Bitcoin or Bust? from the TTA

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whm1974

Diamond Member
Jul 24, 2016
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No commits? Anyway I though this was a bit refreshing that a financial adviser sees Bitcoin as gambling.
 
sandorski

sandorski

No Lifer
Oct 10, 1999
70,786
6,345
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Ya, that was a good episode. I assume Fergusons information is accurate. If it all is there's a lot more wrong with it than just its' volatility.
 
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fskimospy

Elite Member
Mar 10, 2006
87,985
55,392
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Yes it’s hard to see how they are anything but gambling. Bitcoin is no longer useful as a currency so now it’s useful for... what exactly?
 
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Bitek

Bitek

Lifer
Aug 2, 2001
10,676
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Knew some ppl up big in ecoins (btc, ltc..) Bought before the run ups.

Hopefully they cashed out some profit.

One guy was up to $100k from $5k, but said he was holding until $1M..
 
Bitek

Bitek

Lifer
Aug 2, 2001
10,676
5,239
136
fskimospy said:
Yes it’s hard to see how they are anything but gambling. Bitcoin is no longer useful as a currency so now it’s useful for... what exactly?
Click to expand...

A coworker tried to get me into this. I asked them, as they were Muslim, how this was not gambling.

Couldn't really get an answer.
 
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fskimospy

Elite Member
Mar 10, 2006
87,985
55,392
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Originally the justification was that it was an alternative currency, but something this volatile can’t serve as a currency because nobody knows what it’s worth. After the currency argument flamed out people now claim it’s a ‘store of value’, but this makes no sense to me. If bitcoin can’t be used as a currency it appears to have no use. If that’s the case, what value does it have?

This seems to be a pure speculative bubble the likes of which we have never seen. I mean tulips are at least pretty to look at.
 
Ichinisan

Ichinisan

Lifer
Oct 9, 2002
28,298
1,235
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whm1974 said:
No commits? Anyway I though this was a bit refreshing that a financial adviser sees Bitcoin as gambling.
Click to expand...
The value of the US Dollar against other currencies also fluctuates. Is it "gambling" to keep your money as USD?

In fact, I wonder if major USD fluctuations will be misreported as crypto currency volatility in the future?
 
Ichinisan

Ichinisan

Lifer
Oct 9, 2002
28,298
1,235
136
whm1974 said:
Even so I can still exchange it for goods and services, pay taxes with it. Can I do that with Bitcoin?
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Unless something changed, I believe Newegg.com and others accept it.

US government probably has good reason to require USD since they control and manipulate it.
 
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fskimospy

Elite Member
Mar 10, 2006
87,985
55,392
136
Ichinisan said:
Unless something changed, I believe Newegg.com and others accept it.

US government probably has good reason to require USD since they control and manipulate it.
Click to expand...

People are moving away from accepting it due to insanely high transaction costs and insane volatility. Its lost its usefulness as a currency.
 
Capt Caveman

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Another bitcoin thread?

Buying on the dips and riding this gravy train to pay off my mortgage and then some.
 
F

fskimospy

Elite Member
Mar 10, 2006
87,985
55,392
136
whm1974 said:
Good Luck. I hope for your sake the bubble doesn't burst before you cash out.
Click to expand...

Yeah I’m not sure how people don’t see this as tulip mania 2.0. At least the dotcoms were actual businesses and houses are real assets people want. I’m genuinely struggling to understand any value to bitcoin outside of the speculative value that some greater fool might buy it from you.

Serious question, what value does bitcoin have?
 
Puffnstuff

Puffnstuff

Lifer
Mar 9, 2005
16,207
4,885
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Ichinisan said:
The value of the US Dollar against other currencies also fluctuates. Is it "gambling" to keep your money as USD?

In fact, I wonder if major USD fluctuations will be misreported as crypto currency volatility in the future?
Click to expand...
The dollar is the world reserve currency so I'll just stick with it.:D
 
T

TheVrolok

Lifer
Dec 11, 2000
24,254
4,092
136
fskimospy said:
Yeah I’m not sure how people don’t see this as tulip mania 2.0. At least the dotcoms were actual businesses and houses are real assets people want. I’m genuinely struggling to understand any value to bitcoin outside of the speculative value that some greater fool might buy it from you.

Serious question, what value does bitcoin have?
Click to expand...
I've tried this argument in numerous venues (this forum, others, in real life), but some people just think cryptocurrency is "different."

Personally, I have no problem with people gambling and I know people who have made a lot of money doing it; but let's just call this CC trading what it is.
 
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Ichinisan

Ichinisan

Lifer
Oct 9, 2002
28,298
1,235
136
fskimospy said:
Yeah I’m not sure how people don’t see this as tulip mania 2.0. At least the dotcoms were actual businesses and houses are real assets people want. I’m genuinely struggling to understand any value to bitcoin outside of the speculative value that some greater fool might buy it from you.

Serious question, what value does bitcoin have?
Click to expand...
Apply the same logic:
What value does a piece of paper have?
 
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