/biz/ - Business & Finance

>Bitcoin would have to surpass the biggest currency in the world

But it will

>>13723342
fucking newfag, nobody on /biz/ cares about btc

>>13723342
Nice try warren buffet, now GFY

That is one autistic post you have there OP. BTC will achieve 100k within 12 months and 450k by 2022.

>>13723342
Nothing has been solved in 2008, just FED bailed everyone out. Well, FED is out of ammo now. When the ground starts shaking again, you'll see people dropping derivatives first. How much of that value will flow into btc?

Fucking lol at butt hurt hopium addicts.
No one gives any good reasoning WHY Bitcoin would surpass the dollars total market cap?

It's costly to secure.
It's unsafe to use.
It's very volatile.

Shitty money.
"Muuuh, digital gold".
OK.

Can it serve any other purpose than drying paint on charts while letting retards like "Tone vaaaaaaaaaaays" tell his little followers that they're going to become riiich?

It's all fucking HOPE and zero logic.

>>13723342
>Only US citizens can buy/use Bitcoin

>>13723342
why are you comparing it to only usd market cap tho

Yeah. The whole craze about BTC is complete shit. I believe in BTC as an alternative currency for security, but it's just not going to get much better. The only thing I can think of is an economic fallout in the US that could pump it.

I'm not speaking about surpassing dollar.

I'm speaking about Bitcoin actually becoming the number 1 currency worldwide according to whichever metric you chose (market cap, transaction volume)

It will happen. Watch and learn.

>>13723530
Lmao, this

>>13723469
What types of derivatives are they going to drop?

>>13723342
>Total USD marketcap is about $5 Trillion.
It's M0, not USD marketcap. Actual relevant amount of world's money is much higher than that.

Also, single mining machine has more logic in it than Bitcoin or forex markets.

>>13723530
No, I am just making it as a comparison to get things into perspective.
The dollar is the largest, most used fiat currency in the world.
A 40x in the price from here would make Bitcoin the largest currency(?) in the world.

For me it does not makes any sense since it's function as a currency is SHIT.
And I don't buy the argument "store of value", store of value would need some physical attributes which cannot be replaced that easy.
Land, commodities, etc...
Things which will have utility in the future no matter what type of medium of exchange humanity decides to chose, whether it's paper notes, excel spreadsheets or sea shells.

>>13723764
Why does it need to make sense to you? Are you simply seeking the reason to buy. Or are you simply bitter about "missing the train"?

>>13723805
I already have a decent bag of crypto.
I was thinking about making it more, maybe 5x the amount that I have now.
But when I look into the numbers and start making comparison it all looks retarded.

If we're going to the moon I'm fine with that, I would 2x my net worth if we're surpassing the total market cap of USD, so I wouldn't be butt hurt.

It's more the level of hopium and lack of logic which annoys me.

>>13723764
>And I don't buy the argument "store of value", store of value would need some physical attributes which cannot be replaced that easy.

It's supply cant be fucked with. Do you really not see how that is a big deal?

>>13723994
You do know that mining reward is decreasing with time right?
This will make miners less incentivized to secure the network with time.
So unless the price of Bitcoin keeps growing exponentially until the end of time the miners will decrease their mining activity.
This will makes it less expensive to perform a 51 % attack (which you very well could fund with a short position) and fuck up all your little copy pasted spread sheets you call Bitcoin.

And NO I'm not advocating fiat CURRENCIES either, but at least they can perform the function as a currency which Bitcoin barely can.

THAT'S IT BOYO!

To me it's not store of value. It's a combination of factors.

People are imho focusing on the confirmation time and tx throughput too much.

When you go shopping yes you need to pay instantly. That need goes away when you pay beforehand (when entering the store) or when ordering online.

One shortage or famine will prove me right that economy works much better when planned, such as people ordering their groceries or goods rather than buying them physically.

Secondly people have mistaken assumptions about the total capacity of the network. As Satoshi said it never really hits a scale ceiling and I stand by this. Current manifestation of network parameters is only a reflection of the limited availability and limited penetration of really fast internet worldwide.

>>13723381
Lol Greg's already drunk & shitposting.
When does he sleep?

>>13724104
None of the things you've mentioned matter though if we're purely considering what the market cap of bitcoin or crypto in general has the potential to become. I'd like to think most everyone here has it in the back of their mind that at some point for a whole plethora of reasons crypto might implode. Its not inconceivable that bitcoin itself might fail at some point for any of those reasons or others that you haven't listed, but the fact remains that with cryptocurrency a new financial tool exists that has benefits over all other financial tools. Looking its market cap as a % of just USD seems silly even if you're trying to be pessimistic about it is my only point here btw.

>>13723502
>It's costly to secure.
>It's unsafe to use.
A decent hardware wallet costs about $50-$60 and give you a high degree of peace of mind.

>>13723676
Tied to Chinese property values? Public doesn't know yet.

Basically, OP is a fucking retard as usual (pic related) and needs to read Bitcoin Standard and The Sovereign Individual. Nobody will waste their time here educating morons like you.

>>13723623
Bitcoin can barely even handle 400k transactions a day though. It’s a joke.

>>13723342
Total amount of usd is way more than 5 trillion numbnuts. You also have to add in every other currency in the world and the precious metals to see the potential. Another 10x for bitcoin is easy, if not another 50x to just compete gold alone. Where else are you gonna find returns like that? Stupid zoomers think everything should be a 1000x or its not worth investing in

>>13723530
>>Only US citizens can buy/use Bitcoin

approx 80% is USD

>>13723342
10-20% have owned crypto is a downright lie, you're a fucking retard. Not even 1% of the world has ever bought a crypto currency.

can't wait for this brainlet to livestream his suicide in 5 years

>>13723342

>$5 tri

Leave this place you sub human filth negroide

the most important thing is a limited supply, thats all you need to know for the moment to buy this bitcone

>>13723342
>Total USD marketcap is about $5 Trillion
how can you be so fucking stupid? i'd wager that what you saw was the amount of USDs in physical circulation the "total usd marketcap" is atleast 20x that if not more with all the shadow banking and trillions stored offshore, fucking kys

>>13723342
So you're only interested in investments that can 40x? Fucking retard. Stay poor.

>>13723502
you were already told nobody cares about btc
the project died in 2016 with blockstream, and real /biz/ moved to eth
so many people have made it since, we've got an unhealthy ratio of newfags who put their money in bitcoin or chainlink, especially because of the pumps
doesn't make link or btc the /biz/ crypto regardless. go ask reddit if you're so desperate

This isnt a reasonable comparison because you are measureing BTC in the thing you are comparing it against. For instance, if half the bitcoins are suddenly dumped, the price would go down 90%, whereas if half the dollars were dumped they'd still be worth a dollar. This factor also ruins the point you are trying to make, that so much crypto has already been bought and so many people already have it; the marketcap of BTC is really high compared to the price because the value is being assigned to idle BTC, whereas every dollar is actually worth a dollar. This just isn't any basis for reasonable comparison. Try gold, other currencies measure in dollars, etc.

>>13725451
For instance, the marketcap of gold is $7T, way more than your marketcap of dollars. Who the fuck is buying gold? Glen Beck watching retards, and they have a $7T marketcap. BTC still has a long, long way to go.

>>13724104
Do you mean borrow money for hashpower, 51% attack, steal btc, short, sell, drive price low, profit? Question is: Could the profit from perpetual cantract/future be enough to compensate for amount of btc sold to drive down the price? In that case you don't even need the 51% attack.

>>13724154
>availability
>penetration
How are these different?

>>13725236
No need to be a maximalist. Btc, eth, link, ..., all play their role.

>>13724104
You have no idea how this works, do you? If miners leave, the difficulty level to find blocks decreases. So there will always be incentive for people to mine. Also miners make money from transaction fees in addition to the block rewards.

>>13723342
>Total USD marketcap is about $5 Trillion.
You should be comparing it to the total market cap of gold, which is $7 trillion. Crypto only has a $250 billion market cap currently. Also, Bitcoin isn't limited to the US you fucking mongoloid.

>>13725451
>the marketcap of BTC is really high compared to the price because the value is being assigned to idle BTC
$141,150(MC)÷17.71(supply)=$7970(btc value) what are you talking about?

>>13723764
>And I don't buy the argument "store of value", store of value would need some physical attributes which cannot be replaced that easy.
>Land, commodities, etc...
>Things which will have utility in the future no matter what type of medium of exchange humanity decides to chose, whether it's paper notes, excel spreadsheets or sea shells.
Eeeexcept it's already been working and has been for 10 years. Sorry you don't like it.

>For me it does not makes any sense since it's function as a currency is SHIT.
Would you accept 1 Bitcoin (currently ~$8000) today if offered to wash my car? If your answer is no you're literally retarded.

>>13723342
>USD marketcap is about $5 Trillion.
I doubt that. source?
also, we have 22 trillion in national debt, and like 100 trillion in unfunded liabilities
shit's going to go bad eventually. not in the next two years, but eventually

>>13723764
Everything you write comes down to: How viable is the $ long term. You know it's not. Maybe, something outperforms btc eventually (it would be unprecedented if not) for now btc/metals = safe hedge against the $.

>>13723593
or the economic fallout in any other country in the world
that's the beauty- this shit is global

>>13724104
>the price of Bitcoin keeps growing exponentially until the end of time
This seems to be the part most people don't get

>>13725451
>For instance, if half the bitcoins are suddenly dumped, the price would go down 90%, whereas if half the dollars were dumped they'd still be worth a dollar.
if half the dollars were dumped, we'd have massive inflation
that's why the dollar is shit: inflation

>>13726587
>let me pay all these miners for their hash power to get a 51% attack
>all the miners: we're not going to sell you our hash that would make our millions in mining equipment and income worthless

>>13723764
usd has 2 trillion active notes but is worth 55 trillion total. btc marketcap is 140 billion compared to 55 trillion

>>13723342
>he doesn’t know about hyperbitcoinization
>he ledditpoasts
Gonna lose it all

>>13727644
In ideal world:
>we're not going to sell you our hash that would make our millions in mining equipment and income worthless
In real world:
China dominates mining. I read here once China's/World's 2 biggest mining operations control over 50% of hashrate.

>>13727684
>usd has 2 trillion active notes but is worth 55 trillion total.
doesn't this scare the fuck out of anyone else?
if 5% of that 55 total gets converted into active notes, that'll spark a 60% inflation easily

>>13727816
>china crashes BTC so their BTC clone can try and take over the world
i could see the chinks trying to plan that

>>13723342
just sell and fuck off OP

>>13723681
total wealth in the world is even galaxies higher than that. the current btc valuation/marketcap is a fucking joke compared to what it brings to the table.
realistic is 100k+ and a "fair" valuation propably in the millions.

I own only shitcoins. Should I buy BTC?

>>13723356
It won't because it can't scale.

>>13723342
Scarcity

>>13725451
If bitcoin was dumped the price of one bitcoin is still one bitcoin

>>13723342
The $5 Trillion USD is backed by what exactly? IOUs? Some wise person updates a number in a database? The only reason it still functions is most brainlets aren't aware of the scam and the government makes countries buy oil with USD (or get invaded).


>Risk/Reward
It's been here for over 10 years. It's not going anywhere. You're just late to the party. If you want to keep USD, go right ahead, get destroyed on inflation in the long run. See how it works out for you in the long run.


>The price is very volatile
It's still a small pond, which means a fat guy can make a big splash. The cap keeps growing and as more and more capital flows into bitcoin, the pool gets larger and more stable. Ironically enough, your statements about how you lament the earlier people getting great gains that later joiners won't get is actually evidence that bitcoin _is_ getting more stable.

>>13728604
>your statements about how you lament the earlier people getting great gains that later joiners won't get is actually evidence that bitcoin _is_ getting more stable.
Checkmate.

>>13727120
Neither is USD, retard.

>>13729561
Unless you guys are sarcastic the level of brainletism here is insane.

You guys truly have to study the concept of Risk/Reward ratio.
Actual volatility is simply measured by percentage changes between points in time.
I don't doubt that it is more stable now, that's not my point.

But yeah, good luck guys.
I'm even in on this shit with you with a few percentage of my portfolio (probably still more than 90 % of you guys in absolute terms), but the reasoning here is faulty as fuck.

Hopium ftw!

>>13727861
usd scares me, its why im in crypto. usd is infinite, the fed prints it like monopoly money

>>13724154

Please elaborate, I'm not as high IQ as everyone else on this board. You know your shit

>>13730670
i'm worried about it too, but the USD is backed up by the US's bigdick military. So it won't come crashing down too soon, but after several years or so things will probably be getting worse
i know the debt can only get up so high before it goes kaboom