View Single Post
  #46  
Old 23.11.2020, 10:45
Phil_MCR's Avatar
Phil_MCR Phil_MCR is offline
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 14,188
Groaned at 275 Times in 181 Posts
Thanked 17,502 Times in 7,403 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Mass adoption crypto

Quote:
View Post
its at 15k CHF today.

What is pretty amazing, use cases or not, is how it keeps going up. Its like its own dot com bubble. The people into it are completely convinced it will change the world so keep telling each other its more and more valuable. Either it is, and it will work, or it isnt and if its the latter it will all come crashing down.

I think there are real use cases - mainly in the area of audit rather than financial transactions - but i look in wonder at the price. someone told me to buy one at 5000 chf saying it was "a bargain" and now its 15k (I didnt of course!!!) but if you ask him he is completely, totally, convinced it will get to a million in the next few years.
I think bitcoin is a more extreme version of gold.

- Limited reserves and limited supply but even more limited as production rate is capped unlike for gold where you could open new mines
- Limited uses: gold has uses in industry and jewellry but a lot is as a store of wealth. Bitcoin has some technical uses. Both in theory could be used as a medium of exchange but doesn't make sense for either. Both are essentially just stores of wealth.

The limited new supply means demand quickly ramps prices up and down. The big unknown is how liquid are early quantities of bitcoin a lot may be lost or HODLed - to me that seems the biggest potential thing that could push prices down.
__________________
By replying to this post, you hereby grant Phil_MCR a royalty-free license to use, in any way, anything posted by you on the internet. If you do not accept, stop using EF and delete your account.
Reply With Quote