Is anyone else starting to become a bit worried? mod note in first post

grindle wrote: »

"epitome"? It's missing the calling cards of a get rich quick scheme tbh. Get rich quick schemes guarantee reward. When people lose interest in the idea it can just as easily be pegged as a get poor scheme, so I don't see how it can be viewed as the epitome of a get rich scheme.
BTC only guarantees you a place in the ledger after purchasing, whether or not you get rewarded with higher purchasing power depends on adoption.

No you are wrong, Get rich schemes never guarantee reward.

There is an implied guarantee of reward hence its coined 'a scheme'

Your definition is loose at best.


The description of a pyramid is apt in most quarters for Bitcoin trading and people will fight tooth and nail for people to not sell their shares, Its paramount that huge amount of adopters come in and stay. The huge push and the abbreviations on social media platforms and forums is a shining example of that.


If your not in you cant win...


If your not in you cant lose either.

seannash wrote: »

Would you not have the same argument on any stock forums online. People advising others not to sell, its a dip/correction.

They are heavily regulated from top to bottom and have alot of compliance involved so no.

And you have to agree part of the large attraction of the Bit coin trading is the subversion of the regulation

listermint wrote: »

The description of a pyramid is apt in most quarters for Bitcoin trading and people will fight tooth and nail for people to not sell their shares, Its paramount that huge amount of adopters come in and stay. The huge push and the abbreviations on social media platforms and forums is a shining example of that.


If your not in you cant win...


If your not in you cant lose either.

:rolleyes:
Dragging the auld pyramid out, cripes.
Where's the implied guarantee of a reward for users beyond space on the chain coming from?
Is it in the whitepaper or mentioned on the Core site? You have read the whitepaper, yes? You wouldn't talk out your hole without doing basic research, would you?
Taken directly from bitcoin.org:

Weird. Doesn't read like something which aims to help people get rich quick. Reads like something which says "could go up or down, don't be an asshat"
What do you think Bitcoin's purpose is or was from it's beginnings?
There's no other reason you could possibly imagine for adoption to be paramount? Nothing beyond getting rich? Then don't buy it.

listermint wrote: »

Yes because this particular forum was relying on white papers for reasoning.


Ok then..... :eek:

:pac:
People speculate when they invest money in anything, hence crazy moontalk and throwing money senselessly at dire projects - much the same as the Irish are dumb hoors for property to the point of breaking the country's kneecaps (and we're at it again right now ffs!).
Nothing you're saying gives credence to the "get rich quick scheme" idea you have floating in your head, it more points towards frivolous gambling, a lack of prudence on the part of the speculators.

This current crash is devastating to newbs who've bought in the last few months (oh god, them "first crash" feels!) and it's not going to be the last time it happens - people wil either duck out of it with tail between legs or they'll have read up enough on the subjects surrounding the technology and the ideological reasoning for it's existence to see why it's still valuable and bring their cost average down if they can see future utility in what they're buying.
A good test question for new entrants should be "If Bitcoin was out of beta and functioning as hoped in years to come & didn't fluctuate in value whatsoever, would you rather your earnings/wealth be A: in Bitcoin or B: created by a government and held in a bank?"
If answer is B do not buy Bitcoin. Or whatever coin fits in that space instead.

jasper100 wrote: »

So it will all be fee free? If I go into a shop I can pay by bitcoin and neither the buyer or seller gets charged any transaction fees. Somebody will provide all this infrastructure for free. That's great news.

There's no reason why fees cant be minimal as it scales up.

jasper100 wrote: »

People change bank account on average once every 20 years. How soon do you think banks will be abolished and replaced by mortgage and loan only banks and will all be buying and selling in bitcoin with no traceability as to who is buying what and it will all be fee free?

I wouldn't be in the category of changing every 20 years - I think I've been with all the banks here (including some that are no longer here). However, I take the point that people are generally slower to move than they should be.

Nobody is going to 'abolish' anything. Market dictates. There will be room for banks and crypto. As regards the 'no traceability, that remains to be seen. If there is ID at ramping on and off btc, then there is more traceability than there ever was - as it's all there on the blockchain. In terms of traceability, don't we already have cash?

On timescale, it took a couple of hundred years to go from coin to paper and 40 years for plastic to bed in. This is a long term thing.

jasper100 wrote:

When people are applying for mortgages will these new "mortgage and loan" only banks accept peoples history of buying and selling in bitcoin as proof of earnings.

How do they account for cash transactions right now? If btc transfers and transactions became significant, you think that the banks would ignore it - or find a way of dealing with it so that they could do business?

jasper100 wrote: »

Its great that there will be no fees at all associated with buying and selling and that when I go into my local for a pint we can do the bitcoin thing at no cost to either of us. Can't wait.

As above, as it scales, transaction fees will be minimal.

jasper100 wrote: »

Absolutely 100%. 5 years max.

With??

seannash wrote: »

With??

I know you're not asking me but I'd say something similar but it will be replaced by visa or a government issued card. The same card system we have with cards now just no option of cash existing.

jasper100 wrote: »

Cash is expensive to handle. Banks are increasing their fees for businesses to lodge and withdraw cash. There are only a few branches (bank of Ireland) in each county that do cash now and limited hours.

Next thing is ATM's will go the way of payphones, they will be fewer and further between.

And what happens when they increase their fees to process debit card transactions on both the shop and consumer?

grindle wrote: »

So you trust governments and banks implicitly, to a fault?

With both his money and also with his data. Every single transaction he will ever make will be available to someone in an office somewhere. ...what he purchased, when he purchased it, etc.
There have been a number of cases of employees for state agencies selling peoples data.


@Jasper100: Other than that, if all other things were equal (which I accept they're not right now...but that will change), wouldn't you rather take control of your own wealth rather than place it with a third party? And the answer to that may be that you're quite happy with that. However, there are those of us that are not.

Remember how close we came in this country to taking a haircut on our savings?

GarIT wrote:

I don't see anyone being given much choice.

Huh? If we can move to a trustless crypto model, then they don't have direct control over your wealth. By that I mean that you have the option to place funds in crypto - not necessarily a complete switchover from one system to the other as I think both can co-exist.

GarIT wrote: »

Banking will eventually be integrated into the public services card.

Is that something that you welcome?