Why Bitcoins can't be a real currency.

[Mooshi]

Then why make this useless spam post that adds absolutely no value to the discussion and just takes up space?

 

Because I can.

 

From what I did read of this long winded article, this person seems more upset they didn't get on the hype train when Bitcoins were cheap and missing the opportunity to cash out when they were 1K a piece. Such an opinionated shit post.

 

@James_AJ summed it up in a better way compared to the person who wrote that trainwreck. BTC has no real world backing like real world currencies do with gold. That was all that needed to be said, really.

[Bonsai99]

Because I can.

 

From what I did read of this long winded article, this person seems more upset they didn't get on the hype train when Bitcoins were cheap and missing the opportunity to cash out when they were 1K a piece. Such an opinionated shit post.

Agreed.

[martinrox1568]

WEAK! give me a better reason!

how about the fact that one day it is $1000 and the next day its $600. No one is going to invest their life's work amount of money simply for it to go away. To me, bitcoin seems like gambling more than a currency. The only reason people are interested in bitcoin is to try to turn a profit, and that creates the most unstable currency possible. Most miners aren't interested in buying with bitcoin, but to sell them and get money. 

[Coltaine]

Why is this in the news section. This is not news, it's your opinion.

 

I didn't write this, I don't know nor care enough about cryptocurrencies to even consider writing that many words about the subject.

[Kilerbomb]

I didn't write this, I don't know nor care enough about cryptocurrencies to even consider writing that many words about the subject.

That doesn't change the fact that it's not news.

[Coltaine]

That doesn't change the fact that it's not news.

 

That is true, I'm not really sure why it is in the news section to be perfectly honest.

[dylandylandylan]

For everyone saying that the US currency is backed by gold, I believe your wrong, they switched from gold standard to fiat, I have no idea how long ago now, but currency now, is just worth how much you think it is.

[jezza39]

how about the fact that one day it is $1000 and the next day its $600. No one is going to invest their life's work amount of money simply for it to go away. To me, bitcoin seems like gambling more than a currency. The only reason people are interested in bitcoin is to try to turn a profit, and that creates the most unstable currency possible. Most miners aren't interested in buying with bitcoin, but to sell them and get money. 

 

Currencies are a gamble, look at the crash of the Reichmark in the 30's, there are people who make a living trading currencies, just like shares. Same as any commoditiy, it's all based on supply/demand. If something has value to both parties in a transaction then it can be a currency IMO. 

[Mooshi]

how about the fact that one day it is $1000 and the next day its $600. No one is going to invest their life's work amount of money simply for it to go away. To me, bitcoin seems like gambling more than a currency. The only reason people are interested in bitcoin is to try to turn a profit, and that creates the most unstable currency possible. Most miners aren't interested in buying with bitcoin, but to sell them and get money. 

 

 

Bingo.

 

All cryptocurrency is a gamble and not really wise to invest into long term like let's say Microsoft stock. While the stock market itself is a gamble, it exchanges currency that has backing. Without good faith, a digital coin is no more valuable than a casino chip. If timed right, you can make a bit of coin (haaaa, see what I did there) - but aside from that, it's legalized internet gambling. I've even dubbed cryptocurrency exchanges as a more bipolar stock market because in a way, it kinda is.

[rashdanml]

how about the fact that one day it is $1000 and the next day its $600. No one is going to invest their life's work amount of money simply for it to go away. To me, bitcoin seems like gambling more than a currency. The only reason people are interested in bitcoin is to try to turn a profit, and that creates the most unstable currency possible. Most miners aren't interested in buying with bitcoin, but to sell them and get money. 

People playing the stock markets take that risk ALL the time. Not using all of their life's money, but still - enough to make a big dent if their investment fails, enough to commit suicide as a result of said botched investment (Great Depression). 

[martinrox1568]

People playing the stock markets take that risk ALL the time. Not using all of their life's money, but still - enough to make a big dent if their investment fails, enough to commit suicide as a result of said botched investment (Great Depression).

The thing is that to adopt a currency, millions would have to do just that, take all of their money and change it to bitcoin.

[martinrox1568]

Currencies are a gamble, look at the crash of the Reichmark in the 30's, there are people who make a living trading currencies, just like shares. Same as any commoditiy, it's all based on supply/demand. If something has value to both parties in a transaction then it can be a currency IMO.

Yes but currency varies so little that not too many people are looking to make a profit, unlike bitcoin. See, people use currency to buy stuff. People buy bitcoin to turn a profit. And this makes bitcoin into the highest risk possible. Imagine, that when bitcoin gets above $1000, everyone will be looking to sell. Since I imagine that there aren't too many exchange places to trade bitcoin to dollars, that those places will have the entire bitcoin currency, and those bitcoins will likely stay there for awhile, since no one is looking to trade money into bitcoin. This gives bitcoin no circulation, and gives a lot of power to the bitcoin exchanges, since eventually bitcoins will stop generating, and only the exchanges will have bitcoin. When that happens, either bitcoin prices will get VERY high, or everyone will just stop investing in it because no one can afford it.