Has Bitcoin sold its soul to speculation?

[di4biz]

Hi, hope you’re all doing well. Before you start calling me a newbie, or whatever it is you call a freshly created account, let me introduce myself and explain why I’m here. Business dev by trade, I work with multiple SMEs on their management and operational transformation as a consultant. I develop strategy, improve processes, and cut costs. Every day I deal with individuals who, for many years, have been building businesses, employing families, and adding value to communities, while giving up the most precious limited resource we all have: time. They all have something in common, they depend on governments, banks, and large institutions, which hold back their growth and take away power whenever it suits them. Economically, I’m liberal, pro-capitalism, and fully in favor of decentralizing power. I’m a Bitcoin holder and strongly believe in the technology behind it. That said, I have plenty of questions about all the hype surrounding it and the direction it’s heading.

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

[notocactus]

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

There are use cases, utilities for Bitcoin and many applications related to Bitcoin - of course, scam or Ponzi applications that try to attach Bitcoin to their names for scam attempts are all not included here.

Useful websites and resources about Bitcoin.

Speculations?
There is freedom and Bitcoin blockchain as well as Bitcoin market are for everyone. You can invest money in Bitcoin with solid belief in its future or you can purchase bitcoins with pure short term speculation for profit and don't plan to stay in Bitcoin market a long time. It's freedom together with diversifying choices.

[fikrett]

^ Yep, to each his own.

BTC has a place for everyone to try it out one way or another, and that's the beauty of it..

[buwaytress]

It's a matter of philosophy I suppose and cuts both ways. If Bitcoin is truly free to do with as you please, then it's only natural that most people find its liquidity and volatility attractive to speculate on. Was true a decade ago, true today, just in multiple volumes and instances. Practically, it's the price of adoption, of recognition. Besides, if the network is as strong as many of us believe in it, then this undermining only affects it short term. When bears happen, speculators get purged, presumably, and the ones remaining are using it as they always have. If speculation results in ultimate demise, then the proof of concept for Bitcoin is... disproved.

P.S. Hope you stick around, you gotta "earn" that right to not be called out as a newbie

[john_egbert]

It's a matter of philosophy I suppose and cuts both ways. If Bitcoin is truly free to do with as you please, then it's only natural that most people find its liquidity and volatility attractive to speculate on. Was true a decade ago, true today, just in multiple volumes and instances. Practically, it's the price of adoption, of recognition. Besides, if the network is as strong as many of us believe in it, then this undermining only affects it short term. When bears happen, speculators get purged, presumably, and the ones remaining are using it as they always have. If speculation results in ultimate demise, then the proof of concept for Bitcoin is... disproved.

P.S. Hope you stick around, you gotta "earn" that right to not be called out as a newbie

Volatility becomes less and less of a factor, imo, because BTC's cap only goes up, and institutions stick to it like to honey.

I agree that it's truly something of a price for BTC to become more mainstream, and much faster than without these institutions.

[Synchronice]

Pro-capitalism and decentralization power? Doesn't stand well. Capitalism is good in many ways but bad in many ways as well. Capitalism is good at first, everything goes smoothly, there is a competition, the quality of life goes on but over time, everything becomes centralized because we, humans, are social animals. Those rich people who earned more money, don't want to give back more money, they want even more for themselves and try to leave people without money, that's what's happening in our ages.

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

I don't understand this question well. If you want financial independence, XMR and some other coins are better option to my mind because Bitcoin is becoming centralized compared as time goes and technology advances. It's also speculative as hell but it doesn't mean much for me because I'm here with a long-term game plan. Financially, it's one of the best investment choice, it always rises.

[betswift]

I don't understand this question well. If you want financial independence, XMR and some other coins are better option to my mind because Bitcoin is becoming centralized compared as time goes and technology advances. It's also speculative as hell but it doesn't mean much for me because I'm here with a long-term game plan. Financially, it's one of the best investment choice, it always rises.

Stability and security = BTC.

Anonymity = XMR.

