precrime3 (OP)
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April 10, 2014, 01:55:21 AM |
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Been chatting with some IRL friends about bitcoin. This one guy, total gold bug btw, refuses to touch btc. I ask him, "why"? And he replies " gold can one day become a low value, I'll admit. But never zero, as it is physical, and has industrial uses, so if nothing else would be used by industries. Bitcoin on the other hand is digital, so has no "bottom line" per se". He has me stumped, and I like to win  Any suggestions? |
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GigaCoin
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Giga
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April 10, 2014, 01:58:17 AM |
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Been chatting with some IRL friends about bitcoin. This one guy, total gold bug btw, refuses to touch btc. I ask him, "why"? And he replies " gold can one day become a low value, I'll admit. But never zero, as it is physical, and has industrial uses, so if nothing else would be used by industries. Bitcoin on the other hand is digital, so has no "bottom line" per se". He has me stumped, and I like to win Any suggestions? Theoretically it can however the adoption is too widespread. Worst case even if bitcoin fails, it will still be traded between hardcore geeks and crypto enthusiasts and will be worth a few cents to a few dollars. |
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Bit_Happy
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A Great Time to Start Something!
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April 10, 2014, 01:59:08 AM |
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Zero is possible, so is the end of the World tomorrow.
Bitcoin has an established history of strong up moves, especially after the price falls more than 50% from the all time high.
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Edward50
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April 10, 2014, 02:00:16 AM |
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Been chatting with some IRL friends about bitcoin. This one guy, total gold bug btw, refuses to touch btc. I ask him, "why"? And he replies " gold can one day become a low value, I'll admit. But never zero, as it is physical, and has industrial uses, so if nothing else would be used by industries. Bitcoin on the other hand is digital, so has no "bottom line" per se". He has me stumped, and I like to win Any suggestions? I'm a big bitcoin bear and I don't think it will ever reach zero. Only reason is there isn't one alt-coin that is at zero. It will always have some collector appeal. Of course this all changes if bitcoin gets hacked where coins can be produced freely. This would be similar to someone figuring out a way to manufacture gold. Both would go to near worthless. However, being zero and being worthless are very different. |
Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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Ibian
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April 10, 2014, 02:01:44 AM |
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Your friend doesn't understand basic economy. Bitcoin has value because it does things that existing financial systems can't.
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Look inside yourself, and you will see that you are the bubble.
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chessnut
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April 10, 2014, 02:01:54 AM |
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It's a high risk investment. gold has a much lower limit than bitcoin too.....
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gentlemand
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Welt Am Draht
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April 10, 2014, 02:03:31 AM |
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It would have to be a technical and fatal reason for zero. If the rest of the world just lost interest I'd buy a bunch and send them to myself just for fun. I'm sure others would too.
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aminorex
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Sine secretum non libertas
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April 10, 2014, 02:09:22 AM |
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You can easily take it to zero yourself: Just give me your coins at no cost. Voila! What power!
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Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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iluvpie60
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April 10, 2014, 02:15:27 AM |
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Been chatting with some IRL friends about bitcoin. This one guy, total gold bug btw, refuses to touch btc. I ask him, "why"? And he replies " gold can one day become a low value, I'll admit. But never zero, as it is physical, and has industrial uses, so if nothing else would be used by industries. Bitcoin on the other hand is digital, so has no "bottom line" per se". He has me stumped, and I like to win Any suggestions? You like to win what? Theoretical battles that can't be proven? Please explain how you win one of those exactly?.... |
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precrime3 (OP)
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April 10, 2014, 02:47:11 AM |
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Been chatting with some IRL friends about bitcoin. This one guy, total gold bug btw, refuses to touch btc. I ask him, "why"? And he replies " gold can one day become a low value, I'll admit. But never zero, as it is physical, and has industrial uses, so if nothing else would be used by industries. Bitcoin on the other hand is digital, so has no "bottom line" per se". He has me stumped, and I like to win Any suggestions? You like to win what? Theoretical battles that can't be proven? Please explain how you win one of those exactly?.... When the other person can't respond back logically, battle of ego  |
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BitcoinBobbeh
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April 10, 2014, 02:47:24 AM |
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Bitcoin, being digital and not "real" has no theoretical bottom.... it also has unlimited upside.
Worst case scenario, your friend buys a Bitcoin today and loses $400 bucks, which doesn't seem like a very big hit for someone who buys precious metals all the time.
Best case scenario, your friend buys a Bitcoin today and in 2016 it's worth thousands... even at these high prices such ROI is possible and beats any stock.
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By the end of next month at the latest we will have permanently left behind 3 digits. You can quote me on this.
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precrime3 (OP)
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April 10, 2014, 02:48:26 AM |
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Your friend doesn't understand basic economy. Bitcoin has value because it does things that existing financial systems can't.
Any examples I should particularly bring up? |
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hodlmybtc
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April 10, 2014, 02:57:54 AM |
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Your friend doesn't understand basic economy. Bitcoin has value because it does things that existing financial systems can't.
Any examples I should particularly bring up? Decentralized, being able to send shitloads of money to the other side of the planet superfast and for a very low fee, governments/central banks can't print them so you lose purchasing power by inflation etc. Basically the reasons why Bitcoin was invented. |
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precrime3 (OP)
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April 10, 2014, 03:11:41 AM |
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Alright thanks for the tips! Buts he got the gold bug hard, don't think even logic will work at this point |
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gannicus
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April 10, 2014, 06:41:27 AM |
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If any day BTC price goes sufficiently low, I will make an offer, which may count from now on if you want, to buy all of them for the price of 1 USD.
So the minimum price will be, at most, 1/21000000 USD, but never zero.
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Jonivdb
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April 10, 2014, 07:08:38 AM |
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Yes tonight or tomorrow it's going to start dropping and it won't stop until it hits 0!
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right wing authoritarian
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April 10, 2014, 07:16:33 AM |
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Gold does have uses but think about how much it would really cost if people stopped using it as a store of value. Answer: it would be worth pretty close to zero compared to what your friend paid for it originally. Once you include storage and security costs your friend has to pay, he could end up below zero in real terms. If your friend really wants something close to a risk free asset he should buy inflation protected bonds and bitcoin. The bonds will hold their value unless there is a govt default and in the case of default bitcoin will skyrocket.
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precrime3 (OP)
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April 10, 2014, 11:17:57 AM |
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If any day BTC price goes sufficiently low, I will make an offer, which may count from now on if you want, to buy all of them for the price of 1 USD.
So the minimum price will be, at most, 1/21000000 USD, but never zero.
Haha I'll PM you xD |
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anu
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RepuX - Enterprise Blockchain Protocol
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April 10, 2014, 03:55:36 PM |
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Been chatting with some IRL friends about bitcoin. This one guy, total gold bug btw, refuses to touch btc. I ask him, "why"? And he replies " gold can one day become a low value, I'll admit. But never zero, as it is physical, and has industrial uses, so if nothing else would be used by industries. Bitcoin on the other hand is digital, so has no "bottom line" per se". He has me stumped, and I like to win Any suggestions? There were times and places when you could get a bag of potatoes for attire worth $50,000 today. So yes, technically he is right. Gold won't go to zero. |
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precrime3 (OP)
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April 10, 2014, 05:24:24 PM |
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Yes thats true. Does BTC have features that would keep it from going to zero?
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