/biz/ - Business & Finance

it's not a currency, it's a store of value

>>7422588
kek fucking no coiner jew, i bet you sold be bottom
bitcoin is the future, deal with it
cointelegraph told me so and they also said that a deflationary currency can work even if stupid jews say otherwise despite the austrian economic school being a leftover of the 19th century
brainlet nocoiner jew kek letfist neet wagecuck BTFOOOOOOOOOOOOOOOOOOOO

>>7422671
A store of value that just lost half it's value

>>7422671
>a store of wildly fluctuating value
You're Schrodinger's Millionaire, simultaneously rich and poor at the same time

>>7422588
its not a currency

its crypto, its its own thing.

we now have stocks, bonds, commodities, currencies and crypto

>>7422588
>this is actually bad news because no one is actually going to want to SPEND their bitcoin

why should we be forced to spend by threat of value annihilation? make better stuff so we actually want to spend it
inflation is a tax on the poor and the workers

>>7422588
>two key requirements

Doesn't mention fungibility

>>7422994
do you even know words?

>>7422671
>store of value
>loses 65% of value in a month

>>7422922
>we now have stocks (are backed by companies), bonds (are backed by governments), commodities (are physical tangible items), currencies (have spending power, stability and acceptance by retailers) and crypto (??????????)

>>7423050
Backed by the people you tard.

>>7422955
there must be an equilibrium between inflation an deflation
even the faggots at ethereum and lumens figured it out

Anything this new relative to society and history will be notoriously volatile.

Mention Bitcoin to people not involved in cryptocurrency, and look at the comments they make. These same (type) of people decreed that the Internet was a fad in the early 90s, and would never last. As long as the vast majority of people believe it's a scam or a fad, the price will fluctuate wildly.

Now flash forward a decade or two, when crypto is commonplace. Maybe it won't be *bitcoin*, but there will definitely be a few 'major' cryptocurrencies that will stay relatively stable due to massive adoption.

We need time, widespread adoption, adequate regulation and oversight, and integration into society and business (as you said). This takes years, if not decades.

We're only at mainstream awareness. We'll get there, eventually.

I thought everyone here knew Bitcoin was shit. Alts are the future

>>7423082
fucking commie, again with your lefitist propaganda

>>7422588
You are so far behind with your thought process that it makes me sad

>>7423050
>crypto (backed by the black market)

>>7423082
>Backed by the people

THAT DOESN'T MEAN ANYTHING
THAT'S A BERNIE SANDERS-TIER BUZZWORD

>>7422807
you forgot to green text
could have been 7/10 meme
only 2/10

>>7423223
>THAT DOESN'T MEAN ANYTHING
neither does /muh bonds/

>>7423223
lmao okay.

>>7423050
backed by cocaine
>fucking

>>7423050
crypto is backed by the blockchain, it is just as immutable as gold or silver if not more so considering they already fractionally reserve gold and silver and you couldn't possible do that with blockchain

>>7422588
Wow thanks for taking the time to write this tread, it was genuinely interesting, it contained ideas that i have never heard before. OP is smart guys

SAGED

>>7422588
I only use btc to buy Alts, in fact I prefer to use ETH, the reality is BTC is a shit currency, but it does have a quality fiat can’t match and that ultimately could see btc rising in value against fiat
Limited supply. Unlike fiat which is created out of debt and itsnultimaltely doomed to fail and go through cycles, bitcoin is limited and requires mining to exist, it could potentially become the new gold, if fiat shits the bed really hard and Bitcoin is still around you could see bitcoin rising in price and being accepted by everyone.

>>7422588
Welcome to the next level.
Probably the most damning characteristic of bitcoin that makes it a useless currency is that it is deflationary in practice. It has a fixed supply, but using it can reduce that supply. There is no possible way to spin delfation into a good long term economic condition.
You seem to realize this already from your third part (you all hoard it and want to sell the currency).

