lets be honest the only reason that bitcoin got big was because it wasused to buy illegal products

Discussion in 'Mining & Cryptocurrency' started by th3n3wguy, Nov 27, 2019.

  1. th3n3wguy

    th3n3wguy n00b

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    That's pretty much the only reason bitcoin got big. I'm just wondering if anybody is still using it too but illegal products and if it can ever come back to its former 10K glory
     
  2. Farva

    Farva Shens!

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    Soapbox is in GenMay if you want to debate this topic.
     
    GoldenTiger, th3n3wguy and sgrinavi like this.
  3. th3n3wguy

    th3n3wguy n00b

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  4. Archaea

    Archaea [H]ardForum Junkie

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    I dont think there is anything wrong with the discussion here. This is a crypto currency thread.

    As a general point of discussion Bitcoin hasn't been used to buy anything more illicit than that USD you hold in your pocket.

    and by your logic Monero or one of the other privacy coins should be taking over and well, they aren't.

    also the huge climb in 2017 to $20k was well after it was established Bitcoin was NOT anonymous. To put a point on this it was quite clear BTC wasn’t anonymous anymore as far back as 2013 when the FBI took down Silk Road. BTC was worth somewhere around $100 on average in 2013. Now its worth $7500ish. So no anonymity isn't the current driver.

    I don't think we've seen the last of it, nor the highest price-point relative the USD. And I don't think you understand Bitcoin well at all if you thought the highest value of Bitcoin was based on anonymity.

    The next halving coming up in 2020 should spark a price jump by simple logic. For Bitcoin to stay relatively flat in value day in and day out.- say $10K - there has to be the demand to own 1800 new coins that are mined each day. That means there must be $18 million new dollars coming fresh into the Bitcoin market EVERY DAY for the price to stay at exactly $10k. (Speaking generally) If Bitcoin goes up from $10k to $12k or whatever then there is more demand, if down to $7k then there is less demand than 1800 coins per day.
    At the next halving - Bitcoins are only produced at 900 coins per day by miners instead of 1800.

    Assuming demand stays relatively the same for Bitcoin, then its quite logical to see the coins value increase - as demand has outstripped supply.
     
    Last edited: Dec 6, 2019 at 9:47 AM
  5. Archaea

    Archaea [H]ardForum Junkie

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