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Posted on 2/13/21 at 11:30 am to rocket31
quote:
im not sure if this scenario plays out fwiw, i think id rather live in a world where i save in bitcoin and spend in fiat
so if BTC never becomes “currency”, then it’s a commodity ie a digital collectible. And it has value because people want to own it, so let’s just say that.
BTC is a baseball card
Posted on 2/13/21 at 11:33 am to cgrand
quote:
BTC is a baseball card
im okay with that for the most part. think of it as rare one, with a 21 million finite supply, that they can never print more of, and since its digital no one can break into your house and steal it from you (generally speaking)
would you rather own a Picasso or 1000 bitcoins? one requires storage costs, exhaustive home security measures, maintenance, and transportability considerations. the other does not
This post was edited on 2/13/21 at 11:58 am
Posted on 2/13/21 at 11:37 am to momentoftruth87
quote:Technically, we (Bitcoin holders) are.
Who is in charge of it?
Posted on 2/13/21 at 12:01 pm to cgrand
quote:We live in a USD dominated society so it is hard to comprehend something being priced in a unit other than USD. Go to Mexico and you can buy things in Pesos, USD, Euros, metals, farm animals, etc. 10 years from now, a car dealership will price a new 4 door sedan in whatever BTC amount at the time it is valued. That value could be based upon what 1 BTC could turnaround and buy in the market, or it could still be based upon what the USD value of BTC is. Just no telling if BTC will ever get to that level of adoption.
so ten years from now, how will an auto dealer in Indiana price for sale a new 4 door sedan in BTC? What will it be based on? BTC’s value in USD?
For now, I'm just expecting it to take over a large amount of Gold's marketcap as a store of value.
This post was edited on 2/13/21 at 12:02 pm
Posted on 2/13/21 at 12:41 pm to 13SaintTiger
TLDR: Banks and Market Makers love it, it's here to stay for a long time, big line go up, Bitcoin will never be p2p cash.
Bitcoin will probably be closer to a million than to 40k before it's all said and done. Then interest of bankers and large-scale investors have sealed the short term future for Bitcoin as "digital gold" or a "store of value" or whatever fake and dumb pivot they come up with next. The massive, insurmountable shortcomings of the network in performing as "peer to peer electronic cash" are huge advantages for banks who don't really want to have a viable p2p electronic cash.
Bitcoin will probably be closer to a million than to 40k before it's all said and done. Then interest of bankers and large-scale investors have sealed the short term future for Bitcoin as "digital gold" or a "store of value" or whatever fake and dumb pivot they come up with next. The massive, insurmountable shortcomings of the network in performing as "peer to peer electronic cash" are huge advantages for banks who don't really want to have a viable p2p electronic cash.
This post was edited on 2/13/21 at 12:42 pm
Posted on 2/13/21 at 12:53 pm to ChuckO1975
quote:
The massive, insurmountable shortcomings of the network in performing as "peer to peer electronic cash"
meh, if im buying homes and yachts, i dont need an instant and feeless p2p electronic cash system anyways. something secure, that takes multiple confirmations would be ideal.
if im going to buy something smaller, without fees, instantly, id just use a credit card (for security and rewards point) or venmo (to transfer to a friend)
i dont get the crypto use case for p2p electronic cash.
Posted on 2/13/21 at 1:16 pm to TigerTatorTots
quote:
10 years from now, a car dealership will price a new 4 door sedan in whatever BTC amount at the time it is valued. That value could be based upon what 1 BTC could turnaround and buy in the market, or it could still be based upon what the USD value of BTC is. Just no telling if BTC will ever get to that level of adoption.
Isn't the US government in process of setting up a CBDC? I think we're going to live in a world of gold and bitcoin being stores of value.
Bitcoin is in price discovery mode and will become less volatile over time as adoption matures, but is the US CBDC going to be pegged against gold or bitcoin? If gold, then the car dealership will accept the US CBDC and it will be priced against that official value.
I believe in crypto and especially blockchain tech as the future, but gold isn't going anywhere.
