Bitcoin has no intrinsic value — Top hedge fund manager

Pegasus

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Blockchain is an amazing technology and has many valid uses but as a form of money it still has a long way to go and many of the advantages or problems it solves are being eroded. For example, one of the biggest advantages crypto has is that it allows for a decentralized system - no banks required, no central exchanges, distributed mining operations. I reality though, most people buy and sell bitcoin through exchanges and these are becoming fewer and more centralised and the mining operations are becoming more and more centralised too - with china operating the largest in the world. As a medium of exchange it's very slow and expensive, due to the large amount of processing power required. Most people today trade in bitcoin, not with bitcoin. It's value is only what the traders dictate, it has no value outside of that.

Your last part is the primary issue yes. Especially with all the wannabee lambo drivers buying it.

That and other issues will be overcome in time, Bitcoin may not be the primary currency, but other crypto use less power, are quicker txn wise and could be safer.


It is getting normalised, lets see in a few years how this pans out.


Interesting read.
 

C4Cat

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I proved to you in very clear terms that your understanding of money was at best 25% complete, you have not considered this matter, so I will just leave you to ramble...
No you didn't
 

w1z4rd

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How long did the transactions take to be processed? Can you imagine standing in queue waiting to pay for groceries when everyone is using bitcoin?
About 5 min.

If I had sent an EFT, because he is at a different bank, it would have taken over 24 hours.
 

C4Cat

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Your last part is the primary issue yes. Especially with all the wannabee lambo drivers buying it.

That and other issues will be overcome in time, Bitcoin may not be the primary currency, but other crypto use less power, are quicker txn wise and could be safer.


It is getting normalised, lets see in a few years how this pans out.


Interesting read.
I agree that time might make the difference but I'm not convinced
 

eg2505

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It took them a long time to change from shells to gold. Then a long time to change from gold to tree bark, expect humanity to move over to this new format in time as well.
agreed, enormous ships turn very slowly,
and this is a Ship that took centuries to build, until we adjust course will take time.

guess BTC is ahead of its time, much like how the Internet was initially.
 

saturnz

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So you don't use money? No savings?

until you start citing credible sources I will just have to accept that what you are expressing is just your opinion, you are entitled to your own opinion, but not your own facts
 

Sensorei

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How long did the transactions take to be processed? Can you imagine standing in queue waiting to pay for groceries when everyone is using bitcoin?
I use a Bitcoin lightining wallet on my phone (Muun). It takes 1 seconds to send and receive Bitcoin and it costs about 1 cent in fees...

You can send money in your local currency or in Bitcoin and can issue invoices with a QR code like snapscan.
 

C4Cat

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I could have paid in XRP and it would have taken seconds also.

You are aware of lightning networks now right?
Aside from the fact that this thread is about bitcoin, no, I'm not aware of lightning networks and I still don't see any of these cryptos being used as a medium of exchange. Not widely at any rate.
 

C4Cat

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until you start citing credible sources I will just have to accept that what you are expressing is just your opinion, you are entitled to your own opinion, but not your own facts
I asked a couple of simple questions, please answer them
 

w1z4rd

Karmic Sangoma
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Aside from the fact that this thread is about bitcoin, no, I'm not aware of lightning networks and I still don't see any of these cryptos being used as a medium of exchange. Not widely at any rate.
 

The Voice

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There's no real point in buying with BTC or ETH. Both are simply too valuable (and volatile) - they're effectively the gold and silver of crypto, and you wouldn't use either for day-to-day transactions.

I reckon that's where altcoins come into the picture, preferably something on a fast network with low or no gas fees.
 

C4Cat

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If you sell shares on the JSE, how long does it take to get your money?
Shares aren't considered money. It's the difference between trading crypto or using crypto as a medium of exchange
 

saturnz

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I asked a couple of simple questions, please answer them

this is not an interrogation, if you have a point, you can make it without having to ask me questions

and a reference or two in support of the point would be appreciated
 

C4Cat

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It does take less than 1 second to pay with Bitcoin from a Bitcoin lightning wallet, and it works 100% today.
Will it still work 100% when millions of people are spending bitcoin every second?
 
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