could someone with insight give a straight answer on why people are so certain bitcoin price will go up again? I honestly don't get it, in comparison to other coins, simply put: slow and expensive.
is everyone hoping on the Lightning to keep bitcoin afloat? What purpose does bitcoin have, that other coins don't - apart from being the first, and most known? What is it all the bitcoin fanatics value so much?
is there noone with insight or is my question too retarded
BTC has been rising steadily for a few years. Depsite the ups and downs inbetween ATH's, it has continually gone up year to year. When the bubble actually pops it will be pretty quick. Since there is still a lot of buy support and the top 100 rich list wallets arent selling off, people think it will continue to rise despite the day to day price swings.
It has a great brand
That’s it
It's called expectation. Go study economics.
50cent is the only thing keeping bitcoin alive. If he cashes in you’re all doomed
The truth hurts doesnt it user
Bitcoin will just be the name of cryptocurrency, because who can actually say "cryptocurrency" in everyday speak
What you are buying on exchanges under the BTC ticker is really not worth what you think it is
Normies will be buyin "Bitcoin Bags" which is assortment of "bitcoin" (cryrptocurrency) selections by "experts".
>> what purpose does bitcoin have?
Mostly widely adopted uncompromised global store of value that all alts trade against you absolute fucking tumor
>global store of value
Nice, you fell for the desperate "store of value" meme from bitcoin zealots that secretly know bitcoin can't even be used like its supposed to
>all alts trade against
USD pairs are coming soon, and ETH pairs are gaining a lot of ground now that ETH is heading towards #1. Fucking no one cares about sat grinding anymore (unless they're retarded)
>you absolute fucking tumor
The absolute state of emotional bitcoiners
> muh store of value
he doenst know about ETH
When the lighning network hits the exchanges bitcoin will be the oil in the crypto machine and everone will use it everywhere
Here comes the "bch = btc ??" thing
deluded
like we dont already have much better altcoins to bypass the bitcoin in every use case
Store of values are supposed to drop 60% in a week?
The only people that shill bitcoin own tons of bitcoin from when it was cheap. Tone Vays for instance claimed today that we reached the bottom of the drop today. As he is a bitcoin maximalist, bitcoin maximalists will get rekt. Bitcoin is 10 years old and the very first version of its kind. The only real claim it has it that it has withstood the test of time. However for the first 5 of those years it didn't have competition ans use wasn't something people were realistically looking at.
also its a premine
satoshi mined for 2 weeks all alone
for entire 2009 bitcoin was not shilled/advertised anywhere
not even in normal techno-geek places
only in 2010 may was it shilled on slashdot
the first 2 millions of BTC were mined by a few hundred people.
let that sink in.
I dont know anyone with a brain that thinks it will recover so...
If governments weren't trying to fuck with it now I'd recommend into buying the dip.
Now I'm not so sure. The feds may have scared everyone away from it.
>store of value
Riddle me this: why are fast transaction times important to you? Do you actually plan to use cryptocurrency as a means of transferring value for goods and services?
No? Then what difference does it make?
>Do you actually plan to use cryptocurrency as a means of transferring value for goods and services?
yes
yes I plan to use a cryptocurrency as a currency
receive currency for produce and services I offer, spend currency for goods and services I want
because it always does
hurr durr finite bitcoin hurr durr unlimited fiat
Because Bitcoin has limited supply and (near) infinite demand. It spikes every time there is a halving due to the FOMO of reducing supply.
Bitcoin doesn't work as a currency, but it's getting a massive 'store of value' following behind it. If it gets adopted as digital gold, it'll continue to rise.
You know crypto is the standard for darknet markets? Drug trade is a multil billion if not trillion dollar market and darknet markets are the future of that, you absolute brainlet
>could someone with insight give a straight answer on why people are so certain bitcoin price will go up again? I honestly don't get it, in >comparison to other coins, simply put: slow and expensive.
Youre right
The reason that it dominates the market is for other important reasons: scarcity and value.
The other reasons are partially addressed to your question. Its good enough and cheap enough and fast enough to compete for the same things other coins offer.
I paid four dollars to transact 10k of bitcoin in less than 10 minutes yesterday.
The reason why altcoins will never achieve total dominance as a store of value is there are too many. People bitch about bitcoin being "premined" but in fact it really does have the widest distribution.
Eth and some other alts can be good stores of value and good services but there is a ton of oversupply. High supply kills every crypto's price. It drains value from bitcoin like a parasite but alt coins compete even harder against all of the other altcoins.
If you want to feel better about these facts you can take comfort in that bitcoin is in active development and will be upgraded as time goes on, but for the time being, categorically, if all the other coins will follow bitcoin's value for the most part. People that believe and hold ethereum are just gambling that something won't compete hard with Ethereum for the services it provides. And since there are other smart contract platforms coming out (some are out), they are going to put downward pressure on the price of Eth.
