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Topic: Why would people want to invest in 'Bitcoin'? (Read 2845 times)

legendary
Activity: 1022
Merit: 1007
Sooner or later, a man who wears two faces forgets
January 28, 2015, 10:56:49 PM
#56
- ninjamine by small group without much public -> very bad distribution

Anything innovative will have early adopters, including
any publicly trading company.  Still, I think Bitcoin
has better distribution than any altcoin, especially
since high block subsidies are being given for years.
The fact that price is low today ($240) compared
to last year, gives plenty of people the opportunity
to get on board.


Quote
- huge satoshi wallet hanging like black cloud over the market

I trust the grandfather of cryptocurrency.  Even if he
dumps, it will only crash the price, not the technology.


Quote
- 10 minute blocktimes - slowest transactions in crypto!

You are making the noobish mistake of conflating transaction
time for confirmation time.  Transactions are near instant.
Most real world point of sale transactions need zero confirmations.
Double spend attempts can be mitigated by probing the mempool
for various nodes.

Quote
- high inflation

You can't have it both ways...You can't complain that the
early adopters got all the coins and then in the next
breath complain that too many coins are still being given
away.

Anyway, the inflation isn't that high -- 10% annual,
until it drops to 5% in 2016, then 2.5% in 2020 etc.


Quote
- no fast difficulty retarget

That is done on purpose for security reasons.
see here:
https://download.wpsoftware.net/bitcoin/alts.pdf


Quote
- market infested with shortsellers and heavy manipulated

Let people short sell if they want.  Don't care.

Quote
- hype died off, promises broken (no exponential hype growth)

Promises?  Who said Bitcoin was a get rich quick scheme?

Quote
- expensive transactionfees

I usually send for no fee or a fraction
of a penny.  


Quote
- shitty brand, shitty logo

It's the best brand.  
Logo is pedestrian, but don't care.

Quote
- already very expensive but unable to hold its value (less potential gains compared to smaller caps, a lot downside)

Well, that's your opinion, and perfectly valid,
but I disagree.  I think it has potential to
increase 100x in the next 10 years.

Quote
- extra volatile thanks to all the dumpfest from miners and the manipulation

Bigger market cap makes it more stable than any alt.

Quote
- more and more centralised

Don't see that.  GHash is only at 9% now.
https://blockchain.info/pools

Quote
- a foundation nobody wants

Obviously some people want it
or they wouldn't keep paying
to support them.   I really
don't care.

Quote
- whoring for big money and loosing its original ethical values rapidly

Who is?  What ethical values?  Non point here.  Don't care.

Quote
- dev befriending three letter agencies

Besides Gavin agreeing to see the CIA
to answer questions, what other
evidence do you have of this?

Don't care.

Quote
- no real innovation, only innovative in the field of holding down competition

Bitcoin is THE innovator...plus look at all the BIPs.


Quote
- completely hype-driven

You love having it both ways, don't you...
You were just complaining all the hype is gone.

Quote
- bad reputation from early history (drugs, guns, childporn, darkweb ...)

Can't help what the media does... Don't care.


Quote
- inefficient with lots hashpower

Naive comment.

In proof of work, Marginal Cost = Marginal Revenue.
see this: http://www.truthcoin.info/blog/pow-and-mining/

Quote
- huge blockchain uses a lot of HD

Ok...so it does.


Quote
- average cost for 1 transaction today: 8.20$ and expected to rise (INSANE!!!)
source:
https://blockchain.info/charts/cost-per-transaction

Nice try, FUDSTER...this isn't the transaction fee.
This chart represents "miners revenue divided by the number of transactions"

Pretty nice explanation here! I don't think the boy needs anymore explaining now Wink
member
Activity: 84
Merit: 10
hmm why invest ? jeez idk... to make money ? Just a wild guess.

Ironically the only ones making money in this market are the permabears.
hero member
Activity: 812
Merit: 500
hmm why invest ? jeez idk... to make money ? Just a wild guess.
full member
Activity: 224
Merit: 100
I think people would have preferred bitcoin much, if the price had been at a stable value.
A lot of people stay away from investing, specally due to the volatilityy.
newbie
Activity: 42
Merit: 0
Bitcoin is the future, fighting it is futile. (or at least blockchain is the future)

K.
full member
Activity: 224
Merit: 100
Bitcoin is the gold. Altcoins will be like the dollars that you spend. Notice how all altcoins are priced in btc. Btc is the standard.
legendary
Activity: 1204
Merit: 1028
Fear in banking institutions bailing out your account and defaulting on your ass. Also, privacy concerns, increasing every year. Also, you may be very very rich in 10 years.
legendary
Activity: 1176
Merit: 1011
- 10 minute blocktimes - slowest transactions in crypto!
Wrong.

First, transactions are instant. You are probably confusing transaction time with confirmation time.

Second, you're still wrong, here's why:
As for the so called 'faster processing' of altcoins with shorter block times: this is a delusion.

