Bitcoin is tumbling

[MKJ]

a helpful graph

[xer0s]

The value of something is worth whatever someone is willing to pay for it. Right now, people are willing to pay $11k for a Bitcoin...

[losCHUNK]

Thats not its real value tho, its over inflated. Most currency is tied to tangible assetts.

[seremtan]

it's not a currency

[Κracus]

Blyth is pretty good, started watching his shit a little while back.

Maybe you could explain where he's wrong ?, he's basically saying the price is over inflated due to a lack of supply to demand, demand is high due to people wanting to get on the gravy train with the majority of people jus sitting on their coins, which is nothing new. So it's a bubble that will collapse if people start trading, like when the price gets to the point that demand drops and people shift their coins. This sort of thing caused the banking crash

Pretty much every single point he made is incorrect. Just because it's complicated doesn't mean it isn't money, is it a store of value? Well yes, you buy bitcoin which has value if you sell bitcoin. It's volatility doesn't dismiss that fact and if we're really talking about how volatile it is then how about mentioning how it's steadily been increasing in value since its inception. Sure it's volatile, in the best possible way for early adopters. It's used to buy goods and services and the technology behind it is thus far fairly robust and hasn't been cracked which is really the key here.

As far as everyone hording coins, sure, people are doing that which just drives the price up which is a good thing. The higher the price of bitcoin the better off it'll be as it'll get harder and harder to manipulate by buying large amounts with fiat currency. However, assuming everyone does that is erroneous. Many people exchange bitcoins for goods and services. Some of the main hurdles are introducing it into the mainstream as a currency, right now, there's millions of people, mostly nerdy types, that deal with bitcoin and look at what its worth. Imagine the explosion in value once this is easy for anyone to use like an interact card is today. Back when interact started, people thought it was stupid, who wants to use a plastic card when you can use cold hard cash? It's the same ignorant attitude with a different new concept, almost like people don't like change... until they do.

Then there's his idiotic quip about the technology being useless when it's obviously not. He's fucking clueless when it comes to bitcoin. If anything, he's just pandering to idiots listening to his show.

EDIT: Also, a lot of people saying bitcoin isn't a currency are rich fucks that don't want it to be because it's a threat to their fortunes. Think about that.

[losCHUNK]

Which is the issue. The investment has no value @ semen, ill be back for you krack

[Doombrain]

it's not a currency

It is if you want to buy guns

[Doombrain]

EDIT: Also, a lot of people saying bitcoin isn't a currency are rich fucks that don't want it to be because it's a threat to their fortunes. Think about that.

Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?

[Κracus]

Or anything.

[Κracus]

Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?

It's more than just that. The best comparison I could make is the greenback. Back when that was introduced, it had a finite supply not susceptible to inflation and the federal reserve was basically created to kill it. Bitcoin, is basically the greenback except it's backed by technology. A finite money supply is worth more to a populace as a currency because its fair wheras money, like what's pumped out by the federal reserve is basically debt and a way to create a system of slavery through debt. It's a pretty long and complex topic, I'd recommend researching the greenback and how the federal reserve got created to get an idea of why rich people might feel threatened by bitcoin.

[losCHUNK]

Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?

If I sold you a mouldy fish finger for 50 quid would that give it value ?, thats the problem, Bitcoin isnt a currency, its an assett that is determined by demand and speculation. Assets can be traded for other assetts, which is what is happening when you buy guns.

[seremtan]

lol @ krackass contradicting the economist on the matter of what currency is

bong rip 'wisdom' at its finest

[Doombrain]

Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?

If I sold you a mouldy fish finger for 50 quid would that give it value ?, thats the problem, Bitcoin isnt a currency, its an assett that is determined by demand and speculation. Assets can be traded for other assetts, which is what is happening when you buy guns.

But I can't exchange mouldy fish for drugs over the net.

[losCHUNK]

Cos demand for mouldy fish isnt that high.

[losCHUNK]

Blyth is pretty good, started watching his shit a little while back.

