[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y ] [Search | | Home]

Bitcoin confusion

This is a blue board which means that it's for everybody (Safe For Work content only). If you see any adult content, please report it.

Thread replies: 73
Thread images: 11

File: blogo.png (56KB, 542x534px) Image search: [iqdb] [SauceNao] [Google]
blogo.png
56KB, 542x534px
Everyday I see people saying Bitcoin will reach 10,000 and eventually 5000,000. But honestly, what is it that would cause bitcoin to reach these prices anyway?
>>
>>1778686
Demand. Which is increasing each day.
Supply. Which is shrinking each day.
>>
The printing it just never stops they just keep on printing and printing and printing AND PRINTING AND PRINTING AHHHAHA..... HAHAHAHAHA AAAHAHAHAHA PRINTING PRINTING PRINTING
>>
>>1778686
just realized I used too many zero's in the second number forgive me.
>>
File: Cy2CCvOVQAE6CTY.png (150KB, 1200x366px) Image search: [iqdb] [SauceNao] [Google]
Cy2CCvOVQAE6CTY.png
150KB, 1200x366px
>>1778686
>>
>>1778713
nice, very cool info graphic right there.
>>
File: 1486210500152.png (237KB, 566x667px) Image search: [iqdb] [SauceNao] [Google]
1486210500152.png
237KB, 566x667px
>>1778731
Replacing the reserve currency pretty much means everything lol

here are some other major reasons for demand imo
http://www.libertylifetrail.com/2016/04/04/the-top-use-cases-for-bitcoin/

i definitely think hiding assets from government is #1 priority, after the decentralization and digital gold aspect
https://discord.gg/jtBmHwJ
>>
>>1778703
>>
Remember when Bitcoins were like $4 and no one believed it would hit like $500?

Same thing. Some people are just willing to ride the bubble until the end
>>
>>1778713
none of this will ever happen
>>
>>1778686
Things that will cause Bitcoin to go to the moon
>economic uncertainty
>political instability
>government interference i.e. confiscation or ban of certain assets or increased regulation

Things that will cause Bitcoin to crash
>economic stability
>political stability
>more awareness that bitcoin really is just a pump and dump meme
>>
>>1778686

Because if you understand how Bitcoin works you will understand that it will only become worth more money in the future.

Thus everyone that understands Bitcoin will buy it, and so it will become worth two thousand, three thousand, and so on.
>>
>>1779274
>will only become worth more money in the future

>worth more money in the future

>more money

>money
>>
>>1779100
So what you're saying is buy Bitcoin.
>>
>>1778703
>>1778731
>>1778802
>>1779084
>>1779274

All of these assumptions are based on the idea that demand in Bitcoin will actually increase substantially. But why would it? Why do people get so attracted to Bitcoin? Honestly, this is just a very big bubble that is going to explode soon. There is no specialty that makes Bitcoin so demanded, other than that it is highly profitable for investing.

I'm not saying that cryptocurrencies are useless and that they won't become more popular, but I think consumers will soon see that other currencies such as Litecoin are pretty much the same, only a lot cheaper.
>>
>>1779316
You just don't get it Grandpa, have fun with your Gold.
>>
File: 1482290477068.gif (2MB, 320x180px) Image search: [iqdb] [SauceNao] [Google]
1482290477068.gif
2MB, 320x180px
>>1779316
>>
>>1779098
except first price already happened...
>>
>>1779316

Bitcoin is designed so that it's price technically can't reach zero again unless the whole internet would get destroyed.

Even if it would become illegal to own Bitcoin, lots of drug dealers would probably still use it and other people who use it for illegal means (which is now actually a minority, but anyways...)

