So many responses, so little time. Going to address the biggest points.
It is inevitable it will crash and inevitable it will never be a real currency accepted on any large scale level. Inevitable. The math is a certainty. Nobody can predict when it will crash.
Love these sorts of responses. You are 100% sure it's going to crash, but you have no idea when. In other words, it could continue to rise for another 500 years, as long as it crashes eventually you win. It's a convenient way to act like you are making a bold prediction without ever being proven wrong.
Chiropteran the fact it is worth more now than when the fellow you mock criticized it is immaterial. It is sacrosanct that spending ine's retirement on lotto tickets is an idiotic idea. And yet, if many people do it and a rare idiot has it pay off, is his good fortune any indication the idea is in fact a good one?
It is massively deflationary. Nobody has ever argued how it isn't and this alone is enough to irreparably disqualify it as a serious currency.
I don't get your points, they contradict each other. Yes, bitcoins are deflationary. Are you trying to say investing in an inflationary currency is smarter? Remind me to never get any financial advice from you. Also, it's very different from the lotto. The lotto is rigged, it's hugely in favor of the house. As far as bitcoin, I am about $5000 ahead on what I have already cashed out and plenty more if I was to cash out the rest. I simply CAN NOT LOSE, even if bitcoin drops to 0 tomorrow I am still $5000 ahead. As far as I am concerned it's a a safer investment than cash, which inflates every year and loses value, or nearly any stock which is either junk or overpriced.
Whether or not you like bitcoin, I think that everyone can agree that this currency has gone up too far and too fast. This sucker is going to crash at some point, and it's gonna crash HARD.
Think about it for a second... Hyperinflation like this might be good for people holding the currency, but it isn't good for people for people who want to make transactions with it! No established business would be crazy enough to start taking purchases with a currency that can fluctuate in price as much as 25% in a day.
Are you going to buy a $15 Martini at a bar with bitcoin, knowing that the currency to pay for it might be worth $25 the next week?? NO! Likewise, are you going to accept $500 worth of bitcoin for a computer, knowing that currency might be worth only $200 by the time the computer ships? Hell no!
It's time to get out while the getting is good.
It's a false argument. If you buy that martini wish cash, and bitcoin triples in value the next day, you STILL lost out on a possibility to triple your money, because you could have bought BTC instead of a martini.
Couple things-
1> Bitcoin is vastly undervalued. Supply and demand alone will push it much higher. The only way to get to that "much higher" point is some hyper-deflation (not inflation) for a few years.
2> People buy things knowing they will be cheaper in the future all the time. Computers, video cards, cell phones, popular new clothing styles, etc all lose a tremendous amount of value in the first year and quickly lose value, yet people buy them anyway instead of saving money forever.
You're conveniently skipping over the nearly ~24 months in between that it spent at a mere fraction of that $12 price lol. It did crash and people did get out and it stayed down for quite some time.
This right here is the hilarious thing. Even if you bought in at the worst possible time, and bought bitcoins for $31.90 just before the crash, you would still see a 700% return on your investment after two years. You call that a crash? It was a brief dip and then bitcoin corrected itself back to where it should be
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