Bitcoin's 'hyperbolic bubble is going to go bust'

[lockdev]

i wonder how long the ponzi can go on for? i just hope a bigger fool pays more for it than i did. they say a fool is born every minute, so im hoping i will be ok and make good profit

its funny how every western bitcoiner acts independently like its the next best thing, while at the same time all hoping to sell to someone for more than they paid. all trying to scam each other... meanwhile you have all the chinese working in unison to completely scam and phuck the entire western civilization

The stock market has been doing the same thing for over a hundred years. I have a feeling bitcoin can hang on for a bit longer.

[lockdev]

whens the last time any of you bought something with bitcoin? except buying the actual bitcoin with USD

yeah, never lol

Bitcoin isn't a currency you dunce.

When was the last time you bought something with gold?

In b4 "but I can hold it in muh hands".

[Frank Drebin]

The stock market has been doing the same thing for over a hundred years. I have a feeling bitcoin can hang on for a bit longer.

The stock market has been sustainable because it's been somewhat regulated. Unregulated crypto markets are like the 1920s.

[PimpMasterC]

Bitcoin isn't a currency you dunce.

When was the last time you bought something with gold?

In b4 "but I can hold it in muh hands".

It was originally meant to be a currency, when that didn´t go well, the narrative switched to store of value, but it´s a terrible store of value. Bitcoin was originally meant to be spent, not hoarded. Of course there would be hoarding no matter what, but the ratio is fukked

[MisterDiapers]

Bitcoin isn't a currency you dunce.

When was the last time you bought something with gold?

In b4 "but I can hold it in muh hands".

literally what is its value then?

i dont believe in gold whatsoever btw, im all equities

[Backcontrol]

Gold is easily identifiable, divisible, transportable and durable. It worked far better for centuries upon centuries compared to other things - livestock, gems, produce etc and as time went on it was able to be used as a reserve for promissory notes. Fiat has gained stability in asset pricing with predictable inflation rate, interest rates and exchange with other currencies.

Tapping your phone in 2020 or using apple/samsung/google pay is infinitely faster and offers far less resistance but is simply an extension of the promissory note.

I don't any similarity between BTC and AU, one is an chemical element that happened to function really well and for almost all of human civilisation as a medium of exchange and store of wealth; the other a line of code, a very complicated network that wastes a lot of energy but still..

[isingmodel]

Gold is easily identifiable, divisible, transportable and durable. It worked far better for centuries upon centuries compared to other things - livestock, gems, produce etc and as time went on it was able to be used as a reserve for promissory notes. Fiat has gained stability in asset pricing with predictable inflation rate, interest rates and exchange with other currencies.

Tapping your phone in 2020 or using apple/samsung/google pay is infinitely faster and offers far less resistance but is simply an extension of the promissory note.

I don't any similarity between BTC and AU, one is an chemical element that happened to function really well and for almost all of human civilisation as a medium of exchange and store of wealth; the other a line of code, a very complicated network that wastes a lot of energy but still..

BTC is more easily identifiable, divisible, transportable and arguably durable than Gold.

[MisterDiapers]

BTC is more easily identifiable, divisible, transportable and arguably durable than Gold.

identify it for me dude

[Contribution05]

I don't get it. Shares I understand, fiat currency based on government spending, ability to repay and market interest rates I get.

The storage methods seem shady for a few reasons.

Buying it is a massive PITA, using it to buy other things is an even bigger PITA.

Nobody will lend it or let me borrow it

I can't reliably price other assets in it

I can create an alt coin in a few minutes,I don't see much that is actually unique compared to others.

For those who say fiat is worthless - there is a lot going on with having a medium of exchange that is predictable in relation to other currencies and pricing of actual assets which means interest rates and the whole lending and banking system is able to function.

Unstable currency price between different fiat is an absolute nightmare for investing in pretty much anything. If one country replaced their currency with BTC then they would quickly find themselves without international trading partners, a lack of liquidity, zero ablity to issue bonds.

Also - BTC may never go to zero but you could find it go to 100k but no miners to maintain the network and no transactions, effectively making it $zero.

Can you explain why there would ever be no miners and no one to maintain the network? As long as people like making money, there will always be people maintaining the network, especially if it was valued at 100k.

Not sure how buying it is a PITA? Seriously only takes a tiny amount of effort to setup an account on an exchange or a BTC wallet.

Also i'm pretty sure it is lended out and borrowed on exchanges.

