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It's worth worrying that it won't. There's no upper bound on the price, and everyone who thought BTC wouldn't continue growing exponentially was wrong. BTC is

It's worth worrying that it won't. There's no upper bound on the price, and everyone who thought BTC wouldn't continue growing exponentially was wrong. BTC is gearing up to be the biggest financial disaster in history, and it's better to start planning for it now.

IamNotAtWork 9y ago
Are you just sad that you didn't buy in a year ago? Don't worry, me too. :) Heck, my brother in law who is a lawyer and don't know anything about blockchain bought some and my niece's college education is paid for now. LOL.
- mrlinx 9y ago
  You should check his comment history, its worth reading.
- pyvpx 9y ago
  has he successfully converted his bitcoin into "fiat" currency? or does the college accept and denominate tuition in BTC?
  - pbrb 9y ago
    It's pretty easy to do - sell for fiat on any exchange that trades in it, and deposit fiat to your linked bank account. Unless you're unloading millions, then you're better off doing an auction.
  - wakkaflokka 9y ago
    Serious question - is there any doubt that one can successfully convert BTC to fiat? I've done it many times on the major exchanges (Gemini & Coinbase) with absolutely no problem.
    - pyvpx 9y ago
      because past $100K it becomes difficult rising to impossible from every person I've directly spoken to
- deadmetheny 9y ago
  Ah yes, the "you're just jealous" argument, champion to people who are too blind to realize that BTC has serious downsides. Look man, a massive speculative bubble popping is gonna have huge repercussions to a non-trivial number of average non-techie people who read an article about how some nerd got rich on digital Beanie Babies and threw their life's savings at it. Those are the people who are gonna get fucked, not the people over at Bitcoin Idiots, LLC who can afford to lose some fun money betting on Internet bucks.
atentaten 9y ago
>BTC is gearing up to be the biggest financial disaster in history, and it's better to start planning for it now. I can see how one can arrive at this sentiment based on how quickly the price has increased, but I wonder how bad it would really be since the vast majority of Bitcoin investment is not debt based. Additionally most people I've talked to on the matter, only invest what they are willing to lose. Now, if a significant amount of investors get in via margin and other debt-based approaches, then that could be problematic. BTC have seen huge drops in value in the past, how individuals new to the space react is unknown.
JumpCrisscross 9y ago
> BTC is gearing up to be the biggest financial disaster in history Lots of value evaporating doesn't necessarily make for a disaster. It only does that when it interacts with the larger financial universe in unexpected ways. In countries where people will start missing their mortgage payments as a result of Bitcoin losses, yes, there are systemic risks. In the United States, we're still far from that point.
- sillysaurus3 9y ago
  Another concern is that Satoshi probably passed his coins to his heirs. Whoever they are, they could emerge a de-facto world power since they alone control ~5% of wealth. And there's no way for society to decide that should change. They can act as evil as they want with no fear of losing their coins.
  - dpc_pw 9y ago
    "8 people owns 50% of the world." https://www.theguardian.com/global-development/2017/jan/16/worlds-eight-richest-people-have-same-wealth-as-poorest-50 https://www.theguardian.com/global-development/2017/jan/16/w...
mancerayder 9y ago
The upper bound is how much capital can be deployed to pump it up. It's one thing if hedge funds are pouring in, another if housewives in Japan (if the press stories are to be believed), but at the end of the day there's a finite amount of capital that will be pumped into it, as capital wants to go to other investments, too.
- hndamien 9y ago
  All that will happen is that the growth rate will slow down. When that happens, the opportunity for people to spend on investments that offer a greater return on investment will become attractive to holders.

IamNotAtWork 9y ago

Are you just sad that you didn't buy in a year ago? Don't worry, me too. :) Heck, my brother in law who is a lawyer and don't know anything about blockchain bought some and my niece's college education is paid for now. LOL.

mrlinx 9y ago
You should check his comment history, its worth reading.
pyvpx 9y ago
has he successfully converted his bitcoin into "fiat" currency? or does the college accept and denominate tuition in BTC?
- pbrb 9y ago
  It's pretty easy to do - sell for fiat on any exchange that trades in it, and deposit fiat to your linked bank account. Unless you're unloading millions, then you're better off doing an auction.
- wakkaflokka 9y ago
  Serious question - is there any doubt that one can successfully convert BTC to fiat? I've done it many times on the major exchanges (Gemini & Coinbase) with absolutely no problem.
  - pyvpx 9y ago
    because past $100K it becomes difficult rising to impossible from every person I've directly spoken to
deadmetheny 9y ago
Ah yes, the "you're just jealous" argument, champion to people who are too blind to realize that BTC has serious downsides. Look man, a massive speculative bubble popping is gonna have huge repercussions to a non-trivial number of average non-techie people who read an article about how some nerd got rich on digital Beanie Babies and threw their life's savings at it. Those are the people who are gonna get fucked, not the people over at Bitcoin Idiots, LLC who can afford to lose some fun money betting on Internet bucks.

atentaten 9y ago

>BTC is gearing up to be the biggest financial disaster in history, and it's better to start planning for it now. I can see how one can arrive at this sentiment based on how quickly the price has increased, but I wonder how bad it would really be since the vast majority of Bitcoin investment is not debt based. Additionally most people I've talked to on the matter, only invest what they are willing to lose. Now, if a significant amount of investors get in via margin and other debt-based approaches, then that could be problematic. BTC have seen huge drops in value in the past, how individuals new to the space react is unknown.

JumpCrisscross 9y ago

> BTC is gearing up to be the biggest financial disaster in history Lots of value evaporating doesn't necessarily make for a disaster. It only does that when it interacts with the larger financial universe in unexpected ways. In countries where people will start missing their mortgage payments as a result of Bitcoin losses, yes, there are systemic risks. In the United States, we're still far from that point.

sillysaurus3 9y ago
Another concern is that Satoshi probably passed his coins to his heirs. Whoever they are, they could emerge a de-facto world power since they alone control ~5% of wealth. And there's no way for society to decide that should change. They can act as evil as they want with no fear of losing their coins.
- dpc_pw 9y ago
  "8 people owns 50% of the world." https://www.theguardian.com/global-development/2017/jan/16/worlds-eight-richest-people-have-same-wealth-as-poorest-50 https://www.theguardian.com/global-development/2017/jan/16/w...

mancerayder 9y ago

The upper bound is how much capital can be deployed to pump it up. It's one thing if hedge funds are pouring in, another if housewives in Japan (if the press stories are to be believed), but at the end of the day there's a finite amount of capital that will be pumped into it, as capital wants to go to other investments, too.

hndamien 9y ago
All that will happen is that the growth rate will slow down. When that happens, the opportunity for people to spend on investments that offer a greater return on investment will become attractive to holders.