It looks like Steam gave up on bitcoin as a currency too and stopped accepting.
Owners of Bitcoin should really ponder this. What is a bitcoin really worth if can't buy the single most worthless thing in the world (digital content) with it?
Always remember, the market can stay irrational longer that you can stay solvent!
I like this quote.
I agree with you on shorting (or more broadly, any kind of futures contract), it just exposes investors to an entirely different level of risk, which seems wholly irresponsible, but then again I guess that leverage and debt is one avenue for generating wealth.
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality.
I mean artificial as in someone set it to be 21 million bitcoins ever. This is the very definition of artificial scarcity.
The very fact that there is only 21 million ever available doesn't give it "perceived value." It's what gives it value, and why it's attractive to its owners, purchasers, and people that accept it.
The very fact that Fiat currency is endless, and can be printed "just because" is why we're in the the exact situation we're in now: inflation, and eventually: hyperinflation.
Add the fact that 1 Bitcoin is valued at over $17,000.00 as of right now, and that it can be broken up into increments, and you don't need to just own ONE of 21 million BTC.
It looks like Steam gave up on bitcoin as a currency too and stopped accepting.
Owners of Bitcoin should really ponder this. What is a bitcoin really worth if can't buy the single most worthless thing in the world (digital content) with it?
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality. There is only a certain amount. EVER. More isn't just gonna be printed out like US Currency is (and causing its value to go down (inflation)).
US Currency is Fiat. It is worthless fiber ("paper") that has value only because Joe Blow and Joe Sixpack agree $20 is $20.
I find it amusing that every bitcoin enthusiast seems to be an expert on inflation (while mists economists agree it is necessary at some level to grow the economy) while appearing to have no concept, at all, of why deflation is bad or why you would never want a currency to have guaranteed deflation as a "feature".
There is a lot of wanting to have the cake and eat it too going on.
I've heard that there's anywhere from 50-100 Trillion dollars in the world. Each bitcoin is divisible into 100 million units. There are a maximum of 21 million bitcoins, giving us a maximum of 2.1 quadrillion (2,100,000 Billions)
There's technically plenty to go around. But too many mega whales around. Winklevosses who own a percent of the stack. The MIA creator who is estimated to hold a million coins, the FBI seized wallet. Tons of lost wallets out there too.
We'd literally have to create multi-trillionaires in order to utilize every last bit as real currency. I just don't see that happening ever.
I've heard that there's anywhere from 50-100 Trillion dollars in the world. Each bitcoin is divisible into 100 million units. There are a maximum of 21 million bitcoins, giving us a maximum of 2.1 quadrillion (2,100,000 Billions)
There's technically plenty to go around. But too many mega whales around. Winklevosses who own a percent of the stack. The MIA creator who is estimated to hold a million coins, the FBI seized wallet. Tons of lost wallets out there too.
We'd literally have to create multi-trillionaires in order to utilize every last bit as real currency. I just don't see that happening ever.
I've seen 2010 numbers reference claiming global net worth was 250 trillion dollars.
With that 50-100 trillion, you may just be talking about literal cash, as opposed to the value of all asset classes.
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Oh, hey, remember you owe me 1.3 BTC for ... something. It was back in the day, but if you could transfer that to my wallet, that would be juuuuuussstttt gggggrrreeeaaattt.
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I swear I had bitcoins 4 years ago. no idea where they are though. I fofund my random phrase (the private key stuff) but where do I go to see how many bitcoins I have? I know I mined some bitcoins at one point but I checked my wallet and there's nothing in there. help
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Nothing like a free CIB Stadium Events just sitting around in an account somewhere. Congrats
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Nothing like a free CIB Stadium Events just sitting around in an account somewhere. Congrats
Lol, I thought about it. I think it would benefit my life more in savings and going towards a wedding unfortunately, as much as I want that hot plastic square.
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Nothing like a free CIB Stadium Events just sitting around in an account somewhere. Congrats
Lol, I thought about it. I think it would benefit my life more in savings and going towards a wedding unfortunately, as much as I want that hot plastic square.
