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With more and more merchants abandoning Bitcoin...what went wrong?

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With more and more merchants abandoning Bitcoin...what went wrong?

>the next big thing guys! Just give us real money and we'll sell you bitcoin!
>bitcoin will be accepted everywhere in time
>buy early and the value will increase significantly!
>>
Nothing went wrong, solid progress is being made. Rome wasn't built in one day. Go study.
>>
The problem with bitcoin for me is that it's just a technology, and numerous other coins are in the market. So it just ends up being a contest on how hard someone can shill for their particular coin.

It's literally a meme currency. Remember doge coins?

Bitcoin is the first of course, but that doesn't mean it will be the last one standing at the end of the day.

And lastly, the price is too volatile to actually be utilized as a currency.

That being said, it's a great high risk investment if you get in at the right time, and get out at the right time, unaffected by the emotional arguments. But not at these levels, not with a rate hike by the Fed in the pipeline.
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I'm not saying Bitcoin is going to the moon but these kind of threads remind me of people who first criticised revolutionary technology like the home computer or the internet ,it's still early days and we don't know which way the wind will blow.

You're no better than Bitcoin shills because you have no valuable insight or knowledge to share with us.
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>>967315
All the alt currencies are pretty much junk,if you did a survey on the street Bitcoin is the only currency people will have heard about,in the words it's still the biggest and best ,and the only way it will be replaced is if a government sponsored crypto currency comes out.
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>>967294
Why isn't there a giant square of rubble in the middle labeled "MtGOX" with cop cars all around it?

Also why isn't BTC-E in there, which has been reliable since its very beginning. Let me guess, its not a real infographic but a piece of advertisement, and its trash just like buttcoin.
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>>967331

>in the words it's still the biggest and best

Why? Is there something that makes bitcoin better on a technical level than the alternatives?

>a government sponsored crypto currency comes out.

Kind of defeats the purpose IMO.
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copypasta ;bitcoin will fail yup I said it will fail because it is very complicated pyramid scheme ,loss will be suffered by those who are the bottom of the scheme and i still buy and sell them for profit but they won't be an accepted currency what people are expecting to become in the long term because there are finite number of bitcoins i.e 21 million, also bitcoins can be lost like a hard drive containing them destroyed ,person who knew the password died suddenly this makes the value of bitcoins increase forever(or till a time when they cease to be useful)opposite to traditional currency this simply promotes hoarding them ,now assume i have some bitcoins i will remain in a constant dilemma to sell them now to buy a laptop ,wait for 5 years then i can buy a car no I'll wait 15 years to buy a house or 50 years from now I'll buy an island
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>>967326

I really can't criticize it on a technical level, but I can criticize it based upon how people are acting in regards to it. The constant shilling of a "new paradigm" usually indicates it's a bubble of some kind.

Now, with that being said, I do want to get some exposure to it in case it does blow up again, but I'm not buying at these levels. I'll buy when bitcoin truly crashes, and I'll average myself in to do it, and even then I won't be sinking a lot of money.

$200 is the support level of 2015. If the price goes below that, it's going to $100-$120. After that, $10.

The price movements are fucking insane.
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>>967326
That's the problem. Bitcoin isn't revolutionary no matter how hard they try to say it is. They are depending on the fact that average Joe doesn't understand it so he will be clueless to how it operates. This way they can make any unsubstantiated claim that they (Bitcoin shills) feel like. Every single problem that bitcoin supposedly solves causes 2 more.

>anonymous
Not really. This claim was debunked years ago. Bitcoin is pseudo-anonymous at best. Anonymity may be good for drug deals, tax evasion, and those who are making questionable purchases but it is terrible for the average individual who wants consumer protection. This feature was really only important to hardcore libertarians and criminals.

>distributed public ledger
Not realistically scalable. If you go look at the size of the blockchain, it has started to increase exponentially. It is not realistically feasible for every person to have to download the entire ledger. As a business standpoint, a public ledger is a terrible feature. You may have total transparency but imagine having all your business purchases and sales open for your competitors to track. It is easy to keep tabs of every business that has a Bitcoin address. Even coin tumbling doesn't solve this problem.

