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The exponential growth of Bitcoin value explained
- ferdo 13y agoBitcoin's rise in value will reflect the same curve that rise of information has taken: http://peculium.net/2013/04/08/bitcoin-is-a-bubble-only-if-you-think-the-rise-of-information-is-a-bubble/ http://peculium.net/2013/04/08/bitcoin-is-a-bubble-only-if-y... Straight up is also a curve.
- Datsundere 13y agohow legit is this? because I'd love to buy me some bitcoins right now
- hahainternet 13y agoNobody knows the future. Especially not people speculating on a cryptocurrency that's breaking new ground. Fair comment: I own bitcoins and plan to keep them for quite a while yet.
- ceejayoz 13y agoIt's pure speculation if not wishful thinking by someone who likely has a lot of BTC they'd like to see continue to rise. No one can, with any certainty, predict the future like this article claims to be able to do.
- peteretep 13y agoDo you think the price of bitcoins will rise over the next x years? What value of money y could you lose and be able to shrug it off? Buy $y of bitcoins, and write yourself a guarantee that you'll sell it in today + x years. Value for me a while ago of y was $1,500 and x was five years, and I buy $150 a month every month on the same day, with a get-out clause at a specific valuation.
- aw3c2 13y agoPlease tell me you are being sarcastic. You are asking how legit a speculation about the astronomical rising price of bitcoin on a bitcoin .com website, with a graph that accurately pinpoints our location in time at the foot of a giant mountain of $$$$$, predicts the downfall of normal money, has no scientific sources. Consider all "you should buy bitcoin now" to be bait from gamblers who want to maximize their speculative outcome. Bitcoin is nothing but speculation. And right now it is in a ridiculous bubble. I would flag this if I could.
- Datsundere 13y agoI don't expect real currencies to plummet but if bitcoins go above $1000 mark, that's pretty amazing.
- lumberjack 13y agoThe article just supposes that Bitcoin is the next big thing and then it portrays where we might be in terms of adoption if indeed the supposition is right. But I would rather want to know why people are adopting Bitcoin and what they are exchanging it for. That way I could truely understand the Bitcoin economy and whether it is actually the next big thing or not. I don't want to be a harsh critic but I always get my hopes up for nothing with these kind of articles.
- zanny 13y ago> what they are exchanging it for. I went to a Subway in Allentown and bought subs with bitcoin last week. Scan QR code, send amount with a (in fiat) .5 cents confirmation fee to get it accepted quickly, done. No signing paper, no pinning codes, no 5% vendor transaction fees for using a piece of plastic. I've bought humble bundies, reddit gold, wordpress themes, and an sd card from a bitcoin auction site with bitcoin. I regularly tip people on reddit with /u/bitcointip and its simple syntax. I donate to various open source projects in bitcoin because I just copy paste their address and send a few USD worth in seconds.
- judk 13y agoDid the Subway accept BTC directly (or with any BTC opt in on their side), or did you out use a real time currency conversion provider on your side? The explicit fee was 0.5c, but there is also exchange rate to negotiate, right?
- stinkytaco 13y agoThis isn't an attack on your response, because yours is a realistic answer to the question. However, I find it difficult to believe these things warrant the massive increase that bitcoin has seen the past few weeks. Open source projects, indie games and one sub shop do not a currency make. That said, I am a believer in bitcoin and hold a few myself. I also exchange it for the things you speak of. But I desperately want to get from auction sites, humble bundles, reddit gold and wordpress themes to groceries, fuel and clothing. Then we might justify this market cap.
- betterunix 13y agoThe article asserts this: "All technologies eventually become outdated" There are easy counterexamples: * Wheels * Fire * Knives These are technologies that predate written records (did I mention writing as another example?) yet they all remain use and are actually fundamental in our daily lives. I am not going to claim that fiat currency will be so enduring, but I see no reason to assume that it will be replaced by anything short of a post-scarcity age.
- tobykier 13y agofire superseded by central heating and electric fires knives superseded by guns (weapons) and fork (cutlery). I'll give you the wheel only because I'm still waiting for my hovercar
- xylem 13y agoI'd like to see how you cut bread with a gun or a fork.
