This is fucking cringeworthy. Guy Adami, who seems like a great guy, hit the streets of Time Square and asked ‘what would you rather own in 5 years, stocks or bitcoins?’
The answers made me want to buy fucking BTC. Talk me down from this ledge. I’ve wasted enough money in my lifetime on harebrained ideas.
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the bigger question here is how many of those who said they’d rather have bitcoin in 5 years were edited out by the so credible CNBC… since they are stock pumpers
Entertainment first
Certainly makes a good argument to buy the bitted coin.
Everything is at all time highs. Besides commodities eurostoxx and volatility.. Assuming more natural disasters around the world coming im not counting on the current vehicles to help. Long commodities, and im not taking bitcoin for them.
I’m keeping the fuck away from BTC, especially now. However, since your IQ is 10 points higher than mine, you may be capable of trading it for profit. Or, you may get Bit-fucked, with an elephant’s dick. I cannot advise you on this either way. I could perhaps advise you take a small, riskless position, for added entertainment to you and your readers. That would be a Win Win.
I agree with a small position for readers entertainment
BTC has like a 10 year track record. A little exposure to it, I get that. But at least precious metals has 2000 year track record and even the stock market a couple of hundred. “There is nothing new under the sun.”
The only use of Bitcoin is as a medium to transfer value. The only real selling feature here is a limited supply of them and they bypass governments and big brother. As adoption grows, demand will grow and pushing prices.
The same thing that makes them attractive to many (bypass governments and regulation) is what keeps me the fuck out – because whats keeping some hacker from taking the numbers on my screen? Or whatever stupid ‘wallet’ company that holds them from suddenly disappearing?
Weed stocks are just getting started and offer same kind of exponential returns Bitcoin offered years ago. TRTC TWMJF GWPH CDBS are top ideas
I’d like to research these but unfortunately you have been wrong on everything for 10 years
I dont know about all of these names but GWPH just blasted off nearly 15% in 2 days on a successful trial for a weed-based medicine that helps tremendously in childhood epilepsy.
Also Constellation Brands (makers of Corona and others) invested heavily in $WEED, banking on more legalization. Not bad plays but they have seen such a run that it seems late to the game…
Give me 3 reasons I should buy something with Bitcoin vs Credit Card. I will give you my three on why I should use credit card:
1. I get MOTHER FUCKING PAID to buy things with credit card to the tune of up to 5% cash back or airline points.
2. I get a MOTHER FUCKING FREE LOAN for 30 days up to 365 days to buy things using a credit card.
3. I am NEVER MOTHER FUCKING RESPONSIBLE FOR THEFT of my credit card. Don’t try to convince me otherwise in this, I am an expert in this field.
BONUS ROUND: I get MOTHER FUCKING FREE PERKS like car insurance, new purchase replacement and free bag checks etc… with my credit cards.
Tell me where I am wrong and where Bitcoin makes sense?
Pft, I’ll give you 10 reasons:
ideological
principled
speculative
thrilling
cool
mythical
progressive
reformist
enlightening
experimental
Wait, *2* comments by sarc on the same post and neither one is a rant – and I agree with them both? Someone must have hijacked his account.
My cock is cool, mythical and thrilling too.
1.
existing only in myth, as a person.
2.
without foundation in fact; imaginary; fictitious
Now that tradingnymph is back, can she sue gappingandyapping for sexual harassment and for creating a hostile blogspace? No safe space for nymph?
Ha! There has got to be some way to get in on this grope/harass/raping that is going on and make some money.
rofl.
Some reasons to make purchases with bitcoin instead of credit cards.
1. There is much lower overhead cost for the transaction relative to credit cards. Credit cards charge the merchant typically $.20-.30 plus 0.5%-5% of the transaction amount–commonly at least 2-3% of the total. While most merchants mask this cost by building it into their pricing, as the buyer of course you are still paying it. Several merchants offer discounts for paying in bitcoin and other cryptocurrencies, and not just the drug dealers. You too, could benefit from these discounts.
2. No gotchas. I’m sure you’ll tell me you’re one of the 30-day miracle people who always pays their full bill on time. As of 2015, 42% of credit card users carry balances, and therefore pay exorbitant interest rates on their borrowing. This of course is completely eliminated using bitcoin since there is no borrowing and therefore no interest component. No annual fees, no “late payment fees”, nothing like that.