>Anti-inflationary
Inflation is good because it discourages hoarding. It forces people to actually USE them instead of sitting on them, which is arguably bitcoins main problem. There will be no mainstream adoption unless merchants actually see it as a viable source of payment. As of right now, a lot of merchants have begun to abandon Bitcoin, because of stagnant sales numbers. Overstock even lost money on Bitcoin last quarter. People just are not spending Bitcoins because there really is no need to. They can buy things with regular currency and save the Bitcoin for "moon". Sadly, a moon landing will never come. Bitcoin has slowly been receding into obscurity.

Bitcoin was an cool concept but ultimately it is a failed expirement.
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>>967344
Ok forget I said better but it's still the biggest ,it's the only crypto currency that's had mainstream coverage.
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>>967377
>Bitcoin isn't revolutionary no matter how hard they try to say it is.

Name another payment system that has transcended banks and has the same global reach and speed of bitcoin.

>anonymous
>Not really. This claim was debunked years ago. Bitcoin is pseudo-anonymous at best.

No. It's definitely semi-anonymous. If you don't have access to a company's database of addresses (like Coinbase), you have no idea who owns what.

>Not realistically scalable. If you go look at the size of the blockchain, it has started to increase exponentially. It is not realistically feasible for every person to have to download the entire ledger.

Wrong again. Everyday users were never meant to be able to download the entire blockchain as the system scales.

>As a business standpoint, a public ledger is a terrible feature. You may have total transparency but imagine having all your business purchases and sales open for your competitors to track. It is easy to keep tabs of every business that has a Bitcoin address. Even coin tumbling doesn't solve this problem.

Wrong. If a business uses Coinbase, they will transact with multiple addresses and their transactions will not be easily traceable.

>Inflation is good because it discourages hoarding. It forces people to actually USE them instead of sitting on them, which is arguably bitcoins main problem.

There will be minor inflation through mining for a few more years. Deflation and hoarding aren't necessarily a bad thing. Those who got in early have made such massive returns that they see much of their bitcoin wealth as "free money" and they're pretty willing to spend some of it.

>Bitcoin was an cool concept but ultimately it is a failed expirement.

It's too early to say.
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>>967413
Without having the block chain then you may as well rely on a bank.
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>>967417
What?
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>>967315
nah nah nah, you're thinking small

the problem is utility, remember myspace? yeh, first mover advantage only gets you so far, at the end of the day does the thing do the thing that its supposed to do?

So right now bitcoin has the most secured network because its the most valuable, but the break even price for the giant warehouses of miners in china (most of the chain) need 200+ dollar btc to function , so its a slippery slope

if the value dips below 200 for longer than a week the miners will shut down or switch to a different coin and youll see a cascade effect where the blockchains security collapses (and with it the price)
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>>967413
>Name another payment system that has transcended banks and has the same global reach and speed of bitcoin.

Laundry soap

http://nymag.com/news/features/tide-detergent-drugs-2013-1/

Bitcoin is a meme. Get over it.
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>>967344
>Why? Is there something that makes bitcoin better on a technical level than the alternatives?
Not on a technical level - if anything, it is worse than the new coins, that had the benefit of building upon the BTC experience.
On a practical level, it is more popular, and there is already a market relying on it (even if it is not a big one). The main problem is that said is using BTCs as a package, not a valuable currency - I know a lot of sellers that deal on BTC, and they all trade their BTCs by local currency as soon as they get their hands on them.

>Kind of defeats the purpose IMO.
It might be advantageous for a small government in the future to replace their currency for a decentralized and anonymous cryptocurrency, with a limited and fixed supply. I am not saying that it is likely, but the moment that it happened, BTC would take a major hit.
Also, while it might be possible that a country decides to adopt a cryptocurrency, there is no way in hell that it will be BTC.

>>967377
>That's the problem. Bitcoin isn't revolutionary no matter how hard they try to say it is.
The technology behind it is.

>This feature was really only important to hardcore libertarians and criminals.
You went full retard here. Privacy is important to everyone, that is why you don't share your financial information with everyone and it is (somewhat) hard to break bank confidelity.

>distributed public ledger
Yes, this has to be fixed. But you could provide a service to "veil" those transactions.

>Inflation is good because it discourages hoarding.
Inflation is terrible, what you want is stability. Failing that, it is better to have a currency gaining 1% of value each year than losing the same amount.
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>>967432
>but the break even price for the giant warehouses of miners in china (most of the chain) need 200+ dollar btc to function

The algorithm difficulty can decrease if some miners drop out.