In the end, the certainty of a transaction is related to the amount of processing power that would be required to successfully forge it. You may think that for example Litecoin is 'faster' because it finds blocks 4 times as fast, but it would also require 4 times as much blocks to get the same amount of certainty - that is, if the total network power were equal. And the latter is not the case by far, the Bitcoin network harnesses much, MUCH more hashing power than all other altcoins combined.

So, when comparing the speed of processing transactions, not in terms of 'number of confirmations' but in terms of actual certainty and trustworthiness, Bitcoin is a few miles ahead.

As for this:
Quote
So why again would i put my money on 'Bitcoin' instead of a more advanced and modern crypto?
Because market awareness and acceptance of any other crypto than Bitcoin is a complete and utter joke.

But hey, fortunately it's a free world. Invest in 'more advanced' crypto or in fiat all you want.

legendary
Activity: 1582
Merit: 1064
still difficult to predict when it will happen, the opportunity to profit is still open, but the magnitude of the risks of investing bitcoin make us do not recommend you to invest in in this digital currency. Sad

Tough for people to consider Bitcoin as an asset class they can invest in. They can look at it as a highly speculative punt.
When people can put money on horses, they can definitely put money on Bitcoin.  Smiley
hero member
Activity: 770
Merit: 500
- ninjamine by small group without much public -> very bad distribution
- huge satoshi wallet hanging like black cloud over the market
- 10 minute blocktimes - slowest transactions in crypto!
- high inflation
- no fast difficulty retarget
- market infested with shortsellers and heavy manipulated
- hype died off, promises broken (no exponential hype growth)
- expensive transactionfees
- shitty brand, shitty logo
- already very expensive but unable to hold its value (less potential gains compared to smaller caps, a lot downside)
- extra volatile thanks to all the dumpfest from miners and the manipulation
- more and more centralised
- a foundation nobody wants
- whoring for big money and loosing its original ethical values rapidly
- dev befriending three letter agencies
- no real innovation, only innovative in the field of holding down competition
- completely hype-driven
- bad reputation from early history (drugs, guns, childporn, darkweb ...)
- inefficient with lots hashpower
- huge blockchain uses a lot of HD
- average cost for 1 transaction today: 8.20$ and expected to rise (INSANE!!!)
Good point, but I don't agree about the brand: the brand is the strong point of Bitcoin and what makes it keep the leader position in the market. When you buy Bitcoin, you buy a brand.
sr. member
Activity: 378
Merit: 250
still difficult to predict when it will happen, the opportunity to profit is still open, but the magnitude of the risks of investing bitcoin make us do not recommend you to invest in in this digital currency. Sad
sr. member
Activity: 406
Merit: 250
AltoCenter.com
All of your rest are true, but when i using 'bitcoin' i feel free because of don't have to pay extra fees and bitcoin can be exchanged through any altcoins.
sr. member
Activity: 507
Merit: 250
Seems forum attack by top ten crypto market.

I guess, you are..  Wink
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
- ninjamine by small group without much public -> very bad distribution

Anything innovative will have early adopters, including
any publicly trading company.  Still, I think Bitcoin
has better distribution than any altcoin, especially
since high block subsidies are being given for years.
The fact that price is low today ($240) compared
to last year, gives plenty of people the opportunity
to get on board.


Quote
- huge satoshi wallet hanging like black cloud over the market

I trust the grandfather of cryptocurrency.  Even if he
dumps, it will only crash the price, not the technology.


Quote
- 10 minute blocktimes - slowest transactions in crypto!

You are making the noobish mistake of conflating transaction
time for confirmation time.  Transactions are near instant.
Most real world point of sale transactions need zero confirmations.
Double spend attempts can be mitigated by probing the mempool
for various nodes.

Quote
- high inflation

You can't have it both ways...You can't complain that the
early adopters got all the coins and then in the next
breath complain that too many coins are still being given
away.

Anyway, the inflation isn't that high -- 10% annual,
until it drops to 5% in 2016, then 2.5% in 2020 etc.


Quote
- no fast difficulty retarget

That is done on purpose for security reasons.
see here:
https://download.wpsoftware.net/bitcoin/alts.pdf


Quote
- market infested with shortsellers and heavy manipulated

Let people short sell if they want.  Don't care.

Quote
- hype died off, promises broken (no exponential hype growth)

Promises?  Who said Bitcoin was a get rich quick scheme?

Quote
- expensive transactionfees

I usually send for no fee or a fraction
of a penny.  


Quote
- shitty brand, shitty logo

It's the best brand.  
Logo is pedestrian, but don't care.

Quote
- already very expensive but unable to hold its value (less potential gains compared to smaller caps, a lot downside)

Well, that's your opinion, and perfectly valid,
but I disagree.  I think it has potential to
increase 100x in the next 10 years.

