Bitcoins/Cryptocurrency

Aegis wrote: »

A good investment is one where an expected increase in value comes from a fundamental reason. There's no such thing in bitcoin

Honestly, it really is incredible the lack of understanding. You will realise what is happening eventually.

Aegis wrote: »

So far not a single person has been able to explain what fundamental reason there is for the increase in bitcoin price. Perhaps, rather than insulting opposing views, you might actual try to be the first?

I am not wishing to insult anyone. The point about lack of understanding on bitcoin is valid to anyone glancing at some of the posts about it on these forums. Bitcoin and everything that goes with it is here to stay, it is more than just "money", there are multiple advantages. It is kind of like the internet all over again which is why I understand comparisons to the dot com boom (I am old enough to remember that stinker of a crash).

It is possible that bitcoin one day does go to to nothing but you can say that about any currency. There is a reason bitcoin was launched straight after the gfc. Banks are constantly being bailed out (Deutsch bank rumours last year). There are many problems with the monetary system and the potential of crypto in this area is one of the reasons for the surge. I am not saying bitcoin as we know it today solves all these problems but it is like what the internet did for information.

This video is a pretty good starting point for learning for anyone who does want to understand and not just dismiss it with 0 thought.

https://www.youtube.com/watch?v=l1si5ZWLgy0&app=desktop

fun4everyone wrote: »

I am not wishing to insult anyone.

If this is the case, then I suggest one of two strategies when replying to opposing posts:

1. provide an actual answer to points raised, using sources if appropriate
2. avoid commenting that someone flat out doesn't understand an issue when you have made no effort to show how that is the case

If you simply comment that someone has a complete lack of understanding, all you are doing is insulting, whether that is your intention or not.

The point about lack of understanding on bitcoin is valid to anyone glancing at some of the posts about it on these forums.

Not true. I've been following bitcoin for done tone and I don't believe it's an investment, but rather a demonstration of a new technology that has gotten completely out of hand.

Bitcoin and everything that goes with it is here to stay, it is more than just "money", there are multiple advantages.

I don't for a second doubt that the technology demonstrated in bitcoin will continue to be used and may change how money works, but that doesn't mean that bitcoin is a good investment. If anything, given the issue with scale that bitcoin has, it is a strong indicator that a successor technology will become much more mainstream, probably with better control over the value of each unit to stop wild speculation from getting enormous volatility in the price.

I do see a lot of people arguing that bitcoin is a great investment because the technology is revolutionary, but that assume that buying the coins is investing in the intellectual property of the block chain, which simply isn't true.

As such, people are "investing" in a product of new technology, not in the technology itself.

Aegis wrote: »

It is clear that noone "investing"in bitcoin can give a rational explanation why it should continue to go up in value other than "because it's going up in value". All other attempted explanations focus entirely on the wrong facts.

I gave you the explanation, along with a very good video on the subject. If you can't see whats happening or you disagree that any of that has value then that is fine. Bitcoin has proved you and many others completely wrong so far.