If you can't see a different between an alt coin you create in a few minutes vs bitcoin and its chain, i would say you need to do a decent amount of reading on the subject matter.

[PimpMasterC]

BTC is more easily identifiable, divisible, transportable and arguably durable than Gold.

Gold and btc is totally different. One has been around for millions of years and used as currency for thousands of years. The other has had a lifespan of 11 years, being a manipualted pump and dump. Bitcoin is flawed, gold just is. Gold will survive much longer than btc, it´s almost eternal since it takes millions of years for gold to decay. Gold has many usecases, bitcoin doesn´t. Gold is much more durable than bitcoin.

It´s not the same ballpark, not even close. Bitcoin is a terrible store of value compared to gold. Gold is even a better currency because it´s much more stable, and new tech solutions built around gold show this.

[Serenadium]

man misc is low iq, 30+ posts and not even one valid criticism of BTC that can't be debunked within a 5 second google search.

Here are major the problems for BTC:

1. Miner extracted value once the block subsidy ends. Miners will be incentivized to re-org to select transactions with the highest fees reducing the security + stability of the network. The block reward won't end for a long time. Keeping BTC capped at 21m is also a Schelling Point so removing the cap is a no go.

2. A centralized banking layer 2 once it becomes too expensive to transact on the base layer. This will be a 'return to 0' as users can be regulated/prevented from exiting/entering the base layer.

3. Fungibility. Transactions aren't anonymous and BTC can be tainted if they've come from a bad source. Mixers + transaction hopping is a temporary fix.

I track sentiment on major social media platforms, and I've got to say the misc if the top spot holder for sh!t takes (ranked from highest to lowest: misc, coli, non-tech platforms, reddit, various tech platforms, biz, crypto twitter).

[PimpMasterC]

Can you explain why there would ever be no miners and no one to maintain the network? As long as people like making money, there will always be people maintaining the network.

When there is no block rewards and transaction fees trend towards zero, miners will have close to no revenue. Bitcoin transactions will not be able to compete with other cryptos and off chain bitcoin transactions like WBTC and so on.

"Second, the transaction market cannot generate an adequate level of
“mining” income via fees as users free-ride on the fees of other transactions in a block and in the subsequent blockchain. Instead, newly minted bitcoins, known as block rewards, have made up the bulk of mining income to date. Looking ahead, these two limitations imply that liquidity is set to fall dramatically
as these block rewards are phased out. Simple calculations suggest that once block rewards are zero, it
could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up
payment finality. Second-layer solutions such as the Lightning Network might help, but the only
fundamental remedy would be to depart from proof-of-work, which would probably require some form
of social coordination or institutionalisation."

the amount of money spent on mining will be slightly smaller than the revenues. In turn, the amount spent on transactions depends on the supply and demand for transactions. The supply of transactions on the blockchain is determined by the block size and is fixed.
“Unfortunately, there is reason to expect that the demand for transactions will fall to very low levels. People are likely to make use of off-chain transaction mechanisms via trusted third parties, particularly for small amounts, in order to alleviate the need to wait for confirmations. Payment processors may only need to clear with each other infrequently.

This scenario is not only economically likely, it seems necessary given the relatively low transaction rate supported by Bitcoin. Since blockchain transaction will have to compete with off-chain transaction, the amount spent on transactions will approach its cost, which, given modern infrastructure, should be close to zero. Attempting to impose minimum transaction fees may only exacerbate the problem and cause users to rely on off-chain transaction more. As the amount paid in transaction fees collapses, so will the miner’s revenues, and so will the cost of executing a 51% attack. To put it in a nutshell, the security of a proofof-work blockchain suffers from a commons problem[9]. Core developer Mike Hearn has suggested the use of special transactions to subsidize mining using a pledge type of fund raising[10]. A robust currency should not need to rely on charity to operate securely”

[Backcontrol]

BTC is more easily identifiable, divisible, transportable and arguably durable than Gold.

BTC can be replicated with an alt coin within minutes, a solar flair could knock out electricity for a few minutes and kill the network and I don't know how many computers you would expect to survive more than a few years - I don't see how BTC could possibly be more durable than something that has survived the past 4 billion years on earth.

If you feel like making your own fork or alt feel free

https://github.com/bitcoin/bitcoin

Let me know when somebody finds a way to progress with alchemy.

[isingmodel]

identify it for me dude

Fake gold exists - difficult to counterfeit well but possible. You can't fake the 660k blocks consisting of BTC's 12 year long blockchain history.

