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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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4583021 No.4583021 [Reply] [Original]

99% of the people who buy bitcoin have no intention of actually using it for its intended purpose as a currency. The only reason people want it is because the value is expected to go up. What happens when this growth levels off? Normies lose interest. Btc will never get the reputation that gold has as a store of value. It’s only use is as a speculative asset

>> No.4583061

Which means if the value stalls for a prolonged time people will sell in big amounts

>> No.4583078

>what happens when this growth levels off?

it wont.

Why did normies buy? With the expectation that it'll keep going up. Why do they keep buying? because it's going up. If normies keep buying then it wont stagnate. Same reason the stock market perpetually trends up

>> No.4583098

>>4583021
....And? So?

>> No.4583118

>>4583078
>t. fundamental misunderstanding of how economics works

>> No.4583127
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4583127

>>4583078
Holy fuck literally delusion/new paradigm

>> No.4583135

Yes, Bitcoin is more popular as a speculators plaything than an actual currency. Welcome to 2011 OP.

>> No.4583152

>>4583127
this

>> No.4583163

>99% of the people who buy bitcoin have no intention of actually using it for its intended purpose as a currency

No shit, sherlock.

>The only reason people want it is because the value is expected to go up

And money laundry.

>> No.4583249

>>4583021
>>All bulls and no bears
>>Fragile support levels
>>Gains way out of proportion

Until I can easily buy groceries and gasoline with it, it is essentially worthless. Bloody wars have been fought over MUCH LESS than competing currencies.

Enjoy your Monopoly money.

>> No.4583278

>>4583021
>buy bitcoin
>value goes up
>spend it and convert more fiat to BTC

>> No.4583286

>>4583078
>>Why do they keep buying? because it's going up.

Essentially there are no bears in the market; this market is incredibly inexperienced, meaning that a massive collapse is coming.

>> No.4583302

>>4583278
remember circa 2011 when bitcoin was a real idea? Like, "this will end the patriarchy" tier belief?

lol!

>> No.4583361

>bitcoin is useless

lol if SHTF I can shove my trezor up my ass, escape to South East Asian and survive for years. even if they shut down my bank account and seize all my assets. Heck I could memorize my password seed and smuggle millions of dollars over any border. I consider that very valuable.

>> No.4583382

just tell normies that you can basically evade taxes buy only buying with bitcoin/OtherCoin in the future. finance ministers all over the world are going apeshit right now

>> No.4583466

>>4583382
Do you just expect them to allow their system to be felled?

They won't go down with a fight, and BTC is on the losing side. All it would take is for one law to end the whole thing.

>> No.4583529

>>4583466
illicit work/moonlighting is already illegal since hundreds of years and it's skyrocketing all over the western world.

can't stop me from anonymously buying stuff with dash.

>> No.4583669

>>4583529
Nobody can stop you, but that doesn't mean Dash will be worth anything if there's no way to convert it to real value.

If you cannot convert to common currency, then it is worthless.

>> No.4583703

>>4583021
Yup a crash will probably happen because this just seems insane at the moment

>> No.4583708

>>4583286
>muh no bears in the market

translation: there's not enough goldman sachs, bear sterns, jpmorgan jews naked shorting bitcoin and making it be an unsustainably low price (like silver and gold) so it's "not a real bull market"

>> No.4583736

>>4583021
Plenty of people currently use it as a currency and plan to in the future. I do, for one.
Make a strawpoll and find out.

>>4583286
>there's no bears
I beg to differ, do you even browse this board?

>> No.4583765

>>4583669
holy shit this is an actual kike shill

>> No.4583857

>>4583078

You will definitely lose all your money.

>> No.4583885

>>4583249
Can't fight a war when you don't have an enemy.

>> No.4583911

>>4583466
China already tried to ban it, other places also. Look how that turned out. Banning crypto is like banning long division. Not going to work.

On top of that forward looking economies have already actually actively embraced it and will just profit from any jurisdiction that tries to ban it by driving crypto fintech into the arms of those jurisdictions instead.

>> No.4583925

>>4583078
that's a definition of a pyramid scheme

>> No.4583944

>>4583911

The superpowers will just invade those jurisdictions then

>> No.4583965

>>4583857
>>4583925
NSA

>>4583944
>invade people for having a disagreement about bits of data

Literally insane

>> No.4583985

>>4583361
>I can shove my trezor up my ass
Ledger Nano S would be less painful. You dun goofed.

