/biz/ - Business & Finance

I never really thought was a bitcoin bubble until recently, it really seems it now. useless slow "store of value" that keeps going up with no fundamental progress or use.

t. no-coiner
>PhD at Philosophy
t. no USD-er as well, I see

BTC is a commodity

>>4825033
He makes a mean flat white tho

>>4825065
With no use besides to transfer wealth while coinbase makes bank.

>>4824962
I can't buy my groceries with gold, either. So, you are wrong.

It does seem like the inherent value is being ignored.

If it takes forever to transact, has wildly volatile swings during transaction time, does it make a particularly good currency? I don’t think so. Now people are arguing that it’s a store of wealth and a paradigm shift is occurring.

If there’s significant unrest in some country and a huge loss in faith in their fiat, it will continue to rise.

Still think it can get to $20k by the end of the month.

Still think it has an order of magnitude growth left in it. We’re just overshooting that timescale by more than what is appropriate so there will be some pullback.

>doesn't know what the lightning network is
>doesn't realize people are speculating on future development
>as you would expect from PhD Philosophy

>>4825117
gold is in a bear market for years right now. so cool comparison you have there.

>>4825258
Gold still has tremendous value, and you can't buy groceries or coffee or most things with it. So, you are wrong.

>>4825225
it is doomed by design
>becomes unminable
>only profit is from transaction fees
>thinking miners will keep the network active when thousands of alts exists
stop being greedy, take your profit, be happy and wash your hands of this titanic before the ice hits

I've made over 100k this year on coins and i'll tell you bitcoin is a bubble. I value it less than used toilet paper personally, but there are greater fools who love to spout muh lambo and butthurt nocoiner memes, so I take advantage of them as long as they stick around. It has no use as a practical currency, and more and more meme retailers are pulling out because the fees are insane for any practical purposes besides speculation. if USD or Euro acted 1% like bitcoin, we'd be in a nuclear war.

>>4825374
You are pretty retarded if you think bitcoin is comparable to gold. Bitcoin is a meme that went out of hand and thats it

>>4825376
>>becomes unminable

Yeah in 2140

>>4825376
if some miners leave the network, then the amount earned by the remaining miners increases. which incentivizes other miners to join the network.

this is basic supply and demand.

>>4825374
What do you think you're using to access 4chan right now?

>>4825426
it needs to die so that /biz/ can actually talk about something besides meme coins again. It would be like if /sci/ 90% of threads were talking about string theory, or if /pol/ 90% of threads were black cocks.

>>4825426
>Bitcoin is a meme
keep coping

>>4825450
Gold had tremendous value for thousands of years, even before the invention of the personal computer. And most gold sits uselessly in vaults.

So, you are wrong.

It’s magic money with no intrinsic value, everyone here understands that.

We also understand that the Jews run the show now, we just want to make our gentile scraps whilst we still can.

>>4825539
Gold is magic money with no intrinsic value. Most gold sits uselessly in vaults.

>>4825484

WEIRD HOW THIS $30K DEPOSIT JUST HIT MY ACCOUNT FOR A MEME....

>>4825564
Your wouldn’t be able to mine BTC without gold, checkmate

>>4825450

Gold?

>>4825526
I short Bitcoin at every ath. And always it drops a few 1000$ later on. It's easier than going long on it. As one thing is certain: Bitcoin crashes.

And one day there will be the large crash where all small time retail investors will say to themselves "just hodl it will go back up again". But it wont. No demand. So have fun hoping your coin doesn't crash. It's easier the other way around.

>>4825576
You wouldn't be able to mine gold without fiat, checkmate.

>>4824962
You can buy drugs with it.
/thread

>>4825588
Bitcoin had a long bear market around $1k for years. It recovered, and will recover again.

You are like people in the 90s saying the internet was a fad.

>>4825607
You can buy drugs with sexual favors too

BTC isn’t currency

>>4824962
>diamonds are a bubble

>>4825598
you wouldn't be able to print fiat without ink. Printer ink is worth more than gold by weight. invest in INK

>>4825631
>bitcoin is the internet
>implying literally anybody said the internet was a fad

>A store of value isn't an application

wrong.

>>4825654
stinky inkies

>>4825631
Nah I think crypto is great. Greatly invested in other projects. Just bitcoin is legacy. There is no sense in going long term on it. Just use the hype thats running and make money on it. If all idiots are going in bitcoin at the moment, somebody has to sell it to them at a premium.

>>4825669
>implying literally anybody said the internet was a fad
see pic

So, you are wrong.

>>4825700
>unironically posting fake quotes from the fake quotes website

>>4825671

It is an application, but a bad one that only exists because BTC was super shitty at its originally intended goal of being a digital currency. Crypto is tech, and eventually something better which can properly act as a decentralized currency will start to push against Bitcoin. Why have just a store of value when you can have that and it can actually be readily used when you want to? End-game for any crypto should be mass adoption and use as a currency, and at that point price would largely stabilize

Note though that right now I do only hold BTC

>>4825736
>Krugman: ""The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

So, you are wrong.

