>5 years from now
>want to buy a burguer with bitcoin @ the Burguer King plex
>pay with my Bit Card
>as soon as automated burguer flippers finish my meal, check quotes
>my burguer is already 5% cheaper
Bitcoin is too volatile and has no ground to rely upon for its value, so it will forever be tied to real currencies.
The only way it could mean anything is if it was widely adopted by ALL sectors of an economy (industry, agriculture, consumers), otherwise it's just another speculative instrument
I could see this working for supply chains... agriculture has many of such.
this
As an economics graduate I can see why bitcoin wont ever work, but get rich quick idiots gonna cog-dis
I agree with you, but feel sorry that you spent so much time learning applied psychology pertaining things that are intuitive to someone with just a little bit of business experience...
Just do what I do whenever you buy something with BTC immediately buy that much BTC back with fiat.
>user why not just use fiat to start with then?
I can get discounts with fiat and buy some things online easier with bitcoin than I can paypal.
not a single shitcoin crypto has any possibility of being long term sustainable (5-15 years). not bitcoin, not nothing. and it's not even for the reasons you listed. the reason is that none of these coins are quantum-safe. what looks like incredibly robust protection right now is going to be fucking child's play in 10 years, just like the systems used by germany and britain in ww2.
As an economics grad I really hope you would understand how volatility works and price discovery and how over time, bitcoin's volatility will continue to subside much as it has since 2013.
For such a young, radical technology it should be obvious that there will be massive price swings. In the long run, supply maxes out and value should stabilize, making it more suitable as a currency than it currently is now. Divisibility of the coin ensures it can always be used in some form regardless of price per total BTC
Quantum proof encryption is already being worked on.
I can get discounts with bitcoin*
... but the actual practical situation we find ourselves in is likely to be wildly different to any theoretical environments we can plan for. additionally, we can't formulate a robust defense against quantum computing, without quantum computing. and the point still stands that bitcoin is not quantum-safe. the ticking time bomb underneath the floorboards of the crypto partyhouse folks
what is being done about increasing transaction times as well? I can see that being a massive issue.
Algorithms which are quantum resistant already exist. All it would require is a fork, which the community would gladly accept (because if they dont they'll lose their money)
The problem is that the keys for these algorithms are orders of magnitude larger when compared to traditional ec/rsa keys, which means network bandwidth would balloon to retarded tier levels. Hopefully there will be a smaller key algorithm or solution when this is actually required.
Transaction times have actually been faster for me this week than they were a few weeks ago.
in Aug 1st, Segwit will be adopted.
of course it can be fixed by softforking. but have you seen how many people still use win xp today? and in 2010? and we had that retarded wannacry shit just the other day. people lost money (& data) there, didn't they? and since it was already patched, all they would've had to do was update their ancient os. but like i said, the practical situation will probably be something we cannot plan for. if bitcoin becomes as widespread as it needs to be to actually be long term economically valuable (which i think it probably will), then we will inevitably have a similar situation of millions (if not billions) of clueless end users who are going to lose money and cause riots.
Quickly, go warn the bitcoin developers of your groundbreaking discovery!
If it really reaches billions of users I'll be on my private island and I'll gatling gun any boat people that try to come over.
won't we all be
>i don't understand what you said, but i looked at wikipedia and since i'm afraid of your sentiment i'll link it here!
Source?
Businesses aren't quantum-safe. Hospitals aren't quantum-safe. Airports aren't quantum-safe. Power plants aren't quantum-safe.
For that matter, banks aren't quantum-safe. Remember, most money today is not backed by anything. It's all digital, with less security than Bitcoin.
Barring American government agencies, cryptocurrency seems fairly ahead of the curve when it comes to planning for QC.
>businesses, hospitals, airports, powerplants
many of these also require social engineering to (totally) compromise. but yes it is also problematic
>Barring American government agencies
and therein lies the problem. govt issued / controlled coins soon brethren. question is, do you think they'll really do it? they shoot kids in the middle east for oil, so my money is on yes
just fucking google segwit august 1st
it's all they talk about in bitcoin forums everywhere.
segwit and BIT148 and UASF or whatever that shit is. It seems it will fix this. and August 1st is the date.
Is there a sexbot involved in this scenario like OP pic?
bitcoin will always have a use and a future. mainly: purchases you would never want to tie your identity or CC details to.
