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bitcoins wild ride
 

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Published: 4 years ago
 

bitcoins wild ride


as seen on the intertubes:

Many people possibly don't have an exit strategy and are along for the (wild) ride.

People that believe in the idea of bitcoin as a store of value understand that there's a possibility it could replace one or more existing stores. This is why you have some seemingly outlandish valuations about. If the momentum keeps up and enough people around the world trust bitcoin more than another currency, then you'll see some of these crazy prices eventuate.

Here's the calculations:

Replaces gold:
Current gold value ~$6 Trillion.
$6T/21,000,000 = $300,000

Replaces USD:
M2 currently about $10.5 Trillion
$10.5T/21,000,000 = $485,714

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The only reason anyone would pay $14,000 CAD is in hopes of selling their coin for much more. No one actually wants a Bitcoin that desperately just to shop with or because they think it's useful and valuable. The coin itself is worthless. This bubble will burst, and badly.

Remember, Bitcoins have absolutely no value. Your failure to understand this is the same reason your coin will fail.

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Yeah I think its going to pop, bitcoin only has 3 uses

1) if its easier / lower fee than credit card
>maybe, but for businesses that already offer credit card, offering bitcoin on top doesnt help much
2)sending money person to person without a wire transfer
>sure but any coin can do this
3) anonymity
>many people falsly believe bitcoin is anonymous, and its value will drop sharply when most people realize it isnt anonymous, needs careful use of laundering systems, and nobody wants to do that.

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>Gold
>Tangible
>Multiple uses in industry
>Multiple uses in the industry of tackyness
>Intrinsic rarity
>Unique material, no substitutes

>Bitcoin
>Thin air
>Zero uses in industry
>Intrinsic rarity as long as the community accepts it
>At least one thousand substitutes

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