Bitcoin

[Raelbo]

Something something pyramid scheme. No value like the $ (that also has no value lol).. Oh and dutch tulips...

Did I cover everything?

Well if that's all you could take from what I wrote then it explains why you think it's nonsense. I mean basically you've completely missed what I said because you're so triggered by the word "bubble".

Ignoring the fat that BTC is mainly used as a store value?

False.

The main intended use of BTC is as "a store value" (the word I used repeatedly is currency although I guess commodity would also work). However the main reason people are actually buying it is as an investment which the investors expect will grow (like shares in a company). And this is the factor that has been driving its value (based on supply and demand, the fundamental law of economics)

Which is why there is a bubble, and it is why the high prices cannot be sustained. Once all this speculative trading dies down and people learn to see bitcoin for what it actually is (ie a currency or commodity) then the price will stabilise at a level commensurate with its true value.

[Deleted]

Well if that's all you could take from what I wrote then it explains why you think it's nonsense. I mean basically you've completely missed what I said because you're so triggered by the word "bubble".



False.

The main intended use of BTC is as "a store value" (the word I used repeatedly is currency although I guess commodity would also work). However the main reason people are actually buying it is as an investment which the investors expect will grow (like shares in a company). And this is the factor that has been driving its value (based on supply and demand, the fundamental law of economics)

Which is why there is a bubble, and it is why the high prices cannot be sustained. Once all this speculative trading dies down and people learn to see bitcoin for what it actually is (ie a currency or commodity) then the price will stabilise at a level commensurate with its true value.

Satoshis original intent for BTC was as a p2p currency. However currently it´s main use is a a store value. Sorry but that is just how it is.

[Raelbo]

Satoshis original intent for BTC was as a p2p currency. However currently it´s main use is a a store value. Sorry but that is just how it is.

I realise that English is not your main language, so it's not my intent to have a go at you or anything, but you're going to have to explain what you mean by "store value" if it's not the same as currency or commodity.

[Deleted]

I realise that English is not your main language, so it's not my intent to have a go at you or anything, but you're going to have to explain what you mean by "store value" if it's not the same as currency or commodity.

You don´t know what the difference is between using BTC as a currency in a payment system vs using it as a store of value like say gold?

Store value is an english term that any trader would know

[Raelbo]

You don´t know what the difference is between using BTC as a currency in a payment system vs using it as a store of value like say gold?

You don't know what the similarity is between a currency and a commodity like gold?

If you want to respond in a puerile manner so can I. Just saying....


But in the interests of constructive discussion, yes, I do realise that a currency is not exactly the same thing as a commodity. But they do share some properties which is why currencies used to be underpinned by commodities. And yes, a currency can be used as a "store of value", just like gold. I can go and buy dollars and keep them under my mattress for example.

The point is that bitcoin is still intended as a mechanism for transferring and/or storing wealth in exactly the same way as a currency or commodity could be used to do so. What it is being used as is as a mechanism to grow wealth. ie people expect to put x amount of $ into bitcoin and then at some point in the future pull their wealth out and get 2x or 10x or 100x out. Wealth does not just magically appear out of thin air it has to come from somewhere. Which is why the bubble was not sustainable.

And no, I am not saying that bitcoin has zero inherent value. What I am saying is that it was, and IMO still is, very much overpriced. Which is why I say buying bitcoins at the moment is not a great investment (and again not saying it can't yield great returns, rather that is a very risky investment which is very likely to lose value).

[theWocky]

I got tired of explaining the cons of BITcoin. Here's everything (so far) and a bit of the history:

BITcoin & Cryptocurrency is not an investment. It’s a gamble, a speculative bubble.
http://wockster.com/2018/02/06/bitco...lative-bubble/

EDIT: more will obviously be added, but at the moment, the general consensus among the people that matter or have the true expertise is that it's a perpetual, speculative "Ponzi" scheme-like bubble.

Links to credible sources at bottom of the article.

