as long as you can only buy crypto with fiat you avoid all those issues. I see no reason it should be any other way.
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BTC is scaring me (my 2 cents)
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RogueTadhg
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I put in 10k on the 7th and cashed out 11k this morning. Just about everyone has 'I sold too soon' stories, but had I bought Ethereum or Litecoin on the 7th instead of Bitcoin, I'd have profited 10-20k instead of 1k.I always buy the wrong damn coins at the wrong damn times.
With everything ridiculously high right now I'm hesitant to put anything into anything. Might get back in when things trend down and stabilize, and then sit on it until the next pump, if and when that ever happens.
I'm hesitant into putting position into Bitcoin for the sake of making money. But the good thing about Bitcoin, as it is, being able to buy fractions of the currency. I had originally believed that you had to pony up for the full bitcoin if you wanted to invest into it... (I would've been an early adopter otherwise :\) I treated it like a normal share.
I don't see Bitcoin being something that can be treated like Currency at this stage. Honestly at this point, it seems like you might as well consider Bitcoin like "Gold" or another commodity. The other coins are referenced against BTC so I think it's a valid assumption.
There's a lot of good to come from Bitcoin though. The fact that it is rising means a lot of people will make a lot of fiat money from it. It'll help pay off debt, maybe get a working car, start a college fund which in otherwise wouldn't be the case. There's been a lot of people that have taken an interest in their financial health as well. Young kids are getting interested in finances and money who would otherwise never would. But there are other benefits that really attract me - once I actually dug myself in and started to read about Bitcoin. It's brilliant. Elegant and just Awe-inspiring. I might see it different than normal people though as I've always been interested in stocks, trading and the financial markets. I'm still scratching the surface, I feel. I'd like to dig up the original white paper and read through it. If I had the money, I'd probably dump all of it into Bitcoin at this point.
Not to sell it off though.
Archaea
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Bitcoin as originally designed for currency purposes is broken, and the ways they are trying to fix it is not in line with the original spirit of design.
And here’s a Forbes article that makes some additional good points on why bitcoin is broken as a currency (though the author is focusing only on the US aspect of bitcoin which is too narrow sighted - since bitcoin is absolutely a global phenomenom.
https://www.forbes.com/sites/modele...why-i-would-bet-against-bitcoin/#7f5f3b0d7fe8
I don’t think the masses know it yet — that is the new investor throwing money at crypto to try to catch the wave. I don’t think those that do know care to really bring up these issues - but there are two sides to this rise and a savvy investor needs to read all sides.
And here’s a Forbes article that makes some additional good points on why bitcoin is broken as a currency (though the author is focusing only on the US aspect of bitcoin which is too narrow sighted - since bitcoin is absolutely a global phenomenom.
https://www.forbes.com/sites/modele...why-i-would-bet-against-bitcoin/#7f5f3b0d7fe8
I don’t think the masses know it yet — that is the new investor throwing money at crypto to try to catch the wave. I don’t think those that do know care to really bring up these issues - but there are two sides to this rise and a savvy investor needs to read all sides.
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please dont link somthing with the title "why i would bet against bitcoin" that wount lead to a one sided argument atall..... and most people know of bitcoins issues with transactions thats the basic reason there have been many fork attempts. as i said many coins have worked out that issue. i do agree with the last line of people just catching the wave buy if enough people keep trying to catch the wave price will continue to increase. bitcoin is just a hypecoin, there are many other crptos that are MUCH better and people know that. i sent a ripple and a ethereum transaction today ether cost $1.70 to sent and the ripple $0.10 ethereum has morse transactions per secound then btc and handles them well
Archaea
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Read the article. The title like anything else is for shock factor. The author is pro crypto, but is basically saying the same thing you are saying. That right now it’s a risky investment.
no risk no reward.I put in 10k on the 7th and cashed out 11k this morning. Just about everyone has 'I sold too soon' stories, but had I bought Ethereum or Litecoin on the 7th instead of Bitcoin, I'd have profited 10-20k instead of 1k.
