BITCOIN

HHarry

Over the course of 220 pages Bitcoin has,

Been the new fiat but with out The Man watching you
Been a store of wealth
Been the reserve currency for developing nations
Been a Forex oppurtunity.

Is it any wonder that the sceptics aren’t in any rush to change their minds.

Zola.

Those things are not mutually exclusive. 
Bitcoin will continue to be many more things as its use case widens... 

Malthusian

Zola. said:

There is of course a flip side to that - paying in bitcoin during a parabolic run or realising longer term gains and essentially eating for free a losing punter's lunch.

FTFY. Punters' free lunches out == punters' hunger in.

If you want to eat for free you could also just sit down next to a cashpoint and look forlorn until someone buys you a sandwich and a cup of tea.

Zola.

Irrelevant

lozzy1965

Zola. said:

Those things are not mutually exclusive. 
Bitcoin will continue to be many more things as its use case widens... 

I believe the 'use case' for "new fiat but with out The Man watching you" has well and truly failed.  I've heard a few pro BTC's acknowledge this.
"store of wealth" so far not so good.
"reserve currency for developing nations" so far not so good, kind of goes hand in hand with the previous 'use case'.
"a Forex opportunity", succeeded, as in it's been a total gamble so far, plenty of winners who were early to the party, not so much if late arrivers.
So not entirely sure it's a case of its use case widening so much as frantically rushing round trying to find one beyond being a way to switch money abroad quickly! 

Zola.

What people label bitcoin as doesn't really matter. Long term performance matters. 

Perhaps look at where bitcoin was 5 years ago? Certainly would be a good store of wealth had you invested and simply held.... As all long term bitcoin advocates say. Hence "hodl". 

Like any investment it takes time. If your time horizon is 12-24 months you are going to lose, probably....

Its going to be interesting looking back at this thread in a few years. You only have to search old bitcoin threads here where certain 'financial expert' members are slagging it off when it's priced at £5000 and continue to do so today without actually considering (or having the humility to admit) that they are maybe wrong...  They say history doesn't repeat itself... I'm not so sure.. 

fwor

Zola. said:

Its going to be interesting looking back at this thread in a few years. You only have to search old bitcoin threads here where certain 'financial expert' members are slagging it off when it's priced at £5000 and continue to do so today without actually considering (or having the humility to admit) that they are maybe wrong...  They say history doesn't repeat itself... I'm not so sure.. 

You seem to misunderstand the point that most experienced investors here are making.

Most of us are NOT saying that it won't "go to the moon" in a years time, or five years time, NOR are we saying that it will go to nothing in a year or five.

I think what you will find is that most of the people who are not interested (like me) take that view because there are no indicators that could possibly give us a clue which of those it will be. I'm simply not interested in gambling on something with that level of uncertainty.

So it would be wrong to label people like me as "h8rs" and "anti-Bitcoin". I don't resent the people that got lucky - winners that gained because the price went up - and I do feel sympathy for the other side of that equation (the people that sold before it went up, and the people that bought before it dropped). And I won't feel any sort of jealousy about people who gain in future if/when it does take off again.

If you're going to start looking at past predictions, bear in mind that a "financial expert" and trader in Bitcoin predicted last year on this forum that the price would be over $100k by the end of 2021... If you're fair about it, you need to look at both sides of that one...

Zola.

Not missing the point I don't believe... but for the rest of your post I think that's pretty fair.

Putting hard dates on things is never going to work also. 

Malthusian

lozzy1965 said:

So not entirely sure it's a case of its use case widening so much as frantically rushing round trying to find one beyond being a way to switch money abroad quickly! 

When people have been running around for 13 years trying to find a use case, with a lottery win as the incentive for finding it, and they don't find it, absence of evidence is evidence of absence.

In 2022 it's like watching people trading Beanie Babies between each other trying to find the one that cures cancer or turns lead into gold.

The "use case" thing is dead and buried, it's all about the mEhDuHvErSe now. (Handing over real money for crypto which is then exchanged for computer game land or clip art, which is generated for free by pressing a button.)

mattywallace121

Its certainly going to be interesting coming back to this thread in 10 years time.....