Bitcoin is too sketchy to ever be taken seriously by mainstream
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Date: November 25th, 2013 10:00 PM Author: Bespoke nursing home chad
It's shady, and only neckbeards will take it seriously. Not to say there's no utility in a cryptocurrency, bitcoin is just too sketchy and weird to go mainstream. It's already associated almost exclusively with hackers, azns, and druggies.
Lol at grandma or uncle bob, who probably had AOL in 1992, ever messing around with this bullshit.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512323) |
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Date: November 25th, 2013 10:13 PM Author: Brilliant home wagecucks
Correct.
It's a "crypto" (what's that?) currency programmed by someone, or some group of individuals named "Satoshi Nakamoto." People mine these coins with their computers in their basement, and there are only a limited number in the world. Someday, according to the neckbeards, we'll pay 0.000000001 Bitcoins (a "Satoshi" mind you) for the smallest items. You have to open a digital wallet to store your coins. If you ever lose the password to this wallet, you'll lose all of the money you have stored in this wallet. If hackers ever break into your wallet and steal your money, you have no recourse. There is no FDIC, no state regulation, nothing.
There are literally tens of thousands of jobless, neckbeard, anarcholibertarians who are invested in Bitcoins' success, and they take the time to comment in the comment section of every single online news article on the subject (why not, they're jobless). I read an article today about some schmuck who has about $5,000 invested in Bitcoins and expects his stake to be worth $10 million in 3 years. These losers have no stake in real society, so all the creepiness of Bitcoins appeals to them. It's like they're living in a Matrix movie. For the 99% of people that live in the real world and have regular paychecks deposited in their safe, secure bank accounts, Bitcoin is literally the last thing in the world they want to experiment with.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512448) |
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Date: November 26th, 2013 9:36 AM Author: Bespoke nursing home chad
Explain how bitcoin is safer, more reliable, or easier to understand than western union or paypal.
The only potential advantages that Bitcoin has is smaller transaction fees and possibly more anonymous. On the other hand, Bitcoin is:
- not safe (already been hacked a few times)
- unreliable (extreme volatility makes it inefficient for conducting standard business transactions)
- not insurable / no recourse if lost or stolen
- extremely difficult to understand for most people
- deflationary (good for a store of value, but not for transacting business)
- relatively illiquid
- exists in a regulatory twilight zone
Some of these issues could be worked out, but it will be essentially impossible to mitigate most of the risk involved in transacting in bitcoins. For this reason alone, most people will pay a premium for the relative stability and certainty of western union, paypal, etc.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24514327)
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Date: November 26th, 2013 3:48 PM Author: Fantasy-prone Contagious Box Office
comparing bitcoin to western union / paypal / moneygram is apples and oranges. yes, the remittance and online payments markets are relevant to all of them, but bitcoin is not a payments company. the other three all deal in dollars, or some country's currency converted to dollars. this is what a competitor to those companies looks like:
http://techcrunch.com/2013/08/20/buttercoin/
you said bitcoin has been hacked; no, exchanges where (not smart) people kept their bitcoins have been hacked. same as if someone broke into your house and stole your cash in your mattress. each of your other points is refutable, but generally they all fall under the issue of bitcoin being in its infancy. insurance, ease of transaction, illiquidity, volatility, all that goes away as it is more widely adopted.
again, bitcoin's market is NOT the US. it is not US citizens. i agree entirely that, other than libertarian neckbeards, US citizens have little to no need for bitcoin. same reason hardly anyone owns physical gold; there is no need, neither as a store of value or as a way to get around capital controls.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24516182) |
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Date: November 26th, 2013 2:24 AM Author: jade public bath jap
To be fair,
[Meanwhile, in 1990...]
"HAHAHA what the fuck is a 'modem', you fucking little nerd faggot? No wonder you're so pale, you spend all day at home with your 'computer' playing with your little robot friends or whatever. Hahaha what a fucking loser, if I ever see you near the Blockbuster where I work I'm stomping your fucking face in."
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24513871) |
Date: November 26th, 2013 2:16 AM Author: jade public bath jap
To be fair,
"A *horseless* carriage?! Powered by a mechanical contraption?!"
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24513862) |
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Date: November 26th, 2013 3:07 PM Author: Fantasy-prone Contagious Box Office
i don't think this will happen, because China is aggressively and directly at odds with the US. under no situation do i see China agreeing to a coalition of central banks that also includes the US, as that would directly undermine their goal of killing the dollar as the reserve currency. and as long as China has bitcoin's back, nothing will replace it.
the risk is that too many Chinese citizens transfer too much of their wealth into bitcoin, and too much transaction volume starts occurring domestically that China sees it as a threat to their ability to control domestic monetary policy that outweighs its subversion of the dollar, like what happened with QQ:
http://nextbigfuture.com/2013/11/chinas-government-stopped-qq-virtual.html
still, as highlighted in that article, there some major differences between bitcoin and QQ that may prevent them from being able to stop it.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24515975) |
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Date: November 26th, 2013 4:01 PM Author: laughsome kitty french chef
Most normal people have no use for x, where x is an emerging technology.
Twenty years ago the internet was a pretty much useless thing to "normal" people. And so was GPS. And so was a cell phone. But each technology matured and found its niche. The internet got faster and computers got faster. Tiny cheap touch screens made turn-by-turn navigation possible. And cell phones got smaller and faster and more ubiquitous.
I'm not saying that bitcoin will be exactly like any of those things, but never evaluate the potential for a technology based on its current use by "normal" people. If anything, it has always been the neckbeards who have been at the forefront of the next big thing in tech.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24516243) |
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Date: November 26th, 2013 11:04 PM Author: Appetizing adulterous stead associate
"Twenty years ago the internet was a pretty much useless thing to "normal" people. And so was GPS."
The hell they were. Email was baller as fuck and caught on line wildfire across the world within a year of being introduced widely on college campuses. I remember my older brother starting college in 1993 and talking about this awesome new technology that let him communicate with his buddies at other colleges. Within a YEAR we had it in our home and my mom was routinely corresponding with her relatives in Europe.
The world wide web took like 6 months to take off from the time it was first developed to the time the first graphical browsers were introduced. There was a brief period where all there was was Lynx, and then Netscape Navigator came out and it was game over.
GPS: jesus fucking christ if you think people were not jumping out of their skins to take advantage of that. The only thing that slowed adoption initially was that the gov't blocked reception of signals that could calculate location to within less than like 20 meters. Prior to that time DeLorme and MS Streets & Trips were hot sellers.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24518803) |
Date: November 26th, 2013 9:06 PM Author: Tripping police squad messiness
Just doubling price in 10 days.
Nothing strange.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24517893) |
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Date: November 28th, 2013 10:34 AM Author: Brilliant home wagecucks
You're sounding rational, which doesn't fly when talking Bitcoin.
But, honestly, even if you believe in it, what is the rush? It's at an all-time high now at $1k. If you're only looking at a small stake of like 5 coins, what do you lose if you wait until it hits $1,500? All the speculation in these coins is that each one is going to be worth $10,000, or $100,000, or $1m (yeah, right), so what do you really lose if you wait for it to hit $1,500 before jumping in?
All this mania is just speculative animal spirits. There is no rational reason to be panic buying now.
And do you honestly think that it's never going back below $1,000? No other asset class in the world has ever behaved like that, there is no logical reason to believe that Bitcoin is the first. Just my 2 Satoshi's.
(http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526376) |
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