3. Lower risk of inflation/devaluation. One of the core design principles of bitcoin and most other cryptocurrencies is that governments can’t muck around with the money supply. Any dollar based payment mechanism is inherently subject to the very intentional inflation that governments, especially those with a lot of national debt, build into their currency as a hidden form of taxation. You pay this with your US Dollar based holdings every year. Current bitcoin speculation aside, if bitcoin were adopted as a major world currency, it would be much more likely to DEFLATE prices over time, because of the very intentional INFLATION the US Government encourages in the US economy by increasing the money supply every year. So, apart from the discounts in #1 above, you would also be benefiting by having prices DECLINE over time by holding your assets in bitcoin instead of US Dollars. As I’m sure you know, inflation over the long term is MASSIVE, and one of the reasons people are so attracted to cryptocurrencies that are not subject to government manipulation.
Would you like more reasons, or is that enough?
This may be all well and good for an end user buying something using bitcoin. But if it’s going to get major adoption businesses are going to have to be able to transact with each other. And if businesses are going to transact, there’s an assumed lending period. If you have a 90 day receivable coming in, how on earth are you going to manage that if it’s going to be paid in bitcoin? Where’s bitcoin going to be in 90 days? $100? $1,000,000? It’s unhedgeable so it technically carries unlimited risk. Maybe CME futures can solve this…we’ll see.
The deflation argument only holds if they don’t fork it into oblivion and create 10,000 alternatives. I also would have to care that people use bitcoin vs some other alternative coin.
Futures are already announced for bitcoin, so yes they can hedge them already. However, 90 days receivables are irrelevant if the payments are instant. If a business wanted nothing to do with bitcoin currency valuation risk, they can either do that hedging very soon, or they can simply convert the bitcoin they receive to whatever currency they prefer.
For international payments involving multiple national currencies and bank transfers, look at Ripple and the cryptocurrency XRP, which has been designed from the ground up for exactly that use case, and several banks and American Express have already announced that they are moving forward with it.
On the forking issue, certainly the current speculation in a thousand alt coins cannot continue forever, and in the long run the vast majority of them will fade into oblivion. There will likely be one winner and many, many losers in each use case / category.
The reason behind the recent attempt at the Segwit2x bitcoin fork was for scalability and transaction cost–right now bitcoin cannot process transactions fast enough for large scale use, it may take hours or even a day to confirm a transaction, and if you pay the premium to be confirmed very quickly, it is very expensive in percentage terms. Segwit2x was intended to expand the size of the blockchain to allow for greater scalability and lower transaction costs. Bitcoin Cash, a previous fork of bitcoin, was also intended to do something similar, which is why when the Segwit2x fork failed, and one of the Segwit2x developers said they would not try again because Bitcoin Cash already now does what they were trying to do and might ultimately be called just “bitcoin” one day (“the flippening”) due to it’s ability to scale, Bitcoin briefly crashed to under 6,000 and Bitcoin Cash briefly quadrupled in price.
There will certainly be large network effects to this market. While there is room for multiple currencies, just as there are multiple world currencies today, eventually it will probably go down to just a few of the best. Maybe one for general consumer use like bitcoin that is fully traceable and highly scalable, another that offers good privacy/anonymity, XRP for international / B2B payments, one for smart contracts, one for distributed applications, etc. If the use cases are different enough to the point where one currency cannot handle them all, it would make sense to use different cryptocurrencies that can be optimized for each one.
1. That would all be great and stuff just like when Truckers get a discount for paying cash for fuel but the overall widespread would never see a discount passed onto the consumer. Why would they? You wouldn’t even know the difference as Joe Cocksucker Consumer, you would just pay the price you always were used to paying. This happened in Germany when the mark switched to the Euro, they only rounded up prices and not down or even kept them the same.
2. Its called autopay and takes less than 3 minutes to setup. This point has no argument at all to it, I buy what I can pay for just like with Bitcoin you buy what you can pay for but you don’t get that free loan like I do.
3. Let’s be honest with ourselves here, not everything would switch over to Bitcoin just like not everything has switched over to dollars. There will always be inflation in times of inflation and there will be deflation when we are in hard times of deflation. I just don’t think this is something you will control with Bitcoin.
