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Old 08-22-2021, 10:49 AM
 
6,556 posts, read 2,192,454 times
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Quote:
Originally Posted by Tencent View Post
BTW this thread will be locked as there is only one Crypto thread allowed
That's really short-sighted. Is there only one fiat currency thread allowed as well?
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Old 08-22-2021, 12:05 PM
 
Location: South Jordan, Utah
7,662 posts, read 8,117,719 times
Reputation: 3392
Quote:
Originally Posted by TexasLawyer2000 View Post
That's really short-sighted. Is there only one fiat currency thread allowed as well?
Ya, it is like saying you have to discuss every car company on one thread. Shows how clueless so many people still are RE: crypto.
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Old 08-22-2021, 12:30 PM
 
2,540 posts, read 1,758,925 times
Reputation: 4979
I really don't understand when will Bitcoin be viable to spend? If the value keeps on going up why would anyone spend their Bitcoin? If the value is going to be at least 100K or even soar to crazy heights like 1M what's the use of this in society if the majority of people are going to HODL?
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Old 08-22-2021, 12:39 PM
 
14,127 posts, read 5,734,504 times
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Quote:
Originally Posted by Stockyman View Post
I really don't understand when will Bitcoin be viable to spend? If the value keeps on going up why would anyone spend their Bitcoin? If the value is going to be at least 100K or even soar to crazy heights like 1M what's the use of this in society if the majority of people are going to HODL?
It is digital so any small increment could used as money.
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Old 08-22-2021, 12:49 PM
 
2,540 posts, read 1,758,925 times
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Quote:
Originally Posted by Hoonose View Post
It is digital so any small increment could used as money.
I know but it's a waste of Bitcoin if the value is going to continue to skyrocket. Why would I spend it on dinner if the value is only going to increase at a dramatic clip in the future? Look at all these people who lost out by carelessly spending on dinner https://www.cnbc.com/2021/08/14/mit-...s-in-2014.html
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Old 08-22-2021, 12:52 PM
Status: "Exhausted fighting the Covidiots" (set 19 days ago)
 
337 posts, read 218,928 times
Reputation: 546
Quote:
Originally Posted by illtaketwoplease View Post
I know that bitcoin is trading over 40k, but is it essentially worthless?


My take is that people are putting money into it, expecting to be able to use it at places that accept it, and then those places expect to use it with suppliers or convert it into the currency of their choice.


As long as that happens - great. But what happens when they don't allow that to happen any more -- or if we enter a major devaluation or hyperinflation scenario. It is nothing but digital air. Worth less than paper. A confidence game.



Will investors in bitcoin become trapped in the trap they set themselves?
Can’t all these things happen with anything that is used to facilitate the exchange of goods and services, e.g. fiat currencies, previous metals, etc. I would think there is an inherent risk to owning anything that is a store of value. Over time, it could lose some value or in a more extreme case become worthless to those willing to accept it in exchange for “stuff”. As long as there are at least two people (a willing buyer and seller), something has value, no? What that value will be tomorrow however is unknown.
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Old 08-22-2021, 01:12 PM
 
6,416 posts, read 3,151,687 times
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Yes - so to me, bitcoin is worthless. To others it is worth 40k. More power to them. I actually know one of the major bitcoin bulls - semi-directly, and it is one reason I think the whole thing is puffery and tulipy. They tend to take advantage of others in a subtle way and call it savvy business acumen.
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Old 08-22-2021, 01:35 PM
 
Location: California
33,910 posts, read 37,442,683 times
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It's not worthless but crypto is only about 5% of my portfolio, and Bitcoin is only about 5% of that.
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Old 08-22-2021, 01:45 PM
 
5,100 posts, read 3,088,737 times
Reputation: 10835
Quote:
Originally Posted by TexasLawyer2000 View Post
That's really short-sighted. Is there only one fiat currency thread allowed as well?
Crypto threads were taking up 20 or 30 threads in the finance section as people made a thread for each little item. It was the perfect candidate to be in a consolidated sticky.
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Old 08-22-2021, 02:02 PM
 
14,127 posts, read 5,734,504 times
Reputation: 3132
Quote:
Originally Posted by Stockyman View Post
I know but it's a waste of Bitcoin if the value is going to continue to skyrocket. Why would I spend it on dinner if the value is only going to increase at a dramatic clip in the future? Look at all these people who lost out by carelessly spending on dinner https://www.cnbc.com/2021/08/14/mit-...s-in-2014.html
It is much like a slower version of day trading. Successful gamblers tend to have more information and make less mistakes.
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