Commodity starts growing

>Commodity starts growing
>People start paying attention
>Price of commodity rises
>People start getting interested in speculating with the price of said commodity
>As the commodity doesn't grow exponentially as the demand price moons
>A shit tone of normies feel that investing in said commodity is going to make them rich
>Price ballons
>Some day price takes a huge dip
>People panic
>Price collapses
Serious question what makes bitcoin different than this?

Other urls found in this thread:

youtube.com/watch?v=iOe9U77YxzQ
youtube.com/watch?v=WUk_p_JTm3Y
zerohedge.com/news/2017-12-10/cboe-website-crashes-futures-trading-begins-bitcoin-price-squeezed-10-higher
youtube.com/watch?v=Km7Hfax_IOc
twitter.com/NSFWRedditGif

Literally nothing

(((magic)))

Nothing. We're just not there yet.

it revolutionizes money laundering, a previously untapped goldmine

>what makes bitcoin different than this?

There's a fuckton of people willing to buy the dip

So basically I should invest in bitcoin untul normies start flooding then market and then get out ASAP?

>why does the TCP/IP of global finance limited in 21 million shares keep going up????

How do you know?

the collapse is already priced in

Biggest meme right now. See you at 1k. Make sure to buy the dip

>it revolutionizes money laundering
I mean investing in art or other commodities has always been used to laundry money

Here user this is how btc is different

>Commodity starts growing
>People start paying attention
>Price of commodity rises
>People start getting interested in speculating with the price of said commodity
>As the commodity doesn't grow exponentially as the demand price moons
>A shit tone of normies feel that investing in said commodity is going to make them rich
>Price balloons
>Some day price takes a huge dip
>People panic
>Price recovers
>Price balloons
>Some day price takes a huge dip
>People panic
>Price recovers
>Price balloons
>Repeat

DIFFERENT: BTC is an amazing technological breakthrough while Tulips are stupid flowers.

SAME: It's still a bubble like Tulips. People are buying BTC because they want to make money on it and convert to USD, not because they want to see the pretty Tulips or use BTC as a currency.

i don't know what the point of buying bitcoin other than for growth right now is. it is a bubble and all the bubble-deniers are just as retarded as everyone else. be smart and cash out while it's high and pocket your gains before it's taken away from you

So basically people buying during dips are stopping the whole market from collapsing? Right now is viable as only a bunch of nerds are investing on it but once investment firms put their hands on the market it will crash hard

>See you at 1k.

We aren't seeing $1k until there's something that will actually challenge BTC for the throne (and it's not IOTA or ETH)

Nice head canon.

>until
youtube.com/watch?v=iOe9U77YxzQ

>Right now is viable as only a bunch of nerds are investing

Are you kidding? Fucking everyone is talking about BTC right now. My local newspaper wrote an article on it

This awakened me

>A shit tone of normies feel that investing in said commodity is going to make them rich

we are definitely past that point right now

youtube.com/watch?v=WUk_p_JTm3Y

Because it’s going to be a world currency you fucking reet.

Most people don't even know how to buy a bitcoin.That is why the market price of crypto is so low right now.Once proffesional investors get their hands on the thing the market price will baloon

Okay so btc gonna collapse....is ltc gonna collapse too? Im all in and trying to hold and not sell

>make coinbase account
>buy Bitcoin

Literally all people need to know. I’ve said this to every normie looking to get Bitcoin and it’s worked so far.

Ok bit coin is @ 16+K, but the futures are going to the moon?

zerohedge.com/news/2017-12-10/cboe-website-crashes-futures-trading-begins-bitcoin-price-squeezed-10-higher

>Most people don't even know how to buy a bitcoin.That is why the market price of crypto is so low right now.Once proffesional investors get their hands on the thing the market price will baloon

I mean you're salty because you don't own enough btc and probably work a wagecuck life. That's fine. But you have to under that btc will continue to increase in price at least for the next few years while normies continue to get into crypto. Long term btc might be replaced by something else, but for the time being this shit is only going up and you don't understand crypto if you think otherwise.

>Because it’s going to be a world currency you fucking reet.
Once banks start creating their bitcoin that have a whole financial system backing them you can say bye bye to your bitcoins pal.And that's assuming that blockchains won't become obsolete in the near future
The average age in the US is 35.In Europe 40.The youth is not an important share of the global investor market specially as they have less savings.That is why pension funds move so much cash

Dude I am telling you buy now.Once your grandma and her friends have bitcoins then sell the crap out of them

Could you explain the reasoning behind why crypto in particular will continue to rise?

