patrick.net

Newbie123 says

In my opinion it’s a total waste of time to debate intrinsic value.

There has been no debate in this thread. You just keep saying it's going to 6 digits. That's fine if you believe that, bitcoin/crypto seems to be your dogma at the moment so you're blinded by logical points of view brought up by some people here. Call me (others here) bashers/haters all you want, that's simply not the case. We're just pointing out logical flaws in it. I have bought and held bitcoin myself, so it's not like I haven't looked into it.

I'll ask this question taking a point from my last comment with CBOE to change it up instead of strictly asking about it's value. What happens if all the US exchanges are shut down by the US government because the DEA says it's funding drug trade and all small or big institutions are forced to shut down their exchanges? What happens to the value? Would you trust foreign exchanges to make a trade? Or are you physically going to trade it with others or peer to peer over the internet? You think it would be 6 figures then?

There are a lot of silly fucking things our government has made illegal in the past and present. Don't think for a moment that your precious bitcoin is safe from the powerful grip of the US government. This isn't a bashing comment, it's a logical and very realistic point of view. I'll make up an acronym right now. You have FOLAYM (Fear Of Losing All Your Money) (fo-lay-em). You fear you're going to lose your money, so you go from website forums and articles and try to pump it up and convert people into thinking it's worth investing in. The more people invested in a finite product, the more valuable it seems to be.

Just go build a site like this one and create your own content like you have here to pump it ( @Patrick - you still able to do the create your own forum/site stuff). If you get enough traffic you could maybe sell some ad space. You could still trade crypto, but why not make a little extra cash in the process? I mean it's going to the moon, so it's another revenue stream that doesn't take that much work and seems pretty foolproof.

WookieMan says

Patrick - you still able to do the create your own forum/site stuff

Yes.

Newbie123 says

There is lack of understanding of basics around this technology

Where did you get your software engineering degree? There are people here on patnet that do understand blockchain and know that it is just a matter of time before btc meets its demise.

Bitcoin has negative intrinsic value. It costs just to keep it going. There is no underlying asset. It only has value if a fool greater than you is willing to pay good fiat for your string of zeros and ones. Even its extrinsic value is fleeting.

You don't answer the question of intrinsic value because Bitcoin has none.

CBOEtrader says

There's some intrinsic value there

Extrinsic.

Newbie123 says

n my opinion it’s a total waste of time to debate intrinsic value

Because there is none.

Newbie123 says

invest in bitcoin or other cryptos

Speculate. You don't invest in ponzi schemes you speculate that you will not be the last greatest fool.

Newbie123 says

If you feel triggered by bitcoin news or don’t like seeing people cheering when adoption increases or the price keeps going up, feel free to ignore me.

No one here is triggered by bitcoin news, lol. You came into this thread with grand claims of a parabolic spike in a valueless thing with zero supporting evidence beside FOMO and videos that are actually mocking bitcoin. Great investment advice.

Not going back through all the comments (this thread or others), but not one person here has said you CAN'T make money with it. So not sure how we could be triggered or be bashers. This a logic/reasoning conversation. There's no argument here. It was worthless for 8 years or however long until a flash in the pan event made it skyrocket. Eventually the rocket runs out of fuel and comes crashing back to the ground. It's in a dead cat bounce in my opinion. Just make sure when you buy the dip, it wasn't actually the last peak.

Newbie123 says

parabolic bull market takes off

To the. Moon!

I gonna be a bitcoin billionaire.

WookieMan says

Most institutions can just duplicate existing hardware and software to get their piece of the pie.

100% wrong.

WookieMan says

As long as it trades, there's value and ripple isn't bad/wrong to pursue it and is technically smart to cheaply game the system and take money from people rather easily.

It? Ripple can exchange anything via their infrastructure. That's the point. Their exchange network is potentially a competitive advantage that can not be replicated.

Ofc, they must be first to the space. They seem to be.

Bitcoin consumes almost the same amount of energy as Ireland.

What happens to the blockchain when miners stop mining?

Onvacation says

Bitcoin consumes almost the same amount of energy as Ireland.

What happens to the blockchain when miners stop mining?

They use ripple instead.

Bitcoin is like the AOL of internet giants. Eventually people will get annoyed at it's built in limitations and use more utilitarian cryptos.

