Topic: Here is why Bitcoin can only go down - page 3. (Read 650 times)
I don't have any clue why you are comparing a phone with Bitcoin, These two things are totally different in many aspects, not only that but also the Mobile phone has an improving matter whereas Bitcoin is a certain thing which could not be improved, the popularity of a Mobile phone is totally depended on the features and other system but Bitcoin and Cryptocurrency is not like that, so the comparison is not suitable to these issues, that's why at first, you have to choose two similar product to compare with each other then you have to do this, you haven't well in this thread so far.
Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.
In the same sense, bitcoin is just numbers associated to addresses. These numbers are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
In the same sense, bitcoin is just numbers associated to addresses. These numbers are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
You've completely misundertood and utterly failed to comprehend what Bitcoin is, what it signifies, and how unique and intrinsic value is established.
I see a lot of responders saying I cannot compare Motorola as a company with Bitcoin. Well, I am not comparing the two. I am comparing limited supply of phones and coins by using an argument from analogy. This argument does not assert that the two things are identical, only that they are similar. The structure or form of this argument may be generalized like so:
P and Q are similar in respect to property x.
P has been observed to have further property y.
Therefore, Q has property y also.
In my example I assumed limited supply of Motorola cellular phones. Meaning, Motorola phones(P) and Bitcoin(Q) are similar in respect to limited supply(x). Then I made the second premise: limited supply of Motorola phones wouldn't lead to drastic price growth because people would simply produce their own cellular phones - they would simply produce their own wireless communication devices(y). And then the conclusion followed: limited supply of Bitcoin won't lead to drastic price growth because people will simply produce their own coins - they will simply design their own crypto payment systems (y).
And this is exactly what is happening with the inflation of altcoins - people are designing their own crypto payment systems. Simply, there is no rational reason for people to enter into fast, transparent and cheap payment system(Bitcoin) for $7K, or even for $10, if they can enter such system for $0.001(altcoins) or if they can design their own systems.
That is also the reason why Bitcoin is a mega-bubble and can only go down to the price of an average coin.
P and Q are similar in respect to property x.
P has been observed to have further property y.
Therefore, Q has property y also.
In my example I assumed limited supply of Motorola cellular phones. Meaning, Motorola phones(P) and Bitcoin(Q) are similar in respect to limited supply(x). Then I made the second premise: limited supply of Motorola phones wouldn't lead to drastic price growth because people would simply produce their own cellular phones - they would simply produce their own wireless communication devices(y). And then the conclusion followed: limited supply of Bitcoin won't lead to drastic price growth because people will simply produce their own coins - they will simply design their own crypto payment systems (y).
And this is exactly what is happening with the inflation of altcoins - people are designing their own crypto payment systems. Simply, there is no rational reason for people to enter into fast, transparent and cheap payment system(Bitcoin) for $7K, or even for $10, if they can enter such system for $0.001(altcoins) or if they can design their own systems.
That is also the reason why Bitcoin is a mega-bubble and can only go down to the price of an average coin.
Wrong comparison. Go back into learning more about economics. You are not in the right field to just judge how crypto currency market will work.
Hell, even with other kind of commodities you are still in the wrong line.
You might want to change yourself from being pessimistic into optimistic when it comes to crypto.
The market here is volatile and it cannot be judge by just one kind.
Bitcoin can growing up when many positive news and many investor buy with higher amount, other side need respond from bigger people or company to make bitcoin look interested, after bitcoin have higher price many people can take much profit but when bitcoin goes down you have wait for keep your money and holding is best thing. Hell, even with other kind of commodities you are still in the wrong line.
You might want to change yourself from being pessimistic into optimistic when it comes to crypto.
The market here is volatile and it cannot be judge by just one kind.
Lover and haters everywhere. Not only crypto. First of all I saw thousands of calculation like you.saw thousands of posts that bitcoin will be 0.01$ or bitcoin will be dead. But finally bitcoin is more than 7500$ right now.hope i will see same post when bitcoin price will be more than 30k$.but no matter bitcoin is bitcoin. Lovers will love and haters will hate.
In all aspects of life, even you do the best things in the world you will always have haters on your side bashing here and bashing there. This goes with crypto too. I have seen already Bitcoin obituaries in the internet already for almost 2 years of being in crypto and I have read numerous negative articles already regarding Bitcoin but where is it now??Many are saying that it will be dead in X years but it didn't happen. Yes we saw some dips in the price of it but it is just normal for a market like crypto. Fuck those haters we don't care about you.
OP is a man of pure negativity because at the moment of this post, Bitcoin is up with 1.94% and trading around $7,662 so about OP saying Bitcoin can only go down is a pure lie 
Is that why it has been going only up?
I wonder how would you explain this chart?
https://images2.imgbox.com/15/4b/H7Wr77AN_o.png
As you see, it started from "0". Bitcoin is on a path from nothing to everything. Everything= Total collapse of the current financial system which is going to be replaced by bitcoin.
I wonder how would you explain this chart?
https://images2.imgbox.com/15/4b/H7Wr77AN_o.png
As you see, it started from "0". Bitcoin is on a path from nothing to everything. Everything= Total collapse of the current financial system which is going to be replaced by bitcoin.
Lover and haters everywhere. Not only crypto. First of all I saw thousands of calculation like you.saw thousands of posts that bitcoin will be 0.01$ or bitcoin will be dead. But finally bitcoin is more than 7500$ right now.hope i will see same post when bitcoin price will be more than 30k$.but no matter bitcoin is bitcoin. Lovers will love and haters will hate.
