Topic: Why I invested in bitcoin - page 3. (Read 7296 times)

So you think Bitcoins are dead?  Don't you think a crash would result in such a massive drop so fast that it would be 0 dollars already?  I think its tough to say what happens for the future, I just hope that it rebounds

It already crashed,it crashed probably more times than we can count. I believe its the future. No point in delaying the inevitable. Now,governments may say to hell with bitcoin,ban it and possibly make their own crypto currency. That is my worst nightmare,all this bitcoin gone to SHIT because the USA made a cryto currency and banned bitcoin. Wow what a nightmare. Anyway. What is going to end up happening is bitcoin will make us a lot of profit and once the gravy train is up people are going to want to get in on it but the price will be stabilized pass 1000. So people will instead have to seriously consider it as a currency and stop trying to get on to make a quick buck.

Do you guys think Bitcoins will rebuild themselves here?  It seems rather scary and hard to get people invovled with Bitcoin continually going down for the last year.  Everyone I try to talk to tells me they don't want to get involved because it will crash

do me a favor and explain income inequality.

In an ideal world, tax money would be used to remove income inequality.
In some countries, corruption is a chronic problem. In others, there is still hope. 

i think I don't know what to think anymore.

I agree completely, but we need to spread the world, invite your friends , aquantances, everyone.

I think everyone should own atleast 1000$ worth of bitcoins, and then the price would skyrocket, what do you think?

because I believe bitcoin can be better than US$

We can see how much the eforia has been made because of bitcoin fever.

Just trust this currency, and it will raise to the star without being notice 

Actually, most of it goes into the pockets of their rich campaign contributors. The wealth appropriation by the politicians (directly) is pretty much insignificant compared to the wealth appropriation by their well-connected cronies.

In fact, taxes play a relatively minor role in this. Economically (i.e., all political implications aside), a developed country could simply stop taxing the population and print all the money its government wants to spend (waste). Yes, inflation would increase, but not outrageously so (because the taxes are just a small amount of money compared to the amount of money already printed by the banks) and the productivity would increase, since private businesses would be less burdened by taxes.


It depends on the definition of the word "burden". The vast majority of the taxes is paid by the rich people - especially in a progressive tax regime (i.e., not a flat tax equal for everyone but a taxation rate that increases with increased income). On the other hand, poor people spend a larger percentage of their disposable income on essentials (such as food), so one and the same percentage of income reduction is more burdensome to them than to a rich person.


No, because the workers vote (well, at least in a democracy they do), so increasing the tax burden on them is not politically expedient. A much better solution (from the point of view of the politicians) is to run deficits forever and just have the central bank print the money needed. Extracting wealth from the population via inflation is much easier than via taxation.


I've lived under a socialist regime for decades. I can assure you that not everyone was poor and equal. A small but not insignificant number of people enjoyed riches and power not attainable by the rest of the population.

wow bravo,
yes this should make us the winners of this generation if we do. And it pans out as planned.

It's been about a year since I've been saving after the big crash that happened a year and months ago. So far to be honest nothing has changed. Of course you'll have to wait it out but I expected greater change after a years time.

And the little mice, run round and round, in the little treadmill and they stay in one place.

Now connect a little dynamo to the treadmill and the pet owner get some FREE electricity. I think Bitcoin is the door to the cage, it gives us the opportunity, to climb out of the treadmill. 

And that is why, I invested in the technology and the currency.   

Actually they do, but most of it goes into the pockets of politicians.

Then the majority of the tax burden is on the worker class.

Rich people will flee with their money , to less taxed places. Then the workers will get taxed more to cover the deficit.

And then the workers will get just as broke and in-debt as the poor strata.

So in the end everyone will be poor, equal and poor, equal in poverty. Socialism in a nutshell

Lulz.  Things statists say.

The value of fiat comes from the ability of governments to tax their subjects. People produce goods and services, which are generally considered valuable by the society. The government appropriates some of the produced value via taxes and has the force to coerce people to part with this value.


No, it doesn't. Nothing does. Value is not an intrinsic property of anything. It is always subjective, in the eye of the beholder. Bitcoin is valuable because there are people who find it valuable - nothing more, nothing less. If these people disappear (or change their opinion), Bitcoin will become worthless, despite the fact that its properties won't change at all.


No, it is not. This is Marx's labor theory of value, which was proven wrong almost a century ago. The price of electricity needed to mine 1 BTC has increased much less than the price of 1 BTC for the past few years. The price of Bitcoin has plummeted this year, despite the fact that the cost of mining it hasn't decreased.

Value is determined by the personal, subjective preferences of the people who are valuing something - not by any intrinsic properties of that thing.


It is not "restricted" by these things; it is impacted by them. Bitcoin is similarly impacted by many things. If all countries make it illegal tomorrow, its price will plummet because only criminals will be willing to use it. If all countries decide to base their money transfer operations on it tomorrow, its price will skyrocket because lots of institutions will have to buy it.

Fiat is not always strong and it just represents the face value. However, Bitcoin has its own value, it is directly connected with the mining things, it can be invested just because of its own value. Fiat is restricted by national policy, economic policy and political policy and so on. 

6-7 is a little steep.

Yes, but not in many countries, and also i think until bitcoin gets more mainstream, people will just use conventional shopping. Not even many people use internet shopping, let alone bitcoin internet shopping.

We need to wait 6-7 more years until people will buy on the internet with bitcoin.

So probably on other holidays aswell the price will fall, for now.

Always thought of a $300 bill as a good thing 

You can buy gifts with bitcoin if you use the internet.