A lot of people think that gold has value because it's yellow and shinning, NO, gold has its value because:
a- its scarce
b- you can't fake any more gold
c- you can carry it between places at a reasonable cost, so you can exchange it
d- it does not degrade by nature with time
e- divisibility - you can divide it if you want
if you have those 5 things you have money, what the central banks do is printing money out of thin air, and that makes is less scarce and less valuable, with bitcoin you don't have this problem, so it's safe to say that forever, the price will go eventually up
It can't go to infinite. Bitcoin has value because people think someone will buy their coins for a higher price. Let's say bitcoin's price stabilizes at a certain price. Would you consider buying it in that case?
Bitcoin is just pure speculation.
the very notion of action is speculation, you can not act if you are not speculating and already knows the outcome.
"Bitcoin has value because people think someone will buy their coins for a higher price." - Not 100% true, there are people buying it to prevent his money to suffer from inflation, taxes, just like gold
"Let's say bitcoin's price stabilizes at a certain price. Would you consider buying it in that case? "-- The price can not stabilize, because the global production is increasing, and even if the price were stable, you would not suffer from inflation, so would be a great long therm investment. You can't compare it with gold, because there are huge gold miners, extracting more and more gold, with bitcoin it's fixed, and every hour it becomes more scarce, so the price will go up, like forever
I have bought and mined a lot of Bitcoin in the past before all of this buzz, and i recently sold it all.
Very nice profit and i will not buy Bitcoin again for reasons seemingly beyond your understanding.
Had it not gotten all of this media attention, you would probably not be posting about it non-stop.
99% of the people still didn't got in, so you had profit and still is against the coin, that makes no sense. You can be good at some fields, but this thing involve macroeconomics, for example, China, you don't understand what's going on right now, you are saying this thing is going down for months, but for months it tripled it's size, so you were proven wrong. There will be mainstream adoption of bitcoin with fast transactions, like lightning network is working on, so we are just in the beginning
you're missing the point, you say it's a bubble, its NOT.
a- why someone will sell something that is scarce, divisible, portable, for something less scarce?
don't understand that, the blockchain, once you make the transaction,
you don't spend more energy or electricity, if you calculate the cost of
USD, transportation, you would have similiar numbers, actually way
more, and there are people working on fast and mini transactions, so
this will not be a problem soon, about energy costs, you need to
understand that this thing is decentralized, and that kind of mentality
improves a lot of innovation, than when something is centralized. So
just some more code can solve these problems
I told you it's a network of computers.
It's a bunch of virtual zero's and ones that do not physically exist.
And they are not scarce, you can not even count them in a picosecond.
There have passed trillions of them in writing this simple message alone.
So now you are telling me that i do not understand.
I know for a fact that i have a better understanding of this technology then you will probably ever have,
There is so much you don't know it makes me laugh.
It's a good thing because it will keep you going discovery after discovery.
If you want to talk Bitcoin then talk in code not in words.
A bitcoin itself IS scarce, there are only 21 million units, you can't create more, so it's a coin, it fills all the requirements.
You are saying that based on the technology itself it will collapse, but until now you only pointed the blockchain size and the energy consumption problem, i don't think that's valid, because even physical coins do require energy to transport and maintain, money to pay people, etc. The blockchain size also is not a problem there are a lot of new concepts available for these problems.
And if you are so right, why the price is going up two months straight? You are the only smart guy and everyone else is stupid?
Because people want to believe.
I never said i am the only smart guy, i just meant that i was smarter then you, but that is not hard because i think most people are.
Bitcoin forked into cash and after that into gold so i can already see 63 Million coins.
So it seems some people found a way to 'print' Bitcoin... or at least it's offspring.
And i believe the number of available alt coins at the larger exchanges is almost at 1000.
But they don't carry the name right....
Bitcoin is only as valuable as the community/miner support and how much value is placed on the block-chain itself. It's a shit currency since it's expensive to transact and slow to confirm, and right now we're seeing a massive bubble build with the rapid accumulation of BTC by large players due to the forkability of btc. People think that BTC will preserve value in a time of economic despair, but in reality people will trade their BTC for fiat to pay bills and large players will dump the market and it would be a race to sell while you still can. This goes for all financial assets including gold - before hyperinflation comes a rapid deflation.
I m afraid bitcoin will be the next silver just like it in 1970s.