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Bitcoin discussion

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  1. #31

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    Deja vu!! I'm sure many of us remember e-commerce mania in its early years, buzzword was that the whole world would switch to p2p/b2b/b2g, everything will be online, retail will crash and shops will disappear from the street, businesses will deal directly with each other and Govt so all middlemen/brokers/agents will disappear and so on... If any takeaway from that era, probably BTC will survive and even few will grow as well like e-commerce but the world of finance and everything else will remain as it is..


  2. #32

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    Technology and ideas behind bitcoin will survive and evolve for sure. BTC itself is not suitable as a base for modern payment systems - too slow even for today's needs, not to mention future ones. Visa/Mastercard have way faster systems already (but do charge premium and provide lots of other services, credit among them).

    As a product for speculation bitcoin will probably stick around for a few years. Expect high volatility and frequent scandals with disappearing exchanges and various software hacks.

    shri likes this.

  3. #33

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    I forgot what is the point of these bitcoins. I remember reading:

    1) bitcoin are not controlled by the government, so they don't gradually lose value with government-induced inflation. Fine, but at least fiat money has a minimum value, and doesn't (usually) lose 20% in a day, as bitcoin may do.

    2) no transfer costs when you pay/buy something using bitcoins, as opposed to paypal, banks, etc.. Fine, but there are potentially ways to reduce transaction costs. What if paypal reduces its fees by 90%? Would bitcoin still have a role to play? And there is the potential for companies to emerge that offer the service for very low or no fees, like whatsapp and wechat offers free videocalls. Isn't alipay already offering free transfer of money up to CNY10,000 or something?

    So I don't understand why bitcoins even exist. The only use I can see is to buy anonymously, e.g. drugs, guns, etc.

    jrkob likes this.

  4. #34

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    Quote Originally Posted by Markx
    I forgot what is the point of these bitcoins. I remember reading:

    1) bitcoin are not controlled by the government, so they don't gradually lose value with government-induced inflation. Fine, but at least fiat money has a minimum value, and doesn't (usually) lose 20% in a day, as bitcoin may do.

    2) no transfer costs when you pay/buy something using bitcoins, as opposed to paypal, banks, etc.. Fine, but there are potentially ways to reduce transaction costs. What if paypal reduces its fees by 90%? Would bitcoin still have a role to play? And there is the potential for companies to emerge that offer the service for very low or no fees, like whatsapp and wechat offers free videocalls. Isn't alipay already offering free transfer of money up to CNY10,000 or something?

    So I don't understand why bitcoins even exist. The only use I can see is to buy anonymously, e.g. drugs, guns, etc.
    Anonymity. Prevention of fraud (if the ledger says you paid, you paid). There are costs for these nice things. And yes, today bitcoin is used mainly for speculation, money laundering and buying illegal stuff.

  5. #35

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    Quote Originally Posted by Markx
    So I don't understand why bitcoins even exist. The only use I can see is to buy anonymously, e.g. drugs, guns, etc.
    Wasnt Bitcoin part of the Dark Web where it was used to buy all kinds of illegal stuff.

  6. #36

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    My rule, if you hear your grandma or uncle talk about it. Then it's most likely a bubble.


  7. #37

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    I have the feeling, this bitcoin thing is similar to the HK property discussion, where all the naysayers were waiting for "the bubble to burst", and missed out eventually.

    orel100x, timonoj and irisboards like this.

  8. #38

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    From what I remember, Bitcoin only existed to prove a point that the value of money is only what people believe in -- given the GFC, this paved the way for Bitcoin and the other coins. I'm learning more about Bitcoin and I think it's a great idea. Yes they do have their quirks but the developers or whoever is running it, are working on solutions for this, hence the forks, and other things that I don't know the names of.

    My particular interest in it, is the ability to send money internationally quickly and without fees. If I owe someone a measly US$50, I can simply send over the proper fraction of a Bitcoin and pay probably HK$1-2 as the transaction fee and it's good to go. Plus it has the exotic speculative point.

    Would I put all of my money in the coins, absolutely not, they are not stable. Albeit I do think Bitcoin will go much higher, at least 10 times higher than its price today, given the news of upcoming futures and already quoting Bitcoin in smaller units, such as mBTC.

    Plus, all of the other coins (1000's of them), these coins need miners and these miners are paid in coins, sometimes even Bitcoins, or miners will convert to Bitcoin, and thus supply will be even more limited.

    Let's see what will happen--I do think there is a lot to learn from blockchain technology.


  9. #39

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    Quote Originally Posted by MandM!
    My particular interest in it, is the ability to send money internationally quickly and without fees. If I owe someone a measly US$50, I can simply send over the proper fraction of a Bitcoin and pay probably HK$1-2 as the transaction fee and it's good to go.
    Doesn't Alipay do the same in China, 1) for free, 2) through the phone, 3) with an established currency that is guaranteed by the Chinese government, and with a stable value, so you can just keep money there, and 4) without the risk of your money stolen by hackers? Would you still use bitcoins if Alipay went global?

  10. #40

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    Bitcoin is a currency and these are usually created and run by national or supernational bodies. Shouldn't the UN or world bank create it's own crypto currency and save the world trillions in banking fees and inefficiencies of the current system?


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