Newbie123 says

Sounds like Samsung’s betting on bitcoin to be around for a while longer.

Or they're supplying a demand.

HODL2Z!

Newbie123 says

physically delivered bitcoin

Please explain how you can physically deliver bitcoin. And while your at it, what is the intrinsic value of 0s and 1s?

Newbie123 says

any questions, concerns, disbelief regarding the article: Pls contact Reuters.

You could just say, "I have no fucking clue."

Still no answer on bitcoin's intrinsic value?

Newbie123 says

I can tell you the current value of one bitcoin

Do you even understand what intrinsic means?

Newbie123 says

no-coiners/bitcoin haters

Is that like a climate change denier?

Newbie123 says

No-coiners/Bitcoin haters

I'm not the one holding a string of 0s and 1s and thinking they are better than gold.

Onvacation says

Newbie123 says

No-coiners/Bitcoin haters

I'm not the one holding a string of 0s and 1s and thinking they are better than gold.

We are all guilty

CBOEtrader says

We are all guilty

So true.

It's a fiat world and things have value just because someone says so; beanie babies. What are our brokerage accounts but 0s and 1s on a computer somewhere.

Bitcoin is just the ultimate example of value just because someone says so. It has no intrinsic value. It's supposed extrinsic value is as a currency and untraceable method of exchange or an "asset" that they hope will increase in value.

They even "mine" cryptocurrency.

I know some people gamble with crypto with hopes of selling before the bubble pops when people see that "big daddy" is naked. Others think it is the best thing since sllced bread.

Consider this; the amount of money in crypto exceeds the value of all known silver in the world.
The following charts were from before bitcoin crashed so now the crypto to silver ratios are lower.

Newbie123 says

I can tell you the current value of one bitcoin (BTC): 7600 ish.

Why didn't you include the $ sign? I mean ultimately that's the currency you'll use and why you hope the "value" of crypto goes up.

CBOEtrader says

It? Ripple can exchange anything via their infrastructure. That's the point. Their exchange network is potentially a competitive advantage that can not be replicated.

Cool. It can't be replicated..... yet they're trying to do the same thing Visa does for credit cards. Hopefully Visa doesn't find out that someone is trying to do something that has been possible for a decade or so.... They probably couldn't replicate what ripple is doing at all... From their own website (which is a treasure trove of BS)...

XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa.*

https://ripple.com/xrp/

Then there's this

My XRP was stolen. What do I do?

https://ripple.com/faq/

Just call/contact the FBI... LO fucking L. Like they'll give a flying fuck.

Newbie123 says

Exactly! Wookie has been wrong on so many levels/topics.

Name one. Then explain why it's wrong.

Newbie123 says

The question is, Is bitcoin digital gold and will overtake physical gold some day?

After all, they have the same intrinsic value.

Newbie123 says

Interesting read. A former IBM executive believes Bitcoin will hit a 1mio dollar price per coin within the next decade. A member of PayPal’s board of director joins the prediction.

https://finance.yahoo.com/news/most-insane-1-million-beyond-193017764.html

You should change your name to Dodge123. Better fit...

WookieMan says

Newbie123 says

Exactly! Wookie has been wrong on so many levels/topics.

Name one. Then explain why it's wrong.

This was in context of suggesting physical infrastructure and/or code are easy to replicate. They arent, not even close.

Tha doesn't make you right/wrong about Bitcoin though.

Heres what we know for sure: 1)most of the world is looking for a replacement for the dollar . 2)dollars are fiat. 3) im-fucking-possible for gold to back transactions . Doing so would effectively make gold fiat, in that 99% of it's value would be for exchange of other goods not the value of the metal. 4)cryptos are the best thing we've invented so far to replace fiat dollars.

Conclusion : I'm keeping about 20% of my investments in cryptos, mostly ripple for the infrastructure they've built.

CBOEtrader says

4)cryptos are the best thing we've invented so far to replace fiat dollars.

I actually agree with all this. The unfortunate problem is our fiat dollar is backed by the US government. They can and WILL have a say in the crypto market at some point. And I don't imagine any regulation put in will weaken our own dollar. This is one of the many problems with crypto in my opinion.

Not you, but people are running around thinking Trump is going to be a fucking dictator. It won't ever happen. The thought that any crypto will be a viable currency to overtake the dollar, with no US interference is laughable. It's a similar line of thought.

