Crypto currency is fake, a bag full of air

>nt todays equivalent of full tulip that would mean each bitcoin going for the price of a country estate in holland (millions of dollars)

At that point, bitcoin would have surpassed the market cap of gold. That is simply impossible.

cash and crypto are both just representations of value

however governments print as much cash as they want while crypto algorithms are known

>At that point, bitcoin would have surpassed the market cap of gold. That is simply impossible.

Is it?
With countries like greek and venezuela collapsing they seek stores of value that can't be confiscated so lots of money floods into bitcoin.
When the economies of larger countries go through similar problems, we could see an even more exaggerated effect.

By the time bitcoin reaches that price, network difficulty would need to be incredibly high, payout would need to be incredibly low, transaction fees would be nutty, and literally anyone could simply trade an asset which represents gold or even physical gold, and it would be cheaper than bitcoin.

sounds like a bunch of buzzwords and hyperbole desu

It's a bubble. Just like beanie babies and tulips before them. The collapse is inevitable.

fortune.com/2015/03/11/beanie-babies-failure-lessons/
en.wikipedia.org/wiki/Tulip_mania

sounds like you've got no clue how any of it works

sounds like you have no coins :^)

No, I'm just no so deluded as to think those prices are possible.

You know nothing of what you're talking about. You have no coins. Stay away

then quote me and refute the statements and give me an opportunity to prove you wrong

Trumpcoiner here. Sometimes I think bitcoiners make these fake nocoiner posts because there arent really any nocoiners here to argue with. You can tell because the posts are always exaggerated. Oh yea, and buy trumpcoin.

>trumpcoin

That coin is being dumped so fast right now.

The JPEG you just posted isn't even tangible, it barely exists. Everything online is just information.

>not buying the dip

>it's just a dip!

It isn't a bubble because it has real useful value. It solves a problem that really exists (the existing banking and settlement systems are antiquated. In a world of instant global communication it takes days to transfer money overseas. That same system is also insecure hacked to the tune of 80 mil.) Bit coin is unhackable it's cash. It solves a problem and it's value is derived from the transactional efficiency it creates.

nobody trusts gold, its too shiny.. I prefer my money to be 1's and 0's on a hard drive

having trouble finding buy orders for your ponzi scheme?

hey thanks for the profit though :)))

>2016
>he doesnt invest in ponzis
Topkek. Its like you enjoy being poor.

I did invest in it!!

Just took your money before you left me holding the bag

Made a decent buck too!! LOL

b-b-but trumpcoin is going to da moon!

>your money
>implying I didnt sell and then buy the dip
Kek. Dont feel bad, user. You can still buy the dip too.

I'll be sure to get right on that as soon as this BTC train dies

Oh wait, it'll never die

No, thats k. I dont want you to buy Trump anymore lol. You deserve to stay poor.

Fucking retard

Amazing people knowing buying turds.... Veeky Forums is so fucking stupid sometimes. When it collapses it won't touch the sides as it falls. There their is no way of knowing when that will happen, it's already in bubble territory, soo far away from fundamentals. It should collapse within the next few years.

Just relax and buy trump bro. Dont be a salty nocoiner.

Trump coin is the worst investment possible. There's no reason it should exist.
Side Note:
Being here makes me realise that markets are so incredibly inefficient to the point where they maybe fucked.

>the existing banking and settlement systems are antiquated. In a world of instant global communication it takes days to transfer money overseas. That same system is also insecure hacked to the tune of 80 mil.

well, how to put this so that you understand it... NO !!!

The banks have their own system for transactions being developed by R3 on the blockchain technology. it has nothing to do with bitcoin nor ethereum.

>2016
>being a nocoiner
Just lmao @ your life.

>ability to transmit wealth to anyone in the world with an Internet connection
>within an hour
>for ridiculously low fees
>24 hours a day, 7 days a week

Tell me why this should not have value

>Tell me why this should not have value

let's start with a few facts
1. apart from 'transmitting wealth' bitcoin is fucking useless. i can't use it to pay my rent or utilities, buy petrol, food, etc. yeah some places accept bitcoins, whatever. i can't live on bitcoins.
2. nobody is going to hold their wealth in volatile bitcoins just so they can avoid some fees if at some point in the future they need to send large sums of money to somebody else that just so happens to be comfortable using cryptos.

now, there are transaction fees when you buy coins, and there will be transaction fees for receiving end to convert it to usable currency. secondly, within the hour doesn't mean jack shit if it takes me over a week to get it in fiat after the transaction, all the while praying the exchange I've gone through isn't going to shaft me or get hacked. you undervalue the confidence business has in banks when it comes to handling money.

more fucking importantly, your point has nothing to do with bitcoins. it has to do with the blockchain. what is stopping the banks from creating their own blockchain system? absolutely fucking nothing, in fact they're already working on it. en.wikipedia.org/wiki/R3_(company)

the idea the that banks would bend over let bitcoin take a fraction of their market without a fight is so fucking dumb.

bitcoin has two uses
>drugs
>avoiding capital controls

that's it.