>>967440
Yawn.
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What happened to bizcoin. I've got a few thousand on a wallet on an old laptop.

Has it been wound up?
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>>967443
Also:

6.20 ▾

Since 24 hours ago
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>>967286
Just Monopoly game money...worthless and pointless.
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>>967443
>You went full retard here. Privacy is important to everyone, that is why you don't share your financial information with everyone and it is (somewhat) hard to break bank confidelity.
You have you head up your ass. It is not your fault - you just have a limited view on anonymity as it relates to payment rails. Yes, you do not want to share your financial information with everyone. This is why banks and other financial institutions already use cryptography to secure personal information. However, no, you do not want anonymity to the point that you can not be able to trace individual transactions back to a certain person in case fraud or a crime has been perpetrated. This is a terrible feature. It makes it impossible to have any amount of accountability for those who try to abuse the system. Chargebacks are an in-eloquent solution because they are reactionary instead of preventive but they have proven to be the best solution to fraud we have. If banks and credit cards didn't have the ability to reverse transactions, nobody would use them and everyone would pay in cash. Reversible transactions are there to protect the consumer, and they are necessary.

>Inflation is terrible, what you want is stability.
Wrong. A stable rate of inflation is healthy and promotes economic growth. Without it you have rampant hoarding.
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>>967472
>If banks and credit cards didn't have the ability to reverse transactions, nobody would use them and everyone would pay in cash.
Cryptocurrency should be compared to hard currency, not credit. Paper money is harder to trace than BTCs, and it has been used for centuries.
You can easily create a parallel credit system fueled by cryptocurrency.

>Wrong. A stable rate of inflation is healthy and promotes economic growth. Without it you have rampant hoarding.
You are the one with the head up his ass.
People still are going to spend money to get coveted goods, take care of their necessities or invest. A stable, limited coin, takes the power out of shitty central banks and gives it to the market, where it belongs.

http://www.forbes.com/sites/jonmatonis/2012/12/23/fear-not-deflation/
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>>967454
Bizcoin is best coin
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>>967413
>Name another payment system that has transcended banks and has the same global reach and speed of bitcoin.
Paypal has 173 million accounts. When you filter out those wallets with no activity or less than .0001 BTC in their account, Bitcoin is estimated to have 300k active users tops? You do the math. Bitcoin doesn't have the same global reach as Paypal.

>It's definitely semi-anonymous.
Pseudo-anonymous, semi anonymous, same thing. It isn't fully anonymous because you have a public ledger. Any agency with resources can get by this or else the Silk Road bust would have been impossible.

>Everyday users were never meant to be able to download the entire blockchain as the system scales.
Yet this is the way the blockchain stands as it is today. Meaning to fix something and actually fixing it is a big difference.

>Coinbase, they will transact with multiple addresses and their transactions will not be easily traceable.
Not if they transact between those addresses, which they would have to do. Just because they have separate addresses to handle incoming and outgoing doesn't mean it's hard to connect the two.

>Deflation and hoarding aren't necessarily a bad thing.
They are a bad thing. Economics has proven as much.
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>>967478
Crypto-currency should not be compared to hard currency OR credit because it is neither. I just used the example of credit cards as a way to show that reversible transactions are necessary for consumer protection. The same can be said for debit cards or bank transactions. Every other payment system has a way of reversing damage due to crime or fraud. The reason Bitcoin doesn't have one is that it CANT have one without a central authority. Don't act like this is some beneficial feature when it is a system flaw.

As for deflation, the majority of leading economists feel it is a bad thing. All you have to do is Google "is deflation good or bad?" and see what the overwhelming response is.
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>>967491
>Paypal
Doesn't transcend banks and doesn't have global reach. Let me know when Paypal accepts Ugandan shillings.

>Not if they transact between those addresses, which they would have to do. Just because they have separate addresses to handle incoming and outgoing doesn't mean it's hard to connect the two.

They have multiple addresses for every transaction. It's pretty hard to trace if you split everything up like big exchanges do.

>They are a bad thing. Economics has proven as much.

Not really. It's just a tradeoff. Inflation destroys the savings mechanism of economics. Who benefits the most from inflation with fiat currency? Banks. Who is in bed with the banks? The Fed.
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>>967501
It is your fault if you get tricked. Punishing fools is a good feature.

