Reality Check on Crypto

[palle11]

I am convinced that many of those people that are only looking for profits will come to appreciate the other characteristics of bitcoin and will eventually become to use it in their everyday lives.

I believe the set of generation of people that will see bitcoin as only an asset and not as investment opportunity or tool is yet not arrived. Almost every body that has bitcoin currently are doing so because of the investment value. Maybe back in the early years of bitcoin when it was used to buy pizza could have passed for just asset and hodling but currently it is invested on for profit taking.

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[Findingnemo]

I am convinced that many of those people that are only looking for profits will come to appreciate the other characteristics of bitcoin and will eventually become to use it in their everyday lives.

I believe the set of generation of people that will see bitcoin as only an asset and not as investment opportunity or tool is yet not arrived. Almost every body that has bitcoin currently are doing so because of the investment value. Maybe back in the early years of bitcoin when it was used to buy pizza could have passed for just asset and hodling but currently it is invested on for profit taking.

But the thing is not only for the profits, many investors who entered into the bitcoin just for the profits changed into a crypto enthusiast after realizing the importance of decentralization, for some it will take more time but surely everyone will come to the right track and beat the banks control over all our money.

[carlfebz2]

I am convinced that many of those people that are only looking for profits will come to appreciate the other characteristics of bitcoin and will eventually become to use it in their everyday lives.

I believe the set of generation of people that will see bitcoin as only an asset and not as investment opportunity or tool is yet not arrived. Almost every body that has bitcoin currently are doing so because of the investment value. Maybe back in the early years of bitcoin when it was used to buy pizza could have passed for just asset and hodling but currently it is invested on for profit taking.

But the thing is not only for the profits, many investors who entered into the bitcoin just for the profits changed into a crypto enthusiast after realizing the importance of decentralization, for some it will take more time but surely everyone will come to the right track and beat the banks control over all our money.

Once you had stepped your foot into this market with having that initial impression whether you do aim mainly  for profits or simply been interest on its real use case then sooner or later you would really able to

realize on what things are happening and you would be aware on how this market moves and how Bitcoin did really have big purpose and benefits  when it comes to decentralization.

You should be aware at least on whats happening around and you could make yourself some decisions which would fit out on the situation.

[dbc23]

It's not as If people using the morden financial system feel too comfortable using them even though most of the financial institutions tries their best to maintain a clean and transparent ledger. The issue of volatility has made many shy away from substantiating Bitcoin as a unit-of-account. And non-decentralized advocators aren't knowledgeable enough to know what the stand to gain using the decentralized ledger format. Many still see Bitcoin as an anti-government innovation that has come to fight against the long existence of manipulated ledger accounts. But in actual sense Bitcoin is more saving than the traditional banking system.

If Bitcoin can attain some level of stability many would decide to adopt it as a clear unit-of-account across boarders. With the level of volatility it posses if it's used for transaction purpose there will be constant difference in price from point to point and a drop in currency value might alter transactions.

[Silberman]

I am convinced that many of those people that are only looking for profits will come to appreciate the other characteristics of bitcoin and will eventually become to use it in their everyday lives.

I believe the set of generation of people that will see bitcoin as only an asset and not as investment opportunity or tool is yet not arrived. Almost every body that has bitcoin currently are doing so because of the investment value. Maybe back in the early years of bitcoin when it was used to buy pizza could have passed for just asset and hodling but currently it is invested on for profit taking.

And without a doubt you have a point as the majority of those that are getting into bitcoin right now are doing it for the profits they can possibly make, and taking into account that we are in the middle of a bull market then this is not really a surprise, but I really think many people will come to appreciate the characteristics of bitcoin and its decentralization especially since I really think that a massive economic crisis is basically inevitable at this point.

[Hippocrypto]

Sometimes, this forum thinks that the rest of the world will flock to Bitcoin in droves because of its qualities.

Some people think that every potential user/investor will care about its decentralized features or its high value.

Well, it is not the case.