Every new technology faces criticism in the start, its a natural fact. Important point is BTC community firmly believe in the strengths of Bitcoin and its the BTC community that is driving the upword price of Bitcoin. If we see Bitcoin journey from 2009 to 2019, we clearly see Bitcoin has gained global attention despite too much criticism from centralized financial institutes.
Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.
In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
You cannot equate all things that are clearly different variables. Communication devices and crypto have different developments.In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
You say if the system about bitcoin can be made by everyone, now which tokens or coins can rival the dominance of bitcoin?
I know that you are really frustrated with the current state of bitcoin, because I believe that you are only oriented to the price of bitcoin, not to how bitcoin can be applied to real life, man.
After reading all that OP is talking about, it seems it all gets down to the fact that he thinks that another cryptocurrency will come and become more dominant than Bitcoin but from all I have seen there hasn't been any other alt coin that has come close to even doing that. The most talked about Bitcoin Cash which has a larger block size and far cheaper transaction fee couldn't even stand the test of time.
No other crypto currencies can compete with bitcoins no matter it is bitcoin cash , Eth , ripple or any other currency. All of these theories and forecast have failed and bitcoin always stays on top and it will continue to dominate the crypto market.
I feel pity on people who think bitcoin is close to death.
But the price is going up again, what fall are you talking about?
After reading all that OP is talking about, it seems it all gets down to the fact that he thinks that another cryptocurrency will come and become more dominant than Bitcoin but from all I have seen there hasn't been any other alt coin that has come close to even doing that. The most talked about Bitcoin Cash which has a larger block size and far cheaper transaction fee couldn't even stand the test of time.
You make your point but you compared the wrong things. Motorola is a cellphone. Cellphones are faster to develop. Every year a single company releases newest version. The value of a cellphone depreciates over time. While with bitcoin, it doesn't just depreciate, it fluctuate. A cellphone is constant with depreciating until it reaches it's lowest value. While in bitcoin, although it does decrease, it also increase. I am not saying that bitcoin will reach 1,000,000 dollars but what I'm saying it's still possible unlike a cellphone you're comparing
In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol.
This is not a very strong argument for your statement that Bitcoin can only go down. "In the same sense" as you put it, gold is just a substance extracted from the ground and the greenback is just a type of paper with fancy markings on it.
Wrong comparison. Go back into learning more about economics. You are not in the right field to just judge how crypto currency market will work.
Hell, even with other kind of commodities you are still in the wrong line.
You might want to change yourself from being pessimistic into optimistic when it comes to crypto.
The market here is volatile and it cannot be judge by just one kind.
Hell, even with other kind of commodities you are still in the wrong line.
You might want to change yourself from being pessimistic into optimistic when it comes to crypto.
The market here is volatile and it cannot be judge by just one kind.
If you are correct that Motorola could only produce 10,000 phones per year then it limited the number of people that could own them or obtain them. That is not the same as Bitcoin because even though there is a limited number of Bitcoins, they can be divided to eight digits. In other words it’s not just 21 million people that can own a Bitcoin. Every person on the planet could own a fraction of a Bitcoin. So there is no limit to the number of people that can own or obtain some Bitcoin.
This is nothing but a failed FUD attempt. It's not the first time people talk ill about Bitcoin. I know not everyone would agree to the idea of decentralization. It's quite funny how OP went on and on to compare Motorola to Bitcoin. First things first, The comparison is wrong as both entities isn't on the same league. Talking about someone later creating another currency in the future? Hardly. Companies / Governments are already going the blockchain way with Bitcoin being the pioneer.
Lover and haters everywhere. Not only crypto. First of all I saw thousands of calculation like you.saw thousands of posts that bitcoin will be 0.01$ or bitcoin will be dead. But finally bitcoin is more than 7500$ right now.hope i will see same post when bitcoin price will be more than 30k$.but no matter bitcoin is bitcoin. Lovers will love and haters will hate.
Yes its true there are so many lovers in bitcoin also haters because bitcoin price are going down so many are haters of bitcoin especially to those buy bitcoin in high price. But once bitcoin goes up many can bitcoin lovers so don't be negative all we can do now is to support bitcoin love bitcoin don't mind the haters.
Whatever the speculations, bitcoin is still the first and the number one cryptocurrency. You are right, anyone can make there own like bitcoin but the trust and sentimental value of it is very far from any other crypto coins existing and yet to exist. You cannot compare it with mobile phone like Motorola they are different things. Motorola is a mobile technology it evolves and depreciates. You cannot invest in phone for years. For sure its value will decrease. Bitcoin is a different thing, its a monetary investment. You cannot simply dump it anytime. Its a long term investment with a digital purpose.
@OP, you are entitled to your opinion but it seems to me that your ideas had been rehashed many many times by people with the same mindset such as yours - all of which are made from pure speculation!
Now, I was wondering why you are only directing your attention and your observation to just Bitcoin alone when all the while there are a ton of shitcoins out there that could be worthy of your comments and opinion! I suggest maybe you could direct it to those shitcoins that pollutes this industry and it could be your advocacy too should you wish to brighten up cryptosphere. Imho.
Now, I was wondering why you are only directing your attention and your observation to just Bitcoin alone when all the while there are a ton of shitcoins out there that could be worthy of your comments and opinion! I suggest maybe you could direct it to those shitcoins that pollutes this industry and it could be your advocacy too should you wish to brighten up cryptosphere. Imho.
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