$327,754,298,441

I wonder how many people realize that if this holds that is exactly what they are doing. If it takes root all it is going to be is wealth dilution, not wealth generation. The amount of Ancap hypocrisy is goddamn hilarious.

It just is bro

Can you explain why a random mineral dug up from the ground is worth $1,300 an ounce?

Because it is backed by US imperial hegemony.

And this was not a pro fiat post

Limited industrial and high tech utilization. Value is inflated by false demand.

This was not a pro gold post.

Because the true, near priceless potential lies in the use of decentralized databases to track and verify transactions.

I feel like there is some validity to this. There was a lot of interplay between both GWOT finance crack down, Russia/Chinese RE investment spigot getting shut off and the sudden rise of crypto.

Now if only we could get a good view on this, user.

Do you understand what blockchain is and how it works? Do you understand why it's such a buzzword and a lot of really smart and educated people are calling it a breakthrough, a revolutionary technology, a game changer?

If not, go and educate yourself. If you're not dumb you'll probably have a lightbulb moment and then go and buy some.

Can't lose it in a hack or in the event a virtual wallet decides not to let you withdraw your fiat.
Cant lose it in the event your house burns down
Completely untraceable transactions: remelt no digital marketplace.
you're shilling. Gold will always be king of money.

At least it requires some kind of action to come into existence, unlike national currencies which can be printed at will by the central banks.

So as a matter of convenience decoupled from any gatekeeping.

I can see that but if it takes hold via wide spread acceptability I can not see the powers that be not using institutional power and monopoly on legitimate violence not to squash it.

>muh blockchain technology

Has anyone really been far even as decoded to use even go want to do look more like?

Why don't you shut up and go buy Amazon or something? Off with you!

Yes but I also understand that there are hypothetically no barriers of entry to producing more of them, so we come back to "is it accepted"

Seem to be plenty of people here with an 8th grade reading comprehension that know exactly what I asked.

decided

the older you get the more you will lose your childlike idealism.

bloomberg.com/news/articles/2017-12-12/will-2018-be-the-year-of-the-bank-of-amazon-experts-weigh-in

investopedia.com/news/why-did-amazon-buy-cryptocurrency-urls/

Ouchies

I'm old.

Hardly an idealist. The very nature of the question is driven by pessimism

So you're bLacked by US imperial hegemony literally inflated cock?

It was an insanely clunky way to word that question. Just Busting your balls bro

you should know that it's enough to spread a rumor to take over a country then

Ha fair point. Originally it was going to be "I'll buy you .00000001 BTC but I deleted that before post.

Nuclear bombs and a navy are theoretically worth something when debt collectors come calling.

Again, this wasn't a pro fiat post. I understand that it is all faith and balanced on a razor's edge

Correct answer

>Can't lose it in a hack or in the event a virtual >wallet decides not to let you withdraw your fiat.
If you leave your gold in someone elses possession, you can also lose it. Same with BTC. Hold your own shit. And wallets don't make decisions. If you have your private key, you have your BTC. It's that simple.
>Cant lose it in the event your house burns down
You think my BTC is going to burn down with my house? I would rather go to my safety deposit box and pull my spare private key out than have to scrape up melted gold from my floor.
>Completely untraceable transactions: remelt no digital marketplace.
Use Monero, or a tumbling service. The pseudo anonymity is enough for most though.
>you're shilling. Gold will always be king of money.
If you say so.

Why is a piece of paper with a 'President's' head on it worth trillions?

And then that guy on the dollar bill sends you to war for reasons you don't understand, and you and your loved ones die.

Nobody controls the violence, with Bitcoin

>Limited industrial and high tech utilization.
Yet, gold has been used as currency for thousands of years prior to these innovations.
Why did the Ancients use shiny rocks known as Gold and Silver as currency?

>muh sarcastic response because i have no argument

If you don't see the intrinsic value, or know what brand value or network effects are, maybe you don't understand economics or blockchain as well as you think.

Convenience. Standardization (at times). I acknowledged that aspect above.

people are realizing: decentralized money > centralized money

you'll realize it sooner or later

Bitcoin is not blockchain
Bitcoin is an application of blockchain technology

See post above about Amazon re: brand value/network effect,

I realize that there are valid arguments that it is better. I'm just not so certain this is the stable form decentralized currency will take.

Again, this wasn't a post to shit on BTC it was to engage a conversation. The way people defend crypto like, errrr Crossfitters defend crossfit is .... troubling.

Bad example but I'm posting on the fly atm.

>Convenience.
>Standardization (at times).
en.wikipedia.org/wiki/Shell_money

Anything can become a currency
All you need is scarcity and enough people willing to use it as a currency
Furthermore, cyrptocurrency is impossible to counterfeit and easy to transact through the web. Such qualities are not available for material commodities.

like I said, you'll realize it....the lightbulb moment will happen and you'll be like, "fuck why didn't I jump on this sooner"

The problem is you can't really use bitcoin as money right now, not unless you're retarded that is. Nobody wants to base an economy on a currency that might double or halve in value over a week.

Don't forget the $10+ transaction fees

Decentralized electronic value transfer of a unit with a finite supply (~21 million BTC). It's a system that is very hard to (((cheat))). Granted a 51% attack is a real threat. It will be worth more for sure. Total crypto market cap will reach $1T in the next several years easy.