The people who go to BitcoinTalk are not the average investor: they are interested enough in crypto to make an account here.

It is not the posters you talk to, but the invisible lurkers who may be reading this very post.

Well, I am agree that most users are not ideological advocates and that if they came from first world countries they are more or less decently served by the modern financial system. But, I highly disagree some part that these people dislike price volatility. As a matter of fact, the volatility price itself brought them into crypto market. Maybe some of the people do not appreciate those qualities right now because they do not see the need, but ask people in countries where inflation is out of control and people are using bitcoin and other cryptocurrencies to protect themselves and we will see they appreciate the fact that it has a lot of importance to them.

[Viscore]

I am convinced that many of those people that are only looking for profits will come to appreciate the other characteristics of bitcoin and will eventually become to use it in their everyday lives.

I believe the set of generation of people that will see bitcoin as only an asset and not as investment opportunity or tool is yet not arrived. Almost every body that has bitcoin currently are doing so because of the investment value. Maybe back in the early years of bitcoin when it was used to buy pizza could have passed for just asset and hodling but currently it is invested on for profit taking.

And without a doubt you have a point as the majority of those that are getting into bitcoin right now are doing it for the profits they can possibly make, and taking into account that we are in the middle of a bull market then this is not really a surprise, but I really think many people will come to appreciate the characteristics of bitcoin and its decentralization especially since I really think that a massive economic crisis is basically inevitable at this point.

Yes. And with the rising inflation that most of the countries are currently facing right now, its no wonder that some countries are considering to adopt bitcoin as a currency so that inflation would not be felt totally by the people. So in this case, bitcoin is now starting to gain massive adoption not just for the sake of investment's profits but also as a currency that will eliminate inflation that most of the countries are suffering at the present.

However, with regards to its decentralization and volatility, i think it will also be address by the government once it will be a global currency in the future.

[so98nn]

The reality is that bitcoin first appeared on the earth a decade and few more years ago on the earth. It's planning might have started way before that so that the inventor was busy coding the blockchain and it's logics. Ideally it started, and it never looked back to this date. The reality is that, there is more than trillions of dollars which are being spend on the blockchain and the enormous volume is driving the price of bitcoin to the new goal.

Now, what bunch of peeps think about the bitcoin does not matter here. If invisible reader is here to gain more knowledge about it, then read the above para twice and empty your bank into crypto before its too late.

The reality tells me, bitcoin is now way sophisticated asset than it was a year ago and it would far more lucid a year after this. So don't argue, because we would be just wasting the time and nothing else.

[Kadal Ijo]

The thing that makes us optimistic is that the market is no longer dependent on bitcoin, look at USDT or other coin fixes, the transaction volume is greater than bitcoin, this makes the competition even better and if bitcoin drops then there is hope for altcoins that can help bitcoin.

[darewaller]

The reality is that bitcoin first appeared on the earth a decade and few more years ago on the earth. It's planning might have started way before that so that the inventor was busy coding the blockchain and it's logics. Ideally it started, and it never looked back to this date. The reality is that, there is more than trillions of dollars which are being spend on the blockchain and the enormous volume is driving the price of bitcoin to the new goal.

Now, what bunch of peeps think about the bitcoin does not matter here. If invisible reader is here to gain more knowledge about it, then read the above para twice and empty your bank into crypto before its too late.

The reality tells me, bitcoin is now way sophisticated asset than it was a year ago and it would far more lucid a year after this. So don't argue, because we would be just wasting the time and nothing else.

The idea started even before 2000's, maybe by satoshi himself, maybe someone who is totally stranger who just checked, but if you check the "e-money" world, we had many many periods before bitcoin that had emoney methods.

However, blockchain basically created something that is non-penetrable and also decentralized which gave its power. Look at usdt to see the difference, if the first coin was USDT then we wouldn't have this situation, we would have something that is totally different, why? Because it is centralized and pegged, then we wouldn't have crypto at all. The reason why bitcoin became this famous is the fact that it is decentralized and it is totally owned by the people and nobody else.