But to answer your question as to why it would rise, well, economic uncertainty is on the way in both, Europe and the United States, and people are looking for alternative currencies to use in case either of them will flop.
>>
The concept of cryptocurrency is great but honestly i dont think bitcoin is reaching more than 6k. There are far superior coins in the market that may get the spotlight. Still, demand is increasing and a shift of currencies would be tiring now.
>>
>>1779342
none of those "scenarios" will ever happen
>>
>>1778686
Bitcoin will continue climbing higher since paper money keeps devaluing faster and faster. In USA maybe it is not as noticeable, but in Canada the purchasing power of my salary and existing savings fell significantly, while prices for basic groceries and even luxury goods rose. I hold 2.xxxx BTC just to be along for the ride, but if I had money to throw on it I would. E.g. I got them two years ago for about $700 CAD, they've almost doubled in price for me. If you look further to the future where there is more and more instability in the world, bitcoin will be a good hedge for value.
>>
>>1779357
You realize however that in probably 10 years from now, you're gonna be looking back at this and getting suicidal over it?
>>
>>1779344

But then again, alternative currencies are overly available (not only Bitcoin, but also its many alternatives). So why would specifically Bitcoin's value continue to rise in the thousands?
>>
>>1779387

Because Bitcoin is the most popular crypto currency and the one most widely accepted.
>>
BTC is not gonna rise so much espeially so early. If you want much profit check altcoins and especially VRC. That's the future.
>>
Indeed, VRC is very underrated.
>>
VRC is a realiable coin, that's why I keep some longterm and bought new, cause price is nice. Just take a look: http://www.vericoin.info/
>>
>>1779316
think of bitcoin as gold and the altcoins as other metals. gold is always the first among metals. and bitcoin is always the first among cryptos.

other than that neither is special or more suited technically to the purposes.

gold however is mined in an increasing rate and bitcoin is mined at a decreasing rate by design.

i think bitcoin transaction fees are very prohibitive already and will become even more so in the future you will not be able to use bitcoin for micro transactions on the blockchain soon enough. but it could in theory be used as a store of value it's very volatile yet but this will probably decrease.
>>
>>1778802
>Replacing the reserve currency
yeah this will never happen. the big banks will sooner make their own crypto for this purpose where they can control the supply.
>>
Jep, was able to buy some really cheap VRC in the last few days after some guys dumped for quick profits. Holding now and waiting for the burst :-)
>>
Even if banks make their own crypto, it will be too late, cause other good ones are too much established already.
>>
>>1779526
>>1779440
>>1779431
>>1779412
>vrc

nigga you're late three years to the party, vrc is so summer of 2014
>>
>>1779534
You are retarded if you think some catchy advertisements depicting normal people using a debit card that happens to be backed in WellsFargoCoin won't convince more people to invest than Bitcoin
>>
VRC ist shit lol, dumb soon
>>
>>1779316
There are a number of bitcoin ETF's slated for SEC review/approval on March 11. It is unlikely to be approved, but if so that would add lots of additional volume.

The other value is it being used as an inflation hedge in places like Venezuela, or places that don't have a stable currency.

I own some for portfolio diversity, but am expecting it to either die or having a small chance of 100x my investment.
>>
>>1779534
banks will not establish crypto for you mein neger.
a reserve currency is not for little cucks like you to play with. no. it's for the big guys like imf and central banks. nor they want your trust nor they need it really. they could care less about your little coins until they become a sizeable piece of global economy. then they will probably lobby for banning them.
>>
>>1779557
It defeats the whole point of crypto. Whos gonna invest in bankcoin? No one. The bank controlls the blockchain so they can just print more, if you use bankcoin for something dodgy the bank will get sued and shut it down. Your really not getting it mate
>>
>>1778709
Money printing or bitcoin "printing"
>>
>>1780155
>Whos gonna invest in bankcoin? No one.
invest? what kind of retarded ideas you have about currency? especially reserve currency.
>>
>>1779451

This is the first decent argument. Indeed, if Bitcoin was gold and altcoins remained less-valued metals in a sense, then I can see the possibilities of Bitcoin's value increasing even further.
But then again, who knows whether people will keep seeing it as a 'golden standard' or just an overpriced medium that people do transactions with. We'll see, for now I'm keeping my money (which I also said when Bitcoin was $5, but oh well).
>>
>>1780272
Calm down retard. People won't invest in it or work for it or want to own it. Making its value rock bottom skank dog shit.