So yes I would like to see more actual reasons unless you can solidly counter those points.
Responses:
1. If you think disintermediating the entire banking and credit card industry is insignificant and a rounding error, I wholeheartedly disagree. The design of the blockchain is centered around decentralizing trust, so that you no longer need a credit card company (or a bank in the case of a debit card) to assure the merchant that they will actually get their funds. The blockchain provides that assurance, and the entire cost structure and profit margin of the credit card and bank industries are removed from the equation.
Merchants also no longer need anyone’s permission to sell things, and the cost to “accept bitcoin” or other cryptocurrencies can be much, much lower, especially for small merchants who don’t have enough volume to negotiate a good rate for merchant processing. You could see additional competitors enter the market and compete with lower prices, forcing the more expensive merchants to lower theirs. Online eCommerce makes comparison shopping infinitely easier than having to schlep around to multiple stores–if someone can do it cheaper, they will, and the big guys like Wal-Mart and Amazon will follow suit, especially once any significant competitor starts the ball rolling.
2. This isn’t about how hard it is to set up autopay, or people who simply forget to pay their bill. It is about giving a huge middle finger to the credit card industry. Hardly anybody in the 42% got their credit card thinking “awesome, now I can pay 22% interest on everything I buy!”. Now that they are though, believe me there are a lot of people who feel tricked or trapped and hate the credit card companies.
What is the benefit exactly of this 30-45 day “free loan” you get exactly? In my case it really is zero, especially since my checking and savings accounts make zero interest. I don’t think many people manage their finances so minutely that they are investing the money they are going to need a few weeks later to pay their credit card bill off. It just sits there in the checking account earning zero.
3. Inflation has to do with scarcity of the resources, so sure some things could go up in price. However the government manipulation of easing and tightening the money supply is removed. It isn’t something that is controlled with bitcoin–on the contrary it is not controlled at all. You can argue whether or not this is good or bad for the economy, but for Joe consumer, I have the feeling they’d rather their money goes further every year, and even if bitcoin stabilized and became a real currency, if nothing else changed with the way the US government targets inflation rates, bitcoin would appreciate about 1-3% per year relative to the USD, and sometimes more when inflation ran higher. That also becomes much more than the “free loan” you enjoy with your credit cards, and it compounds every year.
More reasons
4. Extending the disintermediation point, payments are quickly transferred and confirmed, globally and transparently. This negates the need for things like PayPal, Western Union, and currency exchanges, and eliminates the fees associated with them. Sending money to the family back home in India, or buying that rare collectible on eBay just got cheaper.
5. Integrates easily with mobile and any other online system. All you need is a bitcoin wallet on your phone and you can make mobile payments from anywhere.
6. Harder for governments to seize your assets. You are in control of the private key of your wallet. It is like a virtual equivalent of carrying around cash. The US government can’t simply tell your bank to freeze your assets. As long as you maintain good security on your bitcoin wallet, only you have control over those assets, and you can buy things as you want without needing government or anyone else’s permission. They can certainly seize your computer and your phone if they arrest you, but you can also have as many wallets as you want and hide them wherever you want, even in a paper wallet or on an offline, hardware encrypted USB key. Much better security than a credit card, especially in the US where even the chips are not really required, and again, even though the cost of credit card fraud is not directly passed on to you, you can certainly bet that it is passed on to credit card customers indirectly, either through merchant fees or interest rates.
7. If your national currency tanks, your assets don’t have to go with it. See Venezuela and several other troubled countries where inflation zooms and the currency becomes worthless. Having your money outside of that government system gives you security that you can get your money out of the country, transfer it to any other country’s currency, and the government can’t stop you nearly as easily, or even know that you are doing it, no matter how corrupt they are. Is there a risk that the USD could be devalued significantly, given the spiraling national debt? You tell me.
8. Poor people can have a bitcoin wallet. There are many, many people, in the US and abroad that do not have access to bank accounts. They are charged exorbitant fees just to cash their paycheck, and pay their bills. But you may have noticed that even most poor people have smartphones now, and they certainly have access to computers, at libraries if nowhere else, and you can store a bitcoin wallet on a simple USB key. You can even send bitcoin by text message if you don’t have a smartphone. Cheap banking for the poor masses.