You forgot the third most important function is speculation. You're going about it wrong. They "asset" has no intrinsic value, it's cyber dog shit. Just buying and sell here. Even if people start to use it after it becomes less volatile it will still be over priced as too much speculation has already occurred. What's the transactional value? How does it operate as a store of value? Has money it's useless. It doesn't even preform the basic tasks that money is suppose to preform. People here need an intro to econ.

Also unlike USD, CAD,AUD, YEN, CHF, NZD, EUR ect. the money actually has an intrinsic value as it's backed by something the fed, BOC, RBA ect. Why would I hold my money in something that is backed by nothing, what value is there to this? Even if crypto held offered some transactional function what cryto do I buy? How do I know there won't be a better one tomorrow? Right now there are over 600 crypto currencies all competing, all backed by nothing and all preforming none of the functions of money.

Would love someone to explain why I would ever buy this crap.

the banks have been fucking people in the ass for decades

why would you use a bank blockchain where theyll control your shit and charge you fees when you can use bitcoin? Other than being a normie fuck who needs your hand held in every aspect of your life

>i can't use it to pay my rent or utilities, buy petrol, food, etc. yeah some places accept bitcoins, whatever. i can't live on bitcoins.

you actually can live on bitcoins, but this point is moot because its just an issue of adoption. people weren't using the internet en masse for years after it was created.

>2. nobody is going to hold their wealth in volatile bitcoins just so they can avoid some fees if at some point in the future they need to send large sums of money to somebody else that just so happens to be comfortable using cryptos.

bitcoin is a deflationary currency. would you rather hold your wealth in a depreciating currency (fiat) or an appreciating one?

>the idea the that banks would bend over let bitcoin take a fraction of their market without a fight is so fucking dumb.

they can fight but trust in them is eroding and they are already technologically superfluous. they are just a legacy system at this point and eventually people will move on.

Why didn't you just buy some coins when we told you to?

>you actually can live on bitcoins
no i can't, i would get evicted because my rental agency don't take coins. i wouldn't be able to make it work because petrol stations don't take bitcoins. maybe if i was a neet....

>people weren't using the internet en masse for years after it was created.
the internet offered real value, bitcoin does not, apart from buying drugs and avoiding capital controls.

>would you rather hold your wealth in a depreciating currency (fiat) or an appreciating one?
i would rather put my wealth in an investment which had sound fundamentals. it's not a binary choice of stashing cash under a mattress or buying bitcoins.

>they can fight but trust in them is eroding and they are already technologically superfluous. they are just a legacy system at this point and eventually people will move on.
they're building their own block chains. bitcoin isn't needed.

>Why didn't you just buy some coins when we told you to?
i'm not against making money, and i sure as shit wish i jumped on the coin meme when it started. at it's current price, and with a new coin every week, i don't see any value. it's used to buy drugs and avoid capital controls, there is nothing else it is even remotely useful for.

Demand is still strong, even at $675

That being said, if anyone here could see the future, they'd be posting on a /g6/ and a /yacht/ board, not Veeky Forums, so take any advice you get with a pound of salt.

What capital controls do you avoid with crypto?

I work for a bank. Whatever your opinion of them, they still serve a very valuable purpose; to be a storage vehicle of currency for poor and middle class normies.

The current crypto exchanges being set up by banks only really take advantage of the data in motion aspect of the online banking issue. Data at rest is still in usd/gbp/eur, and just as hackable as ever (as can be evidenced in the hush-hush recent hacks on the clearxchange platform prove).

Bottom line, the best way to secure transactions is asymmetric encryption for data in motion, and air-gapped symmetric encryption for data at rest. This is coming from someone who works in info sec full time, and dabbles in cryptography as a hobby. Fuck the financial industry, large scale banks are useful only because 1) your funds are insured, and 2) the convenience of using broadly accepted currencies. Their security is challenged by scale, and no large bank is an exception.

I'm a skeptic and don't even have & $ in cryptos but i personal believe they have value. The monetary currency exchange system is failing. Yes cryptos have no insurance, but in actuality you don't have any with paper currency. The difference is there's no strict regulations, and makes the free market actually a free market. "Cash" will be a meme in 30 years. >Credit cards, debit cards, phone paying apps

Even if it isn't a scam what cypto do you want to hold? Currencies are backed by governments balance sheets. They are pretty safe

>capital controls
I think he's talking about regulations regarding flow of capital, i.e. taxes, anti AML laws, etc.

If you only operate your business in crypto, AML is not an issue so long as you protect your storage wallet and don't send transactions without proxies in place, and taxes are just as superfluous so long as you take precautions when exchange your crypto for cash.