[Zlantann]

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

I don't think that speculation is affecting Bitcoin. Assets lie gold are also speculative and it has not affected its relevance. People will always want to make money from Bitcoin and we cannot stop them from speculating. Bitcoin is just a new invention. Its adoption and use as a currency in increasing gradually. You don't expect it to happen overnight.   

Government policies are the main impediment Bitcoiners face. Some countries are making laws that is forcing people to use Bitcoin through middlemen. Claiming that they are fighting or preventing money laundering and terrorist financing laws like MiCA are targeting decentralized crypto platforms.

 

[Aanuoluwatofunmi]

c

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

Maybe because you're not being informed about the bitcoin network to an extent makes you think in this manner, because bitcoin has come to stay and remained, there is nothing we can do to change the narratives of what bitcoin already serves, because its the need in which the people truly needs and they cant afford to do without, nothing is affecting the real world application of bitcoin as it continue to serve on the needs of the people in the financial economy.

[fikrett]

c

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

Maybe because you're not being informed about the bitcoin network to an extent makes you think in this manner, because bitcoin has come to stay and remained, there is nothing we can do to change the narratives of what bitcoin already serves, because its the need in which the people truly needs and they cant afford to do without, nothing is affecting the real world application of bitcoin as it continue to serve on the needs of the people in the financial economy.

Bitcoin is truly used more than just for speculation, especially now.

And things are going to get better with each year coming, in my opinion..

[di4biz]

Thanks to everyone for sharing your views. Many of you have already seen and still see, the trends in Bitcoin’s current use right? Let me broaden my thinking a bit more and respond to some of you:

Speculation, yes. And not just on the asset’s price, but also on what it supports and where it’s being used. I’ve got nothing against people doing it, freedom means exactly that. But here’s the thing, there are so many problems that could be solved with the proper use of this asset, without even giving up control over it, but instead, most are chasing the quick buck, the 1000%, the gambling, the trading, the easy, I'm I right?

Pro-capitalism and decentralization power? Doesn't stand well.

And yes, capitalism and decentralization can absolutely work together. Capitalism, by definition, is a free market system based on private property and the voluntary exchange of labor. Nothing stops it from operating in a decentralized environment where competition increases and monopolies shrink.

Once again, beyond the big institutions, funds, banks, etc. where are the SMEs and individuals using this or other tools to actually compete?

P.S. Hope you stick around, you gotta "earn" that right to not be called out as a newbie

About the newbie I hope so. Thanks 

[shield132]

Bitcoin is a very speculative currency but the good thing about Bitcoin is that it always rises. Doesn't matter how big the crash is or how severe the restriction is, if the bubble busts, this coin rises again every time, especially in every 4 years, after halving.
At the moment, Bitcoin is easy to speculate but it's because Bitcoin is a new currency and people don't have knowledge about it. The last example of easy speculation was when SEC leaked that they were going to approve Bitcoin Spot ETFs but I believe that over time, Bitcoin will be more stable and less speculative because it will be more mature, market cap will be higher, people's knowledge and experience will be better and if something ridiculous won't happen, then everything will be fine.

[SquirrelJulietGarden]

Bitcoin is a very speculative currency but the good thing about Bitcoin is that it always rises. Doesn't matter how big the crash is or how severe the restriction is, if the bubble busts, this coin rises again every time, especially in every 4 years, after halving.

It rises and falls but you are right if you say something like Bitcoin long term trend is always bullish which I agree. If your saying lacks this important information and condition, it's not accurate as Bitcoin is very volatile with falls, rises and also crashes that more popularly occur in bear markets.

Bitcoin sell-offs history.

It is easily to demonstrate it by using this Bitcoin Yearly Candle Chart which simply visualizes this fact that is clear enough so that it is undeniable fact.
https://charts.bitbo.io/yearly-candles

[luckyspirit]

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

If you are doubting real-world applications, then it is clear to me that you don't fully understand Bitcoin yet. Bitcoin's existence itself is the biggest killer real-world application.

Speculation, yes. And not just on the asset’s price, but also on what it supports and where it’s being used. I’ve got nothing against people doing it, freedom means exactly that. But here’s the thing, there are so many problems that could be solved with the proper use of this asset, without even giving up control over it, but instead, most are chasing the quick buck, the 1000%, the gambling, the trading, the easy, I'm I right?