Posted on 2/13/21 at 1:36 pm to JimMorrison
quote:Yea, but I don't know what that has to do with Bitcoin. CBDC or any other central bank stable coin is no different than fiat. Unless you get enough people that want to divorce the on purpose inflationary and centralized system, stable coins and Bitcoin will never serve the same purpose.
Isn't the US government in process of setting up a CBDC?
ETA: My understanding of CBDC was that it would just be the Fed's digital currency. Not backed by gold as you alluded. I may be thinking of the wrong coin though.
This post was edited on 2/13/21 at 1:38 pm
Posted on 2/13/21 at 3:46 pm to rocket31
quote:
i dont get the crypto use case for p2p electronic cash.
Seems pretty straightforward to me. The middlemen in the payment networks have proven their willingness to cut users out of the networks for sociopolitical reasons and that's not going to decrease as time goes on.
Merchants and consumers being able to exchange value for less than a penny in a matter of seconds is also a pretty huge advantage.
Consumers and merchants being able to control their own cash without the need to deal with the terms and conditions of the finance sector is another big reason.
There are far fewer reason not to want a p2p electronic cash tbh.
Bitcoin won't be used to settle yacht sales either. It will be a settlement layer that people use to conclude billions of dollars in transactions when needed. It's a banker coin. It's fascinating to me that the very thing that got people so excited about Bitcoin are discarded as unimportant now. I understand why people feel like it's ok to settle for less given that their bitcoin investments have made the very rich now or at least much more comfortable, but I don't understand why people no longer thing p2p cash is relevant now. It's never been more relevant.
This post was edited on 2/13/21 at 3:49 pm
Posted on 2/13/21 at 5:19 pm to Nature Boy
mSTR, MARA, RIOT
Posted on 2/13/21 at 5:31 pm to seawolf06
AAVE, Yearn, UMA
Posted on 2/13/21 at 10:25 pm to 13SaintTiger
This year? 100k Then possible dump
Posted on 2/13/21 at 10:35 pm to ChuckO1975
quote:
I don't understand why people no longer thing p2p cash is relevant now. It's never been more relevant.
we can do this now... without cypto...for free, instantly.
its pretty convenient that you continually keep glossing over that fact
This post was edited on 2/13/21 at 10:40 pm
Posted on 2/13/21 at 10:38 pm to ChuckO1975
quote:
I understand why people feel like it's ok to settle for less given that their bitcoin investments have made the very rich now or at least much more comfortable
meh, i have no loyalty to any asset or coin and talk down to nearly every "investment" token i see posted on here
if something superior comes along as a SoV to replace bitcoin, ill go there. for now, bitcoin is the winner so thats where i am.
i have zero desire to send bitcoin as P2P because that seems beyond foolish; why would i send someone non-inflationary bitcoin when i can send them inflationary dollars?
This post was edited on 2/13/21 at 10:43 pm
Posted on 2/13/21 at 10:42 pm to 13SaintTiger
The Treasury and Fed will NEVER allow a crypto to become a dominate force in the financial market.....unless they have complete regulatory authority over it.
That said, BTC will go to $100,000 and from there, who the hell knows.
That said, BTC will go to $100,000 and from there, who the hell knows.
Posted on 2/14/21 at 6:52 am to TigerTatorTots
quote:
Fedcoin does nothing to Bitcoin because the purpose of Fedcoin is not for anything that Bitcoin does.
That’s not the point
The point is everyday people won’t use Bitcoin once fedcoin is mainstream and the government forces Bitcoin out.
Posted on 2/14/21 at 7:15 am to cgrand
yes that is the plan and not just for bitcoin, Im pretty sure you can purchase a tesla w bitcoin.
Posted on 2/14/21 at 7:41 am to tigerpawl
What draws a tech and money simpleton like me to Btc is the inflation/deflation factor.
Btc is finite, while USD is printed at will with no backing. 20-25% of circulating USD was printed in 2020.
Btc is finite, while USD is printed at will with no backing. 20-25% of circulating USD was printed in 2020.
Posted on 2/14/21 at 7:46 am to KillTheGophers
May not have a choice if enough corporations and world population commits.
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