[Deleted]

I got tired of explaining the cons of BITcoin. Here's everything (so far) and a bit of the history:

BITcoin & Cryptocurrency is not an investment. It’s a gamble, a speculative bubble.
http://wockster.com/2018/02/06/bitco...lative-bubble/

EDIT: more will obviously be added, but at the moment, the general consensus among the people that matter or have the true expertise is that it's a perpetual, speculative "Ponzi" scheme-like bubble.

Links to credible sources at bottom of the article.

Wow.That was a lot of misinformation... I guess the people that matter don´t include Microsoft, Samsung or even the founder of Paypal. A lot of good info but the bias was clear as soon as he called BTC a ponzi scheme.

[Raelbo]

I got tired of explaining the cons of BITcoin. Here's everything (so far) and a bit of the history:

BITcoin & Cryptocurrency is not an investment. It’s a gamble, a speculative bubble.
http://wockster.com/2018/02/06/bitco...lative-bubble/

EDIT: more will obviously be added, but at the moment, the general consensus among the people that matter or have the true expertise is that it's a perpetual, speculative "Ponzi" scheme-like bubble.

Links to credible sources at bottom of the article.

Oh no, now you've done it!

You mentioned the "P" word and the "B" word in a single sentence. These guys don't even need to read your article or even any of the other words in your post to know that you're wrong wrong wrong /s


PS: great blog btw. I won't pretend that it is flawless, but the general theme and most of your points are spot on. I particularly liked this paragraph:

There is a genuine psychological condition evident here with these “crypto nuts” similar to the “gold fever” sickness associated with greed of those engaged in a gold rush of yesteryear.

It seems to even affect seemingly intelligent people – like some sort of warped tribal, quasi-religion infection. They become belligerent and aggressive when you doubt their belief in the power of crypto. These people, seem to display all the characteristics of a religious zealot and many refer to them as the “cult of crypto” and there is no clearer indication of this when a family member tries to take advantage of her own mother and gamble with their life-savings with complete and utter disregard for their continued well-being.

Thanks for the good read

[Strawberry]

So what you're trying to tell us all this time is that crypto has no value.

Is that why Vitalik Buterin, the creator of Ethereum, also a billionaire, is still heavily invested in different crypto as well as continuously working in his (and many other) project(s)?
He's set for dozens of lifetimes, but he's not getting out. He's still there. I guess he just wants to ponzi out more and blow up the bubble even bigger

There are real companies creating new solutions on blockchain. There's a whole industry fueling the projects.
Billionnaires and companies worth hundreds of bilions are backing crypto.
There are normal people investing in it. It's avaiable to basically the whole world.
And you call $400bil a bubble? Come on. It's a tiny FRACTION of what stocks are worth.
This is not the same as dot-com bubble. Dot-com had one job. To provide business with websites. Crypto is can be applied to everything. One project can decentralize the whole web.
For example, this is what decentralized internet looks like https://www.shiftnrg.org/
Almost no difference, huh? That's because it's perfectly implemented.
Also, you can have decentralized storage, decentralized exchanges, decentralized energy trading, etc and decentralization is not even everything crypto is about. Enter Ripple, a gigantic project created by bankers for banks. It's not the most loved crypto project because it's a centralized bank project, but hey, it's there because it can be done.

Just because people got burned by ICOs doesn't mean everything is bad. I have not invested a single $ in ICO as I don't trust them. But it's basically the same thing as Kickstarter. A lot of Kickstarter backers got burned by companies who didn't deliver.
And I'm not against governments regulating crypto. I think it's good. There will be less scams and more people will dare invest. But if you are dumb and greedy, you will get scammed. This is true even for real world.

You can come here and bullshit about your quasi knowledge about crypto, but the truth is, put some time into researching crypto and you'll see how it will change the world.

[Deleted]

So what you're trying to tell us all this time is that crypto has no value.

