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I am bullish on bitcoin, are you?

Bucky

Bucky

DP Veteran
Joined
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Location
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I would like to state I am extremely bullish on bitcoin and see the value of bitcoin reaching 100k by 2020 (probably before) and 1 million within the next 10-20 years.

I really see bitcoin has a hedge against banks. I laugh when people say bitcoin is a bubble or too volatile. Do people forget how volatile and unstable banks are? The U.S has had 12 banking crisis. The last one saw literally the big banks fail and needed to get bailed out by the government. Look at other countries like Argentina.

The banking industry is not stable. Without the aid of the Federal Reserve or bailouts, banks are essentially scams. Look at how they gain profit. We saw the housing crisis. Look at the looming auto loan crisis:

The US closed out 2016 with just shy of $1.2 trillion in outstanding auto loan debt, a rise of 9% from the previous year and 13% above the pre-crisis peak in 2005, in inflation-adjusted terms. The number of cars and trucks on the road, meanwhile, rose by only 1.5% last year, and 9% since 2005, according to US transportation department data.
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https://qz.com/913093/car-loans-in-...levels-and-delinquencies-are-rising-fast-too/

Student loan debt:

Most research on student debt examines default rates three to five years from when repayment begins, arriving at an average default rate of 11.5%. Brookings used a new dataset to assess default rates over a longer time horizon. Applying trends from older cohorts to newer ones, the study found that default rates could rise as high as 40% by 2023.
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https://qz.com/1183280/the-us-student-debt-crisis-is-even-worse-than-we-think/

Our economic system is stable right now but I just see ticking bombs just waiting to explode in the future. When people without employment or any source of income are being issued credit cards or people with a 20k annual salary are getting approved loans for a vehicle worth 15-20k, you just know this is a recipe for disaster.

The greatest thing about bitcoin is that it has zero connections with banks. It is the future and many intelligent people are calling it now. I have converted more than half of my assets in cryptocurrencies. I just think it's absolutely silly more and more people aren't even putting 1-2& of their assets in cryptos.
 
I find bitcoin to be useful and fun. But I wouldn’t dream of investing any sizable amount of money into it. At least no more than I would be willing to bet on roulette in Vegas.
 
Bucky said:
I would like to state I am extremely bullish on bitcoin and see the value of bitcoin reaching 100k by 2020 (probably before) and 1 million within the next 10-20 years.

I really see bitcoin has a hedge against banks. I laugh when people say bitcoin is a bubble or too volatile. Do people forget how volatile and unstable banks are? The U.S has had 12 banking crisis. The last one saw literally the big banks fail and needed to get bailed out by the government. Look at other countries like Argentina.

The banking industry is not stable. Without the aid of the Federal Reserve or bailouts, banks are essentially scams. Look at how they gain profit. We saw the housing crisis. Look at the looming auto loan crisis:



https://qz.com/913093/car-loans-in-...levels-and-delinquencies-are-rising-fast-too/

Student loan debt:



https://qz.com/1183280/the-us-student-debt-crisis-is-even-worse-than-we-think/

Our economic system is stable right now but I just see ticking bombs just waiting to explode in the future. When people without employment or any source of income are being issued credit cards or people with a 20k annual salary are getting approved loans for a vehicle worth 15-20k, you just know this is a recipe for disaster.

The greatest thing about bitcoin is that it has zero connections with banks. It is the future and many intelligent people are calling it now. I have converted more than half of my assets in cryptocurrencies. I just think it's absolutely silly more and more people aren't even putting 1-2& of their assets in cryptos.
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Click to expand...


I see real estate as a safer investment.

Just sayin'.

:doh
 
If you think that bitcoin is a good investmant you will be losing all of your money very soon.

This will happen whatever you do as you are too stupid to keep hold of your money.

The basic problem of Bitcoin is that even though it is supposedly impossible for additional such coins to be made there is the obvious opportunity for BiTTycoin. The next and even better crypto currency, the choice for the ganagster and fraudster. Such a comodity, crypto currency, that has no limit as to supply cannot hold value.
 
It is just another "fiat" currency. According to on Kaspersky VP, it is a CIA construct. I don't really know. It's value is its' anonymity for covert transactions. Excellent or crooks as well. I just don't see true value. I would prefer a intrinsic metal backed currency.
/
 
Bucky said:
I would like to state I am extremely bullish on bitcoin and see the value of bitcoin reaching 100k by 2020 (probably before) and 1 million within the next 10-20 years.
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That'd be great gain for a commodity investment but disastrous inflation for a currency. I'm not clear on which you see Bitcoin being and/or becoming.

Bucky said:
I really see bitcoin has a hedge against banks. I laugh when people say bitcoin is a bubble or too volatile. Do people forget how volatile and unstable banks are? The U.S has had 12 banking crisis. The last one saw literally the big banks fail and needed to get bailed out by the government. Look at other countries like Argentina.
Click to expand...
Cryptocurrecies aren't offered as an alternative to banks, they're offered as an alternative to currency. The fact banks can and will be bailed out by governments is a benefit for citizens. If your cryptocurrency goes bust, you just loose everything.

