Nobody wants to spend their buttcoins, they want other people to buy in and make them money. It's an actual factual pyramid scheme.
A community that is trying to get people to adopt would say there's no reason not to get involved now because as more value gets pumped into the currency it becomes less valuable, they wouldn't say buy in now because it might be worth more. Inflation is a necessary and good thing to have in your currency because spending drives the economy, the absolute worst thing for a currency is to make burying it in the backyard better than spending it. When all everyone says is that they bought in ages ago then cashed out, that's just gullible idiots trying to scam other gullible idiots.
The (real) money people are making is not analogous to the investments people try to compare it to. Investments make money by spending on something that will return more money back - it's the movement of money that creates wealth. That's a basic principle lost on the entire lot of them.
It doesn't help that the base is the neckbeardiest lolbertarians buying nothing but drugs and CP.
Bitcoin is intended to be a p2p currency but it's community treats it like an investment vehicle. This is a problem because the way you use those two things couldn't be more different.
Why would anyone make a purchase with bitcoin when they're constantly being taught to "hodl"? These leads the user to hoard rather than spend.
Why would anyone accept bitcoin as payment if you're suppose to only "buy low, sell high"? This leads the user to refuse the currency during downturns.
Why bother with any of this when all bitcoiners can talk about is cashing out into fiat, while simultaneously claiming that goverment backed money is the source of all the woes in the world and needs to be replaced?
Besides the economical issues already discussed below, the tech is lacking too: there's a very small limit on the max amount of transactions per second in the whole network, I think it was around 3 last year.
For comparison, Visa handles thousands and thousands of transactions per second.
They combine the worst of both worlds for fiat and asset-backed currencies. Fiat currencies are volatile and asset-backed currencies (most likely gold) are expensive to produce.
It just wastes electricity.
I think I read something a month ago that if we stopped trading BTC, it would suffice for one year’s carbon emission cuts to limit climate temperature increase to 2C.
A block is about ten minutes, but for a transation to be secure, 6 block being mined is considered normal. (So your blokc +5 others, for a total of 60 to 70 minutes).
It's mainly relative to the number of transactions currently being processed. So back when the hype train was in full swing transactions could take days with fees costing up to $60.
I am not the brightest but computer wise I know enough and some 'advanced' stuff.
I have no idea how bitcoin works and the methods by which you securely use bitcoin are a joke. When YouTube videos explain it even when they cut out most things they are still long. People struggle having more than one password.
Bitcoin will become less volatile when it eventually reaches maximum adoption.
Can anyone who knows a thing or two about this explain a few things to me?.
By adoption they mean practical use right? I remember reading usage of bitcoin for transactions has been declining. So why are they so confident about this?
Also why would it's value keep increasing to the to the point where it will be 20K to 100K wrt to the dollar ? I mean I don't think any currency is that high wrt to other currencies unless the economy of the country they're being used in is collapsing.
Folks! I've got a brand new currency! The whole world will use it. The best part? Those who start using it earliest will by default be the richest! All by doing nothing! Surely this will work.
It won't. The theoretical maximum number of transactions Bitcoin can handle is 7 per second. Seven!
By comparison, PayPal averages 200 transactions per second (450+ per second on Black Monday) and Visa averages 1700 per second (but can handle 56,000).
See, what you're saying is that Bitcoin is terrible as a currency.
This also became apparent to the cult followers, so they've moved on to say that Bitcoin is a 'Store of Value', like digital gold. They say its shitty transaction capacity is ok because 'how often do you sell gold'?
Then the cryptocurrencide of the past few months happened, so now they've crossed out 'Store of Value' and are back to promoting it as a currency, this time through an unnecessarily complicated system that called the Lightning Network.
And if you dare suggest BCH instead of BTC, they screech that its Chinese controlled internet monoply money, not apparently realizing that they are also just using internet monoply money.
To be fair, it's also used by pedos mayos working without documentation as kindergarten """teachers""" in Asia to transfer their money back home without having to provide proof of tax to the local IRS.
Yeah Bitcoin might be shit in that regard, but there are newer and better cryptocurrencies that handle it properly. Ripple consistently handles 1500 transactions/sec, and has at one point reached 50,000 (go down to 'Scalable' section).
For any economic historians here, was there any other financial system in history where the users exploited the speculators instead of the other way around?
59 comments
1 SnapshillBot 2018-12-15
Jews did this
Snapshots:
I am a bot. (Info / Contact)
1 dudeWares 2018-12-15
Once everyone buys into this pyramid scheme I'll be rich!
