/biz/ - Business & Finance

They're greedy and delusional

>>4667586
It won't keep increasing 20% per year.

>>4667646
And why wouldn't it?

No one will ever spend Bitcoin, because it rises in value constantly. It's a store a value, like gold. It's not meant to be spent.
Now if Bitcoin was inflationary, and lost value all the time, people would be more likely to spend it.

Gresham's law: people spend the worthless currency first.

>>4667689
Value is proportional to demand. Once it's widely adopted demand can't keep increasing as rapidly as it does now.

>>4667694
>people spend the worthless currency first
You are referring to BCH

>>4667689
Ah, but in the initial stages of adoption deflation would be a major issue?
>>4667694
Thats exactly the problem. Bitcoin will never be adopted as a major currency into any economy.

>>4667586
here we go. go do a fuckin google search if you want peoples candid thought on this. its a researve currency and a store of value

>>4667586
Because you can’t spend it retard.

Bitcoin (or whatever replaces it) will be adopted as a major currency if it reaches mass market adoption and can become a stable universal currency. Price and valuation would largely stagnate if that happened

That's the end game for any crypto

>>4667786
>muh deflation
I'm a saver. Deflation is good for me and my family. You're a sponger, owing shitloads all over the shop. I'm not immolating my family's resources to protect you from your decisions, asshole

>muh not-a-currency
So? Nor has gold and I don't see you passing by a kilo of AU you saw in the street

>>4667850
Then what is the point of having bitcoin, retard. If it's ever going to be widely adopted people need to be able to spend it on something.
>>4667869
>Price and valuation would largely stagnate if that happened
I think this is what OP is referring to, the economy dragging to a halt.

>>4667908
Except you cannot run an economy on something that brings the market to a halt because everyone is saving their bitcoin because they are all doing the exact same as you.

>>4668007
But everyone is NOT saving it. $800 million was sold in the last 24 hours alone. In. Your. Face!

>>4668045
Not yet they aren't. But when a serious crisis happens this issue could arise. And what then?

>>4667743
>You are referring to BCH
In comparison, yes.
But BCH is still deflationary (limited supply), so with increased adoption, its price will rise over time.

>>4668077
What then is the value of a coin goes up until people are prepared to trade it once more, and then the drama is over.

>>4667586
It's going to be on nasdaq...

>>4667908
>Deflation is good for me and my family.
Deflation feels good, but for a currency its horrible.
It means the work and money you earned in the past are worth more in the future.
That's rediculous, because new technology over time makes your past efforts worth less.
Hoarding a currency shouldn't make it scarce thereby increasing its value. If you hoard, the supply should grow, so people don't pay more.

>>4668271
I disagree. And now, with BTC, I have the means of enforcing my disagreement instead of having it stolen by you, 2% at a time. Get a job and earn your way you thieving git

>>4668271
That doesn't even make sense.

>>4668271
>If you hoard

one man's "hoarding" is another man's retirement money

guess which institutions call savings and a 401k "hoarding" ...

>>4668271
This is goddamn rediculous

>>4668268
So what if its going to be on the nasdaq?
>>4668519
The issue with bitcoins deflation is that it will never replace fiat currencies. When a currency is deflating, it is now costing less to buy goods and services, wages don't tend to adjust well to being shifted all the time, especially not being lowered.

>>4668941
>bitcoins deflation is that it will never replace fiat currencies.
I think you're mistaking bitcoin and bitcoin cash - which specifically would indeed like to replace fiat.

>>4668941
>wages don't tend to adjust well to being shifted all the time, especially not being lowered.

It's because people are taught to be morons.

Which wage would you prefer?

1 BTC / month ?
3 BCH / month ?
60k LINK / month ?
$10,000 / month ?

The answer doesn't depend on deflation/inflation but on current price vs risk crash.

Instead of a currency that is inflationary or deflationary, why don’t we just use one with a fixed stable price?

>>4669519
>1 BTC / month ?
>3 BCH / month ?
>60k LINK / month ?
>$10,000 / month ?
Thats not the point of deflation. Most people would understand that 1btc = $10k, but when under deflation, their wage would have to go down to .5, or .25 or less as the price of goods is going to be cheaper.
>>4669592
Sounds like communist wage rations.

>>4669622
Sounds like America in the golden era. Everything was cheap and you got paid little but your money had a lot of purchasing power compared to today.

>>4669622
>their wage would have to go down to .5, or .25 or less as the price of goods is going to be cheaper.

And that's why people are morons: because with inflation, people should ask for raises more frequently DUE to inflation.

With deflation, employers should renegotiate salaries frequently to avoid having to fire people.

One is just the reverse of the other.

The only problem is renegotiating the wage too often.

A slower deflation would actually be more "fair": e.g tethered to sulphur, so that deflation covers "bonuses" without having to renegotiate job contract too often. (You earn the same amount for years, but purchasing power gradually increases).

>>4669592
>Fiat is worthless and backed by nothing
>Tether is backed by fiat
NIgger you what?

