Bitcoin Bubble


#543

At least it would make your wealth immortal


#544

Nowadays, every company, like Pizza shop, agrees to trade with bitcoin as they see Bitcoin price skyrockets. Many people treat bitcoin as gold now.

When it is falling after a crash, every vendor is going to ban bitcoin on their trade and bitcoin lose its charm as gold.

This is likely happen before 2020, let us wait and see.


#545

Um… what good is that if you’re already dead? :rofl:


#546

Paper currency is guaranteed by violence, the government violence. Government can devalue your money to worthless, and you’ll be in jail if you disagree

Bitcoin is guaranteed by the human race. It’s all love, no hate, no violence


#547

:rofl: :rofl: :rofl:


#548

Then bitcoin that he accumulated is forever lost since nobody knows the password (aka key). As time went on, we would have less and less bitcoin… asymptotic to zero :rofl:


#549

That’s why the price will go to 1M or more


#550

You are enjoying all the conversations :joy:


#551

So are you… :rofl:


#552

Hence it is a collectible! Not a currency and won’t solve the problems that you have listed.
Hmm… may be I should buy some… some people are very willing to pay top price for collectible… around $500M for a woman portrait?


#553

I thought Mrs hanera give your an order and you still have not executed the order yet? Think of all the future blaming when price reaches 1M


#554

I’ll wait until citcoin and ditcoin and eitcoin come out and buy them each at a penny a piece as a “collectible”… :rofl:


#555

Minimum criteria would be lower max number of coins and harder to mine so it can be more valuable than bitcoin.


#556

Ok, I’m creating a new coin called witcoin. It’s so much more valuable than bitcoin because there will be only one coin ever!!! No need to mine more because they don’t exist!!! And I’m the only one holding on to this coin and I’m setting the value of it to $1 trillion!!! :rofl:


#557

You need to constantly devalue paper money and have inflation to make the deficit smaller in terms of GDP. You need GDP to grow faster than the deficit. When the deficit grows faster than GDP, then you get problems. At this point, switched to a currency with a fixed supply would tank the economy of the entire world.


#558

If this doesn’t say bubble, I’m not sure what does:

https://finance.yahoo.com/news/secs-cyber-unit-files-first-143611719.html

“The SEC said in a statement that it had obtained an emergency order to halt the PlexCorps ICO, which had raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.”


#559

You’ve no wit. Should be Wucoin. That is no coin.


#560

Both were operating in the current financial system. I am saying that in the model BAGB presented (no paper money and no inflation), it’ll be more difficult for a poor person to amass wealth. So outliers like Zuck and Musk would still shine but the other 99% of newly-minted millionaires of today will have a hard time. That’s what history tells us.


#561

:scream: How dare you!!! I’m the new emperor in town and I have plenty of clothing wrapped all around me!!! :rofl:


#562

@BAGB created some fantasy model out of thin air. I’m not even going to bother pointing out the fallacies behind his statements as there are too many and I’m overwhelmed… all I’m saying is that we live in a merit based society and the people possessing those merits will outshine those who don’t. That has little to do with currencies, inflation, or even the economy. The root of it all is darwinism… survival of the fittest.