>drugs
>file locker memberships
>anytime you want to buy something from a sketchy/shithole website, where you trust the site enough not to outright steal your money, but not enough that you can be sure your CC wont be on some russian hacker list 2 months from now
etc
it wont have practical value to the average person like a lot of these Veeky Forums daydreamers imagine, but to nerds itll always have a use
That's what Monero's for
errrr, do you think the market will always be volatile or it'll eventually become a lot more stable?
It's still very 'new'
Look at the dot com market, that's a lot more steady now too right?
yeah... time... that's all it takes.
What about ETH desu?
Widespread use stabilizes currencies automatically. It's these buy-in cash-out cycles that are driving the instability. Just get rich and stop complaining.
As a non-economics graduate, how does it feel to stuck in the liberal arts department with the rest of made up bullshit? Hahahahahaha!
not to mention 15 billion people cant share a currency there is only 20 million units of unless we are pricing things to the umpteenth decimal place, or we go around calling dollars fucking sashimis or whatever
They are divisible down to the satoshi so take your 20M And multiply by what, 100M?
Nice input Brainlet
You are too low IQ for this. Stick to waggiecucking.
HURR DURR WHAT IS A SATOSHI
...
I think we need to move away from the term "cryptocurrency". Nobody is going to buy a burger with a little piece of gold or silver. It's not a viable currency. I'd be more in favor of calling them crypto commodities or just simply cryptocoins.
Am I back on 4 - chon?
Of course though, you can agree to barter or gamble with commodities so it still has a valid use in that regard. Say I'm grilling burgers at a fair. I can put up a sign saying "bitcoin accepted here" because I'll take bitcoins in exchange for a burger. A fast food chain would never opt in to that because it's incredibly risky. Too much could go wrong.
FUCKING kek
bitcoinmagazine.com
Literally seconds of googling, article addresses all your concerns and more.
Good luck being wrong all the time as an "economist", as they always are.
And this is why you invest in NXS.
every emerging security is volatile at first because of unstable trading volumes and liquidity issues. As more people adopt bitcoin the trading volumes will increase which will reduce volatility. your argument is invalid
the only real future lies in MOONCOIN! Buy now and buy lambos soon..!
top kek, funniest FUDposter I've seen
Unconfirmed transactions are finally going down this weekend.
They were at over 200k, now under 100k.
blockchain.info
>works on my machine
not an argument
>wants cryptocurrency to be widely adopted by the general populace
>suggests having < 115 IQ is a barrier to entry
really made me ponder
>billions transacted daily
>won't ever work
>bbububut those uses don't count they weren't covered in muh lectures
you know what will work? you motherfucker, for the next 50 years, enjoy.
Econ grad please comment on stellar.org
are you dumb? Ofcourse they're going down. Nobody can buy large amounts with fiat and its a long holiday weekend.
U idiot, its future is among businesses, not people
>you know what will work? you motherfucker, for the next 50 years, enjoy.
Holy fuck, got 'em
>buy something in btc
>get a small discount
>rebuy btc with a service fee
>somehow saving money
>As an economics graduate
Ahahah holy shit
How does it feel, wasting 3 years of your life studying concepts that everyone with an IQ in the triple digits would understand in their first week of experience?
kek
Bitbay is getting the 1st crypro rollin stabilising peg to avoid daily price flutuations.
I saw an ICO for a crypto payment system that dealt with this exact problem but I can't remember the name.
>bitcoin is not quantum safe
Are nocoiners still coping with this fallacy?
Bitcoin IS quantum safe.
Also don't you see that if SHA256 gets cracked, the entire banking industry would crack too? Idiot
We'll change algos long before it gets cracked. You'll be dead and it will be safe as it is today.
...
>The only way it could mean anything is if it was widely adopted...
Of which it will be!
I'm not sure if your baiting but you really should read the book The Fortune Sellers.
>current market cap is $35 billion
>a measly $1 billion pump/dump causes a 2.8% change in price
>bitcoin sees wide adoption and reaches $1 trillion (still a conservative estimate on the long run)
>the same $1 billion pump/dump now only causes a negligible 0.1% change
>As an economics grad
No it isnt safe and if it's not forked soon it never will be. My hobby was cryptography as a teen in 2010. I have a lot more btc than you.