Quote
- extra volatile thanks to all the dumpfest from miners and the manipulation

Bigger market cap makes it more stable than any alt.

Quote
- more and more centralised

Don't see that.  GHash is only at 9% now.
https://blockchain.info/pools

Quote
- a foundation nobody wants

Obviously some people want it
or they wouldn't keep paying
to support them.   I really
don't care.

Quote
- whoring for big money and loosing its original ethical values rapidly

Who is?  What ethical values?  Non point here.  Don't care.

Quote
- dev befriending three letter agencies

Besides Gavin agreeing to see the CIA
to answer questions, what other
evidence do you have of this?

Don't care.

Quote
- no real innovation, only innovative in the field of holding down competition

Bitcoin is THE innovator...plus look at all the BIPs.


Quote
- completely hype-driven

You love having it both ways, don't you...
You were just complaining all the hype is gone.

Quote
- bad reputation from early history (drugs, guns, childporn, darkweb ...)

Can't help what the media does... Don't care.


Quote
- inefficient with lots hashpower

Naive comment.

In proof of work, Marginal Cost = Marginal Revenue.
see this: http://www.truthcoin.info/blog/pow-and-mining/

Quote
- huge blockchain uses a lot of HD

Ok...so it does.


Quote
- average cost for 1 transaction today: 8.20$ and expected to rise (INSANE!!!)
source:
https://blockchain.info/charts/cost-per-transaction

Nice try, FUDSTER...this isn't the transaction fee.
This chart represents "miners revenue divided by the number of transactions"
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
- ninjamine by small group without much public -> very bad distribution
- huge satoshi wallet hanging like black cloud over the market
- 10 minute blocktimes - slowest transactions in crypto!
- high inflation
- no fast difficulty retarget
- market infested with shortsellers and heavy manipulated
- hype died off, promises broken (no exponential hype growth)
- expensive transactionfees
- shitty brand, shitty logo
- already very expensive but unable to hold its value (less potential gains compared to smaller caps, a lot downside)
- extra volatile thanks to all the dumpfest from miners and the manipulation
- more and more centralised
- a foundation nobody wants
- whoring for big money and loosing its original ethical values rapidly
- dev befriending three letter agencies
- no real innovation, only innovative in the field of holding down competition
- completely hype-driven
- bad reputation from early history (drugs, guns, childporn, darkweb ...)
- inefficient with lots hashpower
- huge blockchain uses a lot of HD
- average cost for 1 transaction today: 8.20$ and expected to rise (INSANE!!!)
source:
https://blockchain.info/charts/cost-per-transaction


So why again would i put my money on 'Bitcoin' instead of a more advanced and modern crypto?
Fanboys? Any idea?

At least two of your points are very valid:
Congrats on presenting some way-above-average quality FUD.

Why would people want to invest in 'Bitcoin'?
BTC has the strongest, most secure network which probably cannot be hacked.
Also, Bitcoin has a huge head start, and many people investing in related companies.
BTC is the gold standard for "digital gold".
legendary
Activity: 1582
Merit: 1064
I suspect instances of fraud would be extremely rare in brick and mortar establishments. Most shops have cameras in place and many ask for ID on all transactions including credit cards.

Six months in jail is a steep penalty to pay for getting a free "double spend" coffee.

If it is just a coffee, they wouldn't even bother retrieving the CCTV footage and trying to track you.  Smiley
sr. member
Activity: 252
Merit: 250
bad reputation from early history (drugs, guns, childporn, darkweb ...)

I think every currency has this problem.....
hero member
Activity: 686
Merit: 500
A pumpkin mines 27 hours a night
Quote
- average cost for 1 transaction today: 8.20$ and expected to rise (INSANE!!!)
uhmm wasnt it falling all the time? at least thats what i see from your posted link
Indeed it is falling slowly.! atleast thats what I know.!

Well, the fact that a transaction is supposed to cost $8.20 is just false. These numbers are derived from the fact that the initial distribution of all allotted coins coincides with the transaction of existing coins.
member
Activity: 112
Merit: 10
Quote
- average cost for 1 transaction today: 8.20$ and expected to rise (INSANE!!!)
uhmm wasnt it falling all the time? at least thats what i see from your posted link
Indeed it is falling slowly.! atleast thats what I know.!
legendary
Activity: 1358
Merit: 1014
OP, if you're heavily Litecoin invested, I'd suggest you jump on a sharp sword instead, it'd be a swifter death.

Litecoin's own inventor is jumping ship pretty much:



No VC investment, no development, nobody really buying LTC...stick a fork in it!     Tongue

And please don't mention one of those suckcoins like Paycoin, or NXT, or Ripple, or Pizzeria UNO, or Peercoin, or Maidsafe, or Stellar....Ain't nobody supporting or buying into those copycats!   Grin



Well he's right, Litecoin works as it is, it was intended to be an alternative to BTC, thats all. For revolutionary stuff you have MaidSafe, Litecoin is just a coin.
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