As I've said before in other threads on this topic. Gain massive wealth if you can from it. I'm a decent guy and have no interest in seeing people suffer or lose money. If I'm wrong about my opinion, I'll be the first to admit it. But I can almost promise you, at least with Bitcoin, that if my kids live to 80 years old, it won't exist. Most of them won't.

Make money while you can with it. Trust me, I wouldn't turn down a $2M a year job if it worked out, but if I had to bet a decent chunk of my savings, count me out. As an about to be 36 year old that doesn't have to work, I think I've made some decent decisions (no family wealth/inheritance).

CBOEtrader says

I'm keeping about 20% of my investments in cryptos,

How much physical PM in your portfolio?

Someone's about to Win Bigly. WHEN?

Newbie123 says

You need a good strategy, discipline and patience. Nobody knows when we will see new ATH’s.

Show us your fucking strategy via screenshots of your trades and holdings.

Hugolas_Madurez says

Newbie123 says

You need a good strategy, discipline and patience. Nobody knows when we will see new ATH’s.

Show us your fucking strategy via screenshots of your trades and holdings.

Pretty sure it's a bit at this point. It's not trolling, as usually a good troll will come at you with some sort of fact or something even if it's wrong. That's not the case here. I'm not sure why I've wasted so much time on this thread... Oh well, mistakes happen. The red flag is when some moron says "to the moon" and then it's an exercise in retardation. He's dodged every single question asked of him.

WookieMan says

I'm not sure why I've wasted so much time on this thread..

You can't waste time or money, but you can misuse them.

We are trying to educate the ignorant. It is one thing to gamble on cryptocurrency in hopes that it will turn a profit, but if one thinks all of the worlds governments will allow fiat bitcoin to supplant their fiat currency they are in for a surprise.

Why is crypto valued in fiat?

Onvacation says

CBOEtrader says

I'm keeping about 20% of my investments in cryptos,

How much physical PM in your portfolio?

About $5 k only. I don't want to deal w physical. If I had $25 million I'd probably only have $50k of physical.

Thoughts to contrary?

CBOEtrader says

Thoughts to contrary?

Traditionally, 10% of your net worth should be in PM to hedge against disaster. Guns and bullets would be a good idea too.

I recognize you as smart and thoughtful. Why would you gamble with 1 out of 5 dollars of your net worth on something as ephemeral as crypto?

Are you gambling?

Do you think it will become a valid and efficient method of exchange?

FOMO?

It's the best thing since sliced bread?

As a computer scientist I just don't understand the attraction to crypto.

Newbie123 says

To The Mooooon

Spam. Not very sophisticated spam, but spam.

Bitcoin is becoming the new "Gold to $20k/HAARP/Bigfoot" Crankery "Tell".

Newbie123 says

Bitcoin more popular on google trends than trump, Tesla and Kim Kardashian! I am not surprised. Bitcoin is much more exciting than all those three combined :)

Or maybe a bunch of bitcoin cucks keep checking for the moonshot.

How long since you last checked the price?

Newbie123 says

Would you rather have 1mio US dollar worth of gold or 1mio US dollar worth of bitcoin at the moment?

I will take the metal. You can keep your 0s and 1s.

Newbie123 says

Bitcoin has the potential to pull a 5-10x within the next few years. Try that with gold.

Which one is more likely to go to zero?

Oh yeah, you don't answer questions.

Newbie123 says

Rofl!! You just keep praying, hoping and wishing bitcoin will go away(zero).

What makes you think that?

No one ever underestimated the ignorance of the public.

So
Onvacation says

Newbie123 says

Bitcoin has the potential to pull a 5-10x within the next few years. Try that with gold.

Which one is more likely to go to zero?

What do you think? Is gold more likely to lose all value or crypto? You can answer honestly and still BELIEVE in crypto. It's more of a cult than a religion.

Newbie123 says

Historically that caused the price of litecoin to increase tremendously. A short term investment opportunity?

What will crypto be valued in when it replaces "fiat"?

Crypto is a ponzi scheme that requires ever greater fools to "invest" so that earlier buyers can profit. The ridiculousness of solving difficult hash problems and call it "mining" is lost on the rubes. Like tulips and beanie babies, cryptocurrencies will join the ranks of "what were they thinking?"