/biz/ - Business & Finance

[Anonymous No.18683303]

How can Bitcoin reach $100k plus if it can't even scale?
>muh it's digital cash
But it can't achieve low fees and near instant transactions like VISA/Mastercard?
>muh it's digital gold meant to be held
But it doesn't have any real value?
>muh supply/demand dude there can only be 21 million bitcoins
What does it matter how many there are if there's no real big demand for them?
>dude you can send money cross border without a middle man!
So it's main usage is for criminal purposes which should justify its market cap of $100b+ even though only about 1% transactions are for criminal purposes?
>DUDE DON'T YOU GET IT THE FEDERAL RESERVE DUDE FIAT MONEY BITCOIN IS GONNA TAKE OVER THE FIAT MONEY SYSTEM THAT ENSLAVES US WITH INFLATION DUDE
But it can't scale?

[Anonymous No.18683328]

>>18683303
But bitcoin can scale. It's called BSV

[Anonymous No.18683384]

>>18683303
Seething

[Anonymous No.18683395]

>>18683328
This thread is meant solely for Bitcoiners to understand why they are holding Bitcoins.

[Anonymous No.18683424]

>>18683384
Seething? I'm a LINK holder so if I would have bought Bitcoin 2 years ago I would have about the same amount of money instead of about 10x+ more. I just want to know the reasons why people hold Bitcoin.

[Anonymous No.18683466]

>>18683328

[Anonymous No.18683617]

Bitcoiners can't argue against these points because most of them are just delusional holding bags since 2018 hoping for some normie pump or that whales will for some reason pump it to $100k

[Anonymous No.18683669]

Bitcoiners can't see that the real value of Blockchain is smartcontracts. They still cling on the concept of a "cryptocurrency" even though it just can't function like it on a large scale. I don't understand why bitcoiners haven't made the switch yet. They are all hoping for this Bitcoin citadel utopia.

[Anonymous No.18683691]

The silence here speaks for itself. Nobody can refute these points without some very vague mental gymnastics arguments.

[Anonymous No.18683705]

>>18683424
SegWit.
The block size is only around 25-30% on average of what BTC can handle with SegWit.
BTC is for P2P payments. it wasn't designed to overthrow banks or be a reserve currency.
It's designed to put your paycheck in to your BTC wallet for safe keeping and withdraw funds back into local currency, it basically was intended as a store of value against inflationary policies.
As for demand. If you live in the US or Eurozone there isn't a need for BTC yet. China is a different example and that's why miners are centered in China.
With social credit systems tracking purchases and dinging you as being a bad boy, it's censor free internet money to them.
Criminals latched on to it because there was an immediate benefit to them, but as such, remember that criminality is at the discretion of government. If they decide you can no longer buy X product and Visa blocks the purchase then what? This is why Bitcoin was created.
It is nothing more and nothing less than a very difficult to trace form of transacting with anyone else that has a BTC wallet.

[Anonymous No.18683780]

>>18683303
>muh it's digital gold meant to be held
But it doesn't have any real value?

what real value has gold opposed to bitcoin?

[Anonymous No.18683804]

>>18683780
dude were just trying to help like, if you dont want to make money easy. dont buy bitcoin

yes it's a ponzi, so is gold

[Anonymous No.18683848]

>>18683705
In order for people to even consider just putting their paychecks into Bitcoin for safe keeping, the Bitcoin price needs to be stable and in order for that it needs a lot of volume/liquidity/usage. That can't happen since again it can't scale. I can very well understand why it was created and its whole vision, but it just can't scale to make that vision true due to technical constraints.
>censor free internet money
In a country like China if they don't want you to use Bitcoin they will just jail anyone selling Bitcoin for cash. Anyone selling Bitcoin for Yuan can be instantly tracked. Again, it's a very niche market which is why I haven't bought any since that niche market doesn't justify a market cap of $100b or more.

As far as the first world goes, buying Bitcoin with cash is banned almost everywhere or heavily regulated. Using Bitcoin for legit purposes is nearly pointless since you can't get cashback, can't get your money back if something goes wrong etc and no normal people don't care about your federal reserve and they especially don't care about it if they have to pay $2-$30 fees for transactions.

