The internet is just a bunch of 0's and 1's. Just a bunch of numbers right? What's the intrinsic value of gold?
Mass adoption would be usage as a currency and no, it is not coming, it has stopped because of huge fees, inability to scale, etc. If by mass adoption you mean people piling on the investment bandwagon, well then you only have to tout the price only goes up horn, no other "fundamentals" argument necessary.
What an easy question: Value of Bitcoin: 0 USD Price of Bitcoin: ask it to any bitcoin zealots especially its forward price. "Cryptocurrencies have no intrinsic value, whereas fiat currencies certainly do, because they can be used to pay taxes. Fiat currencies are legal tender and can be used and are used to buy any good or service; and they can be used to pay for tax liabilities... Fiat money also is not created out of thin air: these liabilities of a central bank such as the Fed are backed by the Fed assets." Nouriel Roubini
Agree In reality, Bitcoin has never been a currency. Almost from the very beginning, only a small fraction of Bitcoin transactions were carried out in exchange for real goods and services - and those were mostly illegal, like drugs or gambling. Basically, transactions in bitcoins were trading: people just bought and sold it, making money on rate fluctuations. only 1.3% of all bitcoin transactions in 2019 were carried out with the participation of merchants. And this trend only intensified when the value of bitcoin skyrocketed. Despite the speculative areola surrounding Bitcoin, the number of transactions has not grown that much over the past two years. More precisely, their number is so small compared to the number of online banking transactions that it is not even worth mentioning. in May 2020, buying something with Bitcoin cost $ 6 per transaction. This is not a problem if you are making an investment, but it is a major barrier if your goal is to buy pizza. So if you believe that your bitcoins will be more in demand tomorrow than today, it’s simply stupid to spend them on pizza: you have to save them and then sell them when the price rises. And since you can easily do without spending daily in bitcoins, there is nothing stopping you from adhering to this strategy. No one wants to give away their goods and services in exchange for what tomorrow will cost 10% less than today. Of course, tomorrow it may, on the contrary, cost more. But this is some kind of lottery, not a business.
Lot's of expert opinions here from people that all share 3 characteristics - 1. They've never bought Bitcoin 2. They in turn have never tested it out, seen how the tech works, taken the time to understand the mempool and fees etc 3. And ultimately have been thoroughly wrong since 2009 Just the sort of people we should listen to...
I am not positive in BTC, I said I made a mistake. I did not realize how big and long Tether pump could go on to become self fulfilling prophecy. This was my major mistake and I missed the whole run. they tried another massive pump and barely were able to break previous ATH. Right now it is very dangerous to get in. Waiting for major pullback.
You misspelled NANO. But seriously John, if you want to pump a crypto, why not pick one that actually works or WAY better the ol' grandpa bitcoin? Nano, ETH, hell even Litecoin is better and that is already 10 years old. This is how you lose credibility...
Kudos to you Duke. But with your programming skills and market experience, you should look into not just Bitcoin but all the other crypto assets because damn fortunes are being made on arbing, spreading, basis trading and the like. Get to work is my advice because I reckon you'll make some major bank. Get your feet wet, start small and then if the results are good, ramp it up...
Why cultists never joined Debate 101 in high school? 1. I don't have to own Tesla stock to be able to criticize or like it. False equivalence. 2. I can read about it. I don't have to actually taste dogshit to know it tastes like well, dogshit. It is hard to use, the tech doesn't really work after 12 years (scalability, etc), fees are high. Anything else? 3. Not supported by your non-arguments. And criticism of crypto has been right since 2009 and with every newer crypto shit like NFTs it is righter and righter.
The ultimate result of Bitcoin and other cryptocurrencies will be a transfer of wealth from many poor, late adopters to a few wealthy, early adopters. A substantial amount of Bitcoin is in industry hands. Several upcoming Bitcoin ETFs and increasing acceptance of Bitcoin as payment will likely supportive of prices for a while, allowing some big players to reduce their holdings into new liquidity. India and Turkey, or it may have been another country in the Middle East, have banned Bitcoin, which might be considered as an early warning, like “Dead canaries in a coal mine”, so to speak. Throughout human monetary history, competing forms of payment against established forms of currency have had a rocky road. This history even includes gold. The more popular Bitcoin becomes, the quicker its demise, as Governments realize the effectiveness of their monetary and economic policies are reduced against a competing form of payment. If, or when, Bitcoin and other cryptocurrencies are ultimately outlawed or otherwise substantially hobbled by Government action, the fantasy that a viable black market in cryptocurrency can be maintained would soon be broken, as all computer operating systems and communications are vulnerable to Government action. Cryptocurrencies, especially Bitcoin, are being professionally marketed as an investment for “Suave, smart, sophisticates”. This marketing effort shows there are big players talking their book. Would this not be considered a solid sign these big players are wanting to reduce their exposure into liquidity? While the near term price outlook of Bitcoin seems positive, Bitcoin is not the sort of “Asset class” you want to plan on leaving to your kids.