And when a smart contract layer is implemented on bitcoin's blockchain it will compete with eth directly on another level.
So in the long run, preservation of purchasing power in crypto will be measured in Bitcoin and only bitcoin until for some reason people just totally abandon it and it becomes irrelevant. The people saying it is irrelevant right now are just retarded and don't want to look at the situation clearly.
>apart from being the first, and most known?
people act like this is just some minor thing.
>Do you actually plan to use cryptocurrency as a means of transferring value for goods and services?
Crypto only has intrinsic worth to people who gain utility from it.
The only utility that comes from most crypto comes from its use as a medium of exchange.
Speculation lowers the intrinsic worth of e.g. BTC and XMR, because it makes them worse as a medium of exchange.
Therefore, once speculators leave, any cryptocurrency that can only act as a medium of exchange will decline in value until it reaches an equilibrium between utility and mining again.
I read this in cartmans voice
>slow and expensive.
This. Its fucking useless and obsolete. Crypto won't recover until it dies.
Because anyone who buys bitcoin does it because they think the price will go up
That's pretty much it
Do you have data on when the early wallets sold?
I don't believe that satoshi only had one wallet. He's just keeping that 1 million in case it gets widely use, then he will declare himself as the king of the world.
>Crypto only has intrinsic worth to people who gain utility from it.
False assumption, because its market price contributes to its worth.
You can say, "I won't accept bitcoin" but as long as it is fungible into currencies you DO accept, the distinction is meaningless.
>The only utility that comes from most crypto comes from its use as a medium of exchange.
Its good enough as a medium of exchange for now. The real intrinsic properties that none of the other cryptos share is scarcity, distribution, name brand, network effect, capital pool, liquidity, widespread acceptance, etc. The most fundamental unit of value is just the possession of a private key.
The blockchain (ledger) is the real thing of value, the most intrinsic unit. Its used as a layer for other cryptos. Extensible by APIs, lightning network, segwit or new protocols.
>Speculation lowers the intrinsic worth of e.g. BTC and XMR, because it makes them worse as a medium of exchange.
Not necessarily. Its arbitrary that two exchanging parties desire a more volatile or less volatile medium of exchange. It can be thus argued that people prefer bitcoin for precisely this reason. In speculation, bitcoin is a great coin to trade because it has consistent and liquid volatility compared with other coins. This has a lot to do with deflationary economics of its design and low circulating supply as well which can both act as obvious intrinsic benefits for the speculative trader and the investor.
>Therefore, once speculators leave, any cryptocurrency that can only act as a medium of exchange will decline in value until it reaches an equilibrium between utility and mining again.
Speculators move the price but investors support it.
free bitco
dot in /?r =
11 71 81 12
Bitcoin is a Brand.
Name one other coin/token normies know about? Even Eth is total stranger to them.
stop spamming this shit faggot
FUCK OFF REDDIT SPACING CLUTTERING MY BOARD
gud post though
But f-fairx
>If you want to feel better about these facts you can take comfort in that bitcoin is in active development and will be upgraded as time goes on, but for the time being, categorically, if all the other coins will follow bitcoin's value for the most part. People that believe and hold ethereum are just gambling that something won't compete hard with Ethereum for the services it provides. And since there are other smart contract platforms coming out (some are out), they are going to put downward pressure on the price of Eth.
>And when a smart contract layer is implemented on bitcoin's blockchain it will compete with eth directly on another level.
>So in the long run, preservation of purchasing power in crypto will be measured in Bitcoin and only bitcoin until for some reason people just totally abandon it and it becomes irrelevant. The people saying it is irrelevant right now are just retarded and don't want to look at the situation clearly.
Continued development is great but pace seems to be so slow, how is it going to keep up with the competition? Segwit seems like a no brainer but adoption rates are still pretty low.
Because they own it
>Continued development is great but pace seems to be so slow, how is it going to keep up with the competition? Segwit seems like a no brainer but adoption rates are still pretty low.
Part of the problem is that Satoshi's protocol demanded a very high standard (95%) consensus on any changes. He designed it that way to make it very hard for people to change or alter the protocol.
Consensus is the highest possible standard for cooperation between human beings.
Consensus at 95% requires at least 19 of 20 people agree to terms before a change can be made. That forces every party to consider every other parties' interests. That in turn assures that the vast majority of people know and understand and agree what should be the best possible outcome for the most interested parties. He wanted the protocol itself to be highly resistant to manipulation. And so it is, which in turn also adds to bitcoin's intrinsic value because it lends a certain amount of predictability.
Because it was first. No other cryptos (that don’t have some kind of smart contract / dapp element) have any more value than BTC unless people believe in them. Faster transfer speeds aren’t going to make people believe in a coin over BTC, and if they do, the market will crash a lot harder and for a lot longer than it has so far.
You’re looking at it all wrong Man.
Why do people like old muscle cars and spend so much money on them when the new ones are much faster and better in every regard?
>store of value
seee you at 30k btc next month user