information Why bitcoin may become virtually worthless: Finance professor

1 US dollar = $1
1 oz of pure gold = $1,246
1 btc = $3,377

countries are failing to repay their debt....
https://www.cnbc.com/2018/08/17/sp-cuts-turkey-credit-rating-deeper-into-junk-territory.html
the US keeps printing more paper money...

ill take my chances with btc...

France Yellow Vests Take on The Big Banks & Elites - Bitcoins Real Deals

its a democratic government, just go out and vote next time, bet you didnt last time?

urlurl said:

its a democratic government, just go out and vote next time, bet you didnt last time?

Click to expand...

As the great George Carlin once said - the people that don’t vote are the only ones that can complain about the system. The people that voted, elected the people that created the mess.

Keith said:

As the great George Carlin once said - the people that don’t vote are the only ones that can complain about the system. The people that voted, elected the people that created the mess.

Click to expand...

After watching the Christmas Pantomime....sorry......the UK Governments handling of Brexit, it’s become clear that the system is Broken.

My Children deserve better.

https://words.democracy.earth/testnet-democracy-earth-is-live-129fd68d27f0

I want to comment on the first post, didn't read most others, sorry...

There is a whole lot of transactions being done on the Bitcoin chain at the moment. The largest part is trading, true; but there are real world deals being done in BTC, some for larger amounts than you'd think.

What is however the case, is that the 19k all time high was speculator fueled and a lot of regular Joe's money got "stolen" by bigger players. They knew it was coming down again and that's why they sold at ATH and are now starting to refund their balances. The top 200 wallets of BTC are not spending BTC, they are buying, in the THOUSANDS. That's the smart money.

You can't argue that it's worthless at the same time all big stock exchanges are spending money on crypto desks. To state something like that is living outside of the financial reality of today.

What is, however, a fact is that BTC will not reach it's ATH again any time soon. I expect that a bottom be found and that we'll move up healthy and slowly from there. We'll beat ATH again, sure, but IMHO not in the first 12 months. (although a Van Eyck ETF could make it more a speculation tool and then it might skyrocket, but I'm sure the whales would cash in again)

This being said about Bitcoin, but not crypto as a whole.
Crypto (I mean the altcoins) is just a collection of 2000+ coins and tokens that are solving a problem that's (a) not there; (b) can be solved by Bitcoin itself.
Every altcoin (ok, some will survive ofcourse, but still) has little to no value over Bitcoin. If you compare the sollutions from a multi million dollar ICO coin to the work that has been done by volunteers in their spare time to improve on Bitcoin and build a Layer2 solution on top of it (Lightning Network, Smart Contracts, ... ), it's pretty clear that Bitcoin has the edge.

Litecoin, Dash and about 200+ others have tried to make "fast payments" possible. Some have worked 5+ years on this.... Besides added privacy, none have beaten the Lightning Network, and that's just in Beta right now....

So yea,
Bitcoin will continue, at least for the forseable future. Another may take over but BTC will then still be a "badge of honor" or collectors item.

In my viewpoint the ranking of crypto domains is:
1) Community Site
2) Layer2 solution/business
3) Bitcoin related
4) Altcoin related
5) Crypto general
6) fun names (I saw cryptoBF and cryptoGF in the crypto domains thread... That would be huge if you make a game around it and earn some ETH or NEO in the process (look up cryptokitties)).

Hope this makes some sense.
disclaimer: I'm a BTC maximalist and perma-bull

lennco said:

What do you guys think?
Are Crypto Domains still worth it?

Click to expand...

Honestly, it's time to start looking to the future. I am currently focused on more timeless, everlasting domains, like "Drone" and "Pokemongo"...I have pokemongoblockchaindrones.com available now, which is targeted towards the fast-growing Decentralized Augmented Reality Drone Hobbyist niche, powered by the blockchain.

I feel bitcoin is a parallel world economy and might not last long. Governments will never allow private currencies or unregulated currencies to survive.

DomainBoxio said:

Honestly, it's time to start looking to the future. I am currently focused on more timeless, everlasting domains, like "Drone" and "Pokemongo"...I have pokemongoblockchaindrones.com available now, which is targeted towards the fast-growing Decentralized Augmented Reality Drone Hobbyist niche, powered by the blockchain.

Click to expand...