BTC can be replicated with an alt coin within minutes, a solar flair could knock out electricity for a few minutes and kill the network and I don't know how many computers you would expect to survive more than a few years - I don't see how BTC could possibly be more durable than something that has survived the past 4 billion years on earth.

If you feel like making your own fork or alt feel free

https://github.com/bitcoin/bitcoin

Let me know when somebody finds a way to progress with alchemy.

See above

[jasticus]

Don’t listen pimple master. He has zero understanding of macro Economics. He shills some random alt coin that no ones buying because its “better”. Don’t let some wagecel convince you from getting into something that you will never be able to afford in the future.

[quadfecta]

Don’t listen pimple master. He has zero understanding of macro Economics. He shills some random alt coin that no ones buying because its “better”. Don’t let some wagecel convince you from getting into something that you will never be able to afford in the future.

Guarantee they said the same about Dutch tulips

[SouthDakotaBrah]

The stock market has been doing the same thing for over a hundred years. I have a feeling bitcoin can hang on for a bit longer.

ITT we don't understand how stocks are valued

[Serenadium]

Guarantee they said the same about Dutch tulips

Dutch tulips were a seasonal flash in the pan. Bitcoin has been going 10 years strong (an eternity in tech) and you would be in profit had you bought at any point in history. It is very lindy.

It's the antithesis of tulipomania - this is not to mention tulip bulbs expire and not even the semper augustus retained scarcity. Bitcoin is both durable + provably scarce.

[PimpMasterC]

Dutch tulips were a seasonal flash in the pan. Bitcoin has been going 10 years strong (an eternity in tech) and you would be in profit had you bought at any point in history. It is very lindy.

It's the antithesis of tulipomania - this is not to mention tulip bulbs expire and not even the semper augustus retained scarcity. Bitcoin is both durable + provably scarce.

But it lacks usecases and demand coming from different places. Scarcity/supply cap is bad for adoption/using it. Artificially created scarcity without usecases is a meme.

[YodaToda]

BTC is more easily identifiable, divisible, transportable and arguably durable than Gold.

Holla at me when a virgin sitting in his parents basement can steal 100 million worth of physical gold.

[YodaToda]

BiTcOiN iS a SeCuRe wAy tO sToRe vAlUe


How many hundreds of millions were stolen via exchanges being hacked?

Literal virgins sitting in their parents homes are able to do that.

Lemme know when someone sititng in their parents basement is able to steal 100 milly in physical gold.

[A-GAME]

I've been saying this from the start. It has no intrinsic value other than as a store of wealth and it's not a good one. I don't mind being wrong occasionally, so I'm all ears if you disagree. But to my mind, it's a bubble. There's plenty of volatility though, and as a result, money to be made. But I don't see how it can keep climbing. Crypto as an idea is great, and it will be around for a long time. But I don't get the hype about BTC tbh.

[Serenadium]

But it lacks usecases and demand coming from different places. Scarcity/supply cap is bad for adoption/using it. Artificially created scarcity without usecases is a meme.

All sh!t takes:

1. Lacks usescases coming from where? I pay my bills in BTC + plenty of merchants accept BTC and we are just at the beginning. I've transported money out of a country with restricted capital flows in BTC; Impossible with FIAT or gold. Large companies/institutions (grayscale, square, mass mutual, microstrategy, galaxy digital, ruffer investments etc) have invested billions in BTC - it's now an asset class in its own right.

2. Scarcity/limited supply didn't stop gold from being adopted and used as currency for the better part fo 1000 years.

It's probably better I keep you on ignore tbh, you repeat the same debunked statements over and over again.

[jasticus]

Guarantee they said the same about Dutch tulips

Lol at comparing the two. Shows you know nothing lol don’t worry there’s no point in helping everyone.

[badbart]

Most of you people are chumps, flap your gums and make zero money from you vast knowledge.

[Contribution05]

I've been saying this from the start. It has no intrinsic value other than as a store of wealth and it's not a good one. I don't mind being wrong occasionally, so I'm all ears if you disagree. But to my mind, it's a bubble. There's plenty of volatility though, and as a result, money to be made. But I don't see how it can keep climbing. Crypto as an idea is great, and it will be around for a long time. But I don't get the hype about BTC tbh.

So its a 11 year and still going bubble that's had smaller bubbles inside it? How long does something need to be around for before it's no longer a bubble? If BTC is around for 50 years before it gets replaced, was it still a bubble? If Apple or some major tech company was to go belly up, was that a bubble?