[Anonymous No.18683855]

>>18683780
real value just means somebody can violently enforce a monopoly on a currency in an area
there is nothing of that sort for bitcoin, meaning it will only slowly drown in shitcoins forever

[Anonymous No.18683874]

>>18683780
Gold can be used for electronics afaik plus it literally has 3000 years of history of being valuable. 3000 years. I don't hold any though since imo it's more for $100m+ net worth people.

[Anonymous No.18683898]

>>18683303

you're 100% right.

gonna sell BTC and buy random shitcoins, starting from ChainLink

[Anonymous No.18684006]

>>18683848
The core issue, just like with premines, is that it benefits early adopters. BTC whales will forever taint the vision. Many of those whales exist in China. China didn't immediately catch on to Bitcoin on exchanges.
Mining in general center there because you can mine BTC anonymously by design and transfer wallet to wallet to dump. There are plenty of ways to wash the money.
If there was no value in BTC then it simply would not have a value with all the alternatives that exist.
Why are you so salty about the BTC market cap anyway?

[Anonymous No.18684057]

>>18683898
I'd wait for a dip desu. As far as shitcoins go, everything is a shitcoin except for ETH(smartcontract platform) and LINK(Oracle Network). Ethereum however is overvalued imo since the only usecase is DeFi currently. Chainlink compared to its current usage is overvalued as well, but its potential usage is very big so speculation is driving the price up. LINK is literally the best bet currently. Ethereum might be a good bet as well if you believe they will pull off Eth 2.0, but that's a big if imo. Although ofc I don't know much about the detailed technicalities of making blockchains scale.

[Anonymous No.18684076]

>>18683303

I used to think like this but after a lot of research realized that bitcoin doesn't have to scale. It just has to tied into some system that can like, lightning or tie into another chain like cosmos.

Bitcoin will end up being the base layer, and high throughput transactions will be implemented through any other technology, even centralized ones.

Gold has a like a $10 trillion market cap but is even harder to actually trade than bitcoin. Most people don't buy physical gold either they hold it through some sort of instrument like GLD the ETF.

[Anonymous No.18684163]

>>18684006
I'm not saying Bitcoin doesn't have value at all, I'm saying its value is greatly exaggerated. That it is propped up by the same early whales and Chinese miners who benefit from a propped up Bitcoin price since they can keep mining and keep dumping. What I don't understand is why there are still so many people here on biz thinking Bitcoin is gonna magically go to $100k when it is already massively propped up with fake Exchange volume, "crypto media" shilling, YouTubers shilling, Tether etc plus the HUGE speculation that Bitcoin will somehow be able to scale and replace the fiat system.

[Anonymous No.18684193]

>>18684163

[Anonymous No.18684313]

>>18684076
Again, this is a very vague and wishful answer. That we will have this base layer and there will be this other layer which will solve the scaling problem. How long has lightning been in development? Of any other project will create a scalable blockchain (and I'm assuming it will have smartcontract support), then why would people just use that projects crypto since it scales and that crypto has demand because if you want to create a smartcontract or send transactions, then you'll have to use THAT blockchain's crypto.

[Anonymous No.18684565]

>>18683303
Yes if it don't eventually manage to scale it is sure to go way down eventually. Honestly I don't think we will ever see ath ever again, tho we might go high still and dump after that.
Cryptos are here to stay tho, and some will become insanely valuable.

[Anonymous No.18684577]

>>18683303
>But it can't scale?
Yes, at some point, maybe. Smart people are on it, most likely. I could explain it to you but you're not smart enough, well maybe I can get someone to explain it.
(((CRAIG)))

[Anonymous No.18684600]

>>18683780
Women what shiny rocks and men want women, therefore shiny rocks will always have value.

[Anonymous No.18684948]

>>18683303
In a word: blockchain. :3

[Anonymous No.18685706]

>>18683303
>I can’t buy coffee with gold bars
>gold can’t scale
>why bother with it
OP, Mong of Ages