Time to get some more Bitcoins?
- Thread starter dmnEPC
- Start date
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I would recommend every webmaster here to setup an account at Coinbase.com
I have mine setup to auto-purchase $50 worth of bitcoin every Wednesday morning. I just forget about it and let it stack up.
I have mine setup to auto-purchase $50 worth of bitcoin every Wednesday morning. I just forget about it and let it stack up.
been doing that for almost a year. I have not looked at or used btc in well over a month. I try to use it when I buy stuff just to support it, and those buinesses that use it. Was just surprised when I went to check the prices.
Either way I think i may pick a few more up at this price.
You guys do realize that there's no value in Bitcoin vs any other crypto currency, right? Let me explain:
Bitcoin derives its value from being pitched as a crypto currency with scarcity. Here's the problem: there's hundreds of crypto currencies. They all fulfill the same function as Bitcoin. Furthermore, there's no scarcity. As soon as Bitcoin is done being mined, do you assume that everyone will choose to use Bitcoin exclusively? Or will they also start using other Crypto Currencies?
The Bitcoin market is simply a speculation market. If you like to invest based on speculation, then go ahead. Personally, I like to invest in things I understand, and where I can control risk. Here, there's no control, only pure speculation.
Bitcoin derives its value from being pitched as a crypto currency with scarcity. Here's the problem: there's hundreds of crypto currencies. They all fulfill the same function as Bitcoin. Furthermore, there's no scarcity. As soon as Bitcoin is done being mined, do you assume that everyone will choose to use Bitcoin exclusively? Or will they also start using other Crypto Currencies?
The Bitcoin market is simply a speculation market. If you like to invest based on speculation, then go ahead. Personally, I like to invest in things I understand, and where I can control risk. Here, there's no control, only pure speculation.
I basically agree with all of what you're saying. Only thing that separates bitcoin from other cryptos at this moment is the level of adoption. I'm not sure that Bitcoin is viable from a mainstream point of view because of the "scarcity" (read: first mover advantage) and the negative connotations with drugs/hackers etc. Not for one second discounting the value of what it offers, or technology like it, could offer..
Economics not my strong point though, I should download a text file off Napster quickly.
You could just be trading in any currency, or stocks, or whatever. Results may vary from one to the other, but ultimately it's all the same shit.
Well, that and 99.5% of all alt-coins out there run off the bitcoin core code, and rely on the bitcoin core dev team for maintenance / updates.
Don't worry, bitcoin isn't going anywhere.
I'm an apocalyptic and I don't love bitcoin because there are many feasible scenarios whereby connectivity is impaired or even lost on huge parts of the world and all your value is locked in the ether.
Physical eludes this difficulty by being a real thing.
Physical eludes this difficulty by being a real thing.
It's even worse than that. Newer crypto currencies are faster and have more features than bitcoin.
Once everyone starts accepting it, and there's a little bitcoin icon everywhere you currently see paypal, what's to stop them from throwing up 5 other icons of other popular alt currencies?
Just like how now everyone supports all the social sharing sites with a group of icons...you just want someone to share it, no obligation to your favorite social sharing site...
Businesses want to make it easy on customers by giving choices, they don't care how they get the money, so why would they stop with btc if they go through the effort of integrating it?
Like 5 min block updates vs 10 min block updates? Or a different mining algorithm? Or a different coin limit? All things that are less than 1% different than BTC and that make no difference in the real world. Moreover, even if they did matter Bitcoin could adopt any of these "improvements" and update the protocol.
If you follow any of this at all you will notice that the gap between BTC and alt coins has only widened the last 6 months. Alt coins matter much less while Bitcoin matters much more.
Moreover... it's not about Bitcoin. It's about cryptocurrencies. Let Bitcoin get replaced by another alt coin. It's cryptocurrency that is here to stay. Whether or not the leader remains BTC matters very little, but the data shows that Bitcoin is growing while alt coins are fading. People shouldn't be excited about the price of Bitcoin, they should be excited about the utility of it.
Also, assuming btc someday hits $10k, you want to buy a $5 item on amazon, if you miss a 0 or two in that .0000000000000001 btc you're fucked (anywhere that it's not automatically calculated).
lol
Places accept a half dozen cc types, no clutter, it's about making it as easy as possible to pay.
lol
Places accept a half dozen cc types, no clutter, it's about making it as easy as possible to pay.
Oh hell, some of the alt-coins are so kick ass they have 10 second block times! heh, talk about a hacker's paradise if a coin like that ever took off. You even see people on bitcointalk.org sometimes, "my coin got forked, hackers stole the blockchain, help me!". hehe.
Again, bitcoin will stay dominant for a long while at least. At this moment in time, an alt-coin taking over bitcoin would be about the equivalent of a new search engine showing up on the scene and over taking Google. Not saying it's impossible, but very unlikely.