USA economists are bought and have no accountability, sorry, you will have to think with your head for once.
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>>967510
Also, while I said that deflation was better than inflation, I was actually advocating a stable currency.
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>>967491
>paypal
It's not available in every country on earth. Bitcoin is.

>Silk Road
The downfall was due to a "leaky" captcha service and had nothing to do with bitcoin.

>doesn't know what light weight bitcoin clients are.

>doesn't understand the pseudo anonymous nature if bitcoin

>thinks bitcoin is deflationary.

1/10 FUD
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How can I earn a very small amount of bitcoins to try out something?
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>>967504
PayPal doesn't have global reach? Is this a joke? PayPal even accepts Malaysian Ringgits. I'm not sure how you can get much more obscure than that. The currencies that Bitcoin accepts? Bitcoin. You have to use a 3rd party processor to even get money on and out. So much progress! Pshhh

>>967510
You have no idea how fraud works if you really think that it's people's fault for being "tricked". That is like someone getting robbed on the street by a random stranger and saying "it's your fault for not knowing he was a robber!". Stupidest argument I've ever heard.
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>>967512
Deflation is never better than inflation. Inflation is healthy for an economy and deflation is not. Even a non-inflationary currency is bad (which Bitcoin is)

>>967525
I never implied Bitcoin is deflationary. He made that argument as to why deflation is better than inflation (which it is not).
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>>967344
>Why? Is there something that makes bitcoin better on a technical level than the alternatives?
Yes, Bitcoin has the best devs, sidechains are coming, LN is coming. Alts are the actual memes trying to pull the Bitcoin 2.0 card and failing misserably.

>>967377
The fact Satoshi solved the byzantine generals problem singlehandedly in the whitepaper is enough to be called revolutionary. You are extremely computer illiterate to deal with any of this, just stick to shorting PRAN.

>anonymous
It's as anonymous as you want it to be. It will be increasingly anonymous. Study CoinJoin and Confidential Transactions (not to include third party wallets such as the Samurai project), but CJ+CT is anonymous enough.

>not scalable
Same bullshit as idiots said about TCP/IP. "It will never scale worldwide, will never do voip". Lightning Network will prove everyone wrong (all it is is clever usage of Bitcoin script, it's all open source and you can study the code yourself, sidechains included:

https://github.com/ElementsProject

>Inflation is good
Inflation is shit. The fact people don't spend Bitcoins much is because they value it more than fiat AND because they have to buy it first. I get paid in Bitcoin directly and I use it a lot because it's just convenient. If I had to buy it first, I wouldn't use it, I would just hold it like I hold Gold. You can use Bitcoin as a currency, as a long term investment or whatever, that's the whole fucking point. The value of Bitcoin is at the network level, as the ultimate settlement network, mass usage isn't even needed to reach "moon".

>Bitcoin was an cool concept but ultimately it is a failed expirement.

You aren't aware of what's going on. You are *lost*. Bitcoin will scale, Bitcoin will keep getting new stuff implemented and getting even more solid. Meanwhile idiots like you will still be waiting for the next big thing, just like idiots have been saying how "ipv4 is dead", now since 20 years ago and going.
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The US government decide its a great currency to use and then seized 17 million bitcoins and auctioned them off.

