Bitcoin Cracks $5000

[Zippyjuan]

Are you really that dense? You said most people buy BTC because they want to make money.... The survey had that option, but the majority of respondents chose what I posted, which is clearly not what you said.

Let's go through the options.

a) 22% said it was a "store of value like gold or silver". Do you buy gold and silver to spend it or as an investment? "Store of value" means you are keeping it and not spending it. Investment.

b) 41% said "I believe Bitcoin is a world changing technology." Really says nothing about their goals- use as money or as an investment.

c) 14.01% of respondents answered "I believe that the price of Bitcoin is too low, and will only go higher." - to make money- not to use for money.

d) 15.25% of respondents answered "A friend, family member, or another trustworthy source convinced me to invest." Again- to invest- potentially make money.

e) 8.16% of respondents answered "I plan on using Bitcoin for transactions or purchases, and less of an investment."- less than ten percent intended to use it for money

Totals for a+c+d are 51% of respondents compared to 8% saying they would be using it for transactions.

 

[dannno]

Let's go through the options.

a) 22% said it was a "store of value like gold or silver". Do you buy gold and silver to spend it or as an investment? "Store of value" means you are keeping it and not spending it. Investment.

b) 41% said "I believe Bitcoin is a world changing technology." Really says nothing about their goals- use as money or as an investment.

c) 14.01% of respondents answered "I believe that the price of Bitcoin is too low, and will only go higher." - to make money- not to use for money.

d) 15.25% of respondents answered "A friend, family member, or another trustworthy source convinced me to invest." Again- to invest- potentially make money.

e) 8.16% of respondents answered "I plan on using Bitcoin for transactions or purchases, and less of an investment."- less than ten percent intended to use it for money

Totals for a+c+d are 51% of respondents compared to 8% saying they would be using it for transactions.

Your analysis fails on one count because many people have multiple reasons for owning bitcoin, but they were only allowed one choice in the poll.

Also, the people who are investing and trading in bitcoin today are increasing the amount of and improving the bitcoin infrastructure so that when there is a market that is ready to utilize the technology, it will be available for them to use. When that happens, it will be like dominoes because other places will see how well bitcoin was able to help fix a broken economy, sideline corrupt governments and financial institutions, etc..

That is the option you completely left out of your analysis, which is the bulk of the people who own the bitcoin. They want to change the world, so they are giving the world a tool to do so.

Meanwhile, you are being a tool for the establishment.

 

[TheTexan]

Someone should start an ICO for a tax coin that helps US government collect taxes on it

It's a brilliant idea

 

[Mordan]

nice dip. no emotions. I am a veteran. Buying the dips.

Try transacting in crypto to understand the power. Gov shills on this site doing their propaganda work.

 

[kahless]

Someone should start an ICO for a tax coin that helps US government collect taxes on it

It's a brilliant idea

As ridiculous as it sounds "Tax Coin" would not surprise me considering.

https://en.wikipedia.org/wiki/Dogecoin

Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Introduced as a "joke currency" on 8 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014;[8] as of November 2017, it has a capitalization of US$227 million.

I can see it now.

https://en.wikipedia.org/wiki/Taxcoin

Tax Coin is a cryptocurrency featuring the the internet meme of Ron Paul waving his hands as its logo. Introduced as a "joke currency" by a member of Ron Paul Forums with the handle of "TheTexan" in January 2018, Taxcoin quickly developed its own online mining community with the purpose of using the transaction proceeds to pay down the US Debt.

 

[kpitcher]

Someone should start an ICO for a tax coin that helps US government collect taxes on it

It's a brilliant idea

And like Doge the US Government has plenty to be considered a joke

 

[devil21]

nice dip. no emotions. I am a veteran. Buying the dips.

Try transacting in crypto to understand the power. Gov shills on this site doing their propaganda work.

Where are you from Mordan?

 

[Mordan]

Where are you from Mordan?

Why does that matter to you?

 

[anaconda]

To 11000 then 7800 then 17000 then 14000 then 20000

u heard it here first

Pretty damn good estimate, Sir.

 

[dannno]

Why does that matter to you?

He might think you're from Russia.

 

[specsaregood]

nice dip. no emotions. I am a veteran. Buying the dips.
Try transacting in crypto to understand the power. Gov shills on this site doing their propaganda work.

Last time I bought something with bitcoin (merchant using bitpay) it took hours for it to go through and confirm. Hardly ideal for an online shopping experience where both merchant and customer are used to an immediate approval/denial.

 

[dannno]

Last time I bought something with bitcoin (merchant using bitpay) it took hours for it to go through and confirm. Hardly ideal for an online shopping experience where both merchant and customer are used to an immediate approval/denial.

Ya this issue has been hashed out and there are many solutions.

Bitcoin is more secure than lightcoin, but lightcoin is faster. You could have your savings in bitcoin and your "checking" or spending money in lightcoin. I'm not saying that is how it has to be, or it has to be lightcoin, just giving an example, that has been around for 6 years.....

Secondarily, the btc devs are currently working on something called "lightning pay" which is supposed to help resolve this problem.

Every time I've used bitpay or done bitcoin transactions they have gone through smoothly and relatively quickly, but I do know that it is a problem from time to time.

 

[Mordan]

He might think you're from Russia.

lol

which has no relevance to the Bitcoin discussion.

 

[devil21]

He might think you're from Russia.

Asian in general, yes, not necessarily Russian. So much of the bitcoin market has been from Korea and Japan lately. Obviously Mordan isn't going to come clean (and his resistance means I wouldn't believe his answer now any way) but when obvious foreigners are trying to recruit American's money into an investment vehicle it looks like another big wealth transfer. A wealth transfer that if it turns out to be fraudulent would be without recourse.

 

[ClaytonB]

Ya this issue has been hashed out and there are many solutions.

Bitcoin is more secure than lightcoin, but lightcoin is faster. You could have your savings in bitcoin and your "checking" or spending money in lightcoin. I'm not saying that is how it has to be, or it has to be lightcoin, just giving an example, that has been around for 6 years.....

Secondarily, the btc devs are currently working on something called "lightning pay" which is supposed to help resolve this problem.

Every time I've used bitpay or done bitcoin transactions they have gone through smoothly and relatively quickly, but I do know that it is a problem from time to time.

Lightning Network will be faster than LTC (effectively instant), denominated in BTC natively, and will have on-chain-equivalent security (in case of attempted fraud, you just close the payment channel and take your BTC back). It is already enabled on the blockchain (SegWit enabled it) but the LN client and peer-to-peer infrastructure is still in development. LN will enable Bitcoin's effective throughput to scale to at least hundreds, maybe thousands of times its current throughput level and it will cut transaction costs accordingly - tx's will be virtually costless.

 

[TheTexan]

Lightning Network will be faster than LTC (effectively instant), denominated in BTC natively, and will have on-chain-equivalent security (in case of attempted fraud, you just close the payment channel and take your BTC back). It is already enabled on the blockchain (SegWit enabled it) but the LN client and peer-to-peer infrastructure is still in development. LN will enable Bitcoin's effective throughput to scale to at least hundreds, maybe thousands of times its current throughput level and it will cut transaction costs accordingly - tx's will be virtually costless.

 

[ClaytonB]

You can count on it J Law... muah

 

[anaconda]

$11,070

 

[anaconda]

$11,100

 

[kpitcher]