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I don't usually engage on Crypto posts but I'll bite. What specifically do you believe in with regards to Bitcoin? I'm bullish on crypto as a global "internet

by lbotos 9y ago

I don't usually engage on Crypto posts but I'll bite. What specifically do you believe in with regards to Bitcoin? I'm bullish on crypto as a global "internet dollar" but bearish that Bitcoin is the right one. I might add that banks want in because they make money on orderflows. Bankers will trade anything (orange juice concentrate/pork belly/oil/derivatives/shares/you name it.)

lawlessone 9y ago
Personally i think bitcoin and maybe Eth and LTC will be the only long term survivors. Every new "coin" that comes along now just becomes a pump and dump. Bitcoin was around before it had any value and people were just giving it to one another for fun or buying Pizzas for 20,000. It has benefited most from the "network effect" . My only major concerns about it are the environmental effects and transaction throughput.(other coins are allegedly faster for now but will probably buckle if they become as big as the above three.) LTC is around nearly as long ,, and ETH is a whole new concept, though it has security and programming issues. I should mention its survival doesn't mean it's value will go up.
- nugga 9y ago
  I'd add something like Monero, or other coin designed with privacy/fungibility in mind, as a long term survivor. Bitcoin's development bureaucracy is too slow and cumbersome and who knows how much the community is willing to embrace absolute privacy, yet that is exactly what plenty folks in the crypto scene prefer.
CraigRood 9y ago
I know the question may not be directed to myself, but I will answer why I believe in Bitcoin. The real value is in the Decentralised/P2P store of money. This allows not just people, but entities and even software can "own" bitcoin. For example a coffee machine that accept BTC, it can then pay for the water, electricity and buy more beans, milk etc from the Bitcoin it earns itself without human attention. Arguably easier to track the profitability and economics of the machine, with less effort - still needs to be cleaned and refilled (for now!). You could take this one concept and apply them to things like self-driving cars or mobile phones.
- s73v3r_ 9y ago
  I fail to see anything regarding that coffee machine example that couldn't just as well be done with automated ordering.
mihaifm 9y ago
I find it unlikely that bitcoin will remain so dominant in the market. Other currencies are slowly solving bitcoin's problems, like transactions speed, fees, anonymity. It might ultimately come down to the best implementation, or we might see a great degree of diversification, different currencies for different needs.

by lbotos 9y ago

lawlessone 9y ago

Personally i think bitcoin and maybe Eth and LTC will be the only long term survivors. Every new "coin" that comes along now just becomes a pump and dump. Bitcoin was around before it had any value and people were just giving it to one another for fun or buying Pizzas for 20,000. It has benefited most from the "network effect" . My only major concerns about it are the environmental effects and transaction throughput.(other coins are allegedly faster for now but will probably buckle if they become as big as the above three.) LTC is around nearly as long ,, and ETH is a whole new concept, though it has security and programming issues. I should mention its survival doesn't mean it's value will go up.

nugga 9y ago
I'd add something like Monero, or other coin designed with privacy/fungibility in mind, as a long term survivor. Bitcoin's development bureaucracy is too slow and cumbersome and who knows how much the community is willing to embrace absolute privacy, yet that is exactly what plenty folks in the crypto scene prefer.

CraigRood 9y ago

I know the question may not be directed to myself, but I will answer why I believe in Bitcoin. The real value is in the Decentralised/P2P store of money. This allows not just people, but entities and even software can "own" bitcoin. For example a coffee machine that accept BTC, it can then pay for the water, electricity and buy more beans, milk etc from the Bitcoin it earns itself without human attention. Arguably easier to track the profitability and economics of the machine, with less effort - still needs to be cleaned and refilled (for now!). You could take this one concept and apply them to things like self-driving cars or mobile phones.

s73v3r_ 9y ago
I fail to see anything regarding that coffee machine example that couldn't just as well be done with automated ordering.

mihaifm 9y ago

I find it unlikely that bitcoin will remain so dominant in the market. Other currencies are slowly solving bitcoin's problems, like transactions speed, fees, anonymity. It might ultimately come down to the best implementation, or we might see a great degree of diversification, different currencies for different needs.