The market still views Bitcoin as a stock, once prices stabilize, who knows if investors will just prop up another cryptocurrency? From what it seems the majority of people invested in Bitcoin are only in it to make money, money that they immediately convert back to fiat when BTC price rises. As of yet not many people are legitimately looking at Bitcoin as a currency.
propping up another crypto won't serve any utility value. its not easy to recreate petahashes of computing power securing and validating the network. its not easy to recreate a whole new set of applications to run on a new crypto. there will be no point. money will always flow into the most robust and developed crypto and corresponding blockchain. no incentive to 'start over' as any improvements can just be made on top of the old protocol. I'm in it to make money. Why does anyone do anything? thats the point of a free market. they can choose to buy/sell how they please. but those that hold the longest will be rewarded the most
oh but it is read gavin andresen's work on expanding blocksize, and invertible bloom filters. as far as environmental sustainability, who has given a **** about that ever when it came to making money? its good that people do now though, as the power grid will continue to improve and become cleaner as the years pass. PoW is the best way to secure a network such as this
What happens if governments ban its corporations from accepting Bitcoin? I still don't buy that governments will just let a decentralized currency system exist if it ever becomes a threat to fiat. Bitcoin will forever remain a stock to be bought and sold I think. Its a shame because cryptocurrency is admittedly interesting, its too bad the idealistic Libertarian cultists are making this a political thing.
I've said it before, but some of the bitcoin true believers really creep me out. It's like listening to cult people talk. That having been said, are there any remotely sane people who want to explain the current free fall or predict where/when we will hit a bottom?
manipulators gonna manipulate.. supply exceeding demand.. NY BitLicense regs coming out, ETFs to follow soon after... a big fish wants cheaper prices for he and his buddies as i've said, this technology wont be a threat to consumerism or any of the world values that fiat attempts to create. it may break down the exclusionary nature of the system as the wall for technology required to participate in it comes down (MMS send/receive systems). Only furthering the fiat system. Money is still king. authoritarian governments actually love the idea of a universally viewable ledger to allow for tracing the history and pattern of transactions. they would love to keep more account on people than ever before.
From what I've read, people think these bubbles and subsequent crashes are caused by a collection of BTC owners that control a serviceable portion of the marketplace and are able to eat electricity costs because they have the capital to afford it. Also those Bitcoin believers are just delusional libertarians that would rather lose money to BTC inflation than to USD inflation. LOL. There are some that literally say just that; that if you use Bitcoin to turn a profit in Fiat then you are a coward to the evils of Fiat. Lol.
the ideals of bitcoin began as very libertarian, foundationally.. but bitcoin is now big business, with everyone wanting a piece of the pie... the whos who want to extract value from the utility the technology affords them. its capitalism baby. the only way you dont see it is if you dont want to
Exactly. I have zero problem in seeing crypto alongside fiat, I just have a problem with those that want fiat destroyed and crypto to replace it in its current state.
There's no particular "fair value" or "book value" or anything to measure bitcoin by. There's no particular reason that $1 or $1200 or $220 or whatever it is now is the "right" value of it. So it's purely traded on supply and demand. That's the issue I have with bitcoin fanatics. They can argue its use cases or transformative power or whatever, but nowhere do they ever explain why it should valued at any particular number. They just say "it's useful, so it will go up" which doesn't make any particular sense. That assumes that what it's at today is some kind of a reasonable or fair valuation, but there's no basis to think that's true.
its a misunderstood point of view.. very complex in nature. crypto should serve to resolve a lot of the aches that our fiat system does cause.
there are data models that show if 'X% of 'Y' market was captured the price would come to 'Z' depending on current liquid supply 'W'
It has very little use at present. The price is due to expected future utility. Anything that is scarce and useful (or expected to be useful) has value, and therefore has a price. A few things need to happen for more widespread use. 1) better net access in the third world. Nokia feature phones help in this regard, they are super cheap. The Tesla/Google projects to put up hundreds of satellites for unfettered universal internet access is also interesting. 2) A big currency crisis. The Russian ruble thing is interesting. If Putin enacts strict currency controls, will people try to hide their wealth in bitcoin?
or something from left field like, a payments entity offering a crypto credit system.. where the end user (customer, merchant) experiences no difference in function, but the way the transaction was conducted is over blockchain rather than the traditional credit plumbing. Offering all possible avenues for recourse should a mishap occur, but at the same time using the cost effectiveness of blockchain transfer, reducing ~3% fees in order to compete
It is not. Bitcoin has a hard cap limit of 21 million bitcoins. Since one bitcoin can only be divided into 100 million units. That only equals to a total of 2.1 quadrillion units. How can Bitcoin become the currency of the future when it is bounded by a hard cap limit? A limit that cannot be easily scale due to the current foundation that supports it. I regretfully want to let you know that the majority of people are moving into a cleaner and greener Earth. Even creating a whole new socio-cultural class. In the late 90's and early 00's, the move from shareholder focus companies to stakeholder focus can be seen. Now companies are starting to care more about their community and surrounding instead of just dumping toxic waste on the indigenous people. It is no longer just about making money.
for the reserve crypto. plenty of units. then enter sidechains and cryptos with desired properties (maybe PPC?). Plenty of crypto liquidity to support an entire economy on these protocols im an eco-nut (lol), and i think this will never change. and as I said, there ARE people who do care, but also want to make money. They're making the grid cleaner. It takes time.