The word bubble gets used so much i honestly don't even know what it means when people use it.

[PimpMasterC]

All sh!t takes:

1. Lacks usescases coming from where? I pay my bills in BTC + plenty of merchants accept BTC and we are just at the beginning. I've transported money out of a country with restricted capital flows in BTC; Impossible with FIAT or gold. Large companies/institutions (grayscale, square, mass mutual, microstrategy, galaxy digital, ruffer investments etc) have invested billions in BTC - it's now an asset class in its own right.

2. Scarcity/limited supply didn't stop gold from being adopted and used as currency for the better part fo 1000 years.

It's probably better I keep you on ignore tbh, you repeat the same debunked statements over and over again.

1. The motive of buying bitcoin comes mainly from speculation and hope of profit. The vast vast majority. Thats the usecase. Few people actually use it like you may have done, and that usecase will likely erode over time as competitors grow. Plenty of merchants accepting btc sure, but not many use it like that. Not mass adopted at all, and never will be because it´s a bad medium of exchange. Yes, several companies have been buying btc lately, but that doesn´t prove it´s crap. They don´t understand the full scope of the situation at all. Some are diversifying into btc because of FOMO and cuz they have monet left over. Grayscale is buying on behalf of others, microstrategy is run by an unstable lunatic that is shilling bitcoin non stop like a ponzi scammer.

2. Gold´s scarcity is totally different from bitcoins scarcity. Gold has an unknown supply and more is always mined. Gold has demand created from many different usecases, bitcoin don´t. Gold is today not the best option for a currency, partly because of it´s scarcity. Modern society with billions of people requires a currency with an elastic supply. Bitcoin is not suited as a mass adopted currency, and it´s not a good store of value. Gold is a rare element in the entire solar system, and has unique properties that bitcoin can never have.

My takes on bitcoin are higher IQ than anyone else on this god forsaken forum. Bitcoin is not future proof and is not equipped to evolve with humanity. People need to keep buying bitcoin to speculate or else it will lose momentum and it has no real usecases to fall back on. So, the wheels will have to keep rolling, and expanding. Or else, the confidence and price will go down. Thats why bitcoin people shill it 24/7, because they have to keep the train going.

A weak structure needs constant reinforcement. Or else it start collapsing.

[5tfihsmgidarap]

Is he talking about Bitcoin or the US fiat dollar? Both are imaginary, manipulated and have no real value other then what people believe they do

Was thinking the same **** lol

[Serenadium]

1. The motive of buying bitcoin comes mainly from speculation and hope of profit. The vast vast majority. Thats the usecase. Few people actually use it like you may have done, and that usecase will likely erode over time as competitors grow. Plenty of merchants accepting btc sure, but not many use it like that. Not mass adopted at all, and never will be because it´s a bad medium of exchange. Yes, several companies have been buying btc lately, but that doesn´t prove it´s crap. They don´t understand the full scope of the situation at all. Some are diversifying into btc because of FOMO and cuz they have monet left over. Grayscale is buying on behalf of others, microstrategy is run by an unstable lunatic that is shilling bitcoin non stop like a ponzi scammer.

2. Gold´s scarcity is totally different from bitcoins scarcity. Gold has an unknown supply and more is always mined. Gold has demand created from many different usecases, bitcoin don´t. Gold is today not the best option for a currency, partly because of it´s scarcity. Modern society with billions of people requires a currency with an elastic supply. Bitcoin is not suited as a mass adopted currency, and it´s not a good store of value. Gold is a rare element in the entire solar system, and has unique properties that bitcoin can never have.

My takes on bitcoin are higher IQ than anyone else on this god forsaken forum. Bitcoin is not future proof and is not equipped to evolve with humanity.

1. So you expect something 10 years old to achieve reserve currency status and worldwide mass adoption straight off the bat - Nice one retard. Yea I am sure the institutions that have staked billions in BTC with armies of analysts don't know any better than some retard on this forum.



2. You just said a whole bunch of nothing here. This is just all nonsense gibberish.

Also 'lol' at your high IQ. Keep throwing all your money at tezos lmao you absolute norweigan school shooting POS.

[Darkeen]

Nocoincels that post these kind of threads are just coping that they had ample opportunities to buy in the last 6 years, but they didn't due to laziness or lack of balls to take a risk, and are now going to be missing out on mega bank in the next year or 2.

Almost as bad as circumcision cope threads.