Wow! I remember thinking about going in a while back but could never validate my ID on coinbase, so I ended up giving up....Oh, the possibilities
Does anyone have any thoughts on Potcoin? My mother and her fiancee are interested in investing in it. I'm not sold on cryptocurrency nor am I interested in marijuana but somehow they asked me to look into it for them. It looks like it might have a nice 2018 but it certainly doesn't seem like it will ever be particularly valuable.
Does anyone have any thoughts on Potcoin? My mother and her fiancee are interested in investing in it. I'm not sold on cryptocurrency nor am I interested in marijuana but somehow they asked me to look into it for them. It looks like it might have a nice 2018 but it certainly doesn't seem like it will ever be particularly valuable.
If it’s just bitcoin with different branding, it’s an even worse idea than bitcoin. Who would use a single purpose currency over the popular general purpose one?
Does anyone have any thoughts on Potcoin? My mother and her fiancee are interested in investing in it. I'm not sold on cryptocurrency nor am I interested in marijuana but somehow they asked me to look into it for them. It looks like it might have a nice 2018 but it certainly doesn't seem like it will ever be particularly valuable.
If it’s just bitcoin with different branding, it’s an even worse idea than bitcoin. Who would use a single purpose currency over the popular general purpose one?
Yeah, you make a good point. I've been looking at a few alt coins to see what might have the market cap to grow, but nothing that pops out to me other than the normal pump and dump schemes out there.
What is everyone using for wallets? Are you guys using hard wallets like the nano? Or are you sticking with places like coinbase? I'm curious to see what the majority is being used.
Ledger nano S here, picked one up cheap on black friday.
How are people's alts doing? My Litecoin is up more than 120% and Etherium is primed to pump.
Its been kind of interesting to watch the alts soar. Seems like Americans mostly have (easy, straight from USD) access to BTC, ETH, and LTC, and accordingly those are the ones that are taking turns shooting up here, while the rise of IOTA and NEM seems to have come from Korea mostly. Then Bitcoin Cash seems to be maybe be more popular with the Chinese, and I think I recall seeing it joking referred to Bitcoin China.
The region spread of these currencies is kind of intriguing, and I'll be curious to see which currencies have the ability become global in their access and applicability.
My girlfriend asked me to look into Bitcoin when it was at $10 and I thought it sounded stupid so I didn't bother. It went to $100 and she asked me to look again, I felt like a dumbass for waiting until it peaked so I didn't bother. When it got to $650 I researched it a lot and we decided to buy 5 coins but it almost immediately tanked to $300 and she got super pissed at me. Now it's over $10,000 and I think we still have half of them.
There have definitely been a good handful of stories of people "discovering" that they still had BTC from ages ago, after seeing it trending in the news right now. A real windfall, and rather reminiscent of how old games are brought into circulation, ie someone hears Stadium Events is expensive because of an article about a big sale or something, then that someone realizes the copy they had sitting around is valuable and they sell it, making more "available" for everyone
Currently sitting on 45k ripple at an average of .2276. Since investing in it I could have tripled up in nearly any other big 5 alt coin, but I really like the future prospects on ripple so I've held tight. We'll see what happens.
My LTC portfolio broke 225% growth today, ETH is gaining traction by the hour. Anyone get in early enough on LTC to reap the rewards? Already scraping a five figure windfall on LTC alone, hoping others have seen similar gains.
From a practical standpoint, I'm more excited for LTC and ETH and what they bring to the table than BTC.
What is everyone using for wallets? Are you guys using hard wallets like the nano? Or are you sticking with places like coinbase? I'm curious to see what the majority is being used.
Ledger nano S here, picked one up cheap on black friday.
How are people's alts doing? My Litecoin is up more than 120% and Etherium is primed to pump.
Litecoin is going insane right now. I saw it peak out at around $412-$414 before we had a dip back down to $350. Who knows is people are going to hold here or not, but interesting to see it play out.
What is everyone using for wallets? Are you guys using hard wallets like the nano? Or are you sticking with places like coinbase? I'm curious to see what the majority is being used.