Is that why Vitalik Buterin, the creator of Ethereum, also a billionaire, is still heavily invested in different crypto as well as continuously working in his (and many other) project(s)?
He's set for dozens of lifetimes, but he's not getting out. He's still there. I guess he just wants to ponzi out more and blow up the bubble even bigger

There are real companies creating new solutions on blockchain. There's a whole industry fueling the projects.
Billionnaires and companies worth hundreds of bilions are backing crypto.
There are normal people investing in it. It's avaiable to basically the whole world.
And you call $400bil a bubble? Come on. It's a tiny FRACTION of what stocks are worth.
This is not the same as dot-com bubble. Dot-com had one job. To provide business with websites. Crypto is can be applied to everything. One project can decentralize the whole web.
For example, this is what decentralized internet looks like https://www.shiftnrg.org/
Almost no difference, huh? That's because it's perfectly implemented.
Also, you can have decentralized storage, decentralized exchanges, decentralized energy trading, etc and decentralization is not even everything crypto is about. Enter Ripple, a gigantic project created by bankers for banks. It's not the most loved crypto project because it's a centralized bank project, but hey, it's there because it can be done.

Just because people got burned by ICOs doesn't mean everything is bad. I have not invested a single $ in ICO as I don't trust them. But it's basically the same thing as Kickstarter. A lot of Kickstarter backers got burned by companies who didn't deliver.
And I'm not against governments regulating crypto. I think it's good. There will be less scams and more people will dare invest. But if you are dumb and greedy, you will get scammed. This is true even for real world.

You can come here and bullshit about your quasi knowledge about crypto, but the truth is, put some time into researching crypto and you'll see how it will change the world.

In regards to startups. 2017 was the first year ever where crypto/ICOs/etc raised more money for startups than venture capitalism.

[Strawberry]

In regards to startups. 2017 was the first year ever where crypto/ICOs/etc raised more money for startups than venture capitalism.

Interesting.
I'm pretty sure that crypto will reach 1trilion by the end of 2018 and well above 5trilion in 2020-22.
Tech projects will really take off in 2019.

[Beazy]

I think I have 25 bucks in Doge coin. So, I'm pretty doge rich if you know what I mean.

Does anyone know if my 25 bucks will turn into 25 million? Honest question, I only purchased doge coin because I was hammered one night and someone said I wouldn't.

[Raelbo]

So what you're trying to tell us all this time is that crypto has no value.

No, that's what you keep trying to tell me I am saying. 1/10 for reading comprehension.

[Deleted]

I think I have 25 bucks in Doge coin. So, I'm pretty doge rich if you know what I mean.

Does anyone know if my 25 bucks will turn into 25 million? Honest question, I only purchased doge coin because I was hammered one night and someone said I wouldn't.

lol. Better start preparing now

[Beazy]

lol. Better start preparing now

/cry

LoL I knew Doge coin was a troll coin, but I had hopes. Still do.

Oh well.

[Deleted]

What do you think about BTC now? Straight way to 5k?

[Independent voter]

$8558 at the moment.

I don't know what the future holds but it sure is interesting to watch.

[theWocky]

PS: great blog btw. I won't pretend that it is flawless, but the general theme and most of your points are spot on. I particularly liked this paragraph:

Thanks for the good read

Thanks for reading! Trying to get back into tech blogging / training / consulting.

[Deleted]

BTC is currently mainly used as a store value and not as an actual currency

Advantages are in the decentralized nature of most crypto currencies.

For the average consumer then very uninteresting.

In recent times, larger quantities have been stolen.

[Deleted]

For the average consumer then very uninteresting.

In recent times, larger quantities have been stolen.

Larger quantities of Bitcoin? Where? When?

- - - Updated - - -

/cry

LoL I knew Doge coin was a troll coin, but I had hopes. Still do.

Oh well.

Keep an eye on it. You might get lucky and DogeCoin gets targeted by a P&D group. E coin had a 2400% rise the other day before being dumped.