[Silberman]

I am convinced that many of those people that are only looking for profits will come to appreciate the other characteristics of bitcoin and will eventually become to use it in their everyday lives.

I believe the set of generation of people that will see bitcoin as only an asset and not as investment opportunity or tool is yet not arrived. Almost every body that has bitcoin currently are doing so because of the investment value. Maybe back in the early years of bitcoin when it was used to buy pizza could have passed for just asset and hodling but currently it is invested on for profit taking.

And without a doubt you have a point as the majority of those that are getting into bitcoin right now are doing it for the profits they can possibly make, and taking into account that we are in the middle of a bull market then this is not really a surprise, but I really think many people will come to appreciate the characteristics of bitcoin and its decentralization especially since I really think that a massive economic crisis is basically inevitable at this point.

Yes. And with the rising inflation that most of the countries are currently facing right now, its no wonder that some countries are considering to adopt bitcoin as a currency so that inflation would not be felt totally by the people. So in this case, bitcoin is now starting to gain massive adoption not just for the sake of investment's profits but also as a currency that will eliminate inflation that most of the countries are suffering at the present.

However, with regards to its decentralization and volatility, i think it will also be address by the government once it will be a global currency in the future.

The volatility should decrease to a point with the increase in adoption, after all the reason volatility is so high is that right now the main use of bitcoin is as a speculative asset, however when this changes and bitcoin is mostly used as a currency then the price should become more stable and the power of the speculators should decrease, they will still hold a lot of power but it will not be as great as what we are witnessing right now.

[Rajamuda]

The thing that makes us optimistic is that the market is no longer dependent on bitcoin, look at USDT or other coin fixes, the transaction volume is greater than bitcoin, this makes the competition even better and if bitcoin drops then there is hope for altcoins that can help bitcoin.

Well, the point is that the crypto market is not easily extinguished or sinks, it will still be alive by the number of demands, which is increasing day by day, as well as certain projects related to certain Altcoins.
The world is increasingly focused on the internet, and cryptocurrency is one of the important roles related to this, especially Bitcoin, this will increasingly play a role and not only take advantage as an asset, but it looks like a global currency that can be transacted for many things in life.

[paxmao]

I am convinced that many of those people that are only looking for profits will come to appreciate the other characteristics of bitcoin and will eventually become to use it in their everyday lives.

I believe the set of generation of people that will see bitcoin as only an asset and not as investment opportunity or tool is yet not arrived. Almost every body that has bitcoin currently are doing so because of the investment value. Maybe back in the early years of bitcoin when it was used to buy pizza could have passed for just asset and hodling but currently it is invested on for profit taking.

I reckon that I would not be holding bitcoin if I though that it would not increase in value in the future, who would! However, bitcoin has some advantages to me when I have to move money from one country to another or when I need to have a reserve in case things go really wrong, I mean, at a catastrophic level of doom.

It is not my case, but I wonder if a refugee would rather stick a few diamonds up his ass to pass a border after fleeing or would he rather have bitcoin.

[michellee]

The thing that makes us optimistic is that the market is no longer dependent on bitcoin, look at USDT or other coin fixes, the transaction volume is greater than bitcoin, this makes the competition even better and if bitcoin drops then there is hope for altcoins that can help bitcoin.

The market still depends on the bitcoin market because if you check on the market when the bitcoin price is down, the altcoin will go down following the bitcoin market. Although USDT  transaction volume is greater than bitcoin, still, bitcoin leads the market and makes the altcoin follow on bitcoin.

What makes people come to bitcoin is the opportunity to make money at home and almost desperate to make money in this pandemic. They see bitcoin as a new way to make money, so they start learning bitcoin and know that bitcoin can be an asset or investment for them besides making money.

[zeuner]

Some people think that every potential user/investor will care about its decentralized features or its high value.