Maybe you could explain where he's wrong ?, he's basically saying the price is over inflated due to a lack of supply to demand, demand is high due to people wanting to get on the gravy train with the majority of people jus sitting on their coins, which is nothing new. So it's a bubble that will collapse if people start trading, like when the price gets to the point that demand drops and people shift their coins. This sort of thing caused the banking crash

Pretty much every single point he made is incorrect. Just because it's complicated doesn't mean it isn't money, is it a store of value? Well yes, you buy bitcoin which has value if you sell bitcoin. It's volatility doesn't dismiss that fact and if we're really talking about how volatile it is then how about mentioning how it's steadily been increasing in value since its inception. Sure it's volatile, in the best possible way for early adopters. It's used to buy goods and services and the technology behind it is thus far fairly robust and hasn't been cracked which is really the key here.

As far as everyone hording coins, sure, people are doing that which just drives the price up which is a good thing. The higher the price of bitcoin the better off it'll be as it'll get harder and harder to manipulate by buying large amounts with fiat currency. However, assuming everyone does that is erroneous. Many people exchange bitcoins for goods and services. Some of the main hurdles are introducing it into the mainstream as a currency, right now, there's millions of people, mostly nerdy types, that deal with bitcoin and look at what its worth. Imagine the explosion in value once this is easy for anyone to use like an interact card is today. Back when interact started, people thought it was stupid, who wants to use a plastic card when you can use cold hard cash? It's the same ignorant attitude with a different new concept, almost like people don't like change... until they do.

Then there's his idiotic quip about the technology being useless when it's obviously not. He's fucking clueless when it comes to bitcoin. If anything, he's just pandering to idiots listening to his show.

EDIT: Also, a lot of people saying bitcoin isn't a currency are rich fucks that don't want it to be because it's a threat to their fortunes. Think about that.

He didn't say it was complicated so it isn't currency, he was basically saying if someone explains why they should accept this form of payment it becomes difficult to trade, especially without the facilities or ease. The volatility also makes it non currency, you can't trade with an unstable 'currency', people won't touch something that can change by 50% (up or down) of its value in 1 month because no one can predict it especially if there isn't a legal tender that it can be traded for (in a world of only Bitcoin), something that's £1 today could be £2 tomorrow and fuck knows how I'd keep track of my wages (without getting into exposure and hedging). If they're using it for storage its for investment. Hoarding in large volumes is also bad as if the 'goods' started moving demand for it would drop. All those things makes Bitcoin non liquid. When he was talking about the techno quip I assume you are referring to blockchain ?, which I assumed he was talking about its verification process.

It doesn't really matter if its getting moved around by nerds or drug dealers, or if it's secure, it's like trading stock bonds. An investment.

fiat will be backed by banks and government, being regulated by the economic environment. Other currencies (like gold) is backed by intrinsic value, Bitcoin doesn't have that, it has an assigned cost by the market without any value.

Rich fucks are in the position to capitilise on Bitcoin too.

[seremtan]

fucking text wall

[Doombrain]

lol. facts are it's still a good investment. move on.

[losCHUNK]

Did say ill be back, but tldr crypto isnt liquid .

But aye as an investment its worth a punt, low risk high reward, just dont put anything into it that you cant afford to lose, cos cliffedge.

[Doombrain]

Thanks Gandalf

[losCHUNK]

No probs frodo. Should clear up the currenxy confusion

[HM-PuFFNSTuFF]

People when will you learn to not argue with Kracus? He dumb.

[Doombrain]

it went up £1k overnight.

[losCHUNK]

And its lost it again

This fucking game man

[phantasmagoria]

So how much did you lose so far?

[Κracus]

I bought in when it was 9k and I sold a bunch when it was over 20. Even if it drops to 0.01 I'm still up no matter what at this point but I'm still holding onto some coins. I suspect by December of this year you'll see another climb into the 20k+ realm but it'll probably stick there this time.