Topic: My view on bitcoin (Read 2957 times)

What we need, is for people to price their goods and services on BTC alone. Not, how many BTC a FIAT amount converts to at point of sale.

You don't see businesses changing their prices day to day based on their exchange rate to another currency.

Bitcoin's problem is fiat. And people don't care because they want higher fiat prices.

they should have spread a bit of it, i mean they hold 100k more, why not giving even 1% of your stock, it won't make you poor for sure, bitcoin is full of greedy people, like the other thread(Bitcoin isn't a volatile asset. It is something else entirely.) said

Why someone should give bitcoin for free, if you were an early adopter I think you will never spread 1% of your bitcoin to all the "bitcoiner users".

they should have spread a bit of it, i mean they hold 100k more, why not giving even 1% of your stock, it won't make you poor for sure, bitcoin is full of greedy people, like the other thread(Bitcoin isn't a volatile asset. It is something else entirely.) said

The problem with Bitcoin is the Bitcoiners. Some of these "early adopters" got a 15-year-career from it, and sure are ungrateful and rude.

I thought maybe you were a troll worth ignoring, thank you for removing all doubt.

Exactly. Bitcoin was created by a bunch of teenagers after all.

We're not annoyed at them for wanting to get rich. We're annoyed at them for public whining about their failure to get rich quick, and worse still blaming bitcoin for their failure.

you can't blame people for trying to make quick profits.

So how much USD would it take to drive BTC's price down below 100? 

Big banks, I know you're there lurking.  So listen up.

Most bitcoiners want bitcoin to increase in value so bad, they will do anything it takes to make it go mainstream but don't really see where this is will lead us or even care at all how bitcoin will look like in the future.

I've known about bitcoin for very little time but from what i could gather here and there (correct me if i'm wrong), bitcoiners have been very enthousiast about bitcoin for many reasons one being that it is an alternative currency which is not manipulated by banks.

So when I see goldman sacks investing in bitcoin and everyone wetting their pants i am starting to think that we might have two differents crowds of bitcoiners, one that wants the currency to succeed and one that wants the value to rise but don't really care about the currency itself.

In my opinion people who wants the value to increase and wants rapid mainstream adoption will be responsible for bitcoin to never go mainstream, the blockchain will though, people will be transfering fiat between eachothers using the bitcoin blockchain or another one, but what is the point of having a blockchain in the background doing all the work and fiat on top of it? people will have no incentive to use the actual bitcoin, merchants will probably in the future have fiat denomination for their digital payment, and all transactions that were previously cash could be monitored by government with the help of bitcoin banks like coinbase and circle.

One of the awesome things about bitcoin is that it helps understand how money works in our current system, it raises very interesting questions, it educated people about what actually is money and also raises awarness about current manipulated fiat system.

By putting the blockchain in the background with fiat on top we will slowly remove all of these subjects from being discussed that are so important.

Bitcoin to me is not gold2.0 as some believes, gold is an asset bitcoin is an alternative currency.(my opinion)

The question i ask is why do all these people want bitcoin to go mainstream apart from the fact that they will earn money from that? if bitcoin is mainstream one day we will probably never hear about the word "bitcoin" anymore.

My post may sound a bit like i am some anarcho libertarian but I am absolutely not, i think government has a role in society but this role is not the issuance of money, bitcoin fascinates me because it is sound money and not controlled by anyone.

Even if bitcoin blockchain remains decentralized what is the point of having fiat going through it ?

Personnaly i think that's a good thing that we have many different crypto currencies, some very interesting open source projects of bitcoin ecosystem could very easily be rolled out on another crypto but i just think that bitcoin is not heading in the right direction because people do not give it the time to.

Bitcoin was meant to be an alternative currency not a new means of payment, we have that already it's called paypal and the version 2 of paypal is what bitcoin is slowly becoming.

All I know is when I got in the game back in 2011 .. BTC was nothing, literally nothing, it had one mainstream article at that point, this forum and silk road.
FF to today and look at what it has accomplished ... tons of useable BIP's added to the core protocol, millions upon millions of fiat thrown at mining and VC startups, hundreds of alt coins trying to be anywhere near as successful as BTC, governments starting to see it as a serious threat & holding actual leglislative meetings in regards to cryptocurrencies, major companies accepting it as a form of payment , the list goes on and on....

Ask me if I thought BTC was gonna accomplish this much 4 years ago this soon? I would have answered w/ a resounding NO, u fucking kidding me?!

In short, BTC has come a LONG LONG fucking way in 4 years ... this is what keeps my head up and my faith alive in BTC.

Sure, its been in a downslump in price, but the services / adoption ... the "infrastructure" has scaled MASSIVELY and continues to every day.

We only need to worry about the price if it goes below $100 again. Because at that point miners will be dropping off the network in flocks, consequently driving diff down ... which leaves BTC vulnerable to relentless 51% attacks. Thats when we need to worry about if BTC will succeed or not.

I think I see what you mean. With their spending power a few players could buy a huge % of BTC.? That could happen, but there are forces that work against it. If someone started buying thousands of bitcoins a day it would push the price ever higher. They would be both collecting coins and driving the price. Imagine how high it would go if someone tried buying 10% of the coins. I just don't see it as cost effective. Besides, mine are not for sale. Well... Ok, I'll sell a BTC for $1500.

 

How many coins are actually on all exchanges at any one time? A few tens of thousands maybe.

We all know that market cap is a silly measurement. Nowhere near that much money has ever been poured in. It would also work in the opposite direction too. If someone was hell bent on owning 1 million coins then prices would be in the Oort cloud long before they obtained even half of them.

All I know is when I got in the game back in 2011 .. BTC was nothing, literally nothing, it had one mainstream article at that point, this forum and silk road.
FF to today and look at what it has accomplished ... tons of useable BIP's added to the core protocol, millions upon millions of fiat thrown at mining and VC startups, hundreds of alt coins trying to be anywhere near as successful as BTC, governments starting to see it as a serious threat & holding actual leglislative meetings in regards to cryptocurrencies, major companies accepting it as a form of payment , the list goes on and on....

Ask me if I thought BTC was gonna accomplish this much 4 years ago this soon? I would have answered w/ a resounding NO, u fucking kidding me?!

In short, BTC has come a LONG LONG fucking way in 4 years ... this is what keeps my head up and my faith alive in BTC.

Sure, its been in a downslump in price, but the services / adoption ... the "infrastructure" has scaled MASSIVELY and continues to every day.

We only need to worry about the price if it goes below $100 again. Because at that point miners will be dropping off the network in flocks, consequently driving diff down ... which leaves BTC vulnerable to relentless 51% attacks. Thats when we need to worry about if BTC will succeed or not.

They would be both collecting coins and driving the price. Imagine how high it would go if someone tried buying 10% of the coins. I just don't see it as cost effective.

I think there is a gray area in between the two crowds you refer to. In a way, the price of Bitcoin is proportional to how successful it is which keep all people focused on the price, not necessarily the currency. This doesn't mean they don't care for the representation or technology Bitcoin holds, but price is a main component to the drive that people have towards it. Personally, I feel as if I fit into that crowd. The price of Bitcoin being up is great, makes us all excited, when it's down maybe not so much, but my interest in Bitcoin will not decrease just because of the price. As far as those that use Bitcoin as a "get rich quick" scheme, I find they will be heavily disappointed, especially with the current exchange rate. Bitcoin won't be hitting the mainstream public soon if ever.