just wondering.. if someone would be poor how would they get any bitcoin in the first place, 60k isnt exactly cheap is it?
What about the wild price swings? if rose nearly 4k today? what about next week??
e.g if i put in $60k right now bought 1 BTC, 6 months time the price crashes 50% now my 1 coin is only worth $30k, who just stole my other $30k?
Not a very reliable way to store $$ long term is u ask me..
Now i hate the current financial system but atleast with fiat currency the value remains stable and im not going to wake up next week and my life savings will be gone...
WIth current system all i have to deal with is inflation and interest rates affecting the buying power of my $$$ and these are usually 1-5% a year or 0.25/0.5% on CB interest rates.
Seems no different that trading stocks to me.. just gambling.
Also with supply being limited is there not a huge risk of a financial whale coming along and dropping a few bill in and capturing the market? like a hostile takeover via stock ownership?
Also who processes all the payments?
I dont know jack about crypto, never really trusted tech atall... never owned a smartphone... :D :D never will.
P.S Formatting on this site is abysmal.. this WAS a proper paragraph CBA to fix it.
bitcoin is divisible into 100 million parts.....the whole idea the "omg a bitcoin is so epensive how could a poor person buy one" is demonstrative of the fundamental lack of understanding here. You can buy $1 worth of BTC.
What about the wild price swings? What about the wild price swing of the dollar to the downside? What about the endless printing of the dollar?
BTC has performed at an average of over 200% per year over the course of its lifetime. If you don't think that sounds like a reliable way to store long term value...LOL
The main problem with the current financial system is you are forced to take on risk (stocks, investment) to store your value because like you said you're dealing with inflation. Bitcoin is deflationary, with a hard cap on total supply, and a decreasing rate of issuance.
In addition it is uncensorable/unconfisatable. Daddy Trump recently had banking services shut off. Gab and other patriots too. Those dollars you thought were yours could be suddenly under somebody else's control at any moment. Bitcoin fixes this.
thanks for replying,
You make some good points,
In my first point about the price was abit facetious as i was setting up the 2nd point about the wild price swings. Annnyway,
IM not here to defend the fiat system im just genuinely curious, just lookd at the chart for BTC and u say there no price swings but since DEc 2017 BTC has lost ~86% of its value twice, yes yes on average its up since launch but week to week you could see HUGE swings in value relative to fiat fluctuations.
a niiice price climb recently but what makes you think the price isnt going to collapse ~86% again in the near future. it would'nt be unheard of.
Like i said, looks like a good casino and at some point i will probably buy a fraction of a BTC to try to make some $$ on the upswing but loooking at it you would be foolish to use it as a primary method transacting in 2021 and i doubt even you are actually doing that.
i guessing ur playing like any other stock for gains and NOT actually using it as day to day currency, id wager you cash out into $$ as soon as the price drops a few % and go spend those beacuse lets face it, its more stable.
Man i wish i have bought in back in the day when my flatmate was telling about this thing call bitcoin i think they were $4 each back then....
Bitcoin only recently crossed the trillion dollar marketcap threshold.
Only recently have publicly traded companies begun adding it to their balance sheets.
Have you looked at the numbers started to be purchased by the likes of Grayscale, Tesla, Microstrategy, etc.? They're buying more than is being issued.
This is the first time in history, unlike any of the previous bull markets where there is a liquidity crisis - not of the sort that caused the crashes you mentioned (low liquidity). It's the opposite. This time the issue is there are large sums of money that want to get in, but are unable to.
just wondering.. if someone would be poor how would they get any bitcoin in the first place, 60k isnt exactly cheap is it? What about the wild price swings? if rose nearly 4k today? what about next week?? e.g if i put in $60k right now bought 1 BTC, 6 months time the price crashes 50% now my 1 coin is only worth $30k, who just stole my other $30k? Not a very reliable way to store $$ long term is u ask me..
Now i hate the current financial system but atleast with fiat currency the value remains stable and im not going to wake up next week and my life savings will be gone... WIth current system all i have to deal with is inflation and interest rates affecting the buying power of my $$$ and these are usually 1-5% a year or 0.25/0.5% on CB interest rates. Seems no different that trading stocks to me.. just gambling.
Also with supply being limited is there not a huge risk of a financial whale coming along and dropping a few bill in and capturing the market? like a hostile takeover via stock ownership? Also who processes all the payments?
I dont know jack about crypto, never really trusted tech atall... never owned a smartphone... :D :D never will.
P.S Formatting on this site is abysmal.. this WAS a proper paragraph CBA to fix it.
bitcoin is divisible into 100 million parts.....the whole idea the "omg a bitcoin is so epensive how could a poor person buy one" is demonstrative of the fundamental lack of understanding here. You can buy $1 worth of BTC.
What about the wild price swings? What about the wild price swing of the dollar to the downside? What about the endless printing of the dollar?
BTC has performed at an average of over 200% per year over the course of its lifetime. If you don't think that sounds like a reliable way to store long term value...LOL
The main problem with the current financial system is you are forced to take on risk (stocks, investment) to store your value because like you said you're dealing with inflation. Bitcoin is deflationary, with a hard cap on total supply, and a decreasing rate of issuance.
In addition it is uncensorable/unconfisatable. Daddy Trump recently had banking services shut off. Gab and other patriots too. Those dollars you thought were yours could be suddenly under somebody else's control at any moment. Bitcoin fixes this.
thanks for replying, You make some good points, In my first point about the price was abit facetious as i was setting up the 2nd point about the wild price swings. Annnyway,
IM not here to defend the fiat system im just genuinely curious, just lookd at the chart for BTC and u say there no price swings but since DEc 2017 BTC has lost ~86% of its value twice, yes yes on average its up since launch but week to week you could see HUGE swings in value relative to fiat fluctuations. a niiice price climb recently but what makes you think the price isnt going to collapse ~86% again in the near future. it would'nt be unheard of.
Like i said, looks like a good casino and at some point i will probably buy a fraction of a BTC to try to make some $$ on the upswing but loooking at it you would be foolish to use it as a primary method transacting in 2021 and i doubt even you are actually doing that.
i guessing ur playing like any other stock for gains and NOT actually using it as day to day currency, id wager you cash out into $$ as soon as the price drops a few % and go spend those beacuse lets face it, its more stable.
Man i wish i have bought in back in the day when my flatmate was telling about this thing call bitcoin i think they were $4 each back then....
Anyways, thanks.
Bitcoin only recently crossed the trillion dollar marketcap threshold.
Only recently have publicly traded companies begun adding it to their balance sheets.
Have you looked at the numbers started to be purchased by the likes of Grayscale, Tesla, Microstrategy, etc.? They're buying more than is being issued.
This is the first time in history, unlike any of the previous bull markets where there is a liquidity crisis - not of the sort that caused the crashes you mentioned (low liquidity). It's the opposite. This time the issue is there are large sums of money that want to get in, but are unable to.
Of course I have to cash out in some capacity at times to operate in society - for now. Some good reading that may give you an idea on why I convert all of my profits and regular earnings INTO btc though: https://unchained-capital.com/blog/bitcoin-is-the-great-definancialization/
as market capitalization rises, volatility decreases. chart since inception: https://i.postimg.cc/PxCcXCL8/download.png