You are confusing the location of the problem. This is not a problem of Bitcoin, it is a problem of society. Bitcoin is the best tool that we have ever had, expecting it to fix society is just crazy thinking.

Bitcoin is truly used more than just for speculation, especially now.

And things are going to get better with each year coming, in my opinion..

It has never been as good as it is now, but people still find reason to complain. It is amazing how messed up humans are. If someone wants things to be better than they are, make it happen and stop whining online.

[di4biz]

If you are doubting real-world applications, then it is clear to me that you don't fully understand Bitcoin yet. Bitcoin's existence itself is the biggest killer real-world application.

I agree that the existence of Bitcoin is already revolutionary, but that’s just the starting point. A tool only changes the world when it’s used to build something, and that’s where I see room to take BTC further.

You are confusing the location of the problem. This is not a problem of Bitcoin, it is a problem of society. Bitcoin is the best tool that we have ever had, expecting it to fix society is just crazy thinking.
It has never been as good as it is now, but people still find reason to complain. It is amazing how messed up humans are. If someone wants things to be better than they are, make it happen and stop whining online.

I don’t expect Bitcoin or other crypto to fix society. What I want is for us to use the best tool we’ve ever had to create real value, not just let it sit there while we debate how great it is.

[TheUltraElite]

I feel that bitcoin has less spending places. Currently only casinos and exchanges and those who buy gift cards to spend on merchants. The remaining portion goes into speculation, long term holding.

If things change such that merchants are accepting bitcoin directly, a lot of things will change. Firstly the price will go haywire and the secondly the speculation will come under a lid.

For now we just have to bear with it and continue our resolve of collecting bitcoin. How you use bitcoin will conclude whether bitcoin has sold its soul to speculation or something bad or not.

[Z-tight]

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

A lot of people call BTC a 'free' currency, that is to say people are free to use it as they want, without any third party control of course, and that includes the speculators. I don't don't see how speculation is a problem, as many people tend to suggest sometimes, i.e. it doesn't stop anyone from spending their BTC, using it i a p2p way, setting up their own node, etc.

Truth be told, it is going to be hard to find a bitcoiner who isn't using BTC's volatility to make profits on their investments, what is wrong with that? Absolutely nothing.

[summonerrk]

So I decided to create my account to ask you guys, if you think BTC true potential, of giving individuals financial independence and direct control without relying on banks or large institutions, is being undermined by speculation and the lack of real-world applications?

Bitcoin was once intended this way, but many of those who stored, mined or earned never used it for this purpose. Rather, they used it for speculation or sale, or stored it as an investment.
I have many crypto friends, but at first we did not exchange crypto, neither for services nor for gifts. And there were few services accepting crypto.
But in the modern world, I learned what unreliability of banks is when they block the money that I gave them for storage.
I also saw what it is like when money transfer services stop working, all at once. And then I fully understood how much cryptocurrencies, and Bitcoin in particular, defend our freedom.

[di4biz]

A lot of people call BTC a 'free' currency, that is to say people are free to use it as they want, without any third party control of course, and that includes the speculators. I don't don't see how speculation is a problem, as many people tend to suggest sometimes, i.e. it doesn't stop anyone from spending their BTC, using it i a p2p way, setting up their own node, etc.

Truth be told, it is going to be hard to find a bitcoiner who isn't using BTC's volatility to make profits on their investments, what is wrong with that? Absolutely nothing.

I agree that speculation is part of the freedom BTC gives. My point is, if 90% of people only see it as a quick-profit asset, we’re wasting its potential as a driver for business and real financial independence.

[yhiaali3]

Not quite literally, but it can be said that the greater interest has become in price, volatility, and speculation.
Since Bitcoin's price rose significantly, people began to pay attention to Bitcoin for speculation, not for its primary goals of decentralization, financial independence, and complete control of assets.

The large companies that entered the Bitcoin space also did not enter to create decentralized Bitcoin applications. Rather, they entered for profitable investment by buying more and more and setting aside strategic reserves to raise their company shares.