Also, cryptocurrencies aren't immune to the same kind of corruption and flaws that fiat currency and the wider financial industry suffer, especially if they become more mainstream. That isn't a function of banking, it's a function of humanity.

Bucky said:
Our economic system is stable right now but I just see ticking bombs just waiting to explode in the future. When people without employment or any source of income are being issued credit cards or people with a 20k annual salary are getting approved loans for a vehicle worth 15-20k, you just know this is a recipe for disaster.
Click to expand...
That's true but I don't see how holding assets in cryptocurrencies protects you any more than holding them in any other asset. If anything abstract assets are more risky, only having the value other people assign to them.
 
Skeptic Bob said:
I find bitcoin to be useful and fun. But I wouldn’t dream of investing any sizable amount of money into it. At least no more than I would be willing to bet on roulette in Vegas.
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This.
 
Tim the plumber said:
If you think that bitcoin is a good investmant you will be losing all of your money very soon.

This will happen whatever you do as you are too stupid to keep hold of your money.

The basic problem of Bitcoin is that even though it is supposedly impossible for additional such coins to be made there is the obvious opportunity for BiTTycoin. The next and even better crypto currency, the choice for the ganagster and fraudster. Such a comodity, crypto currency, that has no limit as to supply cannot hold value.
Click to expand...
My distaste for Bitcoin is exactly that--its the cash of choice for pedophiles and other scumbags who deal in the shadows.
 
Bucky said:
I would like to state I am extremely bullish on bitcoin and see the value of bitcoin reaching 100k by 2020 (probably before) and 1 million within the next 10-20 years.

I really see bitcoin has a hedge against banks. I laugh when people say bitcoin is a bubble or too volatile. Do people forget how volatile and unstable banks are? The U.S has had 12 banking crisis. The last one saw literally the big banks fail and needed to get bailed out by the government. Look at other countries like Argentina.

The banking industry is not stable. Without the aid of the Federal Reserve or bailouts, banks are essentially scams. Look at how they gain profit. We saw the housing crisis. Look at the looming auto loan crisis:



https://qz.com/913093/car-loans-in-...levels-and-delinquencies-are-rising-fast-too/

Student loan debt:



https://qz.com/1183280/the-us-student-debt-crisis-is-even-worse-than-we-think/

Our economic system is stable right now but I just see ticking bombs just waiting to explode in the future. When people without employment or any source of income are being issued credit cards or people with a 20k annual salary are getting approved loans for a vehicle worth 15-20k, you just know this is a recipe for disaster.

The greatest thing about bitcoin is that it has zero connections with banks. It is the future and many intelligent people are calling it now. I have converted more than half of my assets in cryptocurrencies. I just think it's absolutely silly more and more people aren't even putting 1-2& of their assets in cryptos.
Click to expand...

So, I guess you are fine with supporting pedophiles, human traffickers, drug dealers and thieves selling stolen identities on the dark web. :roll:
 
so, I have heard of Bitcoin but never really researched it so, could Bucky explain (in a nut shell) what Bitcoin is? Just the best attributes, high points, etc.

Fair warning: I already have my own suspicions .........
 
calamity said:
My distaste for Bitcoin is exactly that--its the cash of choice for pedophiles and other scumbags who deal in the shadows.
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The number #1 currency of choice for criminals and pedophiles is and always been the U.S currency.
 
Bucky said:
The greatest thing about bitcoin is that it has zero connections with banks. It is the future and many intelligent people are calling it now. I have converted more than half of my assets in cryptocurrencies. I just think it's absolutely silly more and more people aren't even putting 1-2& of their assets in cryptos.
Click to expand...

Grow some balls put it all in.
 
calamity said:
My distaste for Bitcoin is exactly that--its the cash of choice for pedophiles and other scumbags who deal in the shadows.
Click to expand...

To be fair, cash still rules supreme in those areas.
 
I see the utility of it, especially in making large same day transfers. I'm bullish on the blockchain, it works. But bitcoin itself could be replaced by another better crypto.
 
I perceive Bitcoin and the like as something that could be successful but won't. The primary reason for its failure is the threat it poses to governments and their countries currency, the highly unregulated nature of the internet and the exploitation that could occur from it.
 
I don’t view bitcoin as an alternative to currency as currency typically has to be used to get bitcoin. I view it more as an alternative to credit cards, wires and money transfer services like Moneygram.
 
Bitcoin claims to be a digital currency.

It's unable to be a currency because it has a hard limit on the number of transactions per second. Like, less than 20. This makes it not a currency, but rather a commodity. People buy it based on the idea of selling it to someone else for more money.

Except it's a commodity without an actual commodity.

Bullish on bitcoin? Only people who don't understand it would say that.
 
Skeptic Bob said:
I find bitcoin to be useful and fun. But I wouldn’t dream of investing any sizable amount of money into it. At least no more than I would be willing to bet on roulette in Vegas.
Click to expand...

I trust that stuff as far as I trust the government. Think through a merger of mega ISP/media conglomerates and gubment, and think about net neutrality.

Good luck. They have your interests at heart, just like Trump. Melania will vouch for his integrity.:lamo:shock::confused:
 
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