BitCoin grows like crazy

[Doctor Amadeus]

How do you explain its growth over 8 years?

The creator of Bitcoin is a mystery, he retired from it 4 years ago and his wallets which have a lot of Bitcoins have not been touched at all. He's one of the richest people in the world with a net worth of over 15bilion USD. Yet he did not cash out on any of it.

There is no scam here. I can buy electronics with Bitcoin on one of the biggest online retailer in Scandinavia, webhallen.se
Japan has endorsed Bitcoin as one of its official currencies.

I see people screaming bubble, scam, but all I see is Bitcoin being endorsed by entire countries, many online retailers etc. It's demand is not artificial. The facts are right there.

1. 8 Years is not a lot of time for what you are suggesting
2. Yes the creator of bit coin is unknown
3. For now bitcoin is being accepted by vendors so are lots of other forms of currency.

[XDurionX]

While it's no scam, obivously it's a bubble. The bitcoin has no inherent value, instead of bitcoins you could have numerated 16 million rocks. It's current value is just what investors think it is worth, but since it has no actual worth it's only value is the faith that it will become more valuable.

Same holds true for fiat money. Dollar is worthless too once people stop assigning a value to it.

[d00mGuArD]

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.

[Deleted]

While it's no scam, obivously it's a bubble. The bitcoin has no inherent value, instead of bitcoins you could have numerated 16 million rocks. It's current value is just what investors think it is worth, but since it has no actual worth it's only value is the faith that it will become more valuable.

That's how every currency works I'm afraid. . .

Your $100 bill is worth $100 based on belief. Because it is commonly accepted as currency.

[d00mGuArD]

While it's no scam, obivously it's a bubble. The bitcoin has no inherent value, instead of bitcoins you could have numerated 16 million rocks. It's current value is just what investors think it is worth, but since it has no actual worth it's only value is the faith that it will become more valuable.

The value is in the mobility and secrecy. The value is in the service it provides:
Many people that want to transfer their money out of crap countries, many people that want to hide money from their wives or governments, many people that want to do shady transactions. All are serviced by the use of a cryptocurrency, and will continue to do so for the foreseeable future

[Blobfish]

This Dutch man with a wife & 3 Kids has sold his house and everything to invest in Bitcoin..

They are now living in a camping ground.

He is going to cash in , when Bitcoin really takes off..

Sounds a great idea..

"We're going through a revolution that's changing the monetary system."

https://www.cnbc.com/2017/10/17/this...n-bitcoin.html



Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes – and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they're waiting for bitcoin to really take off.

It's only been a few months, but the 39-year-old father of three says he doesn't regret a thing. "We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life."

He once mined for bitcoin, but now only trades it, along with other cryptocurrencies like ether, ripple, neo, dogecoin and XLM. The family is still in the process of liquidating assets and investing the proceeds in cryptocurrencies as they go. The income from trading is enough for food and necessities, which the family says is all it needs right now.

[Deleted]

How do you explain its growth over 8 years?

You mean the 7 years that it was hovering beneath 1000 dollars, to in one year expanding into the 10,000?

Yeah that is usually the sign of a bubble

[Doctor Amadeus]

[video

Not an opinion bitcoin is backed by nothing and it’s not even the only Cryptocurrency just the most widely known.

[Deleted]

You mean the 7 years that it was hovering beneath and around 1000 dollars, to in one year expanding into the 10,000?

Yeah that is usually the sign of a bubble

This is so wrong. It was growing all the time. If you think BTC was around 1000 USD for 7 years you're obviously clueless, go educate yourself. Don't look at absolute number value, look at percentage increase.

10 USD -> 20 USD is as much growth as 5000 USD -> 10 000 USD

[Puri]

Same holds true for fiat money. Dollar is worthless too once people stop assigning a value to it.

While I won't argue that currently it truely is, traditional currencies are still issued by the country (or in the case of the Euro by a combination of it), and governments could still add a minimum value to them or even start backing them in other currencies or goods. And this controlling mechanism that the governments have over their currencies is what Bitcoin completely lacks.

[d00mGuArD]

The funny thing is. Back in the first forums when bitcoin was 2$ worth, we were talking about same thing
People were laughing at the idea that it will reach $100. Now it is $15000.

The arguments are still the same and the discussions is still the same. People are laughing at the idea that it will reach $1000000

Remember this. One day you will be sitting with your kids next to the fireplace and you will tell them
"Kids, this is the story about how I did NOT become wealthy, I thought bitcoin was bubble"

[Tiwack]

It will be worth very little once there's no more coins to gain from mining and the power bill still needs to be paid.

[Puri]

That's how every currency works I'm afraid. . .

Your $100 bill is worth $100 based on belief. Because it is commonly accepted as currency.

Yes, because you believe that the government that was issuing that $100 dollars is trustworthy enough, and also has current assets that would prevent a complete breakdown of the currency. There is no such thing for bitcoin, it is not backed by anything.

[Deleted]

Current price: 14.6k USD / 1 BTC
12 hours ago: 13.6k USD
24 hours ago: 12k USD
48 hours ago: 11.4k USD

Holy cow! Growing fast.

Do you invest? What do you think? Will it keep growing?

Didn't it just crash massively after NiceHash was hacked?
It's such a hillariously fickle and unreliable currency.

[Doctor Amadeus]

The funny thing is. Back in the first forums when bitcoin was 2$ worth, we were talking about same thing
People were laughing at the idea that it will reach $100. Now it is $15000.

The arguments are still the same and the discussions is still the same. People are laughing at the idea that it will reach $1000000

Remember this. One day you will be sitting with your kids next to the fireplace and you will tell them
"Kids, this is the story about how I did NOT become wealthy, I thought bitcoin was bubble"

Save money got TITCOIN. It’s less than a dollar right now
https://en.m.wikipedia.org/wiki/Titcoin


Lmfao

[The One Percent]

A lot of us are going to make a lot of money whether it bursts or continues growing (not going to give my thoughts on the if/when since I'm not in the business of giving that kind of advice for free). It's only the peasant investors who joined in late to follow the crowd and have no idea when to jump off who are going to lose as per usual.

[Deleted]

While I won't argue that currently it truely is, traditional currencies are still issued by the country (or in the case of the Euro by a combination of it), and governments could still add a minimum value to them or even start backing them in other currencies or goods. And this controlling mechanism that the governments have over their currencies is what Bitcoin completely lacks.

Governments will take care of BTC soon enough. In Japan, BTC is already fully accepted as currency. In Switzerland, you can already pay your taxes with it, in some cities, etc.

Btw, did you believe me about what I just said about Japan and Switzerland? Was it truth or lie? :-)

[Slant]

No it's going to burst, it's a scam and the only people making out with it, are going to reveal themselves once people realized they took a bath on this whole thing, Cryptocurrency is a joke. and it's not going anywhere.

I believe it'll burst ultimately when countries decide they've had enough of it and declare the whole idea illegal. Good luck trying to turn Bitcoins into dollars then. There's a reason countries usually have the exclusive authority on currency.

[Mifuyne]

I wish I had money. real money or bitcoins.

[Ryme]

Not an opinion bitcoin is backed by nothing and it’s not even the only Cryptocurrency just the most widely known.

Change bitcoin for USD and remove the word crypto and your statement is still true.