>>4825750
lightning network has a high chance of accomplishing this
a bitcoin fork also has a high chance of accomplishing this, and any bitcoin holders will receive the fork.

bitcoin / a fork has the highest chance of achieving this, and any replacement would be slow enough moving that we could react.

>>4825736
>fake quotes

Incorrect it is a real quote (though missing proper context)
https://www.laphamsquarterly.org/revolutions/miscellany/paul-krugmans-poor-prediction

>>4825800
You tell em mate. We will show those round earthers and make em our slaves!

>>4825845
cope harder nobitcoiner

>>4825800
>a bitcoin fork

Hard forks are what is going to kill BTC and confuse the fuck out of normal people. Imagine if BCH had actually flipped with BTC. Anybody that had bought BTC on an exchange after July 31st would have had a fucking useless version of BTC and effectively lost all their money. It would have sent panic throughout the market and all the normal people would have left for fear of losing all their money from a 'fork' (even if it makes no sense, it would be the perception). I understand the benefits of a fork, but it wouldn't work out well for the masses

>>4824962
>PhD at Philosophy. You're welcome

You're just a wanker.

>>4825889
>Imagine if BCH had actually flipped with BTC

it didnt and its unlikely any hard fork overtakes BTC.

>>4824962
Bitcoin objectlivly has application you little sandbox psychopath.

>>4825943
>and its unlikely any hard fork overtakes BTC.

But you just said a fork is among the choices for the highest chances of accomplishing the 'crypto as a currency' goal and that it would be fine since everyone who holds BTC gets both. It wouldn't be fine

>>4825018
>First and the most used secure decentralized ledger created by mankind
>Adaptable and upgradable technology
>For investment purposes it's better and more secure than holding your money in precious metals
>Lightening network is already ready
https://medium.com/@lightning_network/lightning-protocol-1-0-compatibility-achieved-f9d22b7b19c4

Let me guess, you own < 21 btc?

>>4825996
the vast majority who hold BTC would get any future fork. if you sell your forked coins that is your own problem.

>>4826030
>if you sell your forked coins that is your own problem.

See the issue is people buying off of exchanges would likely only get one of the forked coins until it's established which is king. It's the exact issue that existed for my example of BCH. If you bought BTC off of somewhere like Coinbase after the fork date you could be shit outta luck. It wouldn't put confidence in the exchanges or Bitcoin as a whole

>>4826030
seems like you are pretty scared your coin is going to implode xD don't forget to sell the bubble. it's not that anybody actually cares about the usage of bitcoin

>>4826070
>Storing your bitcoins on an exchange

>>4826137

Welcome to normal people and how they function. Understand that they're why BTC is so fucking high in price

>>4825584

>>4824962
You can do what you want with it. You can spend when you want. You can save it as long as you want. You can always access it.

No bank holidays. No negative interest rates. No inflation. No account freezes.

Its utility is freedom.

Did they cover either of those two concepts in your philosophy classes?

>>4825117
You can though. I'm sure there are similar services for crypto.

>>4826260
this.


also philosophy is shit tier for weak fags. studying everything other than a STEM is for beta nu males.

>>4825426
Gold is a meme that went out of hand.

>>4826372
I studied a science (physics) and think philosophy is an important tier. I like to read a lot about it because it helps you think and question.

Great Article.
https://hackernoon.com/what-will-bitcoin-look-like-in-twenty-years-7e75481a798c

>>4825653
Diamonds are used in tool and Jewelry
Argument invalid, try again

>>4827325
>tools use natural diamonds
>jewelry isn't a bubble because it has so many uses
triple kek

>>4827355
>tools use natural diamonds
you said diamonds

>jewelry isn't a bubble because it has so many uses
one more than bitcoin

still waiting

>>4827325
Industrial-use diamonds and accessory-grade diamonds are very different things (also they're overpriced by a fuckton, try and sell a diamond ring after you buy it and see how much it's worth)

>>4827512
>natural diamonds are expensive
nigga I got them on my fucking nail file for 30c

>>4827595
>(also they're overpriced by a fuckton
You can easily make the same argument for buttcoins.
Much like Bitcoins, there is always a fool who will pay for those overpriced diamonds. At least, until the bubble pops.

>>4827834

Cryptocurrencies have the end-goal of use as a worldwide universal currency, which is where the speculation should be coming from (also why BTC probably won't make it in the end). Diamond's don't have that

>>4825403
Good post

>>4825569
it's an expensive meme, there

>any non-dividend stocks where the controlling majority is owned by the company is a bubble

>>4825588
And then you re-buy at higher highs. You are the ultimate cuck and retard.

>>4827871
Bitcoin was almost actually useful as a currency several years back when it was still cheap.

Everyone now is just using it as some sort of get rich scheme and that's why it will fail.

>>4828112
>Everyone now is just using it as some sort of get rich scheme and that's why it will fail.

I actually completely agree. Hopefully something better will take its place eventually