https://www.rt.com/usa/157764-fec-okays-bitcoin-for-pacs/
https://www.rt.com/news/159928-bitcoin-us-rule-book/
http://www.theguardian.com/technology/2014/jun/24/us-auction-seized-silk-road-bitcoins
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>>967575
Inflation promotes wasteful mindless consumerism. Deflation makes you value your money and you use with your head instead of with your cock which is enough to be objectively superior form of money. Bitcoin happens to have better features than all other forms of money we've ever seen (objectively speaking).
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>>967573
You can accept Bitcoin payments with an SMS phone. It's superior in every single way. You just haven't experiene what it means to do a job, and get paid on Bitcoin and have the money usable 10 minutes after from some obscure country, because having to buy it sucks. If a big economy developed where people work for Bitcoin and pay in Bitcoin, it would be unstopable. The problem is people is stupid and it takes time for it to click inside the sheeple's brain. It may take 10+ years for people to see the light.
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>>967613
Your whole post is dense but this:
>You aren't aware of what's going on. You are *lost*. Bitcoin will scale, Bitcoin will keep getting new stuff implemented and getting even more solid. Meanwhile idiots like you will still be waiting for the next big thing, just like idiots have been saying how "ipv4 is dead", now since 20 years ago and going.
is the very thing that Bitcoiners have been saying for years now. "It will get better I swear! We will fix all the glaring issues I swear! It will be mainstream one day I swear!". The reality is that none of this is happening. Bitcoin transaction volume is stagnating. The price is still on a downward trend. New users are tapering off. Merchants who did accept Bitcoin are now rejecting it. Bitcoin had its chance and people dont get it. People don't like it. They would rather use more stable, trusted payment methods that have consumer protection. Numbers don't lie.
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>>967640
Mindless consumerism is good for the economy and good for business. You don't even need to take a basic economics class to understand this.
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>>967649
I would HATE to get paid in Bitcoin from my job. I prefer a stable income, thank you. It would drive me nuts if one day my paycheck is $5k and the next day I go to cash out to pay my bills and realize that it has dropped 20% (which has happened with Bitcoin). What a ridiculous store of value.
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>>967649
How the hell are people to expect any kind of (stable) jobs being paid in Bitcoin with the current level of volatility?
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>>967573
>PayPal doesn't have global reach? Is this a joke?

Note that all of Africa is missing. Half of South America is also missing. Banks are expensive.

>The currencies that Bitcoin accepts? Bitcoin

Don't you fucking get it by how retarded this sounds? There only needs to be ONE currency.

>You have no idea how fraud works if you really think that it's people's fault for being "tricked". That is like someone getting robbed on the street by a random stranger and saying "it's your fault for not knowing he was a robber!". Stupidest argument I've ever heard.

This was addressed in bitcoin's white paper. Just because it's non-refundable doesn't mean the sky is falling. There are these things called escrow accounts. They've been used to prevent losses from fraud for a long time.

>>967575
>Deflation is never better than inflation. Inflation is healthy for an economy and deflation is not. Even a non-inflationary currency is bad (which Bitcoin is)

You have such a simplistic outlook. Inflation is healthy because Janet Yellen said so! Do you have any idea how fucked the US economy is because of almost a decade of ZIRP? A shitload of pension funds will not be able to meet their obligations because yields are artificially held down so low. There is also massive asset inflation in the stock market and elsewhere. When you remove the savings mechanism from the economy, you create massive market distortions. This will become evident in the years to come.
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>>967665
This. I can just imagine a scenario that plays out like this.

>Get paid for coding a web application. They pay me in Bitcoin.
>Electricity bill due. If I don't pay electricity company they shut my power off
>Electric company doesn't accept Bitcoin
>shit
>Ok how to get these Bitcoins into USD?
>Lets use coinbase... its trusted right? Im not going to get goxxed? Lets gamble
>Set up an account. They want all my personal information
>They want bank account information so they can transfer the USD when I want to withdrawal
>Do I trust them? I guess... lets gamble
>Sell my BTC on the open market. Get 2% less than expected because of volatility and price variance between exchanges
>OK. Now lets transfer the USD to my bank account
>Takes 3 days to clear
>I can now spend my paycheck on bills
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>>967655
Yeah thats why we are all stuck with unpayable debts.
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>>967674
I wonder what would happen if I just got payed in USD?

>Get paid for coding a web application. They pay me in USD
>Get full amount
>Deposit into bank
>Pay my bill

Bitcoin is way easier and faster! kek
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>>967286
Don't worry bro, bitcoin will hit $20,000 per coin soon
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>>967675
>implying buying stuff = debt
You do know how credit works..... right? Sorry I have to ask. I know this is a business board and you should know this but damn, son.
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>>967674
Yeah it's hard to be a pioneer. What's cool is when plebs get it and Bitcoin is widespread i'll be retired.

Bitcoin is here to stay and will evolve one way or another

https://www.youtube.com/watch?v=_-NwFOAS0ZA
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>>967679
We are on a business board, thats why you are clueless about Bitcoin. You are trying to value something that you don't understand (and you can't make a correct long term vision since you don't understand it).

>>967679
You are the type of guy that tries to sound mature by not being outraged at the fact fiat is a giant ponzi scheme.
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>>967670
>Don't you fucking get it by how retarded this sounds? There only needs to be ONE currency.
Do you know how retarded YOU sound? Do you really ever think if there was one world currency that currency would be Bitcoin? Wtf, man. Get some common sense.

