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What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

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What is the fate of Bitcoin?

  1. Currency of the future

    35.0%
  2. Passing Fad

    65.0%
  1. Space Ghost

    Space Ghost Contributing Member

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    Mining rewards is largely irrelevant at this point. We are still well over ~80 years before that happens. That is an entire new cycle and BTC will be history.
     
    saitou likes this.
  2. Commodore

    Commodore Contributing Member

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    It's like saying you are going to change IPv4, or Bluetooth, or Linux. Good luck!

    Except this is people's life savings you are messing with, base layer money that will establish the price of everything on the planet. So the protocol is even more conservative.

    You can deviate from consensus and create Greentooth, no one is stopping you. But no device will adopt Greentooth if it means losing access to everything on the Bluetooth network.

    Likewise, you are free to fork off the bitcoin protocol and create Bitcoin Saitou that changes the money supply. But why would anyone value that? And why would miners mine it if it isn't worth anything? We've seen people try to fork (deviate from consensus) bitcoin (Bitcoin Cash, Bitcoin Gold, etc.). Those projects have all failed.
     
  3. Commodore

    Commodore Contributing Member

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    disagree, a thousand years from now the bitcoin blockchain will still be verifying transactions every ten minutes

    everything on Earth will be priced in bitcoin
     
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  4. I am a Donut

    I am a Donut Contributing Member

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    How much longer until ETH flips BTC in market cap?
     
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  5. LosPollosHermanos

    LosPollosHermanos Houston only fan
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    @Commodore just had a stroke
     
  6. Space Ghost

    Space Ghost Contributing Member

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    Interesting statistic. Im more interested in the details in the data.
     
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  7. KingCheetah

    KingCheetah Contributing Member

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    Bookmarked this post.
     
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  8. I am a Donut

    I am a Donut Contributing Member

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    Its recorded on the chains, but I don't know any sites that breakdown by project usage, which would explain specific use cases.

    Collected fees by project is a good proxy though. cryptofees.info has this.

    For Ethereum its mostly trading (dexes) and lending/borrowing (of stablecoins mostly) to be sure. NFTs. Bitcoin is mostly transfers. If you ever run across a detailed breakdown please share.

    Not to get too far off on eth in the bitcoin thread, but I think it will flip bitcoin. If not this cycle, then in the next.

    Increasing defi usage, adoption in other areas: file exchange, gaming, streaming, insurance and on and on. Coupled with Layer 2 scaling and eventually shift to PoS, EHT will flip it.
     
    LosPollosHermanos likes this.
  9. saitou

    saitou J Only Fan

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    You and dachuda are like 2 sides of the same crypto coin, but I appreciate the enthusiasm :)
     
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  10. Commodore

    Commodore Contributing Member

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  11. I am a Donut

    I am a Donut Contributing Member

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    That thread was too much maxi insider lingo for me understand. I don’t know what a big blocker is and I’ve never heard of a pow denier.
     
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  12. LosPollosHermanos

    LosPollosHermanos Houston only fan
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    Polygon appears to have overtaken BTC as a hodl asset. It’s duo with ethi will be unstoppable. Right @Commodore
     
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  13. Commodore

    Commodore Contributing Member

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    big blocker wants to modify the protocol to allow more transactions per block (Bitcoin Cash implemented this)

    Proof of Work denier is someone who thinks Proof of Stake or some other scheme is superior
     
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  14. Dr of Dunk

    Dr of Dunk Clutch Crew

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    It's dun lost its miiiiiind. lol.
     
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  15. Charlie-99

    Charlie-99 Member

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    ethereum is really rallying... will it rival btc in long run??
     
  16. Yung-T

    Yung-T Member

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    Uh, that was still better than most of the market, most alts got rekt by 90%+ and more.

    Bitcoin is a much better play than alts during crashes.
     
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  17. Space Ghost

    Space Ghost Contributing Member

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    Which is why diversification and HODL is important.

    Liquidating a $200 position that gained you 10x will get you a nice new toy. Spending actually time listening to industry experts and understanding why you're investing and when you should sell will net you 100x - 10,000x. Jumping in and out of position chasing 2 - 3x gains from following youtubers is not the best path in the long run.

    There is a reason why the OG HODL'ers in this thread dont comment much. A couple of them are likely sitting on 8, maybe 9 digits while everyone else is dreaming to catch 6.
     
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  18. I am a Donut

    I am a Donut Contributing Member

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    he said in a bear alt coins crash and Bitcoin remains. Remain hell. Is 85% dd not a crash? If you held anything through 2019 you got fuct. Is this actually debatable in your mind?

    If you’re going to hold crypto through a bear for some reason you choose btc because it’s definitely going to survive, but that is no reason not to own alts in a bull market l, which is his position.
     
  19. Invisible Fan

    Invisible Fan Contributing Member

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    Yeah, what happens when it isn't profitable to mine bitcoin when none or near none are left to mine?

    I figured it's some endgame that happens in 3-5+ years and punted the issue, but has anyone really thought about it?

    As for the protocol change, there would likely be a fork and judging from previous forks, it would be like a dividend payment from a spinoff.

    Maxis and idealists wouldn't treat a "mistake" as a dividend, but no one is crying about eth classic or bitcoin cash anymore, esp if/when it rises out of speculation rather than feature improvements.

    SEC knocks on Michael Burry's door again this time for shorting TSLA and "making waves" about it.
     
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  20. Sajan

    Sajan Member

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    so what's the deal these days? people are turning on btc? should i go in on eth then?
     

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