HMM I DUNNO CANT REALLY FIGURE IT OUT OP GREAT POINTS

>good luck cashing out all at once

Everyone from my youngest cousin to my grandparents are investing in Bitcoin. It’s not some youth revolution. Most people I know who are getting into it are in their mid 40s and older.

Because tulips are fucking flowers whereas bitcoin is decentralized trustless money. One has a use.

>to my grandparents are investing in Bitcoin
I don't know anyone older than 30 that is not into technology that owns bitcoins.

so what would you rather do. Carry a physical item across borders

or send monero from your comfy chair

Blockchain tech will continue to be implemented in real businesses to solve real problems. atm most of these shit coins do nothing but in the next few years many (and new ones) will have real world usage.

>until normies start flooding the market
too late for that, bud

You must not get out much...

The value of bitcoin is not due its technology as other altcoins have more advanced blockchains.It is based purely on speculation.People are seeing a huge rise in prices and returns and are getting interested.Prices are balloing because people buy a lot more than they are mining.

Im 33

jokes on you i havent been out in public at a reasonable time in years

Meant to quote you

So far what I've seen with normies is they are putting a small amount of money in to try it out, maybe expecting a 1000x moon mission through retardation, who knows. It's reached the mainstream but it's not yet captured their confidence. We have one or two huge pumps left as they begin to FOMO in serious money, before the bubble finally pops.

Caveat: If core devs can manage to make a usable product before then, there is no bubble and it will not pop.

Do you have examples of major or influential companies that are adopting this? Or you just think it because bitcoins are cool?

Also funny that you mention that. My dad was the first person to get me into Bitcoin after he’d been in it for a little while. He’s 50.

Muh better technology.
Bitcoin has first movers advantage in this technology so that's why it's still king. Plus you don't think we can't just upgrade bitcoin with forks? The LN is already near implementation and will solve the transaction fee issue y'all are memeing about.

Tulip has unlimited supply. Bitcoin has limited supply.

Can you explain why the price of bitcoin is raising other than a huge demand and a low supply? Like seriously barely anyone mines compared to the people buying and selling bitcoins.Once major money is pull out of bitcoin its price will collapse.There is still a lot of money to be made from cryptos but I see nothing but a bubble unless countries start replacing their currency with bitcoins
>Tulip has unlimited supply
On the XVII century the supply of tulips was really small.That is why they planted the bulbs and not the hole thing to grow them faster.Even then the demand was way higher than the supply.This videos are really good to understanding tulipmania.
youtube.com/watch?v=Km7Hfax_IOc

>What is first movers advantage
>What is decentralization
>What is trustless banking
>What is upgrading bitcoin

Bitcoin isn’t a commodity you retard. It’s a currency.

people will have as much difficulty exiting the market as they had entering

>>What is upgrading bitcoin

Something that largely won't happen if any really big developments happen in the crypto space. If you think large changes to BTC are ever going to happen nicely after the BTC/BCH shitshow I don't know what you're thinking

Also first-mover advantage doesn't last forever. You actually have to improve and innovate in the space to stay on top

It is used as an asset.It is no different than gold in that regard

the thing is, i want it to pop and collapse. So I can buy some....

This is the closest thing you can compare bitcoin to. The dotcom bubble on the nasdaq index

Basically there will be parabolic growth, lots of hype and crashes, but will always increase in the long hold

People were buying useless websites and domain names to get rich. those people ended up broke

Innovative websites survived that actually used the technology (google,amazon,ebay)

Same goes for bitcoin. ATM people are only buying to get rich = crash soon.
But sice bitcoin is the most used and most innovative of all cryptos (I havent seen a shop accept litecoin or chainlink yet) It will always succeed in the long run.

>It’s a currency.

A shitty currency. There's a reason people stopped calling that and instead refer to it as a 'store of value'

You act like it's so difficult to upgrade.
BCH was a shit idea. End of story. Hence it didn't work. No the other tech's aren't going to eventually take over. Because Bitcoin will use them anyway. Just like middleware or ETH smartcontracts being using on Bitcoins blockchain

>So I can buy some....

If BTC actually pops you won't want in at that point. There's way too many alts that are outright better in every way which could fight for the throne after BTC takes its big shit eventually

The line between currency and commodity is pretty slim to begin with .In the case of bitcoin it is treated as a commodity not a coin.

>Hence it didn't work.
I hate BCH myself, but it did work.

>No the other tech's aren't going to eventually take over. Because Bitcoin will use them anyway.
Also do you think BTC will ever actually move away from Proof of Work? No fucking way

>most innovative
Just because it was first doesn't make it the most innovative. Fucking Ethereum holds that distinction.

