Topic: Wake up before it is too late - page 2. (Read 1489 times)

Bitcoin is very popular becouse of investment tool not currency anymore . Like gold while have not much utility it is much higher in value than silver which is much common used in space.
So people have chosen BTC becouse this is ONLY one coin that have no clear CEO in space.

Look all markets crash eventually. Plenty of banks in our history that failed, and with their failure, most of the times because of corruption from their managers, resulted in a loss for those who invested in them. Is there a risk in bitcoin? Yes, there is, the same way there is a risk in every asset, or even currency, because governments fail to, and with their failure comes hyperinflation.

No, bitcoin is not a currency right now, and can't be used that way. Yes, fees are high, but the time for bitcoin to be a global currency simply hasn't arrived yet. Stability will come with more liquidity, and more liquidity will come when the institutional money starts entering the market. That will happen with CME futures, and eventually ETF's. That is happening now, so bitcoin is following a good path here. You don't have to invest in it if you don't like it, but right now, it's one of the safest investments out there, in it's relation to risk/profit. That's just my personal opinion of course.

I understand your soncern and your point of view. I will not say that you are wrong, because we all have free will to think what we want. Also I agree on some parts of your thinking, but also you are wrong on some too. Of course this is my opinion. We invest in Bitcoin on our free will, and most people understand possible consequences. I think it is good to hear other people's opinion even if its oposit from ours.

The US economy collapsed because immoral people tricked ordinary citizens to take on loans which they had no hope of ever repaying - but packaging it in a way so people did not understand what was going on. They were simply lured in by the prospect of easy access to money. Same thing repeating now, only with different tools.

That perfectly sums up the discourse in every single thread on this entire forum

You are entitled to your opinion, of course, many people still think the earth is flat beside all the evidence otherwise. You are right when you say that the higher fees are a setback on the bitcoin system, but also because you may need to learn a little more how to use, and other tokens may alleviate this burden on the near future. Just an example if you use coinbase you will pay around $11 to transfer $25 but will pay the $11 if you transfer $100,000 or more. Try this at Western Union. But no the other side you can pay as low as 96s/wt on blockchain.info what would cost around $2 or less, so if you know how to use, yes it´s a painful process, but a $200B growing market is more than a lot of stock exchanges for some countries has. Would you say that when you buy a regular stock or options you´re living on speculation? Cryptocurrencies are not different and just because NASDAQ crashed in 2008 became a fraud, did it?

Now you are engaging in labelling and name calling. This not reasoned discourse.
You make a two good points: BTC is not a currency and the current price run-up looks like a bubble.
Everything else you claim is without intellectual foundation. Especially the manner in which you criticize the participants in this forum

No. Wrong.  Block chain is the technology. Bitcoin is merely one use of the technology.

The only thing I think we can agree on is that you appear to be in category #2

A blockchain without tokens is just a distributed database. There's nothing new about that. It's like claiming that telephone lines were the innovation behind the internet.

It's when piecing the various parts together that lead to cryptocurrencies that things get interesting.



I absolutely agree with the first part of your sentence -- that blockchain "investments", specifically ICOs and such -- completely lack the fundamentals of what makes a worthwhile investment. I also agree that in this part of the crypto-ecosystem there's a lot of shady shit going on, trying to sucker people into what they believe is quick money.

The point I am trying to make is that Bitcoin is not simply one of many startups -- it's the fundamental technology that lies at the heart of it. It is not the equivalent of dot-com company -- it's the equivalent of the internet.

This is progress. Your original premise is that BTC is a turn because it was like a ponzi scheme. Now that we agree it is not like a ponzi scheme, perhaps you can clarify your argument.

On the spectrum of turdiness, is BTC more or less turdy than an early stage biotech startup?  Is it more or less turdy than a Canadian platinum mining play?  Is it more or less turdy than Tesla?