1 TheSubredditPolice 2018-12-15
This statement becomes even more retarded when you realize the community is doing everything possible to stop adoption.
1 Ivashkin 2018-12-15
I liked bitcoin when it was money, not as keen on internet gold status
1 1029384756-mk2 2018-12-15
What do you mean?
1 carthoris26 2018-12-15
Nobody wants to spend their buttcoins, they want other people to buy in and make them money. It's an actual factual pyramid scheme.
A community that is trying to get people to adopt would say there's no reason not to get involved now because as more value gets pumped into the currency it becomes less valuable, they wouldn't say buy in now because it might be worth more. Inflation is a necessary and good thing to have in your currency because spending drives the economy, the absolute worst thing for a currency is to make burying it in the backyard better than spending it. When all everyone says is that they bought in ages ago then cashed out, that's just gullible idiots trying to scam other gullible idiots.
The (real) money people are making is not analogous to the investments people try to compare it to. Investments make money by spending on something that will return more money back - it's the movement of money that creates wealth. That's a basic principle lost on the entire lot of them.
It doesn't help that the base is the neckbeardiest lolbertarians buying nothing but drugs and CP.
1 Whaddaulookinat 2018-12-15
Cryptonuts learning a hard lesson on fungibility, velocity of move, and deflation but still wanna have wider more important adoption.
1 Monkits 2018-12-15
Bitcoin is intended to be a p2p currency but it's community treats it like an investment vehicle. This is a problem because the way you use those two things couldn't be more different.
Why would anyone make a purchase with bitcoin when they're constantly being taught to "hodl"? These leads the user to hoard rather than spend.
Why would anyone accept bitcoin as payment if you're suppose to only "buy low, sell high"? This leads the user to refuse the currency during downturns.
Why bother with any of this when all bitcoiners can talk about is cashing out into fiat, while simultaneously claiming that goverment backed money is the source of all the woes in the world and needs to be replaced?
1 captainlvsac 2018-12-15
I come to drama for the well informed and properly articulated responses.
1 old_grumpy_grandpa 2018-12-15
Besides the economical issues already discussed below, the tech is lacking too: there's a very small limit on the max amount of transactions per second in the whole network, I think it was around 3 last year. For comparison, Visa handles thousands and thousands of transactions per second.
1 mrv3 2018-12-15
What you mean by treating it like a interment rather then a currency they are hindering is ability to be a currency?
1 Galaxium 2018-12-15
Bitcoin and crypto currencies are pretty awful.
They combine the worst of both worlds for fiat and asset-backed currencies. Fiat currencies are volatile and asset-backed currencies (most likely gold) are expensive to produce.
It just wastes electricity.
I think I read something a month ago that if we stopped trading BTC, it would suffice for one year’s carbon emission cuts to limit climate temperature increase to 2C.
1 cheeZetoastee 2018-12-15
doesn't it also take hours to complete a btc transaction?
1 backltrack 2018-12-15
Yes
1 Rusty_Shackelford69 2018-12-15
nah, more like 15 minutes at most
1 error404brain 2018-12-15
A block is about ten minutes, but for a transation to be secure, 6 block being mined is considered normal. (So your blokc +5 others, for a total of 60 to 70 minutes).
1 Monkits 2018-12-15
It's mainly relative to the number of transactions currently being processed. So back when the hype train was in full swing transactions could take days with fees costing up to $60.
1 mrv3 2018-12-15
I am not the brightest but computer wise I know enough and some 'advanced' stuff.
I have no idea how bitcoin works and the methods by which you securely use bitcoin are a joke. When YouTube videos explain it even when they cut out most things they are still long. People struggle having more than one password.
1 RollBread 2018-12-15
That doesn't even mean anything....
1 MAMStoic 2018-12-15
Can anyone who knows a thing or two about this explain a few things to me?.
By adoption they mean practical use right? I remember reading usage of bitcoin for transactions has been declining. So why are they so confident about this?
Also why would it's value keep increasing to the to the point where it will be 20K to 100K wrt to the dollar ? I mean I don't think any currency is that high wrt to other currencies unless the economy of the country they're being used in is collapsing.
1 DEEPenergy123 2018-12-15
It never even began for coincels
1 therapistofpenisland 2018-12-15
Ahh yes.
​
Folks! I've got a brand new currency! The whole world will use it. The best part? Those who start using it earliest will by default be the richest! All by doing nothing! Surely this will work.
1 TruthPains 2018-12-15
Now pay me millions and I'll start sending you little bits of data to prove you have one of these currency value thingies....
