Crytocurrency- Bitcoin Research

[SkylineIBM5100]

Dear LMG forum members, 

I am currently doing a research topic about Adoption of Bitcoin for my MBA. 

Would like to know your opinions regarding Bitcoin. 

 

Basic questions:

1) Why would you want to use Bitcoin?

2) What are your concerns of Bitcoin?

 

Thank you very much! 

[Blackhole890]

1.- pay/recieve anonymously

2.- overpriced

[ImNotThere]

9 minutes ago, SkylineIBM5100 said:

Dear LMG forum members, 

I am currently doing a research topic about Adoption of Bitcoin for my MBA. 

Would like to know your opinions regarding Bitcoin. 

 

Basic questions:

1) Why would you want to use Bitcoin?

2) What are your concerns of Bitcoin?

 

Thank you very much! 

1) as mentioned its anonymous

2)the price can literally crash overnight 

[minervx]

45 minutes ago, SkylineIBM5100 said:

Dear LMG forum members, 

I am currently doing a research topic about Adoption of Bitcoin for my MBA. 

Would like to know your opinions regarding Bitcoin. 

 

Basic questions:

1) Why would you want to use Bitcoin?

2) What are your concerns of Bitcoin?

 

Thank you very much! 

 

1) Bitcoin is used by people who want a private currency to compete against public currencies.  They can be used to make certain stigmatized or illicit transaction difficult to trace.  They are viewed by some as a more reliable store of value than a government-issued currency because cryptocurrencies can't just be printed en masse.  Devaluation of currency is seen as less of a risk for bitcoin.  Some people want to invest in Bitcoin purely to speculate on the price like the stock market.

 

2) The concerns of bitcoin: The possibility that it crashes all of a sudden.  The effect it has on diverting resources from the graphical processing industry.  In general, it's the lack of certainty because we've never had anything like before in human history.

[SCHISCHKA]

1. buy drugs

2. it is not a true currency but more of a stock or commodity. It behaves like a stock, it is used like a stock. Anyone can start a crypto currency, so when Bitcoin gets too pricey, it will crash and people will move to a different currency. Its volatility means you will never use it to buy a loaf of bread.

[quiffghtyu]

1) Anonymous payments for hardcore drugs.

 

2) I can't buy any AMD graphics card for a decent price for the rest of my life.

[TheRandomness]

-Thread moved to Folding@Home, BOINC, and Coin Mining.

[SkylineIBM5100]

Thank you very much everyone for your answer!!  

I will put these info to my research and follow by the next phase, which would be the questionnaire survey.  

 

Have a pleasant weekend! 

[SkylineIBM5100]

On 9/23/2017 at 5:19 PM, minervx said:

 

1) Bitcoin is used by people who want a private currency to compete against public currencies.  They can be used to make certain stigmatized or illicit transaction difficult to trace.  They are viewed by some as a more reliable store of value than a government-issued currency because cryptocurrencies can't just be printed en masse.  Devaluation of currency is seen as less of a risk for bitcoin.  Some people want to invest in Bitcoin purely to speculate on the price like the stock market.

 

2) The concerns of bitcoin: The possibility that it crashes all of a sudden.  The effect it has on diverting resources from the graphical processing industry.  In general, it's the lack of certainty because we've never had anything like before in human history.

I see, thank you for your insightful information! This is something I haven't thought about it yet. 

[SkylineIBM5100]

On 9/23/2017 at 5:30 PM, SCHISCHKA said:

1. buy drugs

2. it is not a true currency but more of a stock or commodity. It behaves like a stock, it is used like a stock. Anyone can start a crypto currency, so when Bitcoin gets too pricey, it will crash and people will move to a different currency. Its volatility means you will never use it to buy a loaf of bread.

Right, so its been like alternative financial investment instrument, I've seen similar feedback on this part. Seems like it is not stable enough (at the current state) to be use as "money" function under normal environment IRL. 

[SkylineIBM5100]

On 9/23/2017 at 5:42 PM, DiscoDuck101 said:

1) Anonymous payments for hardcore drugs.

 

2) I can't buy any AMD graphics card for a decent price for the rest of my life.

Is AMD graphic card has better edge in "mining" than Nvidia? Heard the new architecture might reduce or limit the ability of mining tasks, not sure whether that is true or false. 

[Unimportant]

On 9/23/2017 at 11:29 AM, SkylineIBM5100 said:

1) Why would you want to use Bitcoin?

2) What are your concerns of Bitcoin?

1) Bitcoin was meant as competition against government fiat money, a form of digital gold if you will. This little 4 minute video explains a lot if you're unaware of the evils in our current funny money system: https://www.youtube.com/watch?v=pCCNNBr4CPk

So at the moment I speculate in bitcoin (and altcoins) and keep the bulk of the profits in bitcoin (and a bit in actual gold

 

2) Governments will eventually see this as a threat and try and take it down or tax it dry.

 

[DutchTexan]

8 hours ago, SkylineIBM5100 said:

Thank you very much everyone for your answer!!  

I will put these info to my research and follow by the next phase, which would be the questionnaire survey.  

 

Have a pleasant weekend! 

1. The decentralized(fuck government) nature and relative anonymity

 

Many interpret anonymity as, "Broo I can order cocaine and an eastern European sex slave off the deep web!" Which, yeah, you could if you knew what you were doing. However, it can also be seen as a way to entertain a truly free market in regions where they otherwise could not exist. The anonymous nature of cryptocurrency is real to the individual user. The anonymous nature is not real to the currency itself; if there was a 200BTC transaction somewhere in the world, everyone who cares would know about it. The value of the currency comes from the encryption and technology itself combined with speculative value via an essentially global, instant market. So, it's extremely closed where it needs to be and open where it needs to be at the same time, if that makes any sense.