All cryptocurrencies are the same. If you truly value your savings stay out of all of them.... If you want to invest in blockchain technology, look for companies focused on having an actual solid business model - just as Amazon had a solid business model during the dotcom bubble where everything named ".com" saw valuations skyrocket only to crash and burn.

The clearest indication that the peak of the bubble is nearing is when a company's valuation quadrouple simply because they put the word "blockchain" in their name: https://www.theregister.co.uk/2017/10/27/biz_quadruples_value_over_night_by_adding_blockchain_to_name/

hey, look, some FUD (that's been coming out since $.13 cents)

you've got it all wrong.

it's not a currency.

maybe one day it will be when the price stabalizes which will take further adoption.

but regardless.  it's a network.  not a currency.

and not only is it a network, it's an assert.

It is interesting to see to what lengths are some people on this forum prepared to go to "enlighten" the participants here that this is all wrong. Somehow i doubt their altruistic reasons. I'm just waiting to see something along the lines  of "BCH is better"...

Yes, you're right. Here you can find out more about cryptocurrency. You can discuss trading. Experts can take the help of many more.

When LN and Segwit will be fully implemented we will forget about this issues (looks like you buy BCC for 0.4BTC  )

Welcome to Jamie Dimon team bro! Lol, I don't know why there're always people calling Bitcoin a ponzi scheme while It doesn't meet any conditions of a ponzi scheme. You're the one have to wake up and take some courses about Bitcoin mate. Peace!

you'll need to provide supporting references to your assertion that bitcoin "is clearly a ponzi scheme".

what makes you say that it is so? what features of a ponzi do you see that you liken it to bitcoin? you'll have to elaborate on that here....or are you just saying that because that's what you've read and understood certain personalities like Jamie Dimon, Warren Buffett, or that Asian Bank exec say in the news like bloomberg, cnbc, and other news outfits covering bitcoin news?

i skimmed through some of those bits of news and recalling what i understood there, Dimon referred to bitcoin as a fraud and yet mentioned that it is a currency in a bubble that could reach $20k before it bursts... i think that maybe, he just hasn't reached the thought yet that our medium of exchange and assets could still evolve and change, and that in this digital age, a commodity or asset could in fact be digital or virtual.

an adviser of allianz, Mohamed El-Erian, admired blockchain technology but expressed uncertainty over the bitcoin price. he didn't say anything about bitcoin being a ponzi but he appears to be in a stage of accepting the idea that virtual commodities can be a store of value.

Warren Buffet was intrigued by blockchain tech saying it's a very effective method of transmitting money and you can do it anonymously. however, he believes that bitcoin had "no intrinsic value" - so he didn't say ponzi.

you don't need to "recruit" people to buy bitcoin and earn from their purchase. so what makes you call bitcoin a ponzi?

the amount of investment people are putting in bitcoin is their choice. when you invest in bitcoin, it's your responsibility to learn what it is that you're getting into. if you put all your money there, and the price goes down, then you have nobody to blame but yourself. it was after all, your choice to put in that big an amount. so if you're worried about all those people who're investing big, then you're fussing over something that you cannot control. that was their choice. you should make yours. if you don't understand bitcoin, stay away from it.

That is completely the wrong comparison. During the dot-com bubble a lot of people lost their money because as soon the word "internet" was mentioned, stupid investments were made. That doesn't change the fact that the internet was a great technology with many uses. But in the bubble only very very few actually had a sane business model - and they were the ones who made it (like for example Amazon). Most "normal" people who jumped on the bandwagon were lured in by rapid increases in valuation and lost out big time.

Right now we are in a similar bubble - except it is a blockchain-bubble. As soon as the work "blockchain" is mentioned stupid investments are made, and the vast majority of these will collapse similar to the dot com bubble. This does not mean block chain is wrong - block chain is a technology likely with a lot of good commercial applications, just like the internet. But similar to the dot-com bubble almost all of the current investments in "products" using block chain completely lack a fundamental sound business model, and the cryptocurrencies are foremost amongst those.