Ok so bitcoins will explode to $1M from today. Another 10000% increase. Ok that’s good to know… I think I will probably exchange a couple bitcoins from the dollar by then and use that as downpayment for my dream house in Atherton…
I want to buy 2 coins and hope them to turn into 2M in 20 years.
But my heart asks me to buy Bitcoin alternatives at low price and turn 20k to 20M. Which Bitcoin alternative do you like the most?
I’m willing to lose my 20k in order to get a return of over 2M. Tulip is fine as long as I can see 2M. I’ll sell 50% once it hits 2M and hold the other half forever
Um… I don’t know what to say to this… might be worth the risk since it’s a small sum… just beware this is gambling money and that you are ok if you lost 90% or more of it…
Not sure about 2M, lol but altcoins ethereum and litecoin are well established. Ethereum shot up this year from 7 to 330. So the hockey stick growth is behind us.
If you go next level I like NEO and Ripple.
Fwiw, the drug dealers have moved on to Monero it seems so Bitcoin is clean now!!
If it’s not for illegal activity, what’s the advantage of bitcoin over PayPal or any other of its competitors? I can literally transfer money to just about anyone I want in seconds. Bitcoin doesn’t even have critical mass of people with accounts the way PayPal does. There’s literally nothing backing the value of it. What’s stopping them from issuing a ton more bitcoins tomorrow and devaluing it? If they don’t issue more bitcoins at some point, then it has limited future growth as a currency.
PayPal is just a nice UI but behind the scenes it needs Banks to clear your money which are just intermediaries.
Bitcoin is decentralized. No one controls this. It’s transferred from Bitcoin wallet a to b.
Bitcoin is revolutionary, but the value is definitely in a bubble. There are not enough transactions on this system and applications. This is internet 1990 but valuation is like 1998.
Tons of material on-line.
Try sending money instantaneously to other countries. There is a fee and conversion cost etc etc
Bitcoin cannot be increased in count. You have to do a different coin and people may move to using that. So that is a risk but Bitcoin has the same network effect as Facebook. So not easy to disrupt the incumbent
When IRS said that bitcoin profit should be declared for capital gain/loss, bitcoin came to legal investment.
If FDIC and SEC are regulating it, they vouch their acceptance on bitcoin, that is what many people applied for SEC bitcoin trust and both parties does not like to touch as that becomes a legal procedure.
Even now, bitcoin going crazy as many Hedge Funds are landing into it. Read coinbase.com you will know up to date story. It is heading towards bubble territory.
It takes massive amounts of electricity for each transaction though. People aren’t going to do that for free, so they’ll start demanding a cut of every transaction. I question if they’ll be able to operate at a lower percent cut than traditional sources.
But the idea is that it’s market driven, so some one in Africa can compete for lesser margin and not by a few companies. Plus when mining is over in 2040 you don’t need that massive electricity.
Is it really hard or expensive to make a Bitcoin clone? We can form a partnership and hire some blockchains experts to clone it, can’t we? We can harvest the 1st million coins and let others to launder their money. Eventually when the harvesting is exhausted, we can operate a clearance and exchange center from an Caribbean island and extract a lasting revenue.
I always admired our capability to print USD out of paper. Now, everyone can invent an electronic currency.
I think arguing about the usefulness of bitcoins today is not very appropriate. The Internet was a joke of an idea when it first launched. Most people couldn’t see the benefit in that. It was when enough people started to build many applications around that that it started to take off.
Same with bitcoin, if enough people built apps around it and decided it wasn’t worth their time to use traditional currency anymore, then it will hit big. The question is, is this really happening and is the valuation for real…
Also, it is not necessary to own bitcoin to be successful if bitcoin did become the next Internet. Warren buffet never invested in any internet companies but he did quite well. Because the companies that he did invest into adopted those technologies so he benefited indirectly.