A lot of Bitcoin enthusiast claim Bitcoin is a real threat to the fiat system...Are they serious???

You have got to be kiddin me here.

You telling me the TPTB which control the money and have sent the damn U.S military to countries which threaten its dominance is just going to lay down without a fight to a bunch nerds???

Come on man this claim by Bitcoin enthusiast is ridiculous.

This old money were talking about which goes by the might is right rule and you bet your ass they will even drop a damn EMP on our asses to crush this cryptocurrency.

NO WAY NO HOW is this Bitcoin going to kick the U.S military's ass.

Bitcoin is officially the 15th largest currency in the world

There is ALOT of bad mouthing bitcoin at the moment.

Lots of people hate it.

Mostly because it's taking money from traditional investments. Thus a snip load of fees.

It's 50/50 odds if BTC will last.

Far to many are also comparing apples to oranges.

There's never been ANYTHING like cryptocurrency before.

I've never understood why it has to be a threat or anything. I've heard it a lot. I have some investment in different coins myself, but I don't see why it has to threaten anything. It's just something different. There's nothing wrong with that. I certainly don't think it's going to overthrow any kind of system or anything along those lines anyway. It just isn't going to happen. It doesn't mean it can't be valuable or useful without needing to overthrow or threaten anything else.

I stated before that I hope I am wrong, but while I could not put my finger one what bothered me about bitcoin I think I finally stumbled across it.

Financial Mania

1. There is no upside resistance, and rising prices seem to be perpetual.
2. Everyone in the market looks like an expert.
3. There is a flight from quality investments to riskier investments.
4. As financial bubbles pop in one area, they bubble up in others.
5. The crash after the peak takes back all the gains the mania made.
No. 5 can be viewed only with hindsight. But the first four signs provide essential clues to what’s shaping up in the markets.
“By studying past mania experiences, traders can gain valuable insight into the collective emotions that drive their markets,” writes Kendall. “It’s possible to make significant money in the advancing stages of a mania with no knowledge of its existence. But there is nothing like recognizing a mania for what it is in real time to help a trader keep those gains and deal with the relentless crash after it peaks.”

To me the sudden rapid increase in Bitcoin strikes me as what is called financial mania, I read a different article yesterday that compared bitcoin to the rise and crash of Silver in the '80s.

Do I wish I had gotten in when it was cheap sure, and I hope I would have been smart enough to get out before the big money folks dump bitcoin causing a run causing all the regular folks to lose their shirts.

eta: Again I hope I am wrong and those that got in early make a lot of money.

a reply to: Irishhaf

To me the sudden rapid increase in Bitcoin strikes me as what is called financial mania, I read a different article yesterday that compared bitcoin to the rise and crash of Silver in the '80s.

I see it differently.

It's the sheer ease of access and substantially less capital investment costs compared to traditional is the biggest reason for it's rise.

Until they fix the transaction time and fee problem, it will never be a threat to anything.

And I don't think the technology allows solutions that those problems.

Bitcoin is being bid up by ten or so big players who control most of the bitcoins. I expect they have a target in mind for cashing out.

originally posted by: avgguy
Bitcoin is officially the 15th largest currency in the world

Bitcoin isn't a currency. Hence why so many people don't actually take it seriously and think it's a scam.
For one, it's imaginary coins worth fiat currency, second you can't even stash it anywhere other than on the internet.
Gold, real estate, etc. will still be king once this ridiculous fake imaginary coins blows over.
In theory World of