1 ComedicSans 2018-12-15
It won't. The theoretical maximum number of transactions Bitcoin can handle is 7 per second. Seven!
By comparison, PayPal averages 200 transactions per second (450+ per second on Black Monday) and Visa averages 1700 per second (but can handle 56,000).
Bitcoin will never, ever replace these
1 POST_BUSSY 2018-12-15
See, what you're saying is that Bitcoin is terrible as a currency.
This also became apparent to the cult followers, so they've moved on to say that Bitcoin is a 'Store of Value', like digital gold. They say its shitty transaction capacity is ok because 'how often do you sell gold'?
Then the cryptocurrencide of the past few months happened, so now they've crossed out 'Store of Value' and are back to promoting it as a currency, this time through an unnecessarily complicated system that called the Lightning Network.
1 ComedicSans 2018-12-15
Schrödinger's currency: It's a store of value unless you look at its value, and then it's a currency.
1 Plexipus 2018-12-15
Every time you look in the box it's a dead cat bouncing
1 push_ecx_0x00 2018-12-15
Bitcoin is not webscale
1 diggity_md 2018-12-15
tfw your very stable genius store of value can randomly lose half its value overnight
1 SuperShake66652 2018-12-15
Why rope when there’s cope.
1 better_bot 2018-12-15
tfw your currency isn't backed by an army
1 ClaireBear1123 2018-12-15
or millions of people paying taxes in it
1 TheRootinTootinPutin 2018-12-15
And if you dare suggest BCH instead of BTC, they screech that its Chinese controlled internet monoply money, not apparently realizing that they are also just using internet monoply money.
1 antihexe 2018-12-15
You're not wrong that bitcoin will fail, but you're wrong about the theoretical maximum.
1 RealJackAnchor 2018-12-15
You're right. It might be lower.
https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
"The transaction processing capacity maximum is estimated between 3.3 and 7 transactions per second."
1 tHeSiD 2018-12-15
I thought you were joking, its true lmao!
1 Momruepari 2018-12-15
we'll just have to wait 4 hours in line at Wal-Mart then!
1 Monkits 2018-12-15
Once there was over 250k transactions backlogged...took days for a transaction to finally resolve.
1 1029384756-mk2 2018-12-15
Do you mean like worldwide at the same time or what?
1 ComedicSans 2018-12-15
Yup.
1 1029384756-mk2 2018-12-15
?????????????????????
worldwide bitcoin can only handle 7 fucking transactions per second
wtf
1 ComedicSans 2018-12-15
https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
1 1029384756-mk2 2018-12-15
how the fuck did bitcoin grow so big with a limit of 7 transactions per second worldfuckingwide?
1 ComedicSans 2018-12-15
Because nobody actually uses it for real-life transactions, even though they pretend like it's an alternative for money.
1 mohkohnsepicgun 2018-12-15
To be fair, it's also used by
pedosmayos working without documentation as kindergarten """teachers""" in Asia to transfer their money back home without having to provide proof of tax to the local IRS.1 Extract 2018-12-15
Yeah Bitcoin might be shit in that regard, but there are newer and better cryptocurrencies that handle it properly.
Ripple consistently handles 1500 transactions/sec, and has at one point reached 50,000 (go down to 'Scalable' section).
1 ComedicSans 2018-12-15
These people don't have their life savings invested in Ripple, so it's far less hilarious.
1 grep_var_log 2018-12-15
Nothing to be gained from Ripple though, as the big boys use a private blockchain.
1 automatic_cluck 2018-12-15
Fent money ran out, eh?
1 automatic_cluck 2018-12-15
BULLISH!
1 v3rminator 2018-12-15
Greed killed crypto.
1 IAmAN00bie 2018-12-15
Bitcoin drama is one of those classics that'll never get old.
1 Karmaisforsuckers 2018-12-15
Good job, son. I'm proud of you.
1 ItsSugar 2018-12-15
BITCONNEEEECT!!!
1 mohkohnsepicgun 2018-12-15
The world as we know it is not the way it used to be, nnn nnnh!
1 Tetragrade 2018-12-15
This is good for Dramacoin.
1 RollBread 2018-12-15
Idiots are parted with their money.
It's the nature of trade.
1 ReDMeridiaN 2018-12-15
My crypto portfolio was over $40,000 this time last year.
Now it’s under $4k.
😎🔫
1 Prysorra2 2018-12-15
For any economic historians here, was there any other financial system in history where the users exploited the speculators instead of the other way around?