Bitcoin Discussion

[Razako]

Hey all, just wondering what you guys think of the recent Bitcoin craze. Do you think it's truly gonna be the future and go to $100,000+? Is it all just an exotic ponzi scheme which is gonna collapse in spectacular fashion any day now? I do think the current valuation is a bit absurd. I mean people aren't even buying it to spend on things at this point, they're just gambling and hoping it will keep going up.

I also find the sheer number of crypto currencies out there now to be a bit crazy. You have the main ones like BTC/Litecoin/Eth, and then a bunch of weird unknown ones. Seems like BTC has the name recognition though, and that's what sets it apart. Or is it legitimately better? Who knows:can:

 

[NightExplorer96]

I've never used Bitcoin's and if you simply asked me what they were, I'd say it's online money. Yeah?

Never had a reason to use it.

-Alex

 

[H2Oxide]

I mined a little bit of BTC back when if first came out. It's still not worth very much, but I'll hodl and see what happens.

 

[CynicalBrad]

I think it has gone from it's intended purpose of being a decentralized currency to being a massive pump and dump scheme. I'm just waiting to watch the balloon burst and it crash down to nothing.

 

[Razako]

I think it has gone from it's intended purpose of being a decentralized currency to being a massive pump and dump scheme. I'm just waiting to watch the balloon burst and it crash down to nothing.

Idk, it seems pretty resilient so far. That drop from 8k to 5.6k recovered over about a week and seems like it shook off the weaker holders. I agree that it's a ridiculous bubble, but I have no idea when or if it will pop. Might take certain governments banning it or something like that.

 

[Singlemode Laser]

I think it has gone from it's intended purpose of being a decentralized currency to being a massive pump and dump scheme.

Couldn't describe it better. I remember the first restaurant that sold Pizza. Also the first time a saw an airline accepting bitcoin. Without beeing used as a currency, it will be just a decentralized stock market. That is nothing special and sad about wasting this great idea of an alternative way of paying and recieving.

Singlemode

 

[RedCowboy]

I would love to see a barter exchange that used a points system to make it easy for people, but anything is subject to human greed and government interference.

In a nutshell I love the idea but just can't trust it.

 

[dden4012]

:beer:

 

[trencheel303]

The only advantage to bitcoin is the fact that it’s first mover. It’s clunky and the community behind it leave a lot to be desired. I prefer litecoin, and ethereum.

Ethereum is where it’s at IMO. I tend not to discuss my crypto currency shenanigans online because it just makes you a target for hackers but I think the future is promising in crypto. Aside from the fact that a lot of people are going to be made wealthier by it, I see it (the block chain) as potentially the next big thing.

The current bitcoin valuation...? Not convinced that’ll stick.

 

[Razako]

Bitcoin up to $17500 now! I cashed out 75% of my holdings because this is getting too damn crazy. Covered my initial investment, collected a 50% profit on it, and I'm letting the remaining 25% ride to see where it goes. Go bitcoin go

 

[Alaskan]

With bitcoin doing that, I'd expect more people to be attracted to LTC or litecoin, I'm surprised LTC hasn't risen faster than it has.

 

[paul1598419]

Unlike the stock market, which is also a form of gambling, this is decentralized and has a feel like the tulip balloon in Holland. I believe that was the first major balloon and the crash caused many investors to lose everything. I don't enjoy gambling and never had a desire to risk my hard earned money on a chance that I might win.

 

[Alaskan]

In time I think it will become more stable. I do believe it has a function, I like the ability to have complete control over your money without banks or the government being able to have a choke hold on us. So, from that perspective, I hope cryptocurrencies remain and continue to take ground as a monetary system.

 

[diachi]

Going to buy some more tomorrow when I get paid. Bought a bunch when it was $500 but used it to buy things. Should have bought in years ago, but it's not too late to make some money now.

Unless there's a wildcard the price can only go up. Bitcoins are finite so as long as demand rises the price will too.

 

[diachi]

I bought a bunch of LTC when they were a dollar each, waiting to go higher.

Already made 100x what you spent then!

 

[lasersbee]

Something that is not regulated like Bitcoin
scares me.
All I can see is that Bitcoin is going up and
up until it crashes. I prefer investing in a
home and land.

Jerry