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Author Topic: Bitcoin made rich just a few but it ruined many  (Read 9320 times)
adamstgBit
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October 01, 2014, 11:59:02 PM
 #61

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

15mill$ market cap while achieving "gigantic success"

seems legit.

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Chris_Sabian
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October 02, 2014, 12:21:18 AM
 #62

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

This statement makes no sense at all.

Cryptobro
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October 02, 2014, 12:25:33 AM
 #63

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

This statement makes no sense at all.



Why does that not make sense to you? Seems pretty clear what he's trying to say
mano21
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October 02, 2014, 12:26:09 AM
 #64

If you're selling btc, you deserve to lose your money.

HODL or die.
inca
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October 02, 2014, 12:38:14 AM
 #65

That would require a much higher money velocity which is the opposite if bitcoin now. It would be just as susceptible to hoarding to drive up value as now so I don't see that as likely.
I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

This statement makes no sense at all.



Why does that not make sense to you? Seems pretty clear what he's trying to say
cypherdoc
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October 02, 2014, 01:48:01 AM
 #66

It's funny how much this mimics the sort of talk that was going around in 2011.  I feel like I am reading those posts as if it were yesterday.

yep.  i won't ever forget that facepalm pic!  Wink
Chris_Sabian
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October 02, 2014, 02:12:48 AM
 #67

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

This statement makes no sense at all.



Why does that not make sense to you? Seems pretty clear what he's trying to say

Because if the whole world is using bitcoin, then the price will be much higher than $1 / coin.  If only 500,000 - 1 million people are using it today and the price is ~$375 / coin, then the whole planet of 7 billion means a higher price.
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October 02, 2014, 04:04:15 AM
 #68

Bitcoin will make many more people rich, i am sure it is not a question of if but when.

When? November 2013, that's when the distribution begun and the big players got rich.

Those who would become rich of BTC already are.
wamatt
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October 02, 2014, 08:23:01 AM
 #69


Welcome to my ignore list.

Dang, interwebs d00d I never met before, tell me it ain't so!!!1!1!



Welcome to my ignore list NotLambchop.
BlindMayorBitcorn
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October 02, 2014, 03:23:42 PM
 #70

...
Even after all this I am not ruined. I am still 5figures fiat to the better and have a few BTC to show.
...

Another ridiculous argument.

Investing in lottery tickets is stupid.  Overall, the scheme looses you money.
It doesn't suddenly become smart if you have won--it's still stupid.
You have won the lottery, which doesn't make you any smarter than all of the fools who lost.
I would advise you to stop, regardless of your past winnings.



None of the bears on here can give a credible reason as to why selling everything is truly the best course of action.
[/b]

Because they will be cheaper in a month

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
inca
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October 02, 2014, 03:29:57 PM
 #71

...
Even after all this I am not ruined. I am still 5figures fiat to the better and have a few BTC to show.
...

Another ridiculous argument.

Investing in lottery tickets is stupid.  Overall, the scheme looses you money.
It doesn't suddenly become smart if you have won--it's still stupid.
You have won the lottery, which doesn't make you any smarter than all of the fools who lost.
I would advise you to stop, regardless of your past winnings.



None of the bears on here can give a credible reason as to why selling everything is truly the best course of action.
[/b]

Because they will be cheaper in a month

Or you sell your bitcoins at a low price and have to buy in higher? It is a credible strategy for conserving fiat but not for conserving btc.
BlindMayorBitcorn
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October 02, 2014, 03:33:11 PM
 #72

...
Even after all this I am not ruined. I am still 5figures fiat to the better and have a few BTC to show.
...

Another ridiculous argument.

Investing in lottery tickets is stupid.  Overall, the scheme looses you money.
It doesn't suddenly become smart if you have won--it's still stupid.
You have won the lottery, which doesn't make you any smarter than all of the fools who lost.
I would advise you to stop, regardless of your past winnings.



None of the bears on here can give a credible reason as to why selling everything is truly the best course of action.
[/b]

Because they will be cheaper in a month

Or you sell your bitcoins at a low price and have to buy in higher? It is a credible strategy for conserving fiat but not for conserving btc.

Fiat is not fiat. I should think that the local currency of very few of the countries we live in have bled 90% in recent memory

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
sgbett
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October 02, 2014, 05:17:15 PM
 #73

...
Even after all this I am not ruined. I am still 5figures fiat to the better and have a few BTC to show.
...

Another ridiculous argument.

Investing in lottery tickets is stupid.  Overall, the scheme looses you money.
It doesn't suddenly become smart if you have won--it's still stupid.
You have won the lottery, which doesn't make you any smarter than all of the fools who lost.
I would advise you to stop, regardless of your past winnings.



None of the bears on here can give a credible reason as to why selling everything is truly the best course of action.
[/b]

Because they will be cheaper in a month

Or you sell your bitcoins at a low price and have to buy in higher? It is a credible strategy for conserving fiat but not for conserving btc.

