Bitcoin

thegentleway

EdGasketTheSecond said:

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around. Some have come and gone already. What about when there are no more BitCoins to be mined, there isn't then much incentive to keep the servers running consuming vast amounts of energy when all the operators will get is some transaction fees from speculators. It will die a death one way or another.

Why would having mined all the bitcoins make them worthless!? It's the other way round, scarcity increases value. Do you think gold will all of sudden become worthless when it has all be mined? In any case, they can change the protocol and create more bitcoins if desired.

EdGasketTheSecond

thegentleway said:

EdGasketTheSecond said:

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around. Some have come and gone already. What about when there are no more BitCoins to be mined, there isn't then much incentive to keep the servers running consuming vast amounts of energy when all the operators will get is some transaction fees from speculators. It will die a death one way or another.

Why would having mined all the bitcoins make them worthless!? It's the other way round, scarcity increases value. Do you think gold will all of sudden become worthless when it has all be mined? In any case, they can change the protocol and create more bitcoins if desired.

After the last bitcoin has been mined, what incentive is there to support the blockchain other than some commissions on transactions? If the servers are turned off then its bye bye BitCoin. Gold is totally different as it is a hard physical metal you can carry around in your pocked, bury in the garden, make jewelry or deposit in a vault; it doesn't need huge amounts of energy and an IT infrastructure to support it.

Malthusian

EdGasketTheSecond said:

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around.

You've made my point for me. There are thousands of potential usurpers, some of which are technically better than Bitcoin - more flexible, more anonymous - and yet Bitcoin is as popular as ever because of its brand recognition. If Bitcoin was going to die off due to a rival, it would have happened already.

Everyone trades Bitcoin because everyone trades Bitcoin (well, everyone who wants to get rich quick trading crypto or is selling shovels to the get-rich-quick crowd). It may be circular but it works. You can launch a thousand more ICOs and Bitcoin will still be the original (if not the best).

EdGasketTheSecond

Malthusian said:

EdGasketTheSecond said:

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around.

You've made my point for me. There are thousands of potential usurpers, some of which are technically better than Bitcoin - more flexible, more anonymous - and yet Bitcoin is as popular as ever because of its brand recognition. If Bitcoin was going to die off due to a rival, it would have happened already.

Everyone trades Bitcoin because everyone trades Bitcoin (well, everyone who wants to get rich quick trading crypto or is selling shovels to the get-rich-quick crowd). It may be circular but it works. You can launch a thousand more ICOs and Bitcoin will still be the original (if not the best).

Not 'Everyone trades BitCoin'; those enthusiasts trade BitCoin with other enthusiasts and they don't all get rich quick. It is a zero-sum game and for everyone that is winning, someone else is losing. BitCoin costs a lot to support, is not producing any useful goods or services and has no intrinsic value.

barnstar2077

According to the BBC Bitcoin is using the equivalent electricity of seven nuclear power stations.  Eventually Greta Thunberg might hear about it, it's not cool to pollute and use to excess these days.  I can remember when someone drink driving was thought of as a bit of a jolly, now it is rightfully considered selfish and incredibly dangerous and anyone that does it wouldn't dare to tell others that they do.  Times change.

thegentleway

EdGasketTheSecond said:

thegentleway said:

EdGasketTheSecond said:

Central Banks and Governments could certainly outlaw/ban bitcoin if/when they choose but they probably won't need to.

Re. "Whereas I can't think of anything that could make BitCoin worthless that isn't the case already." - how about other crypto usurpers; there are plenty of others around. Some have come and gone already. What about when there are no more BitCoins to be mined, there isn't then much incentive to keep the servers running consuming vast amounts of energy when all the operators will get is some transaction fees from speculators. It will die a death one way or another.

Why would having mined all the bitcoins make them worthless!? It's the other way round, scarcity increases value. Do you think gold will all of sudden become worthless when it has all be mined? In any case, they can change the protocol and create more bitcoins if desired.

After the last bitcoin has been mined, what incentive is there to support the blockchain other than some commissions on transactions? If the servers are turned off then its bye bye BitCoin. Gold is totally different as it is a hard physical metal you can carry around in your pocked, bury in the garden, make jewelry or deposit in a vault; it doesn't need huge amounts of energy and an IT infrastructure to support it.

You seem very confused about what a blockchain is. The incentive is that people can't trace your transactions back to you. There isn't a central server the blockchain is stored on that someone can turn off. It's spread across a network of computers...
The analogy was that both gold and bitcoin can be used as currency/commodities. What you list has very little relevance to discussion about currencies/commodities...

planteria

thegentleway said:

planteria said:

i would suggest that anyone and everyone avoids trading schemes, automated programmes etc, but to own some bitcoin as part of a portfolio following some research.

said a financial advisor, never... It's gambling/not investing.

that's fine. there's not a financial advisor i'm aware of that would have recommended most of my investment allocations in the past 10 years.. but i've done pretty well regardless.

thegentleway

planteria said:

that's fine. there's not a financial advisor i'm aware of that would have recommended most of my investment allocations in the past 10 years.. but i've done pretty well regardless.

Glad you were lucky  long may it continue!

planteria

...If the servers are turned off then its bye bye BitCoin...

some strange stuff in this thread, including apparently real commitment to knocking bitcoin but with very little to understanding the subject at hand. there is lots of easily digistible quality content on youtube.
and thank you gentleway.. just basic themes playing out, with an element of luck in the mix
the first lockdown gave me some time to read, listen and think.. one of the outcomes was selling bits and pieces i had in altcoins and moving the funds, and more, into a meaningful bitcoin holding as part of my portfolio. i like dividends/interest, so i've 'put it to work', against the advice of some bitcoiners, hence the thread below. it's been a big contributor this year and i don't see myself reducing my bitcoin holding soon. happy to help anyone if i can.
https://forums.moneysavingexpert.com/discussion/6222428/blockfi-best-method-to-transfer-bitcoin-to-pounds-in-a-uk-bank-account#latest

thegentleway

I don't view it as commitment to knocking bitcoin, more sticking a big fat warning sign on it because it's gambling/speculating which your average investor can't afford to do with their pension/investments.
Even putting bitcoin to one side, speculating on commodities/currencies is high risk and not for your average investor.