>There are these things called escrow accounts.
Added fees. ANOTHER third party that you have to trust. Added transaction time. Not to mention that none of the major retailers that accept bitcoin use escrow services. The use case for this is so limited it is almost laughable.

>ZIRP
This is your argument? Also, it was 5 years, not a decade. ZIRP was the only thing holding the economy together at that time. How do you argue with that since the GDP growth turned around, inflation fell and unemployment rates halved?
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>>967684
That's the thing. I am not clueless about Bitcoin. Nice non sequitur. Bitcoiners think that anyone who is against it must just not know anything about it. I have based most of my opinions on fact and not some emotional response because I am financially invested. I don't have any bias because I have no dog in the fight. You do because you own bitcoin.
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>>967697
>Do you know how retarded YOU sound? Do you really ever think if there was one world currency that currency would be Bitcoin? Wtf, man. Get some common sense.

One of the cryptocurrencies will dominate all other currencies. The most likely contender is bitcoin.

>Added fees. ANOTHER third party that you have to trust. Added transaction time. Not to mention that none of the major retailers that accept bitcoin use escrow services. The use case for this is so limited it is almost laughable.

That's not the use case, dumbass. People trust big retailers, so there's no need for escrow. It would be used for things like ebay where the seller isn't trusted.

>This is your argument? Also, it was 5 years, not a decade. ZIRP was the only thing holding the economy together at that time. How do you argue with that since the GDP growth turned around, inflation fell and unemployment rates halved?

It started in 2008. 7 years going on 8. Ohhh nominal GDP is up! What a surprise. I wonder if printing trillions of dollars had anything to do with it.

Inflation fell because of massive deflationary pressures via technology. Unemployment halved because lowering interest rates meant any dumbass with a business could get a loan.

Your understanding of bitcoin, technology and economics is extremely superficial.
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>>967711
>One of the cryptocurrencies will dominate all other currencies. The most likely contender is bitcoin.
You are a complete moron. Bitcoin is not going to dominate all other currencies. You are so braindead that you would not even understand the explanation why your brain is so completely devoid of any original thought.

>People trust big retailers, so there's no need for escrow.
Another retarded ass comment. Big retailers defraud people all the time. Get a fucking clue.

>Inflation fell because of massive deflationary pressures via technology. Unemployment halved because lowering interest rates meant any dumbass with a business could get a loan.
This is so incredibly wrong that if you were any more wrong you would be a stalk of broccoli. You really think unemployment halved because of more business loans? I now feel dumber by have even reading this comment. You are awarded no points, and may God have mercy on your soul.
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>>967723
Hilarious that you have nothing substantive to say aside from "YOU'RE DUMB". Lose the ego and grow up.
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>>967735
I have been refuting his arguments all thread. That is until they finally became so ridiculously retarded that they don't even merit a response other than to tell him he's an idiot. You are another one of those idiots that think Bitcoin is going to dominate all other currencies? Please tell me we don't have more than one of you on this board. I couldn't take it. Even the more ass-backward brainwashed Bitcoiners would be hesitant to make that claim.
>>
>>967735
>>967742

To be fair, you are both stupid.
>>
>>967680
Also...
>I can't think of a single thing that cout stop Bitcoin.
Why are you listening to people with such feeble imaginations?
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>>967772
What, in your mind, could realistically stop bitcoin?
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>>967286
the fundamental concept coupled with reality rendered the profit incentive destructive to the sustainability of bitcoins value. it has more value as a pump and dump scheme than as a real crypto currency.
>>
bitcoin will rise just like the internet, it just needs more time
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>>967777
There is no need to stop what is not in motion.
>>
I believe to 1 bit* = 1 dollar soon..

*1.000.000 bits = 1 btc
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>>967286

difficult to buy bitcoins, easy to sell bitcoins... it's simple really
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Got to love all the deluded fuckers talking about Bitcoin being the future of currency that will replace all money and banks. While at the same time talking about Bitcoins value in fiat currency. And talking about buying and selling coins with fiat currency. Which requires them to use their bank account.
>>
Bitcoin or more likely something like Ethereum could become a speculative attack on weaker fiat currencies.

Imagine a situation where Bitcoin does become semi mainstream, people start to panic thinking "fuck. Maybe this Bitcoin thing is going to be a real thing. Better buy some" it could cause a cascade effect where people are selling all their Swedish krone or whatever and buying Bitcoin.