Fiat is not fiat. I should think that the local currency of very few of the countries we live in have bled 90% in recent memory

LOLWUT


"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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Nagle
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October 02, 2014, 06:07:25 PM
 #74

Besides the miners that HODL since the early CPU and GPU days, and a lucky few who bought and cashed out before the last bubbles had burst, the majority only lost money.
Of course. Bitcoin is a zero-sum game. Bitcoin doesn't generate any revenue or produce anything. For every win, someone else loses.
cloudboy
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October 02, 2014, 06:13:40 PM
 #75

Besides the miners that HODL since the early CPU and GPU days, and a lucky few who bought and cashed out before the last bubbles had burst, the majority only lost money.
Of course. Bitcoin is a zero-sum game. Bitcoin doesn't generate any revenue or produce anything. For every win, someone else loses.

Exactly the same as gold.
RodeoX
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October 02, 2014, 07:16:13 PM
 #76

I think its worth mentioning that bitcoin does not make you rich or ruin you. It is your actions using bitcoin that determine what will happen. For example a lot of people hear that you can run some code and watch your PC start spitting out money. They buy mining equipment and find out it is not going to work that way. Or they think you can "invest" in bitcoin and it will go to the moon. When a lot of people do this the price is driven up to silly high levels and then inevitably crashes hard. 

That is because speculation is just guessing about the future and produces nothing of value within the economy. No value in, no value increase. If you want to see the price rise you should make BTC more valuable by helping local businesses accept bitcoin. Ultimately it is utility that gives value to bitcoin. The more places you can spend it and the easier it is to obtain them leads to further adoption. Just trading them back and forth for fiat does not help.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
Free bitcoin in ? - Stay tuned for this years Bitcoin hunt!
Capt Drake
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October 02, 2014, 07:55:23 PM
 #77

Besides the miners that HODL since the early CPU and GPU days, and a lucky few who bought and cashed out before the last bubbles had burst, the majority only lost money.
Of course. Bitcoin is a zero-sum game. Bitcoin doesn't generate any revenue or produce anything. For every win, someone else loses.

Exactly the same as gold.

The same as stocks, the same as futures, the same of the universe, the same of the atoms...

Welcome to the jungle baby, it's the survival of the fittest
jasonjm
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October 02, 2014, 07:59:22 PM
 #78

Besides the miners that HODL since the early CPU and GPU days, and a lucky few who bought and cashed out before the last bubbles had burst, the majority only lost money.
Of course. Bitcoin is a zero-sum game. Bitcoin doesn't generate any revenue or produce anything. For every win, someone else loses.

Exactly the same as gold.

The same as stocks, the same as futures, the same of the universe, the same of the atoms...

Welcome to the jungle baby, it's the survival of the fittest


you guys are wrong. bitcoin is not a zero sum game, as ultimately it's use is when its converted to fiat for purchases.

therefore if it gradually appreciates against fiat, the holders of bitcoin as a group would gain. The holders of the fiat would lose. But bitcoin would be a net winner.

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October 02, 2014, 08:37:45 PM
 #79

Besides the miners that HODL since the early CPU and GPU days, and a lucky few who bought and cashed out before the last bubbles had burst, the majority only lost money.
Of course. Bitcoin is a zero-sum game. Bitcoin doesn't generate any revenue or produce anything. For every win, someone else loses.

Exactly the same as gold.

The same as stocks, the same as futures, the same of the universe, the same of the atoms...

Welcome to the jungle baby, it's the survival of the fittest


you guys are wrong. bitcoin is not a zero sum game, as ultimately it's use is when its converted to fiat for purchases.

therefore if it gradually appreciates against fiat, the holders of bitcoin as a group would gain. The holders of the fiat would lose. But bitcoin would be a net winner.



Wrong. Bitcoin is a zero sum game. All the purchasing power of bitcoin comes from fiat invested in it. And there is only so much fiat in it as it was invested. It's mathematically impossible for everyone to have more purchasing power than before. Someone has to lose. It only seems that everyone is winning while majority is holding and not trying to realize their profits.

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twiifm
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October 02, 2014, 08:53:00 PM
 #80

Besides the miners that HODL since the early CPU and GPU days, and a lucky few who bought and cashed out before the last bubbles had burst, the majority only lost money.
Of course. Bitcoin is a zero-sum game. Bitcoin doesn't generate any revenue or produce anything. For every win, someone else loses.

Exactly the same as gold.

The same as stocks, the same as futures, the same of the universe, the same of the atoms...

Welcome to the jungle baby, it's the survival of the fittest


you guys are wrong. bitcoin is not a zero sum game, as ultimately it's use is when its converted to fiat for purchases.

therefore if it gradually appreciates against fiat, the holders of bitcoin as a group would gain. The holders of the fiat would lose. But bitcoin would be a net winner.



Wrong. Bitcoin is a zero sum game. All the purchasing power of bitcoin comes from fiat invested in it. And there is only so much fiat in it as it was invested. It's mathematically impossible for everyone to have more purchasing power than before. Someone has to lose. It only seems that everyone is winning while majority is holding and not trying to realize their profits.


Yep that's because its inelastic.  Fiat money can expand and contract supply to address economic demand.  Basic monetary economics that bitcoiners dont seem to understand

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