3'rd largest coin miner declares bankruptsy

[LukeTbk]

History books make revolutions come across as events when they are actually processes. We're living through one right now. This is a 20-30 year process that will culminate with Bitcoin (or Ethereum as a darkhorse candidate) adopted as global money.

You mean as global store of value or actual day to day transaction for something like bitcoin ? The first seem to already happened and the second quite unlikely (for bitcoin maybe if something build over it do the heavy volume and low cost required).

It falls apart when reminded that all magic coins eventually have to be converted to fiat currencies in order to hold any value. If you can't convert it is worth nothing.

Are we not already somewhat past that in some sector, an Argentinian can buy an house-appartment with bitcoins and other crypto, which create I could imagine a big enough market to be useful too some even if they themselve could not transfer it, has long has they can buy their next house using the crypto gained from the sales of their previous house.

 

[ElementDave]

The whole its a good cause thing doesnt work at scale.

Good causes don't receive as much scalability testing as bad ones, unfortunately. Kudos to Red Falcon and griff30 (and others I may have missed) for trying to change that.

Are we not already somewhat past that in some sector, an Argentinian can buy an house-appartment with bitcoins and other crypto, which create I could imagine a big enough market to be useful too some even if they themselve could not transfer it, has long has they can buy their next house using the crypto gained from the sales of their previous house.

Just FYI, you don't have to move to Argentina. You can live at the Super 12 Motel Plus instead, assuming they haven't changed their payment policy. (Credit to Armenius for the link. The embedded version doesn't seem to work, at least with my browser/settings.)

 

[UnknownSouljer]

Ah some things never change. Every bear market since I've learned about Bitcoin has the same types coming out of the woodwork to cheer the decline and prognosticate on Bitcoin's demise. It is telling how the counterarguments have evolved over time - from "it's not real, it's a scam, only used by criminals" to "OK it's a real asset but you can't buy anything with it", to "sure, you can buy toys and electronics with it but it's a party trick and no one will accept it for a car, house, or taxes," etc etc, all the while the value of Bitcoin grinds ever higher in a three steps forward two steps back fashion.

History books make revolutions come across as events when they are actually processes. We're living through one right now. This is a 20-30 year process that will culminate with Bitcoin (or Ethereum as a darkhorse candidate) adopted as global money.

All of the previous boom cycles all circled around there being a glut of money in the economy, and the super wealthy looking for other stores of money past buying condos in billionaires row, another super yacht, art, stocks, bonds, and foreign currency. The more stores of wealth, the more hedges you have in the event of an emergency.

However crypto was the first to bust when global interest rates went up, showing just how weak a store of value it was. (In other words it was the last investment anyone would use past every other store of value as listed above).

More to the point, the real problem with crypto is having an actual use case. Especially all of these 100s of alt-coins. There isn't a reason to buy any of them instead of using fiat. And that puts directly into question why bothering to use any of them unless they increase in value? It is only this hope of them increasing in value that anyone buys them for.
This isn't to say that the underlying technology isn't interesting or that a use case won't be built from blockchain technology. I think eventually there will be a use for "the ledger" that is valuable. But at this point that use case has not revealed itself and Bitcoin is still basically operating off of scarcity and the greater fool theory without having actual utility. As a result, I think it's likely for it to eventually go to zero when everyone from previous crypto cycles is once bit and twice shy.

Everything you've listed as a "use case" for BTC, why not just use fiat instead? There isn't any reason why I would buy BTC to do any of those transactions. It's just additional risk and instability for the hope of future gains.