..other than you can buy stuff with it, maintain anonymity when using it, while enjoying no risk of it being seized by the government. For now, anyway.

If the fed centralizes it somehow - which would be a tall task - the value would go way down. If that doesn't happen, it will continue to grow in value. That's the gamble.

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Posted by UltimaParadox

Huntsville

Member since Nov 2008

40888 posts

Posted on 5/7/24 at 7:58 am to Naked Bootleg

quote:
other than you can buy stuff with it

Nobody does that except for ransomware... So guess that's half true. Granted BTC can only do 7 Transactions a second, you understand why nobody buys stuff with it. I'm sure you will tell me lightning fixes it next

quote:
maintain anonymity when using it, while enjoying no risk of it being seized by the government.

After the last few years, hard to imagine any crypto bro sticking to this narrative. Between all the coins being blacklisted that went through tornado cash, and all criminals getting tracked down. A distributed ledger of every transaction since the beginning is actually a great way to track someone down apparently.

quote:
the fed centralizes it somehow

They won't bother, the whole thing is pretty centralized already to a few players.

This post was edited on 5/7/24 at 7:59 am

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Posted by Big_Sur

Member since Nov 2012

1123 posts

Posted on 5/7/24 at 8:10 am to Naked Bootleg

quote:
..other than you can buy stuff with it, maintain anonymity when using it, while enjoying no risk of it being seized by the government. For now, anyway.

Nobody transacts in Bitcoin. The idea of it being used as a currency - to exchange for goods and services - went away years ago. Now its supposed to be a store of value/inflation hedge like Gold. Nobody is buying a tank of gas with pieces of gold - or Bitcoin.

Its not anonymous. That was another idea that went away years ago. Now the non-anonymity of it is seen as a benefit by its proponents. Blockchain is basically just a fancy way of saying append-only list of transactions - which largely removes anonymity.

I could make a bull case for Bitcoin going higher:
- The US Dollar will collapse and be replace by Bitcoin, so get in now before it skyrockets to a billion per coin.
- Fear that the US Dollar will collapse causes people to buy Bitcoin, sending the price higher.
- Gambling is at an all time high in the US, especially among those most likely to gamble - young men, who are biologically prone to risk taking. Sports gambling is becoming an epidemic. Bitcoin gambling is no different, this is just a new additional 24/7 casino. Its very likely that the price goes higher as more young men choose to gamble - much like OP in this thread.

At this point, most proponents for Bitcoin and Crypto don't want a better financial system, they simply want a new financial system with limited supply and they're already in and will be at the top in this new system. That's it, that's the whole thing.

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