Bitcoin Cracks $5000

devil21 said:
The abject monetary ignorance of that statement only serves to confirm why I do not take any investment advice from you.
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Ya the elite own a huge amount of all the gold, but that's actually another great argument for bitcoin.
 
I 'invested' in September. Today my investment has officially doubled. :)
 
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Bitcoin is not widely used as a medium of exchange, and isn't going to be for the foreseeable future. Why? One can point to the extreme volatility or the high transaction costs, as @Gaddafi Duck mentioned, but there's a more fundamental problem. Fiat is dominant not because of its economic properties, but because of the gun. It might be that bitcoin would eventually prevail against fiat (or even against gold or other former market monies) in a free currency market, but there isn't a free currency market, nor any prospect of one arising in the foreseeable future. If bitcoin became a serious threat to the state's inflationary activities, bitcoin would simply be suppressed, as was gold in the past (and no amount of encryption et al can prevent this, since to be useful as a currency bitcoin must at some point interact with the real world). In any event, bitcoin is now primarily a speculative asset, not a currency, and the bubble will burst long before it becomes a major currency. If you're making $$$ (pun intended) in bitcoin, awesome, but see it for what it is .
 
r3volution 3.0 said:
Bitcoin is not widely used as a medium of exchange, and isn't going to be for the foreseeable future. Why? One can point to the extreme volatility or the high transaction costs, as @Gaddafi Duck mentioned, but there's a more fundamental problem. Fiat is dominant not because of its economic properties, but because of the gun. It might be that bitcoin would eventually prevail against fiat (or even against gold or other former market monies) in a free currency market, but there isn't a free currency market, nor any prospect of one arising in the foreseeable future. If bitcoin became a serious threat to the state's inflationary activities, bitcoin would simply be suppressed, as was gold in the past (and no amount of encryption et al can prevent this, since to be useful as a currency bitcoin must at some point interact with the real world). In any event, bitcoin is now primarily a speculative asset, not a currency, and the bubble will burst long before it becomes a major currency. If you're making $$$ (pun intended) in bitcoin, awesome, but see it for what it is .
Click to expand...

Yeah, need like 20 fold increase in users to get there. Then what? Well, at that level of adoption it becomes very likely that everyone will know at least a couple other people that accept bitcoin. Then paying the babysitter in bitcoin is highly likely, paying the lawn guy, etc... At that point nearly every single person will know a "good" person that owns bitcoin, so the "criminal" narrative will be rather weak as well, if the try to spin it that way.

What that also means is if the "Goobermint" banned it they will have 10's of millions of middle class and higher americans pissed as fuck at them. There is no way in hell for example I'd ever vote for politician that even toyed with the concept of banning bitcoin, and there is a good chance I'd donate to their opponent as well. Even if that was Rand Paul (doubt he'd do that).


The high transaction cost will likely be mitigated in 2018. There are schnorr signatures which help reduce the size of a transaction, there are the lightning network type proposals, which are very near from exiting testnet status and being deployed in real usage, and there is always the inevitable option of upping the block size, which will happen at some point. Sure it doesn't get us all the way there, but it's not like bitcoin is stuck forever.
 
RonPaulIsGreat said:
What that also means is if the "Goobermint" banned it they will have 10's of millions of middle class and higher americans pissed as fuck at them. There is no way in hell for example I'd ever vote for politician that even toyed with the concept of banning bitcoin, and there is a good chance I'd donate to their opponent as well. Even if that was Rand Paul (doubt he'd do that).
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All they'd have to do is tax transactions sufficiently to make bitcoin uncompetitive relative the (untaxed) dollar.

Very simple, already did it with gold, no one will notice/care/protest.
 
People and institutions are flocking to bitcoin because it's the newest and hottest asset class in the world. It's going to be a wealth transfer and settlement layer for large mulitnationals as worldwide central bank fiat continues to erode in value over time. In the mean time, it's the best and growing wealth storage protocol for everyone. LTC will be used as a digital payment hub because of its abilities in speed, size and its potential for confidential transactions and atomic swaps w/ bitcoin. Bitcoin's price will continually see higher highs and higher lows (than the previous) as this market keeps maturing and typically people don't spend assets as a currency for daily purchases, hence litecoin. Wait til yall see what litecoin is gonna do over the next 4 months.
 
RonPaulIsGreat said:
Yeah, need like 20 fold increase in users to get there. Then what? Well, at that level of adoption it becomes very likely that everyone will know at least a couple other people that accept bitcoin. Then paying the babysitter in bitcoin is highly likely, paying the lawn guy, etc... At that point nearly every single person will know a "good" person that owns bitcoin, so the "criminal" narrative will be rather weak as well, if the try to spin it that way.

What that also means is if the "Goobermint" banned it they will have 10's of millions of middle class and higher americans pissed as fuck at them. There is no way in hell for example I'd ever vote for politician that even toyed with the concept of banning bitcoin, and there is a good chance I'd donate to their opponent as well. Even if that was Rand Paul (doubt he'd do that).

The high transaction cost will likely be mitigated in 2018. There are schnorr signatures which help reduce the size of a transaction, there are the lightning network type proposals, which are very near from exiting testnet status and being deployed in real usage, and there is always the inevitable option of upping the block size, which will happen at some point. Sure it doesn't get us all the way there, but it's not like bitcoin is stuck forever.
Click to expand...

FSP-Rebel said:
People and institutions are flocking to bitcoin because it's the newest and hottest asset class in the world. It's going to be a wealth transfer and settlement layer for large mulitnationals as worldwide central bank fiat continues to erode in value over time. In the mean time, it's the best and growing wealth storage protocol for everyone. LTC will be used as a digital payment hub because of its abilities in speed, size and its potential for confidential transactions and atomic swaps w/ bitcoin. Bitcoin's price will continually see higher highs and higher lows (than the previous) as this market keeps maturing and typically people don't spend assets as a currency for daily purchases, hence litecoin. Wait til yall see what litecoin is gonna do over the next 4 months.
Click to expand...

Maybe some will stick around and wait for transaction costs to be mitigated but large institutions more likely will and already are investing in alternatives like Ripple that have addressed the transaction costs regardless of the coin value. The Ripple tech - payment system can also process more transactions per second.

I believe Bitcoin to be too volatile for the multi-nationals. Multi-nationals are signing on with Ripple, like UBS, SBI, etc and just last week American Express adopted the Ripple technology.
 
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