Tell me about it. Hell, if I had just spent the money I spent on a miner 9mo ago on straight BTC, I'd be about $15k richer, ah well. At least I'm not one of the poor bastards that lost out on tens of millions.I agree 100%, I liked it also... Now I just very depressed seeing the value today, cringe worthy!
Using this thread title... 0.01 BTC @ $1,500 was $15, now almost $75
always remember Laszlo Hanyecz, the man who sold 10000 btc in 2010 in exchange for 2 large papa johns pizzas.Tell me about it. Hell, if I had just spent the money I spent on a miner 9mo ago on straight BTC, I'd be about $15k richer, ah well. At least I'm not one of the poor bastards that lost out on tens of millions.
the technology and software behind btc is actually quite sound and works as intended. the decentralization makes the system very secure at the expense of having no way to reverse a transaction so it is absolutely buyer beware with all transactions.I still can't get behind any of this. Put this much worth into anything and nefarious things are going to happen. Especially something that isn't 'trackable' and purely digital. People are going to lose their shirts.
the downside is that it is slow for large numbers of transactions, so it's not like visa and banks are going to adopt bitcoin for every day uses.Bitcoin has a lot of attributes that make it valuable as a currency/asset:
-Decentralized (distributed with no single point of failure)
-Attack-resistant (the network itself has never been compromised; becomes more resistant over time)
-Open source (the code is open to public review)
-Public (all transactions recorded on public ledger)
-Accessible (anyone, young/old, rich/poor can transact with BTC)
-Fast (takes 10 minutes to send $1 billion)
-Cheap (costs $2 to send $1 billion)
-Scarce (supply is determined by an algorithm - only 21 million will ever be created)
-Global (borderless; cannot be confiscated)
-Trustless (no trusted third party needed to confirm security)
-Private (not necessary to give private information)
-Scalable (each bitcoin divisible to eight decimals)
If you understand these, you understand why it's so valuable, and why it isn't like any other asset.
Bitcoin is not really dependent on technology that might "fail" or be "hacked". It's based on laws of math and cryptography that will withstand any attacks, unless someone develops a workable quantum computer.If it's digital it can be exploited. This is not an if, this is a when. Why in this age no one understands that just baffles me. Just takes the want and the know how. Unless it is backed by some form of insurance, it will be worthless in the long run. The only reason it is running up now is hype, not because it is viable. Half the people hate the government and the other half are jumping on a 'gains' bandwagon. The want and know how will be coming because it is worth so much as cash. This is the part I don't understand the following because all your reasons are basically trust in a digital infrastructure that could fall at any moment.