BitCoin grows like crazy

[Strawberry]

Kinda nope, if the government doesnt recognize it as a legal way of paying for things then its not a crime. Its the same thing if someones steals your wow gold perhaps even less since you wanna make money from them and dont wanna pay tax when buying or selling something...

It is if you use your real money to buy it.

For example, a friend of mine sold his WoW account several times and then took it back. Ended up in the court and had to do community service.

[Doctor Amadeus]

Wait, wouldn't that logic be applied to $ € £ as well? It's money so it's valuable?

Is Bitcoin run by a government body does it operate with and authority whatsoever?

[Delana]

The best thing you could do now in my opinion is if you have some, sell it asap.
This climb seems unreal an manipulated. Also, it's virtual - nothing you can have in your hands until someone gave you real money for it.

Pixels don't fill your belly every day.

I don't think you know what money is. If anything, "real" money is more virtual than bitcoin.

[Deleted]

So it Went x10-x15 in a year? It's not like it didn't happen before, it was just lower value.
Its value is directly connected to its usefullness. It has become more useful lately and therefore its value increases. Most people don't buy it blindly. You can actually use it.

Well my new glorious signature I think indicates an issue with that perspective. Its value being connected to its usefulness is something that I'd like some expansion on because I am having a hard time figuring out what a 1000 % per anno growth trend translate into.

[AeneasBK]

I don't think you know what money is. If anything, "real" money is more virtual than bitcoin.

I can take my nonvirtual bank card into a restaurant and feed myself with it. Seems more "real" than these virtual pogs.

At the moment, anyway.

[Strawberry]

Is Bitcoin run by a government body does it operate with and authority whatsoever?

What is government but a bunch of selected people?
Bitcoin is operated by people. Just not selected people.

[Deleted]

Wait, wouldn't that logic be applied to $ € £ as well? It's money so it's valuable?

aren't most currencies values backed up by gold for their value?
on top of that, it's regulated by a government who controls how much goes in and out while also having a huge trade market with the rest of the world.

Bitcoins aren't regulated by anyone or have anything to back up it's value, on top of it having very little use in the market. There's not many places where you can buy stuff with bitcoin.

[AeneasBK]

aren't most currencies values backed up by gold for their value?
.

I think someone pointed out that hasn't been true since like the 80s or something.

[Doctor Amadeus]

The cryptocurrency market have grown A LOT this year, it have become more accessible to people and more people are interested in buying into it to make some quick cash, as the market is so incredible unstable and fluxuates a lot in a short time.

Most people buying into Bitcoin, ether, Bitcoin cash, litecoin, dash etc. are only doing it to hold them, with no intention of actually using them or trading them, they're in it only for the long term investments.
Right now it's creating a huge demand and makes the value artificially high, and as it keeps rising more people will want to join in until at some point the market will be saturated and the majority of people who have bitcoin are holders, in which the market will crash as the actual value of bitcoin is MUCH lower than was actually thought as the value is mostly controlled by demand.

Tell you right now any goofy kids trying to pay rent with Bitcoin is getting their asses evicted.

[AeneasBK]

What is government but a bunch of selected people?
Bitcoin is operated by people. Just not selected people.

Is this meant to encourage confidence because...

[Deleted]

I can take my nonvirtual bank card into a restaurant and feed myself with it. Seems more "real" than these virtual pogs.

At the moment, anyway.

I ordered Pizza delivery to my home with BTC. More than half year ago. And I live in second or almost third world country.

Pizza tasted pretty good, but I wish I didn't order it. I could get 6 pizzas now.

[Doctor Amadeus]

What is government but a bunch of selected people?
Bitcoin is operated by people. Just not selected people.

Seriously you got a good speech. As I said I can’t hate you for this gimmick. Unlike people sold this bullshit I know the difference and you know the difference too. But good pitch.

[McFuu]

Yep a demand and price set by bitcoin because it’s not backed by anything because it’s a crypto scam.