But bitcoin holds way bigger % of the market than your average website.Alt coins are probably safer than bitcoins at this point,specially the ones that have a supposed use outside of being a currency commodity.

Sorry i should say adoption. Bitcoin is bar far more adopted for being around the longest.

Etherium cant even handle cartoon cats.

It didn't it was a centralized piece of shit owned by chinks.

Muh speculation. We have no clue where BTC is going in the future.

Yeah from a perspective of pricing trends. It will be parabolic and gradually the parabole will be greater and move slower as bitcoin becomes more widely adopted. Similar to website shares within a longer time period. . More for when normies say "it gonna crash soon and be worthless like tulips"

If BCH is centralized, BTC is too

My concern is that Bitcoin is 80% of the blockchain market.I don't think something as decentralize as websites (before facebook and google at least) is comparable with the practical monopoly of bitcoin.And the ratio of price/mining and price/implementation is concerning.I don't think bitcoin is that solid.Maybe I am not smart enough to understand it,but I see a lot of wholes with it

How is BTC not centralized?

>Majority of coins owned by a small number of holders.
>Bitcoin core is run by a small group
>Only a few exchanges control the market

>bitcoin is soo innovative guys, a technological marvel!
People knew about the potential implications of bitcoin since 2009, but if the market doesn't implement ways to actually use your coins it's going no where. Hell, can how can you speculate if there hasn't been any serious proposal of legislation that would protect bitcoin?lolbertarians aren't running the things.

.... Durrrrrrrr. Thinks majority owning coins means centralized... Durrrrrrrr. Maybe google decentralization first. Were talking about PoW

>decentralize as websites

Websites are very centralized, they are a reflection of a business and their success equates to that.

>Bitcoin is 80% of the blockchain market
Where did you get this number?

>practical monopoly of bitcoin

Ill try be laden with explaining this.

Pic related. Bitcoins supply looks middle heavy, >2% only owns 18% of the supply. But they cant sell it all at once, as that will choke the available fiat supply and collapse bitcoin. The only way they can profit from holding that much is to sell increments. distribute over a longer period for max profit. That 18% will decrease over time as there is a fixed supply, and distribution is the only way bitcoin can succeed.

Much better than the fiat system, where if someone holds most of the supply, more currency is just printed, creating artificial inflation, something you can never get with bitcoin.

>economics major

That is a really good explanation user but I am not questioning the tech and the idea.I am questioning its value which is clearly inflated due the lack of supply and the growing demand.

if you cannot identity the orthogonally differentiated attributes found in bitcoin from other "commodities", like grain, flower buds, and shiny metals, then i have bad news for you son. there will be many bitcoin millionaires but aint gon be one.

>clearly inflated due the lack of supply and the growing demand

I pretty much did just explain this.

This isnt an issue, there is more demand for bitcoin now, more demand means less supply, not the other way around.
This is due to having a fixed supply. Bagholders have to sell gradually to make profit as they lose money on dumps. Miners have to sell to break even in operating costs, mining is expensive and the price reflects that.

Inflation is normal in any growing market. Its not artificial inflation like fiat.

Not arguing with you completely, but not all inflation is artificial. A good chunk of it is due to increasing prices of goods. A simple mechanism of this is someone giving their employees wages and passing it onto the customer, who also needs to make more wages to get the same product/service. This isn't unique to fiat and Bitcoin is not immune to it.

Correction: "giving their employees wages" > "giving their employees wage increases"

With that saying only two addresses hold 100,000-1,000,000 coins that would Bulgaria asnd Satoshi

And why do you think price of goods increase? The goods arent increasing on price, your fiat is decreasing in price, therefore requiring more to purchase goods.

If you look at the bigger picture it is all artificial. All money makes it way back to the federal reserves and a few wealthy individuals, as the supply drops due to not being redistributed , more fiat is printed therefore devaluing fiat as a whole. Its creates a perpetual cycle of wealthy getting wealthier, more money being printed.

Bitcoin isnt immune to it except the fact that people holding massive sums and not spending it only increases the value for every other bitcoin user, not the other way around like fiat.

Forget tulips, I'm not sure why nobody is trying to compare this to the silver boom in 2011. It was in the sub-$10 for many years. Suddenly rose to over $40 and suffered a slow death. Got to around $15 and hasn't recovered since. It was originally boosted for all the same memes (e.g. "store of value" and "impending fiat currency collapse"). People started bandwagoning. Eventually, the growth was so out of control that people who had no idea what they were getting into only saw a path to quick wealth. People held for years. They eventually needed whatever they can back, and although hoping it was temporary, sold, and it's been stale ever since.

