Bitcoin will crash soon- someone will invent new coin, no need to verify bank details when you purchase- it will get pumped up to $1000 a coin, sold for $200, then get pumped to 650 and go to $50, then become worth nothing.
>>1029180 If there was any sort of significant crisis and subsequent recession, bitcoin would fall because it is a risk asset (using the term asset loosely).
During recessions people move out of risk assets and into safe havens so things like government bonds, CD's, and cash would see a boost. For a semi-recent example of that, you can look the 2008 financial crisis.
>>1029594 Unless of course the recession put a fair number of bitcoin holders in a financial bind where they have to sell things to get themselves out or stay afloat as is often the case in recessions.
>>1029618 They don't even have to be whales. Recessions affect everyone is some way and some more than others. If a lot of bitcoin holders are in a financial bind, they may have to sell it in order to stay afloat.
>>1030478 It's extremely volatile, illiquid, backed by nothing, and wholly and totally speculative.
>>1030478 Basically, the only way for it to remain as a viable option in time of complete and total global crisis/shutdown, everyone would need to agree to keep using bitcoins as currency in order for it to hold any value, kind of like how people use caps in any fallout game, because fiat money became useless paper.
However, the difference between caps and bitcoins, is that with caps, it's a physical commodity and you don't require the use of the internet and computers to exchange, which, in a crisis situation, would be one of the first things to get shut down.
>>1031162 What the fuck are you talking about. Even in a drastic economic collapse there will still be the internet. You can get internet in somalia. The internet is just a network of servers its not something that can be shut off with a single point of failure. There will always be a need to send money over the network. Even more so since centralised systems like swift banking could easily be shut off or capital controls implemented to stop worldwide bank transfers.
Bitcoin would be the only way to transact if major banking networks are threatened.
>>1031252 It doesn't actually matter that they can increase the money supply. In fact it's a good thing to support a growing economy.
It's theoretically possible to counterfeit but it matters less these days due to the move toward a cashless society. It's also extremely difficult to do and when it's discovered, it's promptly stopped by the secret service.
Bitcoin is inherently inferior due to its illiquidity and extreme volatility making totally inappropriate as a currency.
>>1031269 >It doesn't actually matter that they can increase the money supply. In fact it's a good thing to support a growing economy.
Tell it to the North Koreans
>It's theoretically possible to counterfeit but it matters less these days due to the move toward a cashless society. It's also extremely difficult to do and when it's discovered, it's promptly stopped by the secret service.
Once again refer to north korea
>Bitcoin is inherently inferior due to its illiquidity and extreme volatility making totally inappropriate as a currency.
Illiquidity is a problem that solves itself if it is even a problem that btc faces i dont believe it is. And extreme volatility is healthy in these early stages as bitcoin quickly grows in market cap.
>>1031284 >Tell it to the North Koreans >Once again refer to north korea
Why? Was the goalpost moved from the US all the sudden?
>Illiquidity is a problem that solves itself It doesn't.
>it is even a problem that btc faces i dont believe it is Last I heard it can take an hour or more for a bitcoin transaction to settle. That is absolutely and unequivocally unacceptable.
>And extreme volatility is healthy in these early stages No, it really isn't at any point - especially if you try to pass it off as a currency. Besides, how many years has it existed again? I'd hardly call it "early stage."
I put 5% of what I make in forex in Bitcoin everyday. I make 10% compound interest a month in forex. I started forex 4 years ago. I started with 3000 dollars:) how much money do I have now? How much bitcoins do I buy everyday?
>>1031356 Yeah, let's just wait for things to unfold guaranteeing you don't become rich if it works.
This is exactly why you'll remain a poor retard.
Also notice the fact that every second Bitcoin is alive:
1) It gets increasingly stronger (as more time has passed since its inception) 2) Alternatives that want to compete will have to prove to last as long as Bitcoin (impossible since Bitcoin has the first mover advantage forever, so it would need to absolutely collapse which is also impossible).
So, i'm an ultra noob, like fresh outta the womb noob, i just heard the nurse say something abut bitcoin and i want to know how to get them before my first moma-titty-milk! any suggestion / hint / link will be helpful!
Hey folks, I learned about Bitcoin way back in 2011 when Silver and Gold were trading at All time highs...
They were trading at something like $55 and $1800
I had to set up a second life account to buy them, since I was paranoid about using them when it came to my job. Great Decision...
As for the global economy, some nations will fare better than others, people will want to immigrate, and the nations in turmoil will have capital controls...
Not to mention but, there are two billion people on this planet without access to modern banking, out of every 10 poor Somalis kicking around a refugee camp there is one guy whos go some skills making corrugated huts, but the only place he can store his stash is under a pillow.
>>1036147 They were trad-able for Bitcoins but you could use a credit card to buy Second life money, and you could sell second life money for bitcoins...
I got enough to buy some great Canadian cid on the silk.
Since then I've quit from my old Government job and been sustaining a comfortable existence with a couple Petahash... Which is going south now, with the price doubling in only a couple months the Hashrate has also doubled, I had to drop another sizable investment to upgrade to the new Antminers...
I hope I don't have to go back to Avionics work...
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