Bitcoin is Dead

[Topgunben]

Bitcoin is nothing special save for its critical mass and notoriety. I believe the more saturated the market gets with alternative viable cryptos, the more diluted BTC's value will be.

Would be nice to see it work well and succeed though. Im not against it, I just dont see it breaking $500,000 like some dingle dorf said on the TV the other day.

[Castle2.0]

Originally Posted by Topgunben [You must be logged in to view images. Log in or Register.]

Bitcoin is nothing special save for its critical mass and notoriety. I believe the more saturated the market gets with alternative viable cryptos, the more diluted BTC's value will be.

USD is nothing special save for its critical mass and notoriety. I believe the more saturated the market gets with alternative national currencies, the more diluted USD's value will be.

Re-read that ^ and now you know why you don't believe that is true of USD and why you shouldn't believe it's true of BTC. If you don't know why Bitcoin isn't being challenged by other cryptos to be "money" it's because you don't understand Bitcoin. Learn more.

[Jibartik]

in 6 years 500k will feel like 500 bucks.

[peterpal]

Bitcoin was made to be used as currency not a speculative asset for the rich. When it's stupidly high and network is congested you pay high fees and it's slow ergo not usable as a currency. On April 21 2021 the fee to send any amount was $62. Send someone $1 and you pay $62 fees. Great deal.

Just saying as someone who bought in 2014 after the mtgox crash and was aware of it even earlier but it was a hassle to buy then. I really dislike the new age crypto/tech bros and Elon worshippers that try to bring crypto into every conversation and don't even feel bad he scammed you into buying doge

[Castle2.0]

Originally Posted by peterpal [You must be logged in to view images. Log in or Register.]

Bitcoin was made to be used as currency not a speculative asset for the rich. When it's stupidly high and network is congested you pay high fees and it's slow ergo not usable as a currency. On April 21 2021 the fee to send any amount was $62. Send someone $1 and you pay $62 fees. Great deal.

Just saying as someone who bought in 2014 after the mtgox crash and was aware of it even earlier but it was a hassle to buy then. I really dislike the new age crypto/tech bros and Elon worshippers that try to bring crypto into every conversation and don't even feel bad he scammed you into buying doge

1. Lightning Network (LN). Send Bitcoin instantly for almost free on Layer 2 of the bitcoin blockchain. Learn more here: https://lightning.network/ This is what will allow Bitcoin to be used as a currency. Pssst, this is what El Salvador is using.
2. If you want Layer 1 settlement (sending bitcoin on the bitcoin network) it's right now $0.06 to $1.60, depending if you want it sent in ~10 minutes to 4 hours. In the future, people will use Layer 2 solutions like LN for daily transactions. Layer 1 settlement will only be for large amounts or important transactions like mortgages.
3. I have been in crypto longer than you and most people for that matter. Not going to share my bitcointalk forum handle and dox myself, sorrynotsorry.
4. If you buy a dog-themed coin you deserve to get hosed
5. There are YUGE opportunities in DeFi, just like tech stocks in the late 90s. Most will fail. Most people will get hosed. Just buy BTC and HODL unless you actually want full-time employment researching/investing in crypto.

[Kaveh]

Originally Posted by Castle2.0 [You must be logged in to view images. Log in or Register.]

1. Lightning Network (LN). Send Bitcoin instantly for almost free on Layer 2 of the bitcoin blockchain. Learn more here: https://lightning.network/ This is what will allow Bitcoin to be used as a currency. Pssst, this is what El Salvador is using.
2. If you want Layer 1 settlement (sending bitcoin on the bitcoin network) it's right now $0.06 to $1.60, depending if you want it sent in ~10 minutes to 4 hours. In the future, people will use Layer 2 solutions like LN for daily transactions. Layer 1 settlement will only be for large amounts or important transactions like mortgages.
3. I have been in crypto longer than you and most people for that matter. Not going to share my bitcointalk forum handle and dox myself, sorrynotsorry.
4. If you buy a dog-themed coin you deserve to get hosed
5. There are YUGE opportunities in DeFi, just like tech stocks in the late 90s. Most will fail. Most people will get hosed. Just buy BTC and HODL unless you actually want full-time employment researching/investing in crypto.

El Salvador is approaching Sri Lankan levels of insolvency because of Bitcoin and president Habib or whatever his name is

Great point to make here, Jesus

[Castle2.0]

Never said I agreed with forcing people to use bitcoin. Bitcoin is a long-term store of value, it's not a unit of account for day-to-day transactions yet.

It's pretty simple. Put the money that you don't need today in bitcoin. Hold it for at least 4 years. If you're putting in the money you may need in the next 4 years, you'll become a forced seller and potentially lose money.

It's not rocket science, but I doubt few of you geniuses will do it [You must be logged in to view images. Log in or Register.]

[Reiwa]

Originally Posted by Kaveh [You must be logged in to view images. Log in or Register.]

El Salvador is approaching Sri Lankan levels of insolvency because of Bitcoin and president Habib or whatever his name is

Great point to make here, Jesus

And LN has been promoted since like 2016 or whenever that crazy speculative high was.

4-6 years have passed and bitcoin is still trash as a currency.

[Castle2.0]

Originally Posted by Reiwa [You must be logged in to view images. Log in or Register.]

And LN has been promoted since like 2016 or whenever that crazy speculative high was.

4-6 years have passed and bitcoin is still trash as a currency.

So is gold and TSLA and true love. Worthless.

Originally Posted by Early90sDude_with_no_vision

The internet has been raved about by a few loonies since the 70s. It'll never catch on.

[Castle2.0]

Originally Posted by Reiwa [You must be logged in to view images. Log in or Register.]

And LN has been promoted since like 2016 or whenever that crazy speculative high was.

4-6 years have passed and bitcoin is still trash as a currency.

BTW, the Federal Reserve Bank of Cleveland, your masters, disagree with you.

They released as a part of their working paper series a white paper: "The Lightning Network: Turning Bitcoin into Money"

https://www.clevelandfed.org/~/media...022/wp2219.pdf

Abstract

The Lightning Network (LN) is a means of netting Bitcoin payments outside the blockchain. We find a significant association between LN adoption and reduced blockchain congestion, suggesting that the LN has helped improve the efficiency of Bitcoin as a means of payment. This improvement cannot be explained by other factors, such as changes in demand or the adoption of SegWit.

We find mixed evidence on whether increased centralization in the Lightning Network has improved its efficiency. Our findings have implications for the future of cryptocurrencies as a means of payment and their environmental footprint.

Listen to and obey your masters.