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"...network is so bogged down meaning high fees and slow transactions which IMHO makes it slightly less valuable."
these are from two different posts of yours and seem to be contradictory? admittedly i don't know much about bitcoin so maybe you can clarify? thanks
That is the biggest challenge Bitcoin faces right now is so many people have come in the network is bogged down. A year ago I could send $50,000 very quickly for almost nothing in fees, today to send $50 might cost me $15 or $20. That's a huge problem and it's something I have a serious issue with right now. The Core developers seem to be pretty slow to react to this, there's talk of something called "lightening network" which should speed things up and make them cheaper but they've been talking about that forever and it's yet to come to fruition.
I totally agree with you that if Bitcoin was fast and quick its easily a $100,000 coin, the current state of Bitcoin IMHO makes it more a 10k or 15k coin, if things were to get back to how they were a year ago I say it's a 100K coin easy all day.
Right now I'm using Litecoin and Ethereum to send between exchanges because Bitcoin is just too slow and too costly. That said Bitcoin is the base price of all altcoins for the most part, it's your entry into the crypto market and it's the first one so has that first mover advantage.
I do think there's value in being a store of value, however not nearly as much value as being both a payment processor and a currency for peer to peer without others invovled.
Bitcoin has no value, but sellers of bitcoin may gain from its buyers in terms of real money. Nonetheless, the overall value of bitcoins stay zero.
Cash has no value either. Worthless pieces of paper. It's 'worth' what the fed says it is, used to mean more when backed by gold, but as has been mentioned the fed reduces it's value all the time by printing more.
12-28-2017, 08:50 AM
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n/a posts
Quote:
Originally Posted by doodlemagic
That is the biggest challenge Bitcoin faces right now is so many people have come in the network is bogged down. A year ago I could send $50,000 very quickly for almost nothing in fees, today to send $50 might cost me $15 or $20. That's a huge problem and it's something I have a serious issue with right now. The Core developers seem to be pretty slow to react to this, there's talk of something called "lightening network" which should speed things up and make them cheaper but they've been talking about that forever and it's yet to come to fruition.
I totally agree with you that if Bitcoin was fast and quick its easily a $100,000 coin, the current state of Bitcoin IMHO makes it more a 10k or 15k coin, if things were to get back to how they were a year ago I say it's a 100K coin easy all day.
The trouble is that those are just numbers you pulled out of nowhere.
The high processing fees make it unsuitable for anything but very large transactions. The slow processing times make it unattractive. The wild value instability makes it undesirable because who knows what it will be worth by the time the transaction actually goes through.
In its current state, Bitcoin has shifted from being useful for buying drugs and illegal porn online to only being useful for buying large quantities of drugs and illegal porn online.
Investing in Bitcoin isn't really investing. It's just gambling - hoping that someone else will come along and pay more, but having no reason to expect that to be the case.
To the OP: If your son supposedly has 111 Bitcoin then he needs to sell ASAP. I mean that's around $1.6 million sitting out there virtually. He could sell it all and have a nice little retirement starting NOW. Travel the world for a little while, enjoy life, and if he still wants to teach physics he still can.
To the OP: If your son supposedly has 111 Bitcoin then he needs to sell ASAP. I mean that's around $1.6 million sitting out there virtually. He could sell it all and have a nice little retirement starting NOW. Travel the world for a little while, enjoy life, and if he still wants to teach physics he still can.
The OP mentioned earlier in this thread that his son is not obsessed with money.
Although not 111, I'm sitting on a 6 figure sum of bitcoin... and 5 figure sum of ether... but I'm not selling because it's just not life changing enough for me. At this point, I rather wait until a real market develops around it (which I personally think is less likely for Bitcoin of the two). However, if we reach 7 figure range... then we're talking.
To the OP: If your son supposedly has 111 Bitcoin then he needs to sell ASAP. I mean that's around $1.6 million sitting out there virtually. He could sell it all and have a nice little retirement starting NOW. Travel the world for a little while, enjoy life, and if he still wants to teach physics he still can.
He lives and teaches in Kazakhstan and so far has visited 42 countries and has a good idea about different cultures all over the world. I think he is about traveled out at this point. No matter how much money he has he just isn't money driven. He saves a great deal, lives simply but enjoys a very active social life. And I'm happy to say he is very generous. He tips well, gifts well and likes to help those less fortunate. I'm not worried about his future but I do dread how he might feel if he loses it all.
All Bitcoin discussions bum me out. lol - at a Ron Paul rally in 2011, I stepped out for a cigarette and some weird-but-interesting kid told me to buy. He wanted to sell me 4 for $20 (had bitcoin but no cash for the inn's bar lol) and urged me further to buy more on my own and why. I didn't think he was crazy, just youthfully enthusiastic.
So yeah, it's a bummer. lol
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