How do you not pay taxes on cypto? That's tax evasion.

ETH is pure speculation at this point.

BTC has actual use.

Dat scarcity.

You make some good points, but BTC sure as fuck is a better place to throw some cash that would otherwise be sitting in a bank. Bank interest doesn't even keep up with inflation and BTC is having a phenomenal year.

Clearly BTC is the way to go. If could go back I would've bought a bunch of ETH and dump it about now. Bitcoin is pretty much McDonald's. The other guys are mom& pop burger shops.

This

> doesn't understand tax law

Why would or should it logically go up. Past performance of a single asset is not a predictor of future performance. What you're doing is called naive extrapolation. It's why analyst rating suck ass, why growth equities underperform and why value overperform.

>> doesn't understand tax law
Good to find someone who does.
Can you explain how the capital gain produced from selling BTC is not taxable?

This is retarded. What you're talking about is supply and demand. Even if there's lots of Demand for dog shit one year does it really have an intrinsic value?

Time to buy ethereum

if dog shit was rare, it would have value.. The fact that dinosaur shit is rare makes it valuable

Bitcoin is rare, thus valuable

Free free to send me some then :^)
1CBu9HMPqy7s9bJGJvN32zxGLcPuCdYiPD

it's not that bitcoin is rare it's more like it has higher demand than supply at the moment and thus goes up in price.
people thinking it can still go up refuse to sell contributing to the artificial shortage.

even if you eliminate hoarding mentality, its still pretty rare considering theres only 25mil coins tops.. and theres too many people who want the damn things

Lisk will reach 5$ mark by the end of the month, guaranteed.

You make ten fold your investment if you buy now, easy

with guns user

crypto doesnt have these backing it

also its a platform not a currency.

why are you using it like a currency?

name one time ever youve been inconvenienced by the amount of time it takes to process a cc tx.

now times it by 1000x, because thats what bitcoin would be doing if it got ang sort of adoption.

its a meme

agreed, except that bitcoin fees will skyrocket due to a tragedy of commons.

it just cant handle more than a few laughable txs per second, so unless you want to wait days/weeks for your shit to be mined you need to pay infinitely increasing fees to get it through.

scam

there are over 5000 user.

infinitely escalating fees due to tragedy of commons served by a limited block size that cant be changed unless accepted by over 50% of the mining power.

>not happening

because most people have better ways of getting rich than sitting on neetbux bouht with lunch money.

you cant pay rent because you wont be able to be able to pay rent on time. good luck getting your shit on on a planned day of the month when your tx jas to sit innline for days waiting to becashed. then you get to pay late fees.

stupid meme coiners

youll believe that until you spend month or two checking out the technical merits of the meme coins.

people need technology they can actually use

Are we still having the "bitcoin has no intrinsic value" discussion in 2016 when1 bitcoin nets you 700 bucks on the open market?
Top kek/cuck m8ies

>backed by nothing

It's actually backed by computer power. There's millions of dollars worth of electricity and computer chips being used everyday to secure the network.

Soo who's liable if this thing goes tits up? What are the applications for this commodity and why should I care? If people are actually using it as money, which there not. It doesn't preform as money's main function too act as money. it's not a store of value (too volatile) and the transactional value is almost zero as previously stated. The only reason the price has increased is irrational exuberance. it's in a fucking bubble filled with speculators. How do I know that it's at fair value? How do I value it? You can't because it has no intrinsic value. I won't speculate on it because I won't take the risk of holding the bag at the end and the end times are near.

>b-but bitcoin can only go up! It will go up forever!
>free money for everyone weeeeeee!

Bitcoin can only go up. If everyone just bought 1 bitcoin they would all become rich. It's literally free money. If people would wake up they could actually change something

i actually used it for money.. i sent some to a friend is south america.. much easier than western Jewnion

I see no flaw with this plan ;)

>If people are actually using it as money, which there not.

i use a bitcoin debit card for most of my weekly purchases. Stopped reading right there because it was obvious you didnt know what you were talking about. :^)

I've been on this board too long that I dont even know if youre trolling. There are bitcoiners that actually believe this.

ETH is the currency. Ethereum is the platform. It's really quite simple if you think about it m8

You really don't know what you're talking about and you haven't even taken the time to put a tiny bit of effort in,

there's a reason why it's mostly traded in the chinese yuan

are you another one of those >muh decentralisation fags?

Entertainment, real estate prices, consulting of any kind.

Whole sections of society and the economy are just about an idea picked up by enough people. Crypto is no different.

i believe so too, once the news comes out.

It is practically same as gambling. However, you can say exactly same things about the FX trading and the commodity trading.

I have made some money out of those trading, but it is fucking boring and lonely - sitting alone at home watching 3 monitors 12 hours.