>>7423129
there is no gold inflation, there is a fixed amount in the universe and as we mine it, it becomes harder to mine for more

there is literally no difference at all

>>7422588
>no one is actually going to want to SPEND their bitcoin because they think it's going to keep going up
That's the problem with gold as a currency. As well as any deflationary currency, eventually. Higher volume will mean more liquidity and less volatility though. Enjoy these early days of crypto while they last because as soon as the greater market adopts crypto, and it will, the potential for gains is going to be gone.

>>7422838
You mean just doubled in value and then went back to it's normal value.

>>7423303
>you could see bitcoin rising in price and being accepted by everyone
>with $100+ fees
Not gonna happen

Nobody is talking about tether? They started printing euro tethers and the price started rising again. This is the most obviously manipulated shit ever.

>>7422838
If you have been storing since early December then it is at least twice the value.

>>7423321
Have you ever wondered why the world abandoned the gold standard?

>>7422838
a store of value can be volatile, it just has to go up in the long run

"store of value" is a method of investment not an asset class

Nano will solve all of these problems.

>>7423406
But they didn't abandon gold.

>>7422994
>fungibility
>immutability
>provenance

>>7422807
>austrian economic school
The real redpill is austrian economics is and has always been CORRECT

Keynesian are fucking retards

>no one is actually going to want to SPEND their bitcoin because they think it's going to keep going up

WHY DOES THIS KEYNESIAN MYTH KEEP GETTING POSTED?

I could easily say no businesses would want to sell their products because they would get more money for them later.
It goes both ways.
This argument is dumb and so are keynesians.

I don’t think any of you are stupid enough to think crypto currency has any sort of long term chance. Not while the banks have as much clout in the world as they do.
It’s just a quick game to get in on to scam actual retards who think it’s ‘some facebook thing, their son really thinks it’s gettin big, so they’re gonna buy and get rich off it!’
If you actually think the same banks and powers that be controlling said banks are actually going to play fair and just let an alternative form of currency go through without them getting anything from it, you’re actually critically delusional

>>7422588
It's never been a currency. It's been a commodity. Get real, everyone has always understood this. It's just slightly more practical to trade than most commodities.

>>7422588
You're absolutely flatly right. It's dogshit.

Doesn't matter though, because enormous whales who have had their hands in the market since the beginning have linked every other non dogshit asset to it in crypto space, and when btc starts falling, they dump the other stuff to prop it up, look at the most recent drop, far better coins dropped *more* than this utter shitcoin. And there's nothing we can do about it until the order books and trade volume is not mostly denominated in BTC and our largest stakeholders are no longer technically ignorant core maximalists.

We're stuck with it until then. The mad king will kill anything he has to to retain power.

Litecoin is more viable as a day to day currency

>>7425614
Litecoin is also dogshit. Charlie Lee parrots the btc core tech talking point lies to the letter so hard you'd think their dick was permanently jammed in his ass.

>>7425255
dubs confirms. very well put. how do you feel about the tether scandal?

>mnassive wall of text

what a loser

>>7425843
I wouldn't touch it, and the basic theory of usdt buys btc profits sells to usdt then buys btc has the ring of plausibility to it, and I'd point out that *sounds* like a scam, but it's actually not. If that's really all it is, it's just a basically clever way to get extra fiat liquidity into the market, because each price rise pulls more fiat pairs in which can then be traded against. Whenever there is a mass stampede for the exit of course the result would be that the holders at that time of usdt would be unwilling to sell it for anything else assuming it actually could be cashed out, and a bunch of other people may well be "trapped" in crypto with no fiat exit, but since I don't actually see fiat as long for this world I don't really feel that terrified at the prospect of being trapped in crypto. One ledger is soft manipulable politically motivated pleasant lies, the other is the unvarnished constantly auditable hundred percent source of global truth about the economic distribution of value within the economy. It's bleeding obvious the second will win against the former.

The question isn't really will crypto win, it's which crypto will win. And these coretards are royally fucking the market process of fairly figuring that out right now with their idiotic religious fanaticism.

>>7424531
it's not a myth if the transaction's value lose/gain 20% over the day