Ledger nano S here, picked one up cheap on black friday.
How are people's alts doing? My Litecoin is up more than 120% and Etherium is primed to pump.
Litecoin is going insane right now. I saw it peak out at around $412-$414 before we had a dip back down to $350. Who knows is people are going to hold here or not, but interesting to see it play out.
Comments
It looks like Steam gave up on bitcoin as a currency too and stopped accepting.
Owners of Bitcoin should really ponder this. What is a bitcoin really worth if can't buy the single most worthless thing in the world (digital content) with it?
Always remember, the market can stay irrational longer that you can stay solvent!
I like this quote.
I agree with you on shorting (or more broadly, any kind of futures contract), it just exposes investors to an entirely different level of risk, which seems wholly irresponsible, but then again I guess that leverage and debt is one avenue for generating wealth.
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality.
I mean artificial as in someone set it to be 21 million bitcoins ever. This is the very definition of artificial scarcity.
The very fact that there is only 21 million ever available doesn't give it "perceived value." It's what gives it value, and why it's attractive to its owners, purchasers, and people that accept it.
The very fact that Fiat currency is endless, and can be printed "just because" is why we're in the the exact situation we're in now: inflation, and eventually: hyperinflation.
Add the fact that 1 Bitcoin is valued at over $17,000.00 as of right now, and that it can be broken up into increments, and you don't need to just own ONE of 21 million BTC.
It looks like Steam gave up on bitcoin as a currency too and stopped accepting.
Owners of Bitcoin should really ponder this. What is a bitcoin really worth if can't buy the single most worthless thing in the world (digital content) with it?
LMAO
it is valuable because people believe its valuable. similar to paper fiat currency or tinkerbell.
EDIT: it is better than paper money tho due to it being finite, but i dont want to over complicate the response. just adding this because the way this forum goes a hundred people will bump this comment and say "Actually..."
Actually...
But yeah, it has an artificial scarcity, giving it a perceived value. I think we're all familiar with that concept.
The scarcity of Bitcoin isn't artifical. It's factual and reality. There is only a certain amount. EVER. More isn't just gonna be printed out like US Currency is (and causing its value to go down (inflation)).
US Currency is Fiat. It is worthless fiber ("paper") that has value only because Joe Blow and Joe Sixpack agree $20 is $20.
I find it amusing that every bitcoin enthusiast seems to be an expert on inflation (while mists economists agree it is necessary at some level to grow the economy) while appearing to have no concept, at all, of why deflation is bad or why you would never want a currency to have guaranteed deflation as a "feature".
There is a lot of wanting to have the cake and eat it too going on.
There's technically plenty to go around. But too many mega whales around. Winklevosses who own a percent of the stack. The MIA creator who is estimated to hold a million coins, the FBI seized wallet. Tons of lost wallets out there too.
We'd literally have to create multi-trillionaires in order to utilize every last bit as real currency. I just don't see that happening ever.
I've heard that there's anywhere from 50-100 Trillion dollars in the world. Each bitcoin is divisible into 100 million units. There are a maximum of 21 million bitcoins, giving us a maximum of 2.1 quadrillion (2,100,000 Billions)
There's technically plenty to go around. But too many mega whales around. Winklevosses who own a percent of the stack. The MIA creator who is estimated to hold a million coins, the FBI seized wallet. Tons of lost wallets out there too.
We'd literally have to create multi-trillionaires in order to utilize every last bit as real currency. I just don't see that happening ever.
I've seen 2010 numbers reference claiming global net worth was 250 trillion dollars.
With that 50-100 trillion, you may just be talking about literal cash, as opposed to the value of all asset classes.
I've heard that there's anywhere from 50-100 Trillion dollars in the world.
Are bitcoins an asset or is it digital money? Are they not just another form of money?
If bitcoins are money and not an asset then wouldn't they add to that total instead of being dependent upon it?
I've heard that there's anywhere from 50-100 Trillion dollars in the world.
Are bitcoins an asset or is it digital money? Are they not just another form of money?
