What happens when something better comes along and that demand goes away? You cannot predict with any degree of certainty that anybody in particular won't sell it. Also, if they don't purchase anything with it, they are defeating the purpose for which it was created. If you could own all the Bitcoin right now, would you want to?believe what you will
when governments can no longer afford to pay people for doing nothing, people get surprisingly motivated to become productive to live
I don't know what percent of people that buy bitcoin are speculators but a significant portion of bitcoin belongs to people that do not ever plan to sell it for USD. You would be surprised how little bitcoin there really is that is traded around, most of it is held long term.
No it is not speculation, it is a fixed supply monetary asset in an environment where every country in the world is printing money as quickly as they can while now trying to combat inflation and an energy crisis. Supply demand requires the price to go up.
Bitcoin can't go to 0 because there are people that will never, ever, ever sell.
Bitcoin Learning Material EDIT: AND NEWS!!!
- Thread starter cam_blev
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Something is only worth what someone is willing to pay for it .
If bitcoin has no use to the common man it will be of no value.
There are people that do use bitcoin daily and it will stay that way, everyone doesn't have to use bitcoin in the same way.
I spend small amounts of bitcoin from time to time, because I have a constant supply of bitcoin coming in. Once you start getting paid in bitcoin the economics and uses can shift. But most of it goes to cold storage to pass on to future generations.
There will be institutions (countries, companies) that will only accept bitcoin as payment.
I am confident better money will not come along because as we understand the function of money I believe bitcoin is near perfect.
People do spend bitcoin, I spend bitcoin, but most of it goes to cold storage.
Of course I wouldn't want to own it all. Bitcoin is a network and its primary feature is its decentralization. A network is useless without other users.
Now that if funny. Banks will loan against collateral when the property has a stabilized value.
Reality doesn't care what you are confident in or what your personal beliefs are. If all people do is buy Bitcoin to hold it as an investment (like most are doing), are they really considered "users"? Would you rather own all the Bitcoin in the world or all the gold in the world?
Better money is already here, that didn't take long. BTC has first mover's advantage, that's all.
Bitcoin Isn’t Good For Payments, Says Mike Novogratz
“Bitcoin’s not going to be payments. The system really isn’t set up for payments. It’s not fast enough for thousands and thousands of transactions,” he said.
Firstly lightning is never mentioned in that article so withholding information or being dishonest.
The guy you are posting about there is a dumbass. Guys like him and Raoul Pal the other guys shilling shitcoins are the ones trying to scam people to make more money and not to help them. If they tell you bitcoin doesn't work and offer you something else don't listen, its a ****** scam.
If you pay any attention to this industry at all you would know that just a couple days ago Luna went from about $115 to $0 in the course of about 3 days. The coin he is shilling is what caused the brutal "crypto crash" this past week.
I think that Novogratz is a worthless POS and deserves that tattoo but he's right about BTC. I also hope he pays dearly if/when the Ethereum/SEC mess gets further exposed. The only reason BTC is used for payments now is because it is first, has a regulatory free pass and is more widely held as compared to other cryptos, not because it is the best crypto for making payments. When U.S. regulations finally arrive (and court cases settled) and the best crypto projects are allowed to fully develop and operate freely, BTC will lose its first mover advantage and have to compete solely on tech and that's how it should be.
You don't want every transaction on the base layer.
You are missing the whole point of this thing. It's not to make better faster payments, which it also already does. The point is to take away the governments ability to choose winners and losers. They can either play into it and benefit from the change or they can fight is and waste countless time and resources to eventually fail at stopping it anyway.
The first movers advantage has nothing to do with regulation it is network size and reliability, THAT cannot be replaced.
Bitcoin has a 'kick me' sign on its back today. No Christmas card for Ben.
Bitcoin won’t become ‘an alternative form of money,’ or a store of value, says Ben Bernanke