Once it destroys one currency it will only be a matter of time before it chews through real currencies like the dollar or sterling. Because people will have to weaken their dollar by trying to buy up the weakened krone or previous currencies wrecked by Bitcoin.

Bitcoin behaves like a computer virus that infects the human population. All it is is a new way of organising information. Money is just information. A record of who owns what and who owes what to who. Used to be that the only way of doing that was the "proof" of possession of a specially designed piece of paper or having a central authority having certain numbers against your name on a centralised ledger.

These methods required trust:
>trust that the piece of paper is hard to forge (they aren't)
>trust that the central authority would act faultlessly (they don't)

Now, Bitcoin can organise who owns what without the need to trust anything. Who owns what is recorded in an infallible distributed ledger that is secured with ingenious cryptography.

This is the reason it pisses people off. Bitcoin has the potential to completely disrupt the status quo. It could cause financial chaos, war, the wrecking of economies. In a way these people are right it will be very painful. I for one welcome our new Bitcoin overlords. I don't have much vested interest in the status quo, therefore I support Bitcoin.

I think Bitcoin or something like Ethereum needs to have a market cap of about $100 billion before it starts threatening national currencies. It will be a runaway meltdown. The trip from 3.5 to 20 will be fun.
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>>967432
For someone talking out of their ass you sure have a lot to say.
>>
>>967341

Because coiners conveniently ignore that glaring catastrophy that calls into question the viability of the whole enterprise. Imagine if your bank could shut its doors and walk away with all its deposits.

>free market lol
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>>969228
With Bitcoin you are your own bank. Mtgox is a special case. It was an exchange. People chose to risk their bitcoins speculatively by giving them to an exchange. Mtgox becoming insolvent had nothing to do with the security of Bitcoin itself.

Also, you're forgetting that the law is being applied to that case and a lot of people are getting refunds of their bitcoins.
>>
>>969228

Decentralized exchanges are in the making
>>
TO THE MOON
>>
>>967286
The biggest thing?

It's not secure.
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>>969074
>Imagine a situation where Bitcoin does become semi mainstream, people start to panic thinking "fuck. Maybe this Bitcoin thing is going to be a real thing. Better buy some" it could cause a cascade effect where people are selling all their Swedish krone or whatever and buying Bitcoin.
Then why on earth are there still other currencies? I don't mean selling for bitcoin, I mean selling all your currency for another the moment yours takes a dive. For instance, the Canadian dollar is at $.75 American right now. All of Canada has yet to cash out and abandon to what is arguably the most accepted currency in the world.

Why is that?
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>>969238
Explain
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>>969246
You still need Canadian dollars to buy Canadian things. But if more and more Canadian businesses started accepting bitcoins (thinking the price will increase) it will create a runaway effect called a 'speculative attack'.

Bitcoin (or something similar) could act like like a predatory virus engulfing fiat currencies.
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>>969254
I guess that makes sense ,Canadians need Canadian dollars to buy Canadian things but since Bitcoin is a world currency if enough places accepted Bitcoin as payment then the currency of that country wouldn't be needed.
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>>969254
>You still need Canadian dollars to buy Canadian things.
Yes. And the number of retailers accepting bitcoin has been steadily dwindling.

>But if more and more Canadian businesses started accepting bitcoins (thinking the price will increase)
The exact opposite is happening, though. And is bitcoin supposed to be a currency or an investment? Businesses do not care about the speculative value of a currency when applied on the scale of a small number of transactions.

>it will create a runaway effect called a 'speculative attack'.
But why hasn't this happened with other currencies? The CAD is a good example because a little over a year ago, it was worth more than the USD. It has lost more than 25% of its value over that time. Yet people are still using it. Most Canadian businesses accept the USD, so it's a fairly valid example.
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>>969270
It's more likely to happen to a smaller countries currency.
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File: vsccHYr.png (656KB, 1056x1800px) Image search: [iqdb] [SauceNao] [Google]
vsccHYr.png
656KB, 1056x1800px
>>969236
Whis is it about Bitcoiners and moons, anyway?
Fuckers are obsessed with them.
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>>969724
>"technical analysis"
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>>967286
nothing, it's still largely being used by ponzi schemers and the darkmarket.
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