Topic: Bulls are Retarded - page 7. (Read 1372 times)
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When I look at Bitcoin from a practical point of view, I don't see $1 trillion worth of goods and services being passed through it. Russia and Australia have an economy of $1 trillion. Their total population can collectively only produce $1 trillion in value. What can Bitcoin do? Not even 1/50th of that.
If you have any "rebuttals", fire away.
When I look at Bitcoin from a practical point of view, I don't see $1 trillion worth of goods and services being passed through it. Russia and Australia have an economy of $1 trillion. Their total population can collectively only produce $1 trillion in value. What can Bitcoin do? Not even 1/50th of that.
If you have any "rebuttals", fire away.
Alright, let's put aside the popular notion that market cap means nothing(which may also be true btw) and let's try to speak using your language. You say that Bitcoin's market cap can't be $1 trillion because there are no goods and services worth of $1 trillion being passed through it. Yes, you are right for the time being, but don't forget that Bitcoin is still in its early phase of adoption. You could say the same about Apple 10 years ago when its market cap was $68 billion, and it is around $1 Trillion today. You may argue that Apple produces goods and services while Bitcoin produces nothing. Well, Bitcoin is a payment system some people find convenient to use, so it is a service in a way. Now, think of the situation when only 1% of the world population, at each time step, were using Bitcoin for payments. Since the global market cap is around $100 Trillion, we would have around $1 Trillion for Bitcoin. Considering that the supply of BTC is limited to under 20 million in the foreseeable future, we can expect the price of 1 Bitcoin to be over $50,000 in that case.
You have made some valid points but regarding all bulls as retarded is on the extreme which is hasty generalization because not all bull believers are unreasonable to think like McAfee or anyone who would wake up and come with predictions without thinking of how exactly that will have to happen and the challenges that comes with such happening.
There are still reasonable bulls who just wanted a decent and gradual progressive movement in price necessitated by evidential increase in adoption.
There are still reasonable bulls who just wanted a decent and gradual progressive movement in price necessitated by evidential increase in adoption.
it easy to be bull believers if we rich like McAfee i think he hold a lot of bitcoin.
if he fail predict for the price he still rich but if he right he f*king rich.
They have no regard for the market cap
Market cap is one of the most broken and redundant measures that there is. To put it politely and use your own eloquent language, you're retarded for thinking it matters.
They're not concerned about actual usability
You're confusing here the few with the many. Plenty of people understand that bitcoin needs a utility for it to continue to grow or else your 3rd point will remain true forever. Inevitably when you get so many people bullish on a technology and its potential you will get some who are only around for profit and don't understand the underlying tech.
When you're considering fees, there have already been advancements to try and prevent what happened in late 2017 from happening again, and there will continue to be so. With anything when there's an influx of new demand its hard to deliver. Scalability is always an issue but it's being worked on. The very fact fees got so high shows BTC is a success because it was driven by people using the coin.
Bitcoin is something speculators use to bet against other speculators
Can't argue with that, that will always be the case and it is for every other currency. It's not a criticism of any merit, it is the same for FIAT currencies. But like those FIAT currencies, it is not bitcoin's only use.
You have made some valid points but regarding all bulls as retarded is on the extreme which is hasty generalization because not all bull believers are unreasonable to think like McAfee or anyone who would wake up and come with predictions without thinking of how exactly that will have to happen and the challenges that comes with such happening.
There are still reasonable bulls who just wanted a decent and gradual progressive movement in price necessitated by evidential increase in adoption.
There are still reasonable bulls who just wanted a decent and gradual progressive movement in price necessitated by evidential increase in adoption.
As the title says, I firmly believe that Bitcoin bulls have something wrong with them. Now, I don't actually mean the insult. What I mean is that people who are hoping the price shoots up to $100,000 are morons.
They have no regard for the market cap
People who say that it'll shoot up to $100,000 have no concept of market caps and size. They seem to think that since a bubble happened two times, it will happen again.
You should be able to differentiate between a $1,000,000 marketcap and $1 trillion market cap. Most Bitcoiners are unable to do so. They believe in it rising to infinity and beyond because of previous movements.
That's not how the market works, dummies!
They're not concerned about actual usability
The last time Bitcoin shot up in price, any transaction cost $50 to do. A big speaking point for Bitcoin used to be that you could do small transactions for virtually no cost. This all changed once it shot up.
The ethos suddenly changed to being that Bitcoin should only be for large payments only. $1-2 payments shouldn't have any consideration.
When there are $50 fees, there will be less incentive to move money around, slowing down the Bitcoin economy. If there's no circulation and flow, how can Bitcoin be considered a currency? That leads me onto my next point...
Bitcoin is something speculators use to bet against other speculators
A high price is attractive for those in the game only. It doesn't help expand worldwide coverage. It's a turnoff, actually.
Who are the ones profiting from Bitcoin? It's the speculators.
When I look at Bitcoin from a practical point of view, I don't see $1 trillion worth of goods and services being passed through it. Russia and Australia have an economy of $1 trillion. Their total population can collectively only produce $1 trillion in value. What can Bitcoin do? Not even 1/50th of that.
If you have any "rebuttals", fire away.
They have no regard for the market cap
People who say that it'll shoot up to $100,000 have no concept of market caps and size. They seem to think that since a bubble happened two times, it will happen again.
You should be able to differentiate between a $1,000,000 marketcap and $1 trillion market cap. Most Bitcoiners are unable to do so. They believe in it rising to infinity and beyond because of previous movements.
That's not how the market works, dummies!
They're not concerned about actual usability
The last time Bitcoin shot up in price, any transaction cost $50 to do. A big speaking point for Bitcoin used to be that you could do small transactions for virtually no cost. This all changed once it shot up.
The ethos suddenly changed to being that Bitcoin should only be for large payments only. $1-2 payments shouldn't have any consideration.
When there are $50 fees, there will be less incentive to move money around, slowing down the Bitcoin economy. If there's no circulation and flow, how can Bitcoin be considered a currency? That leads me onto my next point...
Bitcoin is something speculators use to bet against other speculators
A high price is attractive for those in the game only. It doesn't help expand worldwide coverage. It's a turnoff, actually.
Who are the ones profiting from Bitcoin? It's the speculators.
When I look at Bitcoin from a practical point of view, I don't see $1 trillion worth of goods and services being passed through it. Russia and Australia have an economy of $1 trillion. Their total population can collectively only produce $1 trillion in value. What can Bitcoin do? Not even 1/50th of that.
If you have any "rebuttals", fire away.
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