Two related questions, if you think Bitcoin is worthless

[bagsofsandParticipant 1391]

I’ve bought crypto to hold for a few years now, and I sometimes buy stuff online with bitcoin.

Generally I don’t participate in discussions whether bitcoin is ‘worthless’ or not, it’s a waste of my time.

F~~~ the banks.

[Anonymous 1]

Gravel Pit wrote:

By the way, Bitcoin is over $10,000 again. Etherium will soon be over $1000 again. I tried telling people that all this sell-off crap happens all the time. They try to kill it but it comes back like a weed.

Yeah, and Crytpo is actually helping the average man generate some wealth. Its been a very good thing for men.

You could use Crypto to hide your wealth too.

Consider the following scenario:
Your wife divorce rapes you and tries to take your wealth…oops. You conveniently lost your Private Keys. Then you move to another county open your wallet back up and enjoy your protected wealth.

[BeerParticipant 11832]

IGMOW (I Go My Own Way) wrote:

If Bitcoin is useless, why would most people answer yes to second question? And why would you if you would?

Because none of my money is on the line and I could make a quick turn around as I’d unload it for USD fast as I possibly could sell it.

Nobody is saying Bitcoin has no value RIGHT NOW. Its pretty obvious what you can buy and sell it for RIGHT NOW. The argument is its nothing but a giant ponzi scheme that will eventually crash hard. Its not an investment, its short term gambling.

Gravel Pit wrote:

Most people don’t understand the technological implications and why crypto is not just virtual money to be linked to a debit card….no, they are re-inventing the internet to be decentralized, cryptographic and just better. We’re witnessing the start of something monolithic again, like cell-phones.

The thing is in order for long term investments to be profitable, said investments have to provide some sort of revenue stream. For example, businesses sell products and services, and rental properties essentially are an exchange of wealth for a place to live or run a business.

I always hear people going on about “the underlying technology” of cryptos, but ultimately its not creating any sort of revenue. The only people truly making money off it are people running exchanges that charge transaction fees, and the government taxing people on gains.

Besides…even if at some point crypto currencies can go for more than a week without some massive hack costing people tens of millions of dollars(or more) with no legal recourse to get it back, and we eventually end up with a faster/cheaper/easier/more secure way to move money…whats to stop the big banks from simply adopting said technology? Its pretty much open source freeware at this point, and most dollars are already moved electronically anyhow.

[IGMOW (I Go My Own Way)Participant 2572]

Regarding the long-term viability of Bitcoin, the issue is whether or not it will still be mined after it is all gone. That is, will people still oversee the validity of the blockchain, if there isn’t more Bitcoin to obtain for doing so. Bitcoin scales in difficulty to add a new block to the blockchain, based on the number of people trying to obtain new Bitcoin. The drive in energy demands is because more and more people are racing to solve the math puzzle to obtain new Bitcoin. That is an issue years off, that is going to need to be resolved. The top priority with Bitcoin, it places over anything else, is controlling the rate new Bitcoin is introduced. Everything else, besides security concerns, and the basics, is of lower priority.

"I am my own thang. Any questions?" - Davis S Pumpkins.

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