Not specific to Bitcoin. People always trade decentralization for convenience until their chosen centralized system crashes. But what keeps the smarter of them from also hodling something less convenient that might still be there when the more convenient choices devalued through some accident?

[Similificator]

Quite interesting topic to talk about since we all are different and naturally, have different reasons/motives in coming and staying in this industry. But one way or another, as the new generation take over the gone, the world will eventually come to realize the importance of decentralisation and this industry that advocates it. Earning is a plus, yes. But the main point is that at some point, people will get sick of the outdated and buased system. Thus increasing the number of people using crypto and pushing its cause.

[Silberman]

Some people think that every potential user/investor will care about its decentralized features or its high value.

Not specific to Bitcoin. People always trade decentralization for convenience until their chosen centralized system crashes. But what keeps the smarter of them from also hodling something less convenient that might still be there when the more convenient choices devalued through some accident?

Correct, this is not something that happens only to bitcoin it happens to everything that is less convenient than other options, for example lets take a look at smart phones, there is no doubt that smart phones are very useful tools but at the same time people have accepted to exchange that convenience for their privacy, there are phones that let you retain come level of privacy but do people care? Not really, as they are fine with that exchange, and something similar happens with fiat and bitcoin.

[mindrust]

https://preview.redd.it/otabpoea1qt71.jpg?width=960&crop=smart&auto=webp&s=522c4b015664975528b28ae3d241b5b0d5c047cb
Sometimes, this forum thinks that the rest of the world will flock to Bitcoin in droves because of its qualities.

Some people think that every potential user/investor will care about its decentralized features or its high value.

Well, it is not the case.

The people who go to BitcoinTalk are not the average investor: they are interested enough in crypto to make an account here.

It is not the posters you talk to, but the invisible lurkers who may be reading this very post.

You know what they say about opinions. Everybody has one. Just like an asshole.

This freak also has an opinion, it appears and his opinion isn't really much more important than yours.

Of course he will tell these because he is selling eth. Eth and Btc are competing with each other.

Not saying his words are false. It might be true.

I wonder what he thinks about shiba inu because right now it is kicking ass of both btc and eth.

[Kakmakr]

You know, when Vitalik make presentations like that... he actually wants to identify the key areas where Crypto enthusiasts like ourselves has to focus on. He wants to change people's perspective on Crypto currency as a payment option and he also wants to boost Ethereum as a better choice than Bitcoin.

I am not sure when that presentation was done, but I gather it was before Bitcoin developers added the Lightning Network to Bitcoin. Yes, Bitcoin was not an attractive alternative currency before the Lightning Network... but as we are seeing in Venezuela.. it is kicking ass.  

[Gyfts]

It's historically not 5% per year, not even close.  The inflation rate over the last 11 years averages 2% per year, and that's including the large increase in 2021.  It's been remarkably stable despite the massive quantitative easing.  And even assuming we used your wrong number of 5% per year, that would still be vastly superior as a currency to one that regularly depreciates 10% in a day.  That's an unusable currency that doesn't allow for any type of long term planning because volatility is a terrible quality for a currency to have.  The inability to plan long term is a death knell for any economy.

Year    Annual Inflation Rate
2011       3.0%
2012       1.7%
2013       1.5%
2014       0.8%
2015       0.7%
2016       2.1%
2017       2.1%
2018       1.9%
2019       2.3%
2020       1.4%
2021       5.4%

Source:  https://www.usinflationcalculator.com/inflation/current-inflation-rates/

Historically inflation for the US has not been this high, but also keep in mind the growth of the US economy, spending, federal reserve liabilities, and ratio of debt to GDP.

The US economic numbers were released recently and the economy is growing at 2 percent with a 5 percent inflation rate. So there is not enough money being generated to even being close to paying off any debt. The currency is going to balloon, compound this with the current labor shortage that exists in the US due to generous unemployment benefits.

2021 was of course unique due to the pandemic so previous inflation numbers won't be good in predicting future inflation numbers because of the permanent economic ramifications of shutting down entire pillars of the economy.