Bitcoin is 100% unsuitable for high volume of transactions, especially in this current decentralized form.
Visa processed about 170 billion transactions last year and can handle tens of thousands of transactions per second. Visa is valued at $6 per transaction.
Bitcoin is limited to less than 10 transactions per second and well over $10,000 per transaction in cost.
Those are some serious inefficiencies bitcoin suffers, no? Not a chance btc can any time soon, if ever, compete w/ Visa/MC/etc.
Yep you nailed it. I am not saying replace credit cards with Bitcoin, I am saying I have zero incentive to use Bitcoin to pay for something just like I have ZERO incentive to use checks or cash to pay for something today. Moonshot says he doesn’t get the purpose of the 30 day loan but that must be because he doesn’t spend much money or have a high line of credit. I spend close to 20k per month on my credit card and that 30-365 day loan adds up in interest even when I am only getting around 2% right now. If you are getting zero on your checking account then you are using the wrong bank, check out Synchrony or Alliant and start making some money. If you are still using Chase/BoA/Wells/Citi then you are living in the dark ages my friend. Anyway time to end this thread, good discussion!
Trick question bc you can buy BTC w/ a credit card. Sweet Sweet Gainz is the real reason.
Even when it “flash-crashes” it rebounds back within hours and things keep charging forward.
I was at an ICO (initial coin offering) conference and the consensus was 1 coin will be worth 100k within 2 years. I heard this from at least 5 people that know a lot more than most about crypto).
I through 1.5k in on the dip to 5,200 a few weeks back. If i lose it all then fuck it. Gotta at least take a shot. I want some Ether but w/ the move it just made it is scarier. That being said, these things don’t behave like stock and NO ONE is selling + they have a finite amount of 21MM coins.
Here’s the thing with bitcoins. Just like gold, you can calculate the amount of money (computer hardware + electricity) it takes to create one. I very much doubt that it is in the realm of $8000. Other people have likely done the math, which will lead to a lot more miners (part of the reason graphic chip makers are moving up). Of course, since bitcoins get harder to produce, this creates built-in inflation – which should have been evident if anybody really paid attention at the beginiing (I didn’t) and would have made bitcoin an easy buy.
Now the price of bitcoins is simply because of the limited supply. However, bitcoins while very innovative, are not uniquely so. Also, because of their fixed supply, they really cannot make a good currency. So I think that eventually a new crypto-currency will replace bitcoin as dominant.
Either way, I’d be willing to bet cash that bitcoin will stabilize in value to less than $4000 within the next 5 years.
Built in inflation only makes sense if they don’t fork it into oblivion, which it looks like they intend to do. It also requires people to care which coin they transact in vs any other alternative…which is probably true for the foreseeable future.
There are more millionaires on the planet than there will ever be Bitcoins.
Bitcoin can and probably will go from being divisible by to 8 to a higher multiple to meet demand. Price of 1 bitcoin today means nothing if there is mass adoption.
Read the first page of the nakamoto white paper. its only purpose is to facilitate tranactions on the internet without a third party. It is useless beyond that. It can be replicated by anyone as it already has. every coin is the same can do the same thing.
Look at BTC like a lottery ticket. You’ve bought plenty of garbage stocks in the past, how is BTC any different?
1.
existing only in myth, as a person.
2.
without foundation in fact; imaginary; fictitious:
POS companies are changing their company names to include blockchain so they can see their share values increase. Looka t crap like RIOT. WTF?
Plus they’re a fricking biotech ! Said never mind we’re in bitcoins now. Lunacy.
It has worked pretty damn well for Overstock.com.
WHERES THE GENTLEMAN’s THANKSGIVING GUIDE????
Bitcoin is Totally dependent on
1–internet
2–Electrical grid
3–communications network
4–transport network
ALL easily controllable by Gov’t
Classic bubble.
Motivated by greed, controlled by emotions not rational thought, no upper limit perceived, fear of missing out. Overhyped it is not even accomplishing what it set out to do. Not be a bubble. This is worse then enron and regulators are blind to it just like every other bubble. Some good will come out of it like the east indies railroads and dot coms but its is impossible to place a value on something like this. I assume it will crash once some of the icos crumble so watch that market.