 

One can look up and trace exactly how much is being used and how many translations are taking place. For example, something I look at every now and then: https://blockchain.info/ Same thing goes with actually mining whatever coin, there are ways to see what blocks are being mined and where the currency is in that regard. This is another positive in my mind, because it makes investments very easy. For example, here you can look at, basically, the 1,119 cryptocurrencies that are 'circulating' I guess: https://coinmarketcap.com/ you can watch the market and even trace the volume through specific exchanges, which county is buying the most 'xyz' today.

 

 

2. Volatility can be a negative, speculation, depending on point of view. Mining affects GPU, PSU and even high end motherboard prices, so everyone hates everything about it because of the demand for those pieces of hardware. Most importantly, cryptocurrencies are just difficult to fully comprehend. It's still a very new thing for society, government, technology, business and finance. Blockchain technology will change the world, if we all understood it. Honestly, with digital currencies, I don't think I really know what the fuck I am talking about. I have used bitcoin, ethereum, litecoin, zcash, bitcoincash and dash, but I really don't know much outside of just trying to make a buck, like everyone else.

 

I don't think anyone really understands cryptocurrency. 

[SCHISCHKA]

10 hours ago, SkylineIBM5100 said:

Right, so its been like alternative financial investment instrument, I've seen similar feedback on this part. Seems like it is not stable enough (at the current state) to be use as "money" function under normal environment IRL. 

when you look at oil states trying to break away from USD, they are not making a crypto currency. They are going for a gold standard or the yuan. It is an internet currency, a dark web currency. I have my doubts it is practical enough to be used for day to day spending. If it's inflation could be reduced to match a conventional currency then maybe it could replace credit cards, but if its volatility could be reduced it still would not replace cash.

[SkylineIBM5100]

7 hours ago, SCHISCHKA said:

when you look at oil states trying to break away from USD, they are not making a crypto currency. They are going for a gold standard or the yuan. It is an internet currency, a dark web currency. I have my doubts it is practical enough to be used for day to day spending. If it's inflation could be reduced to match a conventional currency then maybe it could replace credit cards, but if its volatility could be reduced it still would not replace cash.

thats a good point, people are much more familiar with tangible objects than something only exist digitally, even though it has its value. In order to be accepted to the mass, Bitcoin has to maintain fixed small variance in price, if thats out of the way, we might see people adopted more. 
Thank you mate for the reply!  

[SkylineIBM5100]

13 hours ago, Unimportant said:

1) Bitcoin was meant as competition against government fiat money, a form of digital gold if you will. This little 4 minute video explains a lot if you're unaware of the evils in our current funny money system: https://www.youtube.com/watch?v=pCCNNBr4CPk

So at the moment I speculate in bitcoin (and altcoins) and keep the bulk of the profits in bitcoin (and a bit in actual gold

 

2) Governments will eventually see this as a threat and try and take it down or tax it dry.

 

Thank you very much for the informative video link! Didn't see it in this angle before.!  

Yep, that part has already came true! It happens in China few weeks ago, they shut down the exchange counters, not the actual Bitcoin. 

[SkylineIBM5100]

10 hours ago, DutchTexan said:

1. The decentralized(fuck government) nature and relative anonymity

 

Many interpret anonymity as, "Broo I can order cocaine and an eastern European sex slave off the deep web!" Which, yeah, you could if you knew what you were doing. However, it can also be seen as a way to entertain a truly free market in regions where they otherwise could not exist. The anonymous nature of cryptocurrency is real to the individual user. The anonymous nature is not real to the currency itself; if there was a 200BTC transaction somewhere in the world, everyone who cares would know about it. The value of the currency comes from the encryption and technology itself combined with speculative value via an essentially global, instant market. So, it's extremely closed where it needs to be and open where it needs to be at the same time, if that makes any sense.

 

One can look up and trace exactly how much is being used and how many translations are taking place. For example, something I look at every now and then: https://blockchain.info/ Same thing goes with actually mining whatever coin, there are ways to see what blocks are being mined and where the currency is in that regard. This is another positive in my mind, because it makes investments very easy. For example, here you can look at, basically, the 1,119 cryptocurrencies that are 'circulating' I guess: https://coinmarketcap.com/ you can watch the market and even trace the volume through specific exchanges, which county is buying the most 'xyz' today.

 

 

2. Volatility can be a negative, speculation, depending on point of view. Mining affects GPU, PSU and even high end motherboard prices, so everyone hates everything about it because of the demand for those pieces of hardware. Most importantly, cryptocurrencies are just difficult to fully comprehend. It's still a very new thing for society, government, technology, business and finance. Blockchain technology will change the world, if we all understood it. Honestly, with digital currencies, I don't think I really know what the fuck I am talking about. I have used bitcoin, ethereum, litecoin, zcash, bitcoincash and dash, but I really don't know much outside of just trying to make a buck, like everyone else.

 

I don't think anyone really understands cryptocurrency. 

Whoa! Thats a lot of stuff! Looks like the "value" came from a more complex deeper level. Interesting aspect indeed. 
Thanks a lot for the web links for the market price for digital currencies! 

 

Yeah, I agree with that statement, to fully understand something you would have to go way deeper and viewing it in multiple angle. ;-)