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Even in a third-world country like the Philippines, Bitcoin is already well-known with a local exchange (Coins.ph) operating locally. Majority of people who wo

by anon2020dot00 4y ago

Even in a third-world country like the Philippines, Bitcoin is already well-known with a local exchange (Coins.ph) operating locally. Majority of people who would want to invest in Bitcoin has already done so.

dubswithus 4y ago
> Majority of people who would want to invest in Bitcoin has already done so. How do you know that? Why can't the market grow as time passes?
- dragontamer 4y ago
  Because of the shear size of advertisements this past year on the subject. In the USA, you cannot get "more popular" than a superbowl advertisement. And there were dozens of Superbowl ads on cryptocoin this past year.
  - dubswithus 4y ago
    So it's over for Coca Cola, McDonald's, and Nike?
    - dragontamer 4y ago
      You've fundamentally mistaken what those large companies are. They're basically dividend stocks, not growth stocks. No one is expecting them to grow much. Those companies make money with their customer base. Coca Cola has the ability to turn 40-cents worth of water, sugar, and flavors into $1 dollar worth of sales. Not only that, but customers are happy with this exchange (and will likely keep making this exchange... at least until people stop liking the taste of sugar). Even without growth, those companies are insanely profitable. Because Coca Cola has a 3% dividend (and its assets are likely inflation-protected), they're a very safe bet. --------- BTC makes no profits. In fact, the entire BTC system consumes tons of electricity constantly. So we can see that moving BTC around costs real resources, but no one seems to have explained to me where "money comes from", aside from a greater-fool.
      - dubswithus 4y ago
        Your argument is that at some point growth stops or stagnates. But most people in the world don't hold cryptocurrency -- yet they know about it. It's a huge market. And that market will be tapped by marketers and advertisers. > BTC makes no profits. In fact, the entire BTC system consumes tons of electricity constantly. So we can see that moving BTC around costs real resources, but no one seems to have explained to me where "money comes from", aside from a greater-fool. Transaction fees.
        dragontamer 4y ago
        My point, is that all of my friends who have lost money as Celsius and/or Gemini locks up, are going to become distrusting of Bitcoin and cryptocoins in general. You had your best shot at converting them last year, when they were ignorant, and hadn't lost $10,000+ on it yet. Today, they're going to be mad at their losses, the lies, and the fraud, and the outright stealing / locking of accounts. The people in category #2 are almost certainly, permanently, lost. You can't just play with people's savings like this and expect them to trust you. ------- This isn't like a "normal cryptocoin crash". Celsius, and now Gemini, account holders are unable to withdraw funds. Who knows how far this financial-contagion will spread? What's going on right now is a fundamental loss-of-trust. The price goes up, the price goes down. That's not the important bit. Locking down accounts and destroying goodwill is the problem with this crash.
        dubswithus 4y ago
        Where is your proof that Gemini is insolvent? Your friends sound like degenerate gamblers. What does that have to do with having a balanced portfolio with a percentage in crypto? More people are going to do this. Investing in crypto doesn’t mean having all your wealth in it.
        dragontamer 4y ago
        Wow. A bit nervous, aren't ya? I said "locks up". Celsius is likely insolvent. Gemini is only at the stage where there are withdrawal issues. BTC probably has to drop a bit more before Gemini collapses and/or becomes insolvent, but the issues have begun (like Binance). The other crypto-lenders all locked up like this as BTC dropped from $30k to $20k, it looks like Gemini is stronger but its beginning to have withdrawal issues now. If BTC keeps crashing, other crypto-lenders (including Gemini) will be wrecked. Its just the nature of how those systems work.

dubswithus 4y ago

> Majority of people who would want to invest in Bitcoin has already done so. How do you know that? Why can't the market grow as time passes?

dragontamer 4y ago
Because of the shear size of advertisements this past year on the subject. In the USA, you cannot get "more popular" than a superbowl advertisement. And there were dozens of Superbowl ads on cryptocoin this past year.
- dubswithus 4y ago
  So it's over for Coca Cola, McDonald's, and Nike?
  - dragontamer 4y ago
    You've fundamentally mistaken what those large companies are. They're basically dividend stocks, not growth stocks. No one is expecting them to grow much. Those companies make money with their customer base. Coca Cola has the ability to turn 40-cents worth of water, sugar, and flavors into $1 dollar worth of sales. Not only that, but customers are happy with this exchange (and will likely keep making this exchange... at least until people stop liking the taste of sugar). Even without growth, those companies are insanely profitable. Because Coca Cola has a 3% dividend (and its assets are likely inflation-protected), they're a very safe bet. --------- BTC makes no profits. In fact, the entire BTC system consumes tons of electricity constantly. So we can see that moving BTC around costs real resources, but no one seems to have explained to me where "money comes from", aside from a greater-fool.
    - dubswithus 4y ago
      Your argument is that at some point growth stops or stagnates. But most people in the world don't hold cryptocurrency -- yet they know about it. It's a huge market. And that market will be tapped by marketers and advertisers. > BTC makes no profits. In fact, the entire BTC system consumes tons of electricity constantly. So we can see that moving BTC around costs real resources, but no one seems to have explained to me where "money comes from", aside from a greater-fool. Transaction fees.
      - dragontamer 4y ago
        My point, is that all of my friends who have lost money as Celsius and/or Gemini locks up, are going to become distrusting of Bitcoin and cryptocoins in general. You had your best shot at converting them last year, when they were ignorant, and hadn't lost $10,000+ on it yet. Today, they're going to be mad at their losses, the lies, and the fraud, and the outright stealing / locking of accounts. The people in category #2 are almost certainly, permanently, lost. You can't just play with people's savings like this and expect them to trust you. ------- This isn't like a "normal cryptocoin crash". Celsius, and now Gemini, account holders are unable to withdraw funds. Who knows how far this financial-contagion will spread? What's going on right now is a fundamental loss-of-trust. The price goes up, the price goes down. That's not the important bit. Locking down accounts and destroying goodwill is the problem with this crash.
        dubswithus 4y ago
        Where is your proof that Gemini is insolvent? Your friends sound like degenerate gamblers. What does that have to do with having a balanced portfolio with a percentage in crypto? More people are going to do this. Investing in crypto doesn’t mean having all your wealth in it.
        dragontamer 4y ago
        Wow. A bit nervous, aren't ya? I said "locks up". Celsius is likely insolvent. Gemini is only at the stage where there are withdrawal issues. BTC probably has to drop a bit more before Gemini collapses and/or becomes insolvent, but the issues have begun (like Binance). The other crypto-lenders all locked up like this as BTC dropped from $30k to $20k, it looks like Gemini is stronger but its beginning to have withdrawal issues now. If BTC keeps crashing, other crypto-lenders (including Gemini) will be wrecked. Its just the nature of how those systems work.