With everything ridiculously high right now I'm hesitant to put anything into anything. Might get back in when things trend down and stabilize, and then sit on it until the next pump, if and when that ever happens.
Parja
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Archaea
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LolFixed.
Net Prowler
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LMAO this is great!Fixed.
TrailRunner
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When your log scale price chart is beginning to look like a an inflated linear chart… there's going to be a very hard correction when it finally occurs. Be scared.
D
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And therein lies the problem: bitcoin itself has become a commodity and not a currency as designed, something that should never have happened but thanks to Human greed and fucking stupidity, well, that's exactly what's happened and it will only get worse from here on out.
It's like saying "Hey, I have a $1 bill here (US currency of course), I'll sell it to you for $19,459.13..."
When a currency of any kind has its value defined by the value of another currency, there's a pretty serious problem happening.
bitcoin was never prepared to become a currency and i dont think it ever will be. with that said it has intruduced alot of people into crypto where there are MANY coins capable of doing what bitcoin was ment to. i dont think there is a a issue with defining a curency with another. you can define euros with x amount of dollars as well as almost every other curency, i have still bough items for a fixed price of say 2 ether or .5 bitcoin with it advertised as such.And therein lies the problem: bitcoin itself has become a commodity and not a currency as designed, something that should never have happened but thanks to Human greed and fucking stupidity, well, that's exactly what's happened and it will only get worse from here on out.
It's like saying "Hey, I have a $1 bill here (US currency of course), I'll sell it to you for $19,459.13..."
When a currency of any kind has its value defined by the value of another currency, there's a pretty serious problem happening.
techie81
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And therein lies the problem: bitcoin itself has become a commodity and not a currency as designed, something that should never have happened but thanks to Human greed and fucking stupidity, well, that's exactly what's happened and it will only get worse from here on out.
It's like saying "Hey, I have a $1 bill here (US currency of course), I'll sell it to you for $19,459.13..."
When a currency of any kind has its value defined by the value of another currency, there's a pretty serious problem happening.
This sounds like every salty person who missed the boat.
BTC is at its current price because it's the first tried and tested cryptocurrency, is in lower supply than most of the other cryptocurrencies, and its Bitcoin (think brand name) - if the market is willing to support the current price then it's fine with me.
All of these people who hate on BTC and cryptocurrency in general make me laugh, they either don't understand it or are just mad they didn't invest in it sooner.
D
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Your assumption that you yourself understand bitcoin with the first bolded statement is tempered and thus rendered moot nearly instantly by the second bolded statement uttered in the same exact sentence.
Brilliant.
supply doesnt mean anything for a crypto right now. Its onpar with a ~2% inflation rate whitch really doesnt matter when you have weekly price swings of 20%. btc is at its curent price because it is a hypecoin(see "brand name") this means whenever it has any news the price goes up. that does not make it immune to crashes atall. and please do note i am a STRONG supporter of crypto and own quite abit at any given time.
RogueTadhg
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I... What? before the rapid increase of worth. People used it as currency - and you can still use it as currency.
curency requires it to be able to prosses large volumes of transactions. We are at a point where its currently struggling to prosses whats happening now making it dificault to use as a curency. bitcoin was never prepared for this amount of transactions.
RogueTadhg
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I can't really say either way what it was meant to handle. My experience with Bitcoin and cryptocurrency has a whole - while I was aware of it... hard to avoid Bitcoin talk when browsing certain sites. But never really took any interest until lately when I found out I can invest my meager wage.
yea many people dont know you can buy a tiny fraction of one and i defenently think that scares some people away. ethereum is right around 10 transactions per second right now and network fees are still low (~$1.50) all while keeping transactions times low. When BTC hits 10tps everything goes south including a massive backlog of transactions and fees approaching $15. and btc is insainly difficult to change so idk if it will be fixable.