- zanny 13y agoI'll just use a concentrated laser to cut my steak! And char broil it at the same time!
- to3m 13y agoI don't know where you live, but the central heating in my house has a fire in it. That's how the water heats up! And for more localized heating, the heat given off by some kind of flame also seems to be commonly preferred to that from an electric "fire". Fires are also better for everyday domestic cooking, whether due to basic usability (in the case of a hob) or warm-up time (in the case of a grill or oven). Passing electricity through bits of metal until they heat up is fine, but I don't appear to be unique in my feeling that simply setting stuff aflame works better. So all in all, I don't see the humble fire going anywhere. (Lest you think I'm a stick-in-the-mud, do note that I fully approve of the use of electric light over candles.)
- stinkytaco 13y ago
- eonil 13y agoSomeone said that current BTC is more like to target of speculation/venture rather than a device for exchange because it's too unstable. He also said, if you want speculative investment, do whatever on BTC. But if you want a real money for value exchange, BTC is not yet for that. I think that sounds reasonable.
- joezydeco 13y agoI'm holding some bitcoin, but I'm still not sure whether I'm speculating or if I'm in for the long run. Sure, the Chinese are plowing huge sums of surplus cash into BTC, but where can it go? If the US, EU, and China decide tomorrow to freeze out bitcoin exchanges (like the US has already pretty much done), then where does that value go? Does it sit in BTC until adoption hits critical mass? How do you reach critical mass if you can't get in and out of fiat during the transition? All it takes at this point is for China to decide on the socialist side of the fence and seize btcchina. All that Yuan hasn't really left the country and I'm sure Beijing will make damn sure it never does.
- waterlesscloud 13y agoThe Chinese central bank has said it's fine for Chinese citizens to buy bitcoins. http://sinosphere.blogs.nytimes.com/2013/11/22/bitcoin-gets-a-cautious-nod-from-chinas-central-bank/?_r=0 http://sinosphere.blogs.nytimes.com/2013/11/22/bitcoin-gets-...
- judk 13y agoIf you aren't spending, you are speculating. A unit BTC is currency, not a producer of value.
- pdfcollect 13y agoHow many bitcoins does the writer/his friends/investors own? BitCoin Bait? The Bitcoin bubble will burst - there are enough reasons for that as well.
- dlsx 13y agoI don't understand bitcoin. In the sense, for a normal person to use it. I don't understand a normal consumer using bit coin. I can't even figure out how to setup this stupid wallet. It has been downloading a block file for over 5 days. How the fuck is this the future? The future is retarded.
- shawnz 13y agoSince you are apparently very used to people doing things for you, you might want to look at online wallet services[1] that hold your money. You might think that it is less safe to do things that way, and you are right, but it is no less safe than giving your cash to the bank. EDIT: Sorry for being rude; last night was a long night. What I'm really trying to say is that, by running wallet software locally, you are opting yourself in to a few responsibilities that go beyond just storing your own money. If all you want is the ability to store your bitcoins, there are already services that will provide you that ability with no fuss. [1] http://bitcoin.org/en/choose-your-wallet http://bitcoin.org/en/choose-your-wallet
- waterlesscloud 13y agoWell, it is less safe than a bank. Most deposits in a bank are insured. Most (all?) online bitcoin wallets are not.
- judk 13y agoUS Bank accounts are insured by the FDIC.
- ISL 13y agoExcept that banks (in the US) are insured by the FDIC.
- stinkytaco 13y agoPeople are critical of these services, but the poster you're replying to is correct: bitcoin is not ready for prime time. As much as the bitcoin faithful would like to deny it, bitcoin will not be widely adopted until there is a financial services industry around it. The necessity of credit, the convenience of easy payment, the security of your money in a bank, it's just too tempting for people to walk away from. Nevermind that there is still a massive part of the first world population that can't program their clock, much less download a bitcoin wallet. And the fact that Internet infrastructure is still limited worldwide. Try paying with bitcoin on your phone in some more remote parts of Montana.