I don't blame Steam for backing out with this volatility. Despite Bitcoin's supposed value, companies need to pay their bills in USD(if they're American). This is why widespread adoption needs to be in place, which we're not even close to yet. Most of the new signups for BTC are in hopes of eventually converting it back to their home currency for a profit. They have little other options.

I'd be in it if I knew where the top was(I know, obvious statement). What I can't understand is why some people are still buying. It's not *that* mature yet, not even in the near future.

If they keep holding - value increases

If they dump - value plummets but stronger growth in the long run

if they gradually sell - price is sustained and everyone wins.

Nothing, I just don't think the top has been hit yet.

I don't think normies are flooding BTC yet. That won't happen until ETF's become available. Once that occurs. GET OUT.

We need this crazy speculation first before sustainable value. think 1840's gold rush

ETF's are only a problem for people buying ETF's

Heres why

>Wall st jackass has insiders with total 10000BTC holdings
>Hype has people trading bullish on ETF
>Wall st jackass puts max leverage on bearish
>Calls his insiders to dump their BTC
>Price plummets
>jackass rich
>insiders rich
>BTC dips for a while
>BTC ETF holders betting bullish neck themselves.

No I get that printing money, especially on credit, decreases the value. I just mean that when the labor unions at Ford Motor Company demand an increase and it is granted, the company isn't just going to eat it, the price of vehicles from that company will go up accordingly. You know this. I'm not arguing about the artificial inflation that we have to go through. I'm just saying that if we were in a BTC economy, that same scenario would still happen.

Fampai, I had dinner with my grandparents at the retirement home the other night, and a table full of 80 to 90 year olds were talking about Bitcoin, their coinbase accounts, how they buy NEO and Dash on exchanges, and so on. These are people who were alive when Herbert Hoover was president.

This spike IS normies flooding BTC. Local newspapers are reporting it. Coinbase is having record new user counts. C'mon man, connect the dots. We're in it. The frenzy is here.

The most secure and powerful network in the world is not a fucking flower. Next shitty argument please.

big if true

That is just business and business ethics , nothing to do with economics in a wider sense.

Labor unions demand more because living costs increase, well.... due to inflation as exports are valued less due to an inflated currency because your president decided to borrow more printed money to buy bombs or some shit.

shut the fck up retard

I disagree. While there are now far more people buying BTC, most of the demand is coming from two countries, Korea & Japan.

The volatility and unregulated nature of crypto keeps many normies away. The introduction of contracts and eventually ETF's will change that.

The total market cap is $

Merely the beginning. Honestly. We won't see the mass exodus of normies until 5-10 years. By then it will be totally mainstream or something joked about on TV sitcoms.

This was just one example demonstrating how the price of goods will ever-increase unless every employee agrees to stick to current compensation for their lifetime. How does that have nothing to do with economics? Sure increase cost of living is a driver in requiring more wages, but surely that's not the only factor.

>comparing cryptos to tulips
>tulips, a commodity with literally zero value except in vanity
>meanwhile with cryptos you can literally program and automate your money in a million different ways
>you can send money with no chargeback in seconds with small fees to someone across the world
>infinitely divisible
>most are deflationary in nature
>provide platforms for secure data transfer or data marketplaces

Sure it's a bubble, and the bubble will pop, that's how the economy works in order to weed out the crappy and mediocre "companies/coins" and leave the good ones standing tall with free reign. That's the boom bust cycle in all it's wondrous glory.

Trying to prevent it and bailing people out leads us to situations like today where shitty banks and creditors are still in business and doing the same shady shit they were before.

All this mania is more comparable to the video game crash, and look at where we went from there. It left only Nintendo and a few others in it's wake and killed off Atari and the millions of shitty third parties plaguing the market. Now the market is one of the most highly valued in the world.

The reason people are buying it is to sell it, there's no incentive to put yout money on bitcoin besides that the value may go up even more.

Okay i wasnt laden enough with that explanation. It seems you already have quite a socialist idea of how economics work.

ok, so in a bitcoin economy, assuming bitcoin is mainstream and is the staple of wealth .If a president needs to borrow more money for bombs, he cant print it, he has to acquire it by other means. Therefore his lending wont affect the value of bitcoin (as more currency=less value)

This wont affect export prices, the value of daily commodities will only change with the cost of demand/supply

Therefore cost of living will remain constant, wages will only reflect value of work done.

I think we're talking past each other, and I'm far from socialist. I'm more referring to the human factor, the desire to get more, that so many people have. It's not good enough to just be able to put food on the table and cover my bills. I get what you're saying about the external factors that impact money value, but that has nothing to do with simply wanting more compensation as I get more experienced and valuable in my job.