the spirit up. Its not dying and not going anywhere. If you fear people blaming you, always tell them about the technical aspect and let them make their own decision to buy or not, If they get it.

[20kevin20]

I know a ton of people who are buying dips and investing in EUR or USD. However, it's still classified as a currency. Bitcoin has a lot of use cases and, obviously, some of them are more convenient than others are. The worst thing about Bitcoin is probably the fact that its current fees are too high to be used as a daily currency by the average person, but other than that it's amazing.

As long as there is nothing to replace it with (and there isn't), it's not going to die. In fact, it's only gonna grow.

[buwaytress]

Speak for yourself. I'm still using it almost on a daily basis, and sometimes several times a day. My income is virtually all in Bitcoin, or crypto in other forms, and I have to sell to pay my bills and stuff. And what I can pay in Bitcoin, I do. I've also spread this usage. Others who were my clients or employers now have switched. We're all using. Sure we save as much as we can, but spending Bitcoin and using it? It's gone way past pizza my friend.

[nutildah]

So long as the mempool is crowded and fees are high, bitcoin isn't dying. Lack of usage is what kills things. I do agree with your underlying sentiment that more emphasis should be placed on using BTC as a currency and not an investment.

Eventually, the price will level out and it will become a investment that is as boring as gold.

I understand what you're saying here but do you really believe that bitcoin can be as boring as gold? I think bitcoin will always be more interesting as it is dynamic and capable of a lot of things gold isn't. As far as price volatility is concerned, gold has a several thousand year head start... not sure BTC will ever be as stable in price.

[pooya87]

But since the price skyrocketed, only a few care about the sole aim of the currency.

You have a good point about bitcoin forgetting the fact that bitcoin is a currency, and has always been a currency. But this part is not true. Historically whenever the stats come out (like the amount of money or number of transactions that payment processors have handled annually or per month) they always point to the opposite meaning whenever price is rising fast and big there are a lot more people who are spending bitcoin.
For example more people spent bitcoin during 2017 than they did in 2018.

[ObscurePen]

Bitcoin is dying and you could be among those who are killing it. In 2010 Laszlo paid 10,000 bitcoins for a pizza. We all know this story but how many of us understand it? Do you think Laszlo didn't see potential in Bitcoin? He could have hodl and sell it off, but, he made that transaction to prove a point; to prove that Bitcoin is actually a currency. But since the price skyrocketed, only a few care about the sole aim of the currency. Everyone is "buying the dip", or "Investing some $$" in Bitcoin, and that is killing Bitcoin. The average person today sees bitcoin as an investment. Are we really turing this Cryptocurrency into a Crypto Asset?!

A way of making more money due to the price speculation. With every new investor believing this, I hate to say this but, Bitcoin is dying. I know that the chances of Bitcoin's price dropping so bad are small. But if it happens, if it ever happens, a lot of people will lose, a lot will pull out, a lot will tag us scam, a lot will (out of anger) say that we are centralized, and a lot would never know or participate in the real use of Bitcoin. We need to figure this out before it becomes too late.

Haha thats the funniest shit i've heard. Do you think Laszlo knew bitcoin would skyrocket in price? If he did then he is the biggest idiot on the planet to buy a pizza with 10000 bitcoin. He wasn't trying to prove no point. He just wanted pizza one day and had some money in bitcoin.

Bitcoin is an asset and it should stay that way. It should not become a currency, I don't think. It is too dangerous to be a currency. The crypto market is just a hyped up version of the stock market. This is how i see it.

[virtualdn]

It died 10,000 times already, get over it.

[scottsanderman12]

It died 10,000 times already, get over it.

38k on this time. died again. LOL

[KennyR]

It died 10,000 times already, get over it.

Same as the death, it has experienced lot and lots of resurrection. This means death of bitcoin is eventual, as the same is the growth. With time it'll overcome and reach big, if bitcoin had died, now grasses could've hidden the place where its been buried.

[sallybein987]

It died 10,000 times already, get over it.

Same as the death, it has experienced lot and lots of resurrection. This means death of bitcoin is eventual, as the same is the growth. With time it'll overcome and reach big, if bitcoin had died, now grasses could've hidden the place where its been buried.

BTC are similar Phoenix from your words)

[Gozie51]

Eventually, the price will level out and it will become a investment that is as boring as gold.

I don't think bitcoin will become boring as long its major characteristics are still there. One major of it is that it is decentralized and that means it lacks regulation which makes the price not being fixed. This will make it a continuous volatile asset.

[LimLims]

We have the rights to deal with our belongings however we like right?
Same goes with the holy crypto ‘Bitcoin’ .
Some people spend the coin anytime they want, some store and some just trade.
And does this action kill the coin?
Rather it would be harder to transact every time if we think it as a currency.
We need to pay tx fees everytime when we will use the coin. So according to me it’s better to hold.

[mk4]

Never thought I will met a weeaboos in this forum

I'm personally not really a weeb, but I syre know a good chunk of people who are. 

It died 10,000 times already, get over it.

To those who wants to see a list of when Bitcoin was pronounced dead, check this out: https://99bitcoins.com/bitcoin-obituaries/

[masterrex]

I think you are just thinking too much my friend. Just let the Bitcoin economy works there is no problem regarding the rising price of Bitcoin in fact it was a sign of growing Bitcoin demand so in my opinion there's no reason, for now, to worry that Bitcoin will die. just ride with the flow and dont counter it.