>>1780290
If thats the first decent argument you've heard for bitcoin then you must have been dropped on your head as a child.
>>
>>1780323
>People won't invest in it or work for it or want to own it.
what do you not understand about banks making their own crypto and they don't ever want you little cuck to touch it or even look at it? it completely irrelevant if you would invest time or money into it they don't fucking care. they don't care about any existing coin either.

when banks talk about the blockchain they never ever think "oh we will let the poor chinks mine some new currency units, or hey why don't we let all anons check our ledgers put it all out in the open!" no what they want is a distributed ledger run by banks and the rate of new currency creation regulated by central banks and similar international organizations. and they want this technology for settlement among each other and as a reserve currency maybe.
>>
>>1779451
he's clueless. crypto is a new asset class and bitcoin leads with reserve currency status. price is only low because most people didn't yet realize the technological revolution we hold in our hands, the same people who still believe paper dollars are actually worth "something".
with fiat inflation running rampant there is hardly ever going to be a fixed price on a deflationary currency like bitcoin. there is no fair value on the mother of all crypto, Bitcoin is the valuation metric itself.
>>
>>1780345
>>
Daily reminder that bitcoin is a meme.
>>
>>1780796
>>
File: TraitsOfMoney.png (194KB, 660x393px) Image search: [iqdb] [SauceNao] [Google]
TraitsOfMoney.png
194KB, 660x393px
>>1779382
Forget about it. Nocoiners CANNOT BE saved. They are the necessary pieces of the puzzles that keep making us pioneers aka rich.
>>
File: MuhSafeHaven.jpg (191KB, 671x1004px) Image search: [iqdb] [SauceNao] [Google]
MuhSafeHaven.jpg
191KB, 671x1004px
>>1779316
Enjoy your financial privacy goals in 2027 as a nocoiner.
>>
Feels comfy having one of them and making a bit more each week, but I wish I had more than I do.

Considering that I've been doing this for four years it's kind of an issue.
>>
>>1779316
>but I think consumers will soon see that other currencies such as Litecoin are pretty much the same, only a lot cheaper.

No, it's not the fucking same.

1) The Litecoin network is not backed by the strongest network on earth surpasing all supercomputers combined

2) It doesn't have the best team in crypto (Core developers)

Anyone here uses their brain?
>>
>>1780831
>brains
lul

For real though some of the autism on here boggles my mind. A lot of it comes down to the community size, and if the community is large enough then it will succeed, see Bitcoin. It's not the best crypto but it sure as hell has the backing required to exceed everyone's expectations.
>>
>>1780831

I wasn't just talking about Litecoin. Bitcoin and most altcoins are eventually meant to serve one purpose, which is to buy goods. The average consumer won't care much about the technicality behind those, especially since altcoins are a lot cheaper. Right now the majority of Bitcoin holders are investors, and it's future value is only expected to be high because more people will invest.
>>
>>1781787
Wrong, Bitcoin's #1 use case is to hold and move value outside of the collapsing fiat memencies.
>>
>>1781925
i can agree with this. and so far it's only third world countries that collapse it will be left alone.

to filter out the bitcoin protocol at isp level effectively stopping the coin to function and causing it to lose value overnight is childs play for any ccna kiddo.

if bitcoin still exists it's because there is no will to exterminate it.

sure enough it could work through vpn tunnels but the network speed would drop significantly probably enough to cause a huge mess in mining and transaction propagating and it's not like unregistered vpns can't be filtered out if someone really wants to stop the whole thing.
>>
>>1780792
>there is no fair value on the mother of all crypto, Bitcoin is the valuation metric itself.
so basically just like gold was. fucking retard.
>>
File: liar or no.png (397KB, 460x460px) Image search: [iqdb] [SauceNao] [Google]
liar or no.png
397KB, 460x460px
Which bitcoin alteration will win? segwit? bitcoin unlimited? classic?
Which of the warring subreddits is less-saturated with corporate shills?
Will the block size debate even be resolved? Will we have to deal with a $20 fee per transaction?
Was dogecoin a better choice all along?
>>
>>1783444
Alt?
None for now. The community deems it unnecessary, or those with the power anyways.

