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Email this12:37 am
November 18, 2017
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There IS a market for human waste, as fertilizer. Very important to agriculture in China and some other countries.
And you are not conveniently place to those markets. And there is, incredibly, even a market for compost.
The other (non-speculative) use for bitcoin, of course is criminal finance activity. That won't be available from governmental cryptocurrency.
RetirEd
5:37 am
March 30, 2017
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zgic said
You didn't answer my question. Can Bitcoin go to 0?
It will go to zero if somehow we go back to the stone age, and zero electricity.
It's already been officially accepted as an "asset". The definition of an asset has change, it's 2024, not 1924. An asset to me is a store of value, how much that value should be is another question.
6:17 am
February 11, 2024
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HermanH said
If 21 million is truly the upper limit, then why bother with all the mining effort? Why not just issue the 21 million and be done with it?
Who would own those 21 million Bitcoin?
9:30 am
August 30, 2023
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savemoresaveoften said
It will go to zero if somehow we go back to the stone age, and zero electricity.
It's already been officially accepted as an "asset". The definition of an asset has change, it's 2024, not 1924. An asset to me is a store of value, how much that value should be is another question.
You still did not answer my question. In today's age can Bitcoin go to zero.
9:33 am
August 30, 2023
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RetirEd said
There IS a market for human waste, as fertilizer. Very important to agriculture in China and some other countries.And you are not conveniently place to those markets. And there is, incredibly, even a market for compost.
The other (non-speculative) use for bitcoin, of course is criminal finance activity. That won't be available from governmental cryptocurrency.
Thank you. Very good points.
9:43 am
April 27, 2017
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Share of Bitcoin transactions used for criminal activities is being reduced quite fast. Ability to recover “illegal” bitcoin probably plays a role. Its always traceable as long as the relevant agencies have the expertise.
Of course government issued currencies are used for criminal purposes all the time, and have been for centuries.
10:20 am
April 6, 2013
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RetirEd said
The other (non-speculative) use for bitcoin, of course is criminal finance activity. That won't be available from governmental cryptocurrency.
A government digital currency won't be a cryptocurrency. No need for a blockchain with its overhead and problems.
In The road to digital money, Bank of Canada describes the two approaches they have should, one day, a digital Canadian dollar be requested:
It could take many forms, but two broad approaches are
- value-based—people transfer money from their bank account to a card or a phone app; or
- account-based—people and businesses can open an account at the central bank.
11:35 am
March 30, 2017
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zgic said
You still did not answer my question. In today's age can Bitcoin go to zero.
you know as much as me, which is we both dont know.
The chance of it going to zero is not 0%. But then so is US$.
11:42 am
April 27, 2017
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The chances of BTC going to zero are low but much higher than USD.
The real problem with BTC hasn’t been mentioned, which is weird. Volatility.
1:12 pm
April 14, 2021
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qzjxk said
Who would own those 21 million Bitcoin?
The 21 million goes out into the market and they can decide the price and ownership.
2:20 pm
February 11, 2024
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HermanH said
The 21 million goes out into the market and they can decide the price and ownership.
Please explain how it "goes out into the market".
Who would decide who the first owner is? For instance, should we divide the total amount of Bitcoin by the world population and give every living person an equal share?
The first owner of any Bitcoin is the entity that has mined it. They can then transact with, or transfer ownership to, whoever/whatever wants to buy it.
Bitcoin is based on the premise that work produces value. The work can be done by humans, chimpanzees, computers, whatever. That's how it "goes out into the market".
2:22 pm
April 14, 2021
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Put 21 million bitcoin up for sale. Starting price is $0. Bid until we have a winner. Sky is the limit. First owner gets nothing. He can bid on it, like everyone else.
3:38 pm
August 30, 2023
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Norman1 said
RetirEd said
The other (non-speculative) use for bitcoin, of course is criminal finance activity. That won't be available from governmental cryptocurrency.
A government digital currency won't be a cryptocurrency. No need for a blockchain with its overhead and problems.
Oh I did not know that blockchain was useless. Is that another nail in the coffin for crypto? I thought it was their selling point.
So how can one a trust a peer to peer direct Bitcoin transaction.
4:02 pm
February 11, 2024
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HermanH said
Put 21 million bitcoin up for sale. Starting price is $0. Bid until we have a winner. Sky is the limit. First owner gets nothing. He can bid on it, like everyone else.
Who or what is the first owner? If they get nothing where do the proceeds of this auction go?
4:04 pm
September 11, 2013
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To me bitcoin is just another vehicle for gambling. That's why its volatility is so wonderful, perfect for gambling.
4:36 pm
April 27, 2017
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With normal slots/casino gambling, if you play non-stop for 10 years, you are guaranteed to lose. If you held Bitcoin for the last 10 years you’d be in the black.
To me, BCT is neither gambling, nor investing. When I invest, I expect underlying business to make profit. BCT does not do that. Its clearly not a coin either because its not backed up by a state and is volatile.
It really is like gold with the value based on scarcity and perceived shine but with less history and way too volatile for my personal taste. I don’t buy gold either.
5:26 pm
September 11, 2013
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Gamblers don't hold for 10 years, in and/or out's the way to gamble with financial instruments thus volatility is sought. Plus not like slots, etc, they're random while BTC has a price history so you know where in its past range you're getting in or out, though naturally its future price is not restricted to its previous range.
I agree that it's not investing.
6:52 pm
March 30, 2017
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mordko said
The chances of BTC going to zero are low but much higher than USD.
That may be the opinion of most but does not make it a fact nor true
20 years ago no one would have thought a coin that does not have an physical appearance can be worth $100k usd.
If you look at the fundamental, there is no reason why USD should be perceived as a safe haven from a pure economic / academic point of view. Its a country run on borrowed money to run the show each year, and look at who keeps buying the treasury. Technically those countries can stop buying and you still think USD will be worth as much ??
6:55 pm
January 10, 2017
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zgic said
You still did not answer my question. In today's age can Bitcoin go to zero.
Thousands of cryptocurrencies have already disappeared.
See for yourself.
https://99bitcoins.com/deadcoins/
Now ask yourself whether Bitcoin can go to zero.
7:45 pm
April 14, 2021
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qzjxk said
Who or what is the first owner? If they get nothing where do the proceeds of this auction go?
Back to the owners of the coins. If $21 million USD is bid for all the coins, then each coin is given back to the new owners of $1 each. All the currency is now out there and see where the market takes them. Do they grow in value (if someone finds a use for them) or do they just stagnate? Let the market decide.
Please write your comments in the forum.