Shouldn't everyone buy bitcoins ?

  • 54 results
  • 1
  • 2

This topic is locked from further discussion.

#51 Edited by Macutchi (3940 posts) -
#52 Edited by mattbbpl (10553 posts) -

@mattbbpl said:

@Barbariser said:

@dkdk999 said:

@Barbariser said:

Bitcoins will never be a widespread currency, and generally speaking the only non-criminal reason you would buy them is for speculation, which is an inherently risky way to make money.

How much do you actually know about bitcoin though ? Potentially it could save massive amounts of money if implemented.

What the hell are you talking about? I know bitcoins will never be a widespread currency because their supply constantly shrinks and so they are deflationary. No rational government in the world is going to implement a currency that increases in value over time.

How does the supply shrink? They can be mined up to a certain point (21 million, I think), at which point the supply available to be mined is exhausted and the number of bitcoins in circulation remains static (thus forming a kind of quasi-gold standard, blech).

My bad, I thought the number of bitcoins in circulation diminished over time, not the number of new bitcoins minted. Once it approaches the limit it would still lead to stagnant/negative growth and/or deflation though.

Right, as you stated it would still lead to deflation were it to be used as a primary currency. Were it to be relegated to a niche currency status, it would have to become increasingly niche and narrowly used over time in order to avoid the stagnation\deflation issue - that's probably it's best case scenario.

#53 Edited by -Renegade (8340 posts) -

@chaoscougar1 said:

@-Renegade said:

not sure what it is exactly so i cant really get into although it sounds like a good investment.

lol no it doesn't

if you had bought just 20 of them last year you would be $20,000 richer right now if you sold when they were at 1k+ if you are a miner you could be making tons more.

#54 Posted by coolbeans90 (21305 posts) -

@chaoscougar1 said:

@-Renegade said:

not sure what it is exactly so i cant really get into although it sounds like a good investment.

lol no it doesn't

if you had bought just 20 of them last year you would be $20,000 richer right now if you sold when they were at 1k+

that means that they would have been a good investment last year.

congratulations

#55 Posted by mattbbpl (10553 posts) -

@-Renegade said:

@chaoscougar1 said:

@-Renegade said:

not sure what it is exactly so i cant really get into although it sounds like a good investment.

lol no it doesn't

if you had bought just 20 of them last year you would be $20,000 richer right now if you sold when they were at 1k+

that means that they would have been a good investment last year.

congratulations

+1

Buy low, sell high. Don't chase the market.

#56 Edited by Barbariser (6704 posts) -

@mattbbpl said:

Right, as you stated it would still lead to deflation were it to be used as a primary currency. Were it to be relegated to a niche currency status, it would have to become increasingly niche and narrowly used over time in order to avoid the stagnation\deflation issue - that's probably it's best case scenario.

They'd have to be even more niche than they are now, because at the moment, bitcoins are already a very deflationary currency. :s

Y.Wikipedia: Y. is the second studio album released by Spanish singer-songwriter Bebe.