It actually wont make any sense for me as if I really do believe btc will reach 20k (Which I do) buying it now will give 5x returns. It was just against Pekelo.
I kinda stopped reading your posts, my bad. I understand you didn't have a good argument against mine, so you had to start betting. What is the point of a bet if it takes maybe a decade to decide who is right? Even if you win the bet, the next day bitcoin still can collapse and stay low forever. Now if you tell us why you are pushing a crypto still in beta as compared to other cryptos with way more advanced feature... Oh wait, I guess I know. Your ponzi is better than others' ponzi... Remember you can still be a crypto fan without pushing one particular crypto.
Bitcoin is still the king right now. And it's still the most widely used crypto. That's why whatever Bitcoin decides to do is what will affect every single other alt coin out there. And it's not a ponzi scheme when millions of people have successfully used it without issues.
I am bored, so... I assume you are a crypto fan and believe in its future. Wouldn't it make sense for you to pick the MOST advanced crypto with the best features (clearly not bitcoin) and back that one? I mean if you care about usability and such at all. Saying without issues, hm. I guess you forgot when a transaction cost was over $30, no matter what size it was? I call that a slight issue, specially that it happened 8 years after its introduction. But anyhow, all still mined cryptos need constant money inflow to buy the miners' new coins, just to keep price at current level. That is a ponzi feature, you like it or not. Not to mention the constant push for usage, artificially trying to drum up demand. Bitcoin cash is better in most aspects than bitcoin, get on with the times!
Yes and I agree with you. There are better coins out there. But for right now Bitcoin is dominating, and whatever Bitcoin does has a big impact on every single other coin out there. Probably the biggest problem with Bitcoin is it's transaction speed. Most credit card companies can process hundreds of transactions a second, which makes a few seconds of wait time. Bitcoin right now I think is 10 or 20? Which is horribly slow and that's why it takes about 10 minutes for it to transfer. Now Bitcoin can be upgraded, but to do that they might have to change the structure of the coin. I know a few coins in the works right now that can supposidly take 1000s of transactions a second. One of them being Binance coin. The other is supposidly being made by a bunch of college professors from different universities
I don't agree with your view. A ponzi does not have any product or value except getting the first few investors rich. Bitcoin has actual intrisic value. Also, care to explain your contradictory statements? You said no replaceable assets in history (zero, never ever happened before) including bitcoin's prices will stay high for long, yet you said if markets remain irrational bitcoin prices can remain high for a long time. No matter how you spin it, both sentences cannot exist together.
We never defined the word long. What is 10-20 years in the history of bitcoin, when the last one is going to be mined after 2100? Is 20 years long in the lifetime of 90-100 years until the last coin is mined? I don't know, what is long for me, maybe not long for you. It showed considerable staying power, we have to give that to it. But if it is like Betamax vs. VHS, oh wrong example because Betamax was actually better. I trust the market place that eventually those cryptos will survive that are usable, practical, cheap tx fees, etc. Bitcoin is obsolate and because it is hard to reach consensus among miners about new features, it is just easier to start with a new coin or fork. That leaves bitcoin in the dust. The only reason its valuation is still high because people use it for investment. But that was not the original purpose of its invention. Anyhow everything considered, there is no good reason for its high valuation, except people are gambling on it. The only reason bitcoin fans are still pushing it because they want others to buy into their system, instead of backing the one that has the most advanced features or the most practical. So let's forget about bitcoin and let's choose a new crypto king.
Bitcoin certainly has earned a place in history. It’s such a remarkable innovation much like the dawn of the internet. Similarly, at the dawn of the internet most dismissed it as a passing fad for we had telephones and faxes that got the job done easier and more cheaply. In the early stages, only a few had a vision of what it could be. Whether Bitcoin has run it’s course, served it’s function or has more value to generate has yet to be seen. It does have some deficiencies which gave/gives rise to other blockchains. At it’s core, in my developing understanding of the cryptosphere, lies the varieties of consensus algorithms and what that means with how we as humans organize in equitiable structures that reward based on merit vs some inherent structural bias. Both PoW and PoS have structural weaknesses that allow for special interests to game the system, much like the world’s government. We are already seeing a splinternet and a cyber balkanization as software and hardware ecosystems and ad networks exclude and filter competition. Not only do we see this on a commercial level but also along the lines of geo-political ones as well. We see tribalism happening here in ET too. When respectful and thoughtful disagreement based on the merit of the ideas devolve into ad hominem attacks, ignore and block are the go to’s. The parabolic move that BTC and other cryptos experience during its great bull run is indicative of a yearning that true believers all share - that there is a better way than the status quo and it’s worthy to explore innovative ideas and bring to fruition.
You didn't define how long is long to give yourself a leeway if you are wrong. As to whether bitcoin will be overtaken. Even if it is overtaken in market cap, I still think it will be the top few cryptos by virtue of being the "godfather" of all coins and most well known. Bitcoin also acts as an intermediary to the alts, unless a full decoupling takes place, which is unlikely, bitcoin will have value. It may not be used as a currency eventually, but its long history and robust blockchain would mean it can be a store of value, much like digital gold.