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Old 02-15-2013, 11:41 AM  
ChiefRocka ChiefRocka is offline
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Bitcoin Take?
Bitcoin disrupts gold
Ethereum disrupts financial services
There will be others...


Last edited by ChiefRocka; 03-06-2024 at 06:51 AM..
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Old 06-04-2019, 09:56 AM   #1741
Bowser Bowser is offline
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^ That's why I haven't pulled the crypto trigger just yet, in a nutshell. My buddy is still urging me to get on the XRP train, though.
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Old 06-04-2019, 11:38 AM   #1742
BWillie BWillie is offline
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Originally Posted by Eleazar View Post
Bitcoin's Rally Masks Uncomfortable Fact: Almost Nobody Uses It

By Olga Kharif | Bloomberg
May 30, 2019, 7:00 PM CDT



Bitcoin has a lingering problem that few people are talking about amid the renewed exuberance of the recent price surge. Hardly anyone is using the world’s largest cryptocurrency for anything beyond speculation.

Data from New York-based blockchain researcher Chainalysis Inc. show that only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years.

Even though marque companies such as AT&T Inc. now let customers pay with cryptocurrencies, the problem is that few speculators want to use the digital coins to pay for wireless services when the digital asset’s price might surge another 50% in a matter of weeks.

That’s become the main dilemma with the cryptocurrency: Bitcoin needs the hype to attract mass appeal to be considered a viable electronic alternative to money but it has developed a culture of “holders” who advocate accumulation rather than spending.

"Bitcoin economic activity continues to be dominated by exchange trading," Kim Grauer, senior economist at Chainalysis, said in an email.

...

https://www.bloomberg.com/news/artic...nobody-uses-it
Well yeah, Bitcoin is a store of value. And there is a great, great reason why people use it. That I'm not going to get into here, but I bet you can just figure it out on your own. People with money like decentralization and (pseudo) anonymity.
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Old 06-04-2019, 01:27 PM   #1743
Eleazar Eleazar is offline
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Originally Posted by BWillie View Post
Well yeah, Bitcoin is a store of value. And there is a great, great reason why people use it. That I'm not going to get into here, but I bet you can just figure it out on your own. People with money like decentralization and (pseudo) anonymity.
A store of value has to be able to hold value, or only fools will store value in it. That's the point of the article. It has no use other than speculation.
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Old 06-04-2019, 01:35 PM   #1744
Fat Elvis Fat Elvis is offline
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Originally Posted by BWillie View Post
Well yeah, Bitcoin is a store of value. And there is a great, great reason why people use it. That I'm not going to get into here, but I bet you can just figure it out on your own. People with money like decentralization and (pseudo) anonymity.
If Paul Solotshi Calder Le Roux is the real Satoshi Nakamoto, it goes a long way in explaining the "great, great reason" why people "use it."
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Old 06-04-2019, 05:44 PM   #1745
ChiefRocka ChiefRocka is offline
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Originally Posted by Eleazar View Post
A store of value has to be able to hold value, or only fools will store value in it. That's the point of the article. It has no use other than speculation.




You're right, why would anyone want to store value in this asset
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Old 06-04-2019, 05:48 PM   #1746
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Originally Posted by ChiefRocka View Post



You're right, why would anyone want to store value in this asset
But it's a currency first....
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Old 06-04-2019, 05:54 PM   #1747
ChiefRocka ChiefRocka is offline
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But it's a currency first....
Gold also
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Old 06-04-2019, 05:59 PM   #1748
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Nope
"Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries."


Coulda fooled me.
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Old 06-04-2019, 07:43 PM   #1749
ChiefRocka ChiefRocka is offline
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Originally Posted by -King- View Post
"Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries."


Coulda fooled me.
Looking like Bitcoin will prove to be a high value settlement network in its current implementation. Should consensus determine an increase in blocksize and some viable layer 2 solutions then sure, maybe someday it can serve as a daily currency but not today or the foreseeable future.
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Old 06-04-2019, 08:13 PM   #1750
Eleazar Eleazar is offline
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Originally Posted by ChiefRocka View Post



You're right, why would anyone want to store value in this asset
Got your savings or retirement funds stored in bitcoin?
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Old 06-05-2019, 04:57 AM   #1751
ChiefRocka ChiefRocka is offline
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Got your savings or retirement funds stored in bitcoin?
Mortgaged my house back in 2013
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Old 06-05-2019, 06:45 AM   #1752
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Mortgaged my house back in 2013
Nice call. You must have thousands of Bitcoin.
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Old 06-05-2019, 06:49 AM   #1753
scho63 scho63 is online now
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If you look at Bitcoin as an "asset" in today's market you are a fool.

If you look at it as a way to move money around the world anonymously, that's the real value today.

If it becomes so widely adapted as a "tanker" of stored value with LOW volatility, then it will be more widely looked at as an "asset".
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Old 06-05-2019, 06:56 AM   #1754
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You must have thousands of Bitcoin.
Maybe...and maybe not. Considering a single Bitcoin is worth about $7500 right now, it wouldn't take many to buy a house. Maybe he has a few Bitcoin.
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Old 06-05-2019, 07:17 AM
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Old 06-05-2019, 07:18 AM   #1755
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Maybe...and maybe not. Considering a single Bitcoin is worth about $7500 right now, it wouldn't take many to buy a house. Maybe he has a few Bitcoin.
Probably a cool idea until you get to your closing or go to pay off your lender and find out BTC dropped 5% that morning and you need to cough up another $30,000
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