>>4667786
>Bitcoin will never be adopted as a major currency into any economy.
You're wrong

You have millennials trading on robin hood.

They'll be doing the same when they can also use the money to pay for goods without moving things around.

Imagine if starbucks starts accepting btc. There will be no need to cash out

>>4669622

The problem is not bitcoin's deflation - but that the deflation is too fast compared to GDP.

>>4667586

take the bitpill

>>4668271
>work and money you made in the past is worth more in the future.
Sounds to me like that incentivizes work and savings.

>>4667586
Hitler wanted to do anyway with the International Banking Cartels
look where it got him.
god speed, bitcoiners.
keep up the good fight

>>4667934
When was the last time in your life you spend gold to buy something?

>>4667586
Remember that normie family that sold everything for bitcoin a few months ago?
I will just leave this here...
>https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html
How does it feel to know that this Chad didn't even do research and still made a lot more gains than you NEETs will EVER make? HAHAHA

>>4669822

It might go further...

> guy walks into Starbucks
> no cash, no bitcoin, no javacoin
> trades 5% of his $100 bike for xrp through smartcontracts on e-bitbay or alibitbaba
> exchanges xrp to javacoin at market
> buys coffee with javacoin 3 seconds later

> inb4 personal AI does all the above already

You can have BTC as a major, worldwide cryptocurrency that keeps deflating and is used for big investments, while local cryptocurrencies are used to buy dragon dildos, coffee, chicken and those kind of things.
We are too used to fiat to realize that there will be a bunch of coins when the world goes full crypto.

>>4669887
>last time in your life you spend gold to buy something?

oldfags did exactly that with fiat - before the gold standard was abandoned ("Nixon Shock")

>>4667689

Mass adoption will stabilize the price (Like USD for instance). We have a long way to go before we reach that level. bitcoin isn’t going anywhere. If the gov wanted to shut it down, they’ve had over 8 years to do it.

>>4670030
And what happens when these minor currencies skyrocket too then?

>>4667689
um because itll be going up 1000% per year lmao

>>4667586
USD is a good currency because it keeps devaluing so effort is made to spend it before it devalues to zero. That means USD cash IS NOT A store of value. Bitcoin isnt a currency, its an asset that is acts inverse to inflation. Think it like land, they arent making any more of it and the more land utilized means available land becomes more expensive.

Technically eventually all crytocurrencies that are fixed just go up in value.
From what i understand ethereum which doesnt have a fixed limit is more of a currency than bitcoin because it can be "printed" into infinity

Bitcoin cant even handle the volume of transactions there are now, nevermind in the future... Bitcoin is literally worthless and the only reason the price has risen is hype and ignorance. Blockchain technology is game changing indeed, but people that know nothing think bitcoin is actually adequate to be a p2p payment system.. its not. literally greater fool at its finest right now.

Bitcoin will be overtaken in 2018 when people actually think about whats going on right now and come to their senses. The question is, what coin will take its place? What coin can actually handle the volume and can be used in the way bitcoin was intended? XMR? ETH? ARK?

Sell btc bags while the price is high.. Crash is impending. Bitcoin literally is a prehistoric shit coin worth no more than 1 USD and the market will correct itself eventually. You're investing in hype and hype alone.

NOT TO BE SAID THERES NO MONEY TO BE MADE... If you play your cards right, sure you can make some profits off the hype run... but longterm holding is a no no no no no.

- Rational person

>>4670153
That is OK as long as they are constantly being traded.
Also, please keep in mind that in a crypto-world, land become more interesting to own, since governments will be heavily hurt and you will actually be able to do what you want with the area that you purchased.

>>4670259
This is technically correct- you can look at gold and silver for proof of this.

The one problem is that all finite assets have use cases- Bitcoin doesn't. BTC proponents first argued that it would be used as a currency, now that they realise that's unattainable they shill it as a store of value.

There is no inherent value to Bitcoin, unlike gold.

It's only dominant because of first mover's advantage but will soon die out.

>>4670259

> government effectively sets my earnings on fire
> I'm forced to spend it before it burns to ashes
> and that's a good thing
> inb4 Zimbabwe muh paradise

>>4670259
>That means USD cash IS NOT A store of value.

Meaning, USD is a worthless heavy bag of hot potatos that I have to quickly dump on some poorfag.

USD is perfect for /biz/ - you can only buy it high and sell low... (unless you time travel)

>>4667586
>doesn't understand bid rigging
>doesn't understand crowded trades

>>4670398
>There is no inherent value to Bitcoin, unlike gold.

Please gib me all your worthless bitcoins then, sempai.

>>4670286
But again, why would anyone trade them when they keep going up in value.

>>4670663
I don't own Bitcoin and I only use it to access the market to invest in promising altcoins.

Bitcoin will never last and holding it in the long-term is a terrible idea.

Blockchain will enter the mainstream through cutting edge projects- not through a coin which is inferior to anything created past 2013.

>>4670694
>why would anyone trade them when they keep going up in value.