"Drone" been berry, berry good to me

aditya agrawal said:

I feel bitcoin is a parallel world economy and might not last long. Governments will never allow private currencies or unregulated currencies to survive.

Click to expand...

No my friend. The people will not allow corrupt Governments to survive. Get onboard.

urlurl said:

bitcoin has no value

Click to expand...

It does. why are billions of it traded daily then? Maybe in YOUR perception it has no value but actual evidence shows people accept it as having value

its a man made perceived value based on supply and demand (or artificial inflated by bots and fake trades)

Click to expand...

Cant we say the same for the USD fiat? It has nothing backing it also and its US' dominance and sophistication of the world's economic system giving it life. If Intl countries stopped using the dollar the US economy would enter a recession so USD is alive because of international use, not inherent value.

high transaction fee's

Click to expand...

still lower than banks and more convenient.

non stable

Click to expand...

Cuz its in its early days and new. Thats why we should all get in now.

hack-able

Click to expand...

banks get hacked and our financial info leaks .so whats the difference?

no recourse if lost or stolen

Click to expand...

Money gets stolen and not recovered all the time. why u picking on btc?

has enabled new criminal activities (ransom -ware, etc)

Click to expand...

Most financial crimes happen in USD fiat.

non - eco friendly - mining costs for electricity, etc.

Click to expand...

- whatever. if it wasnt would u still use it? NO.

it has caused more bad than good

Click to expand...

i feel the opposite. its revolutionary technology. Its like Google in 2005.

$1.1 billion in cryptocurrency has been stolen this year, and it was apparently easy to do

https://www.cnbc.com/2018/06/07/1-p...s-stolen-this-year-and-it-was-easy-to-do.html

- im sorry, not feeling that confident, LMFAO

kemjika11 said:

It does. why are billions of it traded daily then? Maybe in YOUR perception it has no value but actual evidence shows people accept it as having value


Cant we say the same for the USD fiat? It has nothing backing it also and its US' dominance and sophistication of the world's economic system giving it life. If Intl countries stopped using the dollar the US economy would enter a recession so USD is alive because of international use, not inherent value.


still lower than banks and more convenient.

Cuz its in its early days and new. Thats why we should all get in now.


banks get hacked and our financial info leaks .so whats the difference?


Money gets stolen and not recovered all the time. why u picking on btc?


Most financial crimes happen in USD fiat.
- whatever. if it wasnt would u still use it? NO.


i feel the opposite. its revolutionary technology. Its like Google in 2005.

Click to expand...

A lot of the points you responded to are legitimate issues, and can't just be easily dismissed with one line retorts.

I will say though that almost all assets boil down to perceived value. There are certainly things that I personally have no interest in out there, that other people might be willing to pay millions for.

As far as "nothing" backing fiat currency, I disagree.

Fiat currency has an entire economy backing it. History, familiarity, usage, etc.
That can't just be dismissed. There is a way higher % of people who perceive value in USD than Bitcoin.

There might not be a gold standard anymore, which is irrelevant anyway at this point. Gold is no different than any other asset where the value is perceived. The average person has no actual use for gold. It is not like food, water, medicine, shelter that are required things to actually survive.

But since people have been hyping Bitcoin up in the last year all it has done is gone down. The other crypto have fallen ever further. One key aspect of having a usable currency is relative price stability.

That might or might not change over time, who knows.

Brad

aditya agrawal said:

I feel bitcoin is a parallel world economy and might not last long. Governments will never allow private currencies or unregulated currencies to survive.

Click to expand...

(For example)
Many countries edited out due to "too many images"

Western Europe
Country or territory Legality
Belgium Legal
The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time.[3]:Belgium

France Legal
The French Ministry of Finance issued regulations on 11 July 2014 pertaining to the operation of virtual currency professionals, exchanges, and taxation.[142]

Ireland Legal
The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins.[3]:Ireland

Luxembourg Legal
The Commission de Surveillance du Secteur Financier has issued a communication in February 2014 acknowledging the status of currency to the bitcoin and other cryptocurrencies.[143][144] The first BitLicence was issued in October 2015,[145] and the government is actively supporting this development.[144][146]

Netherlands Legal
As of 2017, virtual currencies such as bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands.[3]:Netherlands

United Kingdom Legal
As of 2017, the government of the United Kingdom has stated that bitcoin is unregulated and that it is treated as a 'foreign currency' for most purposes, including VAT/GST.[3]:United Kingdom

Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax.[147]

An industry body called “CryptoUK” are aiming to improve the industry standards around Bitcoin. They have proposed a code of conduct that includes the provision of Anti-Money Laundering and extra security measures.[148]

Oceania
Australasia
Country or territory Legality
Australia Legal
In December 2013, the governor of the Reserve Bank of Australia (RBA) indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There’s no law against that, so we do have competing currencies."[149] Australia has officially confirmed it will treat bitcoin “just like money” on 1 July 2017 and it will no longer be subject to double taxation.[150]

New Zealand Legal
The Reserve Bank of New Zealand states: "Non-banks do not need our approval for schemes that involve the storage and/or transfer of value (such as ‘bitcoin’) – so long as they do not involve the issuance of physical circulating currency (notes and coins)."[3]:New Zealand
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

``````
FYI: Bitcoin is "banned"/illegal in some countries.
``````

Levi_charlz said:

No my friend. The people will not allow corrupt Governments to survive. Get onboard.

Click to expand...

Do you have ~40 Million friends who share your enthusiasm? If not, you might eventually find refuge (for example) in a Western U.S. state not located on the Pacific coast. At best, it is an imperfect situation.

Experts claiming that Bitcoin will become worthless have the same amount of credibility as experts claiming Bitcoin will hit $100,000 in 2019. It's pure speculation being used as clickbait by financial news outlets.

Not advocating one way or the other, but I saw a bitcoin exchange kiosk by the main entrance of our local mall.

I was surprised.

Peace,
Kenny

Kenny said:

Not advocating one way or the other, but I saw a bitcoin exchange kiosk by the main entrance of our local mall.

I was surprised.

Peace,
Kenny

Click to expand...

A kiosk for bitcoin?
Was it automated or staffed by a person?

~ The 34 Year Buzz!! said:

A kiosk for bitcoin?
Was it automated or staffed by a person?

Click to expand...

Kiosks are generally automated, especially for financial transactions.

Assuming it was an atm, I’d never put my wallet address into it. If you loaded a CC with funds then it would work.

Keith said:

... I’d never put my wallet address into it....

Click to expand...

Just curious, "why" the public key ends up visible to everyone through the blockchain explorers?

~ The 34 Year Buzz!! said:

A kiosk for bitcoin?
Was it automated or staffed by a person?

Click to expand...

As @Keith mentioned, it was automated..
And it appeared to be set up like an ATM.
I didn't take a very close look, just a glance as I was walking by, but I cant imagine anyone trusting their wallet info to a machine that could have been set up by unknown persons.
However hip whomever is in charge of leasing floor space is to the bitcoin world / process, I would bet they are not privy to the mechanics of the kiosk.

jmo

Peace,
Kenny

Clearly there is a chance to discuss wallet security. @Keith also mentioned similar concerns. Public keys (Bitcoin addresses) are public and not risky to share with anyone.

Kenny said:

...but I cant imagine anyone trusting their wallet info to a machine that could have been set up by unknown persons...

jmo

Peace,
Kenny

Click to expand...

FYI:

~ The 34 Year Buzz!! said:

Private keys need to be protected, but with a bit of effort you are safer than "storing large piles of cash" and/or pallets of gold bars.

​

Click to expand...

One thing I like about large piles of cash, if everything goes belly up, I can still use the paper to heat the house.

Peace,
Kenny

WAIT!!!!!
jk, there is no big pile of cash, so lets not inspire anyone to come rob me.
kp

Kenny said:

Not advocating one way or the other, but I saw a bitcoin exchange kiosk by the main entrance of our local mall.

I was surprised.

Peace,
Kenny

Click to expand...

Thinking about it, I don't get out much...
Are these things popular?

Peace,
Kenny

Kenny said:

Thinking about it, I don't get out much...
Are these things popular?

Peace,
Kenny

Click to expand...

Popular?
I have had neighbors (generally not interested in Bitcoin) say they were surprised to see a Bitcoin ATM at _______. The current Bear market doesn't help, but some people aim to look forward to the next time "history repeats".

Kenny said:

One thing I like about large piles of cash, if everything goes belly up, I can still use the paper to heat the house.

Peace,
Kenny

WAIT!!!!!
jk, there is no big pile of cash, so lets not inspire anyone to come rob me.
kp

Click to expand...

History repeats are you ready this time?
I can still use the paper to heat the house...