Dude, it's backed by the market. But that doesn't make Bitcoin a currency, it's a commodity.

It's the one thing I don't really get, everyone calls it a currency, but it really acts more like a commodity. Currency have a base that makes them stable, they are usually tied to a countries overall economic health. BTC doesn't have that, it's value is based on 1:1 trading and it will always swing back around to a real world currency. BTC isn't worth a BTC, it's worth xyz dollars. Try buying a car in silver. Just because 1 or 2 dealerships might accept and have a way to actually convert the silver you bring in into a real world value, it doesn't make the silver currency.

[Themius]

Yes it’s been in a bubble for years.... right...not like we are on the cusp of a revolutionary change in tech. “So I can send an email what’s the point?” -1994 on he internet

[Strawberry]

Well my new glorious signature I think indicates an issue with that perspective. Its value being connected to its usefulness is something that I'd like some expansion on because I am having a hard time figuring out what a 1000 % per anno growth trend translate into.

You seem to have an issue seeing the whole picture.
You only see a number of 0-5 and 5000-10000. Have you ever heard of percentage and statistics? Market cap? Economics 101?

Let me explain it to you:

There's you, Lemposs, with $100 and Bitcoin price of $10 who thinks that Bitcoin going to $100 is not a big deal
There's a random athlete with $1.000.000 and Bitcoin price of 10.000 who thinks that Bitcoin going to $100.000 is not a big deal.
There's Trump, with $100.000.000 and Bitcoin price of 1.000.000 who doesn't think that Bitcoin going to 10.000.000 is a big deal.
There's Bill Gates, with $10.000.000.000 and Bitcoin price of 10.000.000 who doesn't find it strange that Bitcoin is suddenly 100.000.000.

A filthy rich person doesn't bother with something as $10 > $100
A poor person with limited knowledge thinks $1000 > $10.000 is a lot.

[Deleted]

I think someone pointed out that hasn't been true since like the 80s or something.

i thought so, the other points still stand though, since there's a huge market and someone who regulates it.

the more places bitcoin is useable the more market value it will have, but at this point it's still mostly based on nothing other than demand and what people are believing it's worth.

i'm 100% sure that cryptocurrency can and will be widely used to buy stuff, like your everyday groceries, but i don't think bitcoin is useable and stable enough to be part of it.

[Themius]

When we have large banks banding together like ubs to see about making their own crypto it is time to pay attention.

[Zmaniac17]

Lmfao noooo

This bitcoin is backed by nothing. They could literally fold right now and there is no way to recover actual money spent on these coins.

Nothing? Bitcoin is backed by 15 million tera hash per second. That's 15 million trillion hashes per second. 15,000,000,000,000,000,000.

Saying it will fold is sort of like saying the internet could disappear any day now. Whether it is worth $15000, $100 or $1,000,000 is pointless. It's here to stay. What you're saying is that you think it's value is in how much speculators will pay for it. But that is only half true.

Are you forgetting the most of the worlds money is already digital? There's no actual way to recover it if your records get lost. What if your bank got hacked and your account was deleted? There's no way to recover that. What if someone steals your identity and drains your accounts?

Why do you think that banks are so interested in blockchains now?

My guess is that you know almost nothing about bitcoin other than it's name and it's price.

[cuafpr]

in Jan of 2012 i got my blood money (severance package) from the USAF, and i almost invested 1,000 USD in bitcoin... why the hell didn't i do that lol. I thought it would bust but failed to realize the value of a system that is easily used for less-than-legal reasons. At the current rate had i invested that 1k back in 2012 i'd cash about half or even 2/3rds and quit working and live off it..

[Deleted]

To people who think about investing in BitCoin, or people who already posses BitCoin. This is not financial advice, just my opinion.

Obviously enough, price correction is coming very soon. BitCoin price will drop (by how much?) and it'll be the best time to invest into BitCoin. And if you already hold BitCoin, it will be the worst time to sell it. So if price starts dropping (by how much?), don't shit your pants, don't sell it. Hold.