>> No.4584006

>>4583078

we are in the mania phase. its will be ugly boys.

>> No.4584020

>>4583911
Funny enough, countries that banned it generally have shit or somewhat fraudulent economies
>China
>Nigeria
>Colombia
>Now Zimbabwe

Must be worried about their fragile fiat

>> No.4584022

>>4583965

Lol bro countries have been invaded over much less, look at the Middle East with the oil. If your economy is being seriously threatened by another power you will go to war with them unless they have nukes or some shit.

>> No.4584058

>>4584022
nah that only counts for USA

>> No.4584069

>>4584022
>can't even convince americans to invade a country when you make up gassings of muh children or claim someone has nuclear weapons and is firing them over japan
>literally nobody gives a fuck about invading countries since they're materialists primarily and nationalism has been destroyed by your kind

Yeah, you're really going to convince joe sick pack and sally soccer mom that invading a country over hosting some fucking digital bits of monopoly money is worth their effort

>> No.4584073

>>4583911

u are delusional.
a normal ban would be enough to kill all this meme coins.

the average person dont want to do something illegal.

>> No.4584074

>>4584022
That's hilarious. Invade a country so you can repeal their cryptocurrency friendly laws. That will surely net you the people who have located there to freely trade in crypto rather than just cause them to go someplace else instead completely immune to your chest thumping.

You braindead statist cucks have to get it through your thick motherfucking skulls; Game over. We win. There is nothing you can do about it. All the guns and bombs in the world won't change mathematics. Get over it.

>> No.4584098

>>4584073
i agree piracy doesn't exist

>> No.4584127

>>4584073
Which part of "this already happened and it turns out you're wrong" do you not understand? It's not up for debate, we know from actual concrete experience that you're flat out wrong.

>> No.4584137

>>4583078
This is probably the best FUD/troll I have ever seen on 4chan. Very top tier work.

>> No.4584873

>>4584020
It's never been illegal here and our economy is pretty sound compared to most of LatinAmerica
t. Colombian

>> No.4585349

You faggots dont genuinely believe its the normies or institutional money pumping the price right?

>> No.4586304

>>4583249
There is this thing called gold which has a primary use as a speculative asset, actually most commodity trading volume to this day is driven by speculators.

See you at 100k.

>> No.4586466

>>4583021
You have no awareness of commodity markets. There are massive hedge funds in various products who have no intention of ever touching the physical. The fact that something draws a high amount of speculators is not a valid argument against its valuation.

You can argue that BTC will never rival gold, but that is exactly why people are buying it right now. There is a growing portion of the population who think it is competing with, and will eventually replace a large majority of gold investments which serve as an inflation hedge.

>> No.4587023
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4587023

Been thinking about getting a new PC
from New Egg using BTC
and some silver online
for months
But if i buy a new PC now for $1000
in less than 6 months that BTC spent would be worth $2K!!!

Deflationary death spiral is real!!

>> No.4587108

>>4587023


made the move last week.

got myself a nice pc build with 970gtx paid in Bitcoin last week.

last year i traveled using bitcoin on expedia travel agency.

in 2017 YOU CAN BUY THINGS WITH BTC AND YOU CAN CASH OUT BTC !

no bubble but now working system ready for massive adoption.

>> No.4587215

>>4586304
>gold
>speculated
if by that you mean fraudulently pushed lower with fake paper bills as banks quietly stock pile it again

Sure buddy.

>> No.4587252

>>4587023
>get a good pc
>mine ETH with it
problem solved

>> No.4587649
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4587649

>>4583669


>Use Dash to buy shit
>Person who sold me shit uses the Dash I gave him to buy some other shit from someone else
>Ad nauseum

Wow it's almost like the only requirement for something to be a currency is consensus, it's almost like we could replace USD with bottle caps and society would function completely normally. It's almost like the federal reserve and various '''''''''economic experts'''''''''' are basically useless wastes of space.

No. That can't be it, you must be right.

>> No.4587728
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4587728

>99% of the people who buy bitcoin have no intention of actually using it for its intended purpose

Next you'll tell me that 99% of stock holders don't actually want to have a say in how the company is run

>> No.4587758

>>4587728
>Next you'll tell me that 99% of stock holders don't actually want to have a say in how the company is run
Do they own 99% of the company's stock? Fucking brainlet.