>All you need is scarcity and enough people willing to use it as a currency

Well that is kind of my point overall. Is it actually scarce? I know bitcoin max is 21mil. But as I said above, it seems like an infinite amount of competitors can be put out. This could possibly lead to feedback loop of dilution.

Again, many here seems to take statements as absolutist. When I say "it could do x" it is not me saying "it will do x" through passive aggressive means.

I can print out my own paper currency right now?
Does that make fiat useless?

>can't really use bitcoin as money right now, not unless you're retarded that is
>right now
>not unless you're retarded that is

you can 'right now' if you want, and that's what's important and all that matters

no, of course you don't want to because BTC is going to millions

Parallel computing and distributed systems are the future.

So where do you guys think it's gonna peak?

millions, billions, possibly trillions

Yes, that's exactly my point. As it stands bitcoin is an investment, not a currecny.

Don't undermine any of your potentially valid responses with the ((()))s. If you want to say that xyz institution will have a hard time doing abc then be specific.

And if you live in a world where ((())) is a thing, how do you think those in all dominant power will not be able to crush BTC?

Serious question.

it's a currency

it looks like an investment because it's going up, but in reality, what's actually happening is that other currencies are going down

Well, the only way to shut bitcoin down would be through the legal system, which is very possible. Obviously the legal system can be corrupted. It's already started, the fucking (((media))) is shilling against BTC and crypto as it's skyrocketing. They are running "mania" stories where people are taking loans against their (((mortgage))) to buy BTC. What it really shows me is that $USD is worth less than they say it is.

It's intended design is a currency, but that doesn't mean much if nobody uses it as one. I'm not about to go buy stuff with bitcoin, and I doubt many people are right now either.

once decentralized exchanges are the norm, it's over (it's already over)

if they make it illegal, this shit is going to fucking explode (it hasn't exploded yet)

Why is paper with dead presidents of value? Can't even trade it for shiny rock anymore. Literally just a fucking idea.

seelol you're caught in a loop

it's a currency that's going up because all other currencies are going down

what you need to worry about trading your worthless fiat for crypto

the part where you start buying and selling everything in crypto comes later

or....don't believe me, I don't care

it's happening either way, with or without you

The practical impact of money on trade practically demands currency exists, unless you think I can start paying my ISP in live chickens. What currencies have value is largely predicated on the force of the institutions that back them. The US can embargo a country that won't play our currency game, or possibly just militarily overthrow them. That's certainly an abstract value but it's still far more tangible than what exactly a bitcoin is or why crypto has perceive value.

>no barriers of entry to producing more of them
It's actually designed to deflate and pretty much all coins AFAIK, or the only ones I bother trading in, have periodically scheduled "halving" events which guarantee people who hold the crypto prior to the event are going to have something with guaranteed value because it becomes twice as hard to mine for. Therefore, it's value is guaranteed to rise after realizing fiat is constantly inflating, not everyone is in on crypto yet, and there's only so much crypto to go around.

You're certainly taking that promise on good faith. Of course you're right fiat is inflating but businesses and at least nominally even individuals can influence the government that controls that policy. Who exactly administrates bitcoin or any other crypto remains functionally opaque and the belief that they cannot or wont change the behavior of the underlying code is a very large assumption. You also seem to be ignoring that if one specific coin becomes too expensive/temptingly valuable nothing is stopping people from making their own new coin system. As is already happening. Even if you assume crypto will be the currency of the future which cryptos will succeed and which will fail is dubiously predictable from the point we're at.

It is not the tech that drives up the value; it is greed, user.

We are all human beings. We are all greedy, selfish and will do anything to survive. More btc = more money = bigger potential to survive.

You don't have nukes and aircraft carriers or a pool of goods, services, wealth, natural resources or institutions.

I think that was the previous posters point about "what about trash coins infinitely spawning"

>Total crypto market cap will reach $1T in the next several years easy.
I think next year...if normies can access ICOs easily and alts can be bought for fiat on mobile.

Isn't that kind of the theme of this thread though?

Bitcoin doesn't equal more money. It's just an attempt to pull purchasing power from one group to another. Which of course follows your initial statement about greed.. but I wouldn't say bitcoin is producing "more money"

>other currencies are going down
Fucking this. This is what you idiots don't understand. The $ has been inflated to oblivion, as pretty much everything has been anchored to that. Bitcoin is a gold standard. It shows that other currencies are utter shit.

Yes inflation of government issued currencies is a non trivial issue but even inflated dollars are still backed by the influence of the US government. What exactly is bitcoin backed by other than whatever the libertarian equivalent of good will is?

>libertarian equivalent of good will
Ha I enjoyed that.

Any info on the shit above about Amazon sticking their nose in here? That could kill BTC couldn't it? Inbuilt "mainstream" acceptability/legitimacy?

What is gold backed by? :)

Practical use? I suppose ironically its necessity in modern electronics actually makes it significantly more tangibly valuable than it would have been to a medieval lord, but that was a simpler time I suppose. Also it's no longer the primary "backing" agent of modern government issued currency. :)