The Bitcoin Thread

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balrog

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Idiosyncratic said:
Why has this thread not exploded yet? Has anyone seen the price?
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SSSHHHHHHhhhhhhhh - now is the time to accumulate, while few know about crypto. You want to have a lot when it REALLY explodes :)

On a serious note - the growth has been SPECTACULAR! Thus I anticipate a correction at some stage. But BTC has proven that it has always bounced back higher from a big correction. Long term HODL people!

Some crazy (or not?) predictions that 5-10 years from now, 1 BTC = $1mil. Hoddling till then! Lol!
 
Thor

Thor

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balrog said:
Some crazy (or not?) predictions that 5-10 years from now, 1 BTC = $1mil. Hoddling till then! Lol!
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That is what BTC was designed for, you wont do your buying with bitcoin you wont be able to afford one, you will use fractions ie satoshi
 
etienne_marais

etienne_marais

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Thor187 said:
That is what BTC was designed for, you wont do your buying with bitcoin you wont be able to afford one, you will use fractions ie satoshi
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Transaction verification will take ages by then, alternate currencies with different mechanisms will overtake BTC ?
 
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balrog

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Thor187 said:
That is what BTC was designed for, you wont do your buying with bitcoin you wont be able to afford one, you will use fractions ie satoshi
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If you read Satoshi's original white-paper, BTC was supposed to be for peer-to-peer payments. That is what it was originally designed for.

However, with the crazy value-increase and the escalating fees to transfer BTC, and the congestion in pending transactions, it has become more like "digital gold", in that people hold it as a store of value, rather than for transacting. So here I completely agree with you. I don't see myself buying a cup of coffee for 1000 sats any time in the near future :)

Fortunately there are a number of cryptos that are actually better for transacting than BTC, so it suits me to HODL my BTC.
 
RaptorSA

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etienne_marais said:
Transaction verification will take ages by then, alternate currencies with different mechanisms will overtake BTC ?
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Naah... most likely there will be a hard fork at some point if the miners can get a 75% consensus on the way forward.
The value of BTC will crash and if you're smart you'll buy up as much as you can then... 'cause once BTC splits and recovers the value will probably skyrocket.
I mean, imagine BTC being able to handle 100,000 transaction per second... I think VISA/mastercard currently can handle between 20-40K...

Been wanting to get into BTC since 2012.. and just never did it. Kicking myself now.
Also, SHHHHH....
 
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balrog

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Also see the article on cryptocoinsnews about some big-wig at PayPal saying 1BTC = $1mil in 10 years.. Maybe over-optimistic, but I will settle for half of that any day :)
 
koeksGHT

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balrog said:
Also see the article on cryptocoinsnews about some big-wig at PayPal saying 1BTC = $1mil in 10 years.. Maybe over-optimistic, but I will settle for half of that any day :)
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Based on the limited quantity available and the fact it gets harder and harder to mine, supply vs demand will take over.
 
Hamster

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koeksGHT said:
Based on the limited quantity available and the fact it gets harder and harder to mine, supply vs demand will take over.
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Or interest will wane and most will move onto the next cryptocurrency. What makes you so sure the demand will remain (or increase) if there are alternatives?
 
etienne_marais

etienne_marais

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Hamster said:
Or interest will wane and most will move onto the next cryptocurrency. What makes you so sure the demand will remain (or increase) if there are alternatives?
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I think there are limited services which will pay out fiat for anything else than BTC (and in some cases a handful of other coins) and also limited products/services to be bought with other than BTC. This can easily change I suppose, but it keeps BTC alive at the moment I.M.O.
 
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