If bitcoins are money and not an asset then wouldn't they add to that total instead of being dependent upon it?
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Oh, hey, remember you owe me 1.3 BTC for ... something. It was back in the day, but if you could transfer that to my wallet, that would be juuuuuussstttt gggggrrreeeaaattt.
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Nothing like a free CIB Stadium Events just sitting around in an account somewhere. Congrats
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Nothing like a free CIB Stadium Events just sitting around in an account somewhere. Congrats
Lol, I thought about it. I think it would benefit my life more in savings and going towards a wedding unfortunately, as much as I want that hot plastic square.
Wow, I just logged into my old Coinbase account from 2013 and it just had 1.4 BTC leftover from when I was playing with crytocurrency back in the day. Need to cash that out ASAP while people are still crazy!! What a windfall.
Are you serious? I was wondering if this was happening to people... forgetting they had BTC until they were reminded after the news of the spike.
I thought I got rid of all my BTC when it hit $200. I was only really active mining when Dogecoin was a thing. I figured I'd log into Coinbase on a whim though since prices are insane. Deep scanning my HDDs now for old wallets just in case...
Nothing like a free CIB Stadium Events just sitting around in an account somewhere. Congrats
Lol, I thought about it. I think it would benefit my life more in savings and going towards a wedding unfortunately, as much as I want that hot plastic square.
Wow! I remember thinking about going in a while back but could never validate my ID on coinbase, so I ended up giving up....Oh, the possibilities
Does anyone have any thoughts on Potcoin? My mother and her fiancee are interested in investing in it. I'm not sold on cryptocurrency nor am I interested in marijuana but somehow they asked me to look into it for them. It looks like it might have a nice 2018 but it certainly doesn't seem like it will ever be particularly valuable.
If it’s just bitcoin with different branding, it’s an even worse idea than bitcoin. Who would use a single purpose currency over the popular general purpose one?
Does anyone have any thoughts on Potcoin? My mother and her fiancee are interested in investing in it. I'm not sold on cryptocurrency nor am I interested in marijuana but somehow they asked me to look into it for them. It looks like it might have a nice 2018 but it certainly doesn't seem like it will ever be particularly valuable.
If it’s just bitcoin with different branding, it’s an even worse idea than bitcoin. Who would use a single purpose currency over the popular general purpose one?
Yeah, you make a good point. I've been looking at a few alt coins to see what might have the market cap to grow, but nothing that pops out to me other than the normal pump and dump schemes out there.
What is everyone using for wallets? Are you guys using hard wallets like the nano? Or are you sticking with places like coinbase? I'm curious to see what the majority is being used.
Ledger nano S here, picked one up cheap on black friday.
How are people's alts doing? My Litecoin is up more than 120% and Etherium is primed to pump.
Ethereum I bought at $40, and I'm still in for half of my initial purchase.
I own about 10 other alts. Up a combined 280% on them. Purchased at all different times.
The region spread of these currencies is kind of intriguing, and I'll be curious to see which currencies have the ability become global in their access and applicability.
From a practical standpoint, I'm more excited for LTC and ETH and what they bring to the table than BTC.
What is everyone using for wallets? Are you guys using hard wallets like the nano? Or are you sticking with places like coinbase? I'm curious to see what the majority is being used.
Ledger nano S here, picked one up cheap on black friday.
How are people's alts doing? My Litecoin is up more than 120% and Etherium is primed to pump.
Litecoin is going insane right now. I saw it peak out at around $412-$414 before we had a dip back down to $350. Who knows is people are going to hold here or not, but interesting to see it play out.
What is everyone using for wallets? Are you guys using hard wallets like the nano? Or are you sticking with places like coinbase? I'm curious to see what the majority is being used.
Ledger nano S here, picked one up cheap on black friday.
How are people's alts doing? My Litecoin is up more than 120% and Etherium is primed to pump.
Litecoin is going insane right now. I saw it peak out at around $412-$414 before we had a dip back down to $350. Who knows is people are going to hold here or not, but interesting to see it play out.
LTC is going crazy!