Subreddits ever not warring? Good joke, sage reddit and move on.

Block size will be resolved, once the miners realize it is hurting their pockets. $20 transactions push people away fast, and users will start to speak up more once they cross $1.

Dogercoin :^)
>>
>>1780810
Is bitcoin really that decentralized though? Don't a few Chinese companies own a large chunk of it?
>>
>>1778686

how to increase win chance on Bitcoin Gambling

https://youtu.be/rfOmami11iM
>>
>>1779387
network effect
>>
>>1778713


It's insanely fucking unlikely that Bitcoin will get halfway down that list, and what are we awaiting, a measly 600% return?

You'd do better in the long run waiting for the next market crash and putting it in a fucking index fund.

What a sack of shit.
>>
Can someone please explain why the price of bitcoin change in value ?

All i understand is that the more it is used the more the value changes , or something like that.

I know there is a finite amount, but since they are minted on a time line, wouldn't the price decrease as each coin is minted ?
>>
>>1786350
Also, i'm sure people sit on coin, as I am with mine, so how can value increase if people are hoarding the shit?
>>
>>1779357
>>1779098
There are a million similar scenarios that can make those prices happen.
Some of which already happened, hence the current price.
>>
>>1783505
No.

It looked that way because the Chinese exchanges rewarded traders for creating empty volume.
These Chinese exchanges had like 98% of bitcoin transaction volume, making it seem like the Chinese owned almost all bitcoin.

The Chinese authorities made those exchanges implement trade fees, and all that fake volume is gone now.
>>
Where are the chainblocks stored.

In order to access the equations and chainblock history of transactions there must be power consumed but also storage computational room too... how the fuck this will be sustained even when renewable energy from the sun will mantaing all the future minning rigs all over the world...

I just dont get it. Looks like a massive exponential power consuming to sustain bitcoin alone.
>>
>>1785085
You had your thread
You had your chance
Now stop...and go away
>>
>>1778713
Where is the
"Bitcoin becomes pedo and terrorist cryptocurrency of choice?"
>>
It is really weird to think that the larger the underground pedophile and drug market grows, the more my Bitcoins are worth.

So basically, as a Bitcoin holder, it is in your interests for this illegal network to grow as large as possible.

What a devilish investment, isn't it?
>>
>>1786544
>the larger the underground pedophile and drug market grows, the more my Bitcoins are worth.
You have the latest quarterly growth figures for the pedo and drug markets?
Do share lol.

Also, guess the number 1 type of currency used by pedos and druggies and terrorists etc.
Protip: it's not crypto.
>>
>>1786544
it's in your interest that people use bitcoin and black markets present a huge opportunity.

I like monero a lot too.
>>
>>1786563
>I like monero a lot too.

That is why XMR is part of my crypto portfolio.

>Also, guess the number 1 type of currency used by pedos and druggies and terrorists etc.
Protip: it's not crypto.

For now...
Thread posts: 73
Thread images: 11


[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y] [Search | Top | Home]
Please support this website by donating Bitcoins to 16mKtbZiwW52BLkibtCr8jUg2KVUMTxVQ5
If a post contains copyrighted or illegal content, please click on that post's [Report] button and fill out a post removal request
All trademarks and copyrights on this page are owned by their respective parties. Images uploaded are the responsibility of the Poster. Comments are owned by the Poster.
This is a 4chan archive - all of the content originated from that site. This means that 4Archive shows an archive of their content. If you need information for a Poster - contact them.