Any bitcoin supporters here?

goodbeertimes · 2017-12-01T05:10:42+00:00

[deleted]

MarketGiraffe · 2017-12-01T05:26:30+00:00

i like litecoin.

TressentRP · 2017-12-01T08:58:50+00:00

I am interested in buying bitcoin but I can't bring myself to do it. Not yet at least.

From my limited understanding in economics and finance, my perspective on what currencies represent in the modern age, is that a particular currency's value represents the worldwide demand for that particular currency issuer's goods and services. I know this is a simplified representation of what a 'currency' is, but this is what makes most sense to me.

In order to attend a US university, you'll have to pay in US dollars. If you want to visit New York and sample some of their restaurants, you'll have to pay in US dollars. I'm sure there are exceptions to my examples, but for the most part I believe it holds true.

As bitcoin is not associated with any country, it cannot be viewed the same way. If it was, you can argue that bitcoin has no value and that any value it has is temporary and is thus inherently overvalued.

Part of the beauty/value of cryptocurrencies is that they are not affiliated with any country/government. Where this will lead I have no idea. I interpret this as it is not constrained by a country's monetary policy. A bailout would not affect bitcoin (because it would not happen) in the same way as it would affect the US dollar. Hyperinflationary, central banking bankruptcies, and the such may or may not be applicable to bitcoin.

But there's the application of block-chain technologies, of which bitcoin, and others, have been successful. Bitcoin is finite, and almost strikes me as an instance of 'digital gold' being discovered. Except that gold has practical uses, but has also evolved in such a way where it became generally accepted as valuable. I feel that bitcoin has evolved in a similar manner.

I am still hesitant to buy bitcoin as I feel it is overvalued. Bitcoin is almost like cigarettes in prison. Or SOJs in Diablo 2. Somehow, everybody just decided that these items would have value within their context. Cigarettes has some inherent utility where they can be consumed, easily transportable, and so on - I get that. Somehow, everybody decided that bitcoin is actually valuable, and demand (whether warranted or not) determined bitcoin's ongoing value.

There's more to the story I'm sure. I'm sure tons of people made money (we all hear about those) but I'm sure tons of people lost too (don't hear about these as much).

I think bitcoin is here to stay. Whether or not they are tulip bulbs remain to be seen.

runcmc22 · 2017-12-01T08:46:31+00:00

Forget Bitcoin and most other coins in the top 10-50. If you want to make money, invest in coins that are bottom dollar compared to what they were in the past (Numeraire for example)

Sit on that coin for a while until it goes back up because IT WILL.

It's how I've made a very hefty profit over the past year. If you don't believe me check my post history on subs for coins that blew up a while ago.

ilovecorntoomuch · 2017-12-01T09:02:38+00:00

Used to be a big supporter of it as a currency, now only as a way of transferring money. Still hold a small 4 figure amount. But after seeing people forking it (printing money) and having the original with all of its spinoffs values go up, I've stopped taking it seriously as a currency.

mgtowthrowaway0 · 2017-12-02T15:09:06+00:00

Ethereum

Title	Any bitcoin supporters here?
Author	helios_01
Upvotes	6
Comments	13
Date	December 1, 2017 4:47 AM UTC (8 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/7gsoq2/any_bitcoin_supporters_here/
Archive Link	https://theredarchive.com/r/MGTOW/any-bitcoin-supporters-here.529281 https://theredarchive.com/post/529281

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