Topic: Bitcoin will fail - page 4. (Read 8132 times)

They can not disrupt it if we remove the dollar part of it, quite the contrary, an incredibly honest system can takeover incredibily quickly. Otherwise, the irrational exuberence the market will place on bitcoin over the next few years/decades will lead to "our own collective end." - lyrics from this amazing song.

https://www.youtube.com/watch?v=pUVx13nBIhI

It's not like there's a book for this or something you could read
Cuz I’ve looked around
I tried to fill these holes with other roles I never learned to play
It seems like they always falter
How the hell should I know
Cuz it always seems to disappear so quickly you can’t see
Could somebody tell me where does the time go
I’ve got a bigger pile of questions than I could ever need
There’s no explaining these to me

I’ve never heard a word about the way we’re all received
At least that I believe in
I know traditions tell it's different, they spell it all it out to me
There’s no need to confuse me cuz I know what I know
And if everyone’s all subscribed to fictions that can’t be right
Then spinning we all collide one big typo this puppet show

I’d usually begin this conversation differently
I know it's kinda one sided
It’s obvious the answer is a question I believe
That no body’s asking
Now how the hell should I know
If everyone’s so unsure of
What's really below or above us
Then maybe we all buy in
Take our own collective end?

Because BTC is currently what, somewhere along the lines of 0.0000000000000001% of the world economy?  

They will. In the future many gov's, especially the good ole American empire, will go to great lengths to disrupt BTC as much as possible.

Investors on the other hand will see the opportunity and will get involved, to profit.

Why are global investors and banks not panic buying?

The goal is that, 1 satoshi needs to find its value that more or less represents 1 dollar. IE 1 BTC = 100,000,000$

in the beginning sweat equity is more or less slave labor, aside from fiat expenses agreed to be covered until farm becomes productive. I can then charge 5 satoshis for 1 pound of meat.

or 1 satoshi for a bundle of carrots.

I can hire labor for 1 satoshi an hour, as long as laborer harvests more than 40 satoshi's worth or produce/hour, I can employ him, be profitable, laborer can then send wages home as the wage itself was earned because productivity of the farm because of the bitcoin investment.

Pretty much all of OP's arguments have already been disproved by BTC already having gone from being worthless to over a $130 usd in very few years.

I am sure you wouldn't do it at a $6 exchange rate though.

Cool, I asked you 4 questions and you answered none.

I think you may be a little self centered.  Just because Bitcoin doesn't work for you for your one very specific and niche usage today doesn't mean Bitcoin has failed.

I can't buy a candy bar with a dollar in Spain.
I can't buy just about anything with a gold bar.
It doesn't mean dollars and gold are useless they just aren't useful in all circumstances.

I agree, I understand this point of view. It is the most likely one we will experience regardless of the amount of mental gynastics we do. But what remains true on top of all this, the value of a bitcoin is purely speculative. It can and likely will go down if there are not places to actually spend bitcoins inexpensively. (exchange rate + processing fees)

Granted in this world of easy money, it will likely experience massive volatility, which is okay for the gold 2.0 bugs. It may experience long term growth, but not because of any reason other than speculative. It remains one of the most risky, least understood concepts on earth, as well as potentially high reward. But why?  Just because?

I can imagine if I had 10,000-100,000 bitcoins(which I surely do not) because if i did I would be on a different beach every day sipping on tequila, not on this dumb computer socializing with the unsocial...

Anyways, if i had that many, I would feel like a god, as I get to give birth to new productive economies based on hard, honest working men and women.... and children, lol.

And  I would feed the sweat equity the coins and captial necessary to build all of that.

I don´t think, Bitcoin has to have the goal to take over or replace FIAT of any kind or origin. At this time, as no one really can say, where any Cryptocurrency will end a month oder a year or a decade from now, this is not the problem Bitcoin is facing. Any currency is only as much worth as someone (or a lot of someones) is willing to trade in in goods or another currency which is considered stable and precious.

Bitcoin has seen a dramatic rise in just a few month and I think there isn´t anyone out there who has a "feeling" of Bitcoin´s worth if not compared to FIAT. If I think of a Dollar or a EURO, I can imagine a lot of things I could get for it. If I think of a Bitcoin (or a fraction of it), I compare it to the actual price in Dollar or Euro, not to any actual goods of daily living. So I think - at least now - comparing Bitcoin to Dollar is comparing apples and oranges.

This only changes, if Bitcoin becomes a serious currency in (best case) daily trades. If it becomes "normal" - in use, not in concept. Therefore: of course most stores out there will refuse to sell you farming equipment for Bitcoin instead of Dollars. But that does not mean, the "real" value of Bitcoin could not be estimated, because it is at any time exactly worth as much as you´re able to get for it.

Just my two cents. Or: just my two Satoshi. Same same

If there is no real underlying value to bitcoin, eventually it will drop much closer to the actual cost of producing a bitcoin, whatever that may be

Last time I've checked casinos had a pretty big real life value (at least if value = moneyvalue).

Why bother with bitcoin, why do I not just go get a loan from the bank, or find a private investor who may or may not take my land if I endure a drought.

Then bitcoin is a speculative casino with little real world value that is usable for commerce.

Ehm...no? Then just instantly buy gold with the other 99% and you have your new fork+tons of gold.

But this discussion is useless anyway as it's impossible to buy all Bitcoins.

What's inefficient about the current process of buying bitcoin?
And how is it in any way related to the cost of mining?

And why would those investors need to be miners?
What has an investment in your project todo with mining (or as mentioned by you before, with the cost of mining)?

Oh and for your thought's about a "fair" price (like $6-8, lol), do you actually have any idea what the costs are to produce 1BTC on different hardware? Maybe you should double-check your numbers a little,
but as said, the cost of mining has nothing, i repeat, nothing todo with the market price.
When the market is willing to pay $100, $200, or $500 per Coin, then that's the price, doesn't matter if the cost for mining is just $1, or $10000.

and the fiat pyramid continues... If this happened the dollar and bitcoin would fail. Have all the paper dollars you want, they are not worth anything. Gold and barter win. eeeew

Gold and barter is not a pretty world.

Ok here the steps:
1. Some government tries to buy up all the Bitcoins, so they pump millions after millions in it

We have two options:
1) We still have enough coins to trade otherwise -> Bitcoin is a success o,O
It's nearly like an official currency of that state now.

2) They have bought all the coins and trading is impossible now (I don't know how they do that, but let's assume they did)
a) We are rich in fiat now
b) We create a new Bitcoin fork (or use Litecoin or whatever)
c) Invest 1%+ of our money in it to have the same Bitcoin economy like now (or more, if we spent more)

-> They have useless Bitcoins bought for millions and we have the same we had before+more

either you are a very smart delusional, or just delusional. How does a new bitcoin fork change anything, sounds like a scam.