6 ms·

Bitcoin still feels like a house of cards. Does anyone remember what happened after everyone said “buy gold”?

by 5600k 6y ago

nivenkos 6y ago
The biggest tell IMO is that you still can't buy many things with Bitcoin. The transactions are extremely slow, and Steam etc. have even stopped accepting Bitcoin payments. Then where does the value come from? Sure there's a base layer of narcotics trading, etc. but that could switch to other cryptocurrencies too (like Monero). It just feels like a massive pump and dump built over some base layer of illegal transactions (drugs and money laundering).
- flycaliguy 6y ago
  It’s definitely more like gold now.
  - arcticbull 6y ago
    Sure just worse in virtually every way.
- jackmodern 6y ago
  takes like this just make me more bullish, makes me realize how ignorant the general population must be currently on blockchain if someone so technical can have have such an ignorant take on the ability to spend crypto. look up swipe, crypto.com, UTK, many others. it is very easy to spend crypto anywhere now, and paypal will enable it even further in the very near future. it isn't too late to hop on the crypto bandwagon my friend, dig in a little deeper and you too could be financially independent this year. (I went from 40k to 600k in the last 7 months on top of my already robust savings from working big tech for the last 6 years).
- krageon 6y ago
  > The biggest tell IMO is that you still can't buy many things with Bitcoin. I get that there is a prevailing anti-cryptocurrency sentiment here and that it's natural to read a statement so often and come to internalise it, but it's really quite egregious to keep reading this when it is beyond trivial to find websites that sell literally anything for bitcoin.
  - arcticbull 6y ago
    No sites actually accept Bitcoin, they partner with companies that convert them to human dollars. The volatility against the currency their suppliers use and the government uses for taxes makes it entirely impractical not to. There’s substantially one merchant that accepts Bitcoin: bitpay, and all sorts of merchants happy to take bitpays actual money. Look if the customer wants to pay a $20 transaction fee to buy something, and an hour to confirm, and bitpay is willing to deal with this absolute garbage situation and turn them into dollars for me for 1% what kind of merchant would say no? The fact any are saying no speaks volumes to be honest.

Bitcoin still feels like a house of cards. Does anyone remember what happened after everyone said “buy gold”?

by 5600k 6y ago

Bitcoin still feels like a house of cards. Does anyone remember what happened after everyone said “buy gold”?

The biggest tell IMO is that you still can't buy many things with Bitcoin. The transactions are extremely slow, and Steam etc. have even stopped accepting Bitcoin payments. Then where does the value come from? Sure there's a base layer of narcotics trading, etc. but that could switch to other cryptocurrencies too (like Monero). It just feels like a massive pump and dump built over some base layer of illegal transactions (drugs and money laundering).

flycaliguy 6y ago
It’s definitely more like gold now.
- arcticbull 6y ago
  Sure just worse in virtually every way.
jackmodern 6y ago
takes like this just make me more bullish, makes me realize how ignorant the general population must be currently on blockchain if someone so technical can have have such an ignorant take on the ability to spend crypto. look up swipe, crypto.com, UTK, many others. it is very easy to spend crypto anywhere now, and paypal will enable it even further in the very near future. it isn't too late to hop on the crypto bandwagon my friend, dig in a little deeper and you too could be financially independent this year. (I went from 40k to 600k in the last 7 months on top of my already robust savings from working big tech for the last 6 years).
krageon 6y ago
> The biggest tell IMO is that you still can't buy many things with Bitcoin. I get that there is a prevailing anti-cryptocurrency sentiment here and that it's natural to read a statement so often and come to internalise it, but it's really quite egregious to keep reading this when it is beyond trivial to find websites that sell literally anything for bitcoin.
- arcticbull 6y ago
  No sites actually accept Bitcoin, they partner with companies that convert them to human dollars. The volatility against the currency their suppliers use and the government uses for taxes makes it entirely impractical not to. There’s substantially one merchant that accepts Bitcoin: bitpay, and all sorts of merchants happy to take bitpays actual money. Look if the customer wants to pay a $20 transaction fee to buy something, and an hour to confirm, and bitpay is willing to deal with this absolute garbage situation and turn them into dollars for me for 1% what kind of merchant would say no? The fact any are saying no speaks volumes to be honest.