Why would anyone need food? Or clothing? Or electricity? Or coffee? Or porn? Or pizza?

>>4670752
>or pizza

>>4670752
So the economy grinds to an almost stop because people are hoarding it.

>>4667646
this.

/thread

>>4670787
>So the economy grinds to an almost stop because people are hoarding it.

If you reduce the number of doctors - and people start hoarding "claims" on healthcare ... does the healthcare industry collapse?

where do you goys buy btc? GDAX doesn't work for me for some reason

>>4670871

SEPA deposit on Kraken (appears next day, costs almost nothing), exchange to ETH (at market with low fee), send to e.g. binance, trade to BTC.

You're welcome, anon.

>>4670975
>0.005 ETH transfer fee

>>4667689

>> Bitcoin won't keep increasing 20% per year

>And why wouldn't it?

Because of competing blockchains with high liquidity/marketcap/transaction costs/speed.

(Fiat is also a contended, but an extremely poor one).

>>4669915
>How does it feel to know that this Chad didn't even do research and still made a lot more gains than you NEETs will EVER make?
>He once mined for bitcoin, but now only trades it, along with other cryptocurrencies like ether, ripple, neo, dogecoin and XLM.
Pretty far from a normalfag really.

>>4667586

Guyse, muh coinz I bought at 10000€ have to go to at least 50000€ to outperform Cannabis stockz. I don't want to work. I want to smoke weed all day and hang around withe my fellow biztards lulz.

>>4667786
>Ah, but in the initial stages of adoption deflation would be a major issue?
look around, brah. we're seeing that deflation right now as BTCs value is shooting through the roof. once it reaches a 'price' that everyone agrees on then the market stabilizes.

>>4670871

>>4671017


Ahhh yes, thanks anon. Forgot about that.

Table of alternatives here:

https://support.kraken.com/hc/en-us/articles/201893608-What-are-the-withdrawal-fees-

>>4670787
>>4670855
Lots of industries collapse when you can't invest in anything, including healthcare (mostly via pharmaceuticals). Think about it this way: Why would any VC fund a startup? Why would anyone invest in a company and take on risk to get back a measly return when you can just store your bitcoin and get a nice 20% or more for the foreseeable future?

>>4667743
But muh operation dragon slayer

>>4671212
>Lots of industries collapse when you can't invest in anything

But a "claim" means it's ALREADY PUCHASED.

Ok, how about this: there are 100 VIP tickets to an epic concert. One guy buys them all 2 months in advance. Every week, people want to pay more and more to buy them off him. But he doesn't sell. Then he dies the day before the concert. Does the concert get canceled?

>>4667586
>20%
it increased over 10x this year.

>why would it ever get widely adopted?
The idea is that this market is still in its infancy. As tech, finance and society adapt the price will stabilize. Once bitcoin is appropriately valued it will have much smaller shifts (like fiat currencies on forex).

>>4668007
People have to eat and pay rent and they enjoy buying shit. Not everyone's an autistic neat.

>>4667586
>Can someone explain to me why people think that bitcoin will ever be adopted as a major currency?

Didn't Japan and Russia fully adopt it? You can use it just as paper money.

Also, fiat currency inflates and devalues, cryptocurrency deflates and grows in value. Everyone will put their cash in crypto as a safe haven. Countries will be forced to adopt bitcoin to get that money back in the country or loose out.

>>4667694
This is discounting the ease of exchange. No one needs to send bitcoin as it is becoming increasingly easily to exchange it for something you CAN send quickly and cheaply. This is no different than the difference between mailing cash, or wiring the same cash in a different medium for a reasonable fee.

>>4671462
>Does the concert get canceled?
Probably as most concerts would make more money from people buying alcohol at the concert.

>>4667586

A bloo bloo bloo

>>4667586

Why are you not selling every asset you have and buying bitcoin if you think it will rise forever?

>>4671563
>The idea is that this market is still in its infancy. As tech, finance and society adapt the price will stabilize.
Where will it stabilize though

>>4671779

Much higher than where it is now if it becomes a universal currency used worldwide

>>4668271
>Oh filthy goyim we're supposed to print infinite money your money is SUPPOSED to become worthless. This bitcoin is like anuddah shoah oy vey

>>4671779
Planet Earth my young lad

>>4670975
can't verify on there for some reason... wtf

>>4667586
It will always be converted. Other block chain based things will replace the piecemeal fiat.

VISA, MC, etc will have their own chains with 10bajillion tx per sec that make alts look like dot com failures that were ahead of their time.

You will pay your monthly statement with BTC it government FIAT.

>>4669592
hey u/wo3Z2Pm0, i heard this thing just keeps printing infite dollars how do I downlaod this one? tried to downlaod to bitcoin last night but dind't quite get it

>>4671834
kek

>>4667586
> Can someone explain to me why people think
some people are just not very smart
when blockchain is shitting itself when exchange volume rises by a little bit imagine what would happen when your average normie will try to pay for his burgers with it

>>4667586

capped supply

>>4667646

its 900% this year so far