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Finite - Yes, there is a limited supply of Bitcoin and this cannot be altered.Originally Posted by icon
Scarce - Again, there is a fixed supply unlike FIAT which can be printed to an unlimited supply.
Fork - Forks are not Bitcoin. They are shitcoins like Bitcoin Cash and Bitcoin SV. Not the same.
Replaced by a superior product - Unlikely as Bitcoin code can be altered to match and it has first mover advantage.
Bitcoin is obviously not worthless as people are willing to pay 12K USD for it.
In reality its not scarce because it can be divided into billionths of a bitcoin. And yes forks create more coins, only the future knows if they will be used or not - todays shitcoins might be tomorrows gold, who knows
Taking the other side, what if scarcity deters its use? If people are unable to obtain bitcoin to use do you think that will make it more valuable or less? Personally speaking if bitcoin isn't easy to acquire/spend/ or cashout with I'll stop using it. If the hassles outweigh its usefulness many will also leave.
My thinking on bitcoin is that people haven't thought of many scenarios that could affect bitcoins value or use in the future, the thinking generally seems to be bitcoin is good/great and always will be because nothing can halt its progress. I'm saying things always change and bitcoin is no exception.
Last edited by icon; 06-29-19 at 05:34 PM.
If you look at the number of bitcoin transactions compared to the price movement there is no significant correlation between price movement and supply/demand. Even fiat currencies can be priced based on economic data, bitcoin is priced primarily based on capital flow, that's it.
From what I've read they say that most of the bitcoins in circulation haven't been used and are just sitting in wallets somewhere meaning most of the trading/use is being done by a small portion of the bitcoins available.
I have seen for myself on the blockchain that there are wallets out there with thousands of unspent bitcoins and are sitting idle.
I also wonder how lost coins, dust etc will affect bitcoin as time goes by. The number of lost coins and dust created can only get larger. This can't be good for bitcoin overall.
I really think Bitcoin price will hit 30K USD before the end of this year. I will certainly hold some BTC for a long time
I really think it won't hit $30k this year. One of us will be correct.
Its at $12K right now and people believe it will increase an additional 150% by years end but with no reason as to why.
good call asshole
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People who nominated: ChuckyTheGoat
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shocka , dont hold back
Nobody knows anything
Do you think an electronic currency will replace a hard printed currency as the preferred payment method one day?
If so, that's crypto replacing fiat.
I'm close to certain that will happen in our lifetime.
Still love Coinbase 4 years later.
This thread is amazing. I forgot about it. Thanks for bumping.
You're saying crypto, I'm saying bitcoin specifically. People are not hyping "crypto" in general right now and making price predictions of $20k or higher for crypto they are talking very specifically about bitcoin.
Do I think BITCOIN will replace a hard printed currency as the preferred payment method one day?
NO!! and definitely not in my lifetime. Do I believe crypto will become widely used as a fiat alternative one day, yes.
The main reason I don't believe it will be bitcoin is because there is likely some future event or tech that will cause people to lose trust/confidence in bitcoin. So many possibilities really. Without confidence bitcoin would not hold much value. Right now confidence is high among the small percentage of people worldwide that use it.
Last edited by icon; 06-30-19 at 06:39 AM.
My two cents: There will be a big financial crisis in the near future, probably within the next 5 years. A crisis much bigger than 2008 with impacts on the worldwide economy no one can imagine. During this crisis there will be an overwhelming loss of confidence in fiat money and if only a fraction of the worldwide available capital goes into Bitcoin (and Altcoins) it will skyrocket.
At the long end I'd agree to you and say one day Bitcoin could go to somewhere near zero just because there will be other cryptocurrencies, regulated and non-regulated ones, that will replace Bitcoin.
Oh I guess you're right. Although I could see Bitcoin itself ending up as the underlying value behind a universal currency, as one potential outcome.
(I bet that thought gives the HODLers a chubby)
Huge difference between Bitcoin and crypto.
this didnt age well...
tough when people on forums talk about stuff they have 0 clue about and just make bold statements
basically like first take on ESPN but crypto version
I think we are mostly agreeing. I have no doubt crypto is here to stay but bitcoin is just the beginning.
Probably smarter to bet on US Dollars being worth nothing before bitcoin come to think!
Although I guess they will always have some sort of collectible value whatever happens. So zero isn't possible there.
Not too sure about that Opti, there's value in being able to print more whenever the urge strikes
Fuk coinbase those fuckers locked my account for over a year and couldn’t tell me why only they were working in restoring it. Of course when they did restore everything had dropped from when BTC had reached 20k
Wow that’s brutal. Sorry to hear that. Do you have any screen shots you can share of the locked account?
What did they say when you called them?
Every single one of us on this forum should have bet on Bitcoin and get rich. I was too blind to see what Bitcoin is. This price was amazing.
Time machines are cool no doubt. I'd throw in some weekly options on the airlines just before the pandemic too.
Biggie always sharp
Interesting to read the comments/opinions from years ago
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People who nominated: Sam Odom
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197 24 hrs later....bend over sam odom
18,900 6 yrs later
Go back and read this guy's posts:
1) JJ, are u a chef? All u do is a waffle.
2) When JJ elicits an opinion, he is wrong almost all the time. It's uncanny.
Ill never forget poster BOONDOGGLE telling everyone to get in on bitcoin here and at the sbr poker tables
It was around $22
I really fukked up not listening to that guy and any time a thread like this gets bumped I always mention him
I hope he is living like a king
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People who nominated: secretstash
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Definitely fukked up on bitcoin.
Bag holders, ponzi scheme, idiots, bankrupt, won't be around, etc
Sammy remembers you & elgreco fighting it out
I got in late at $1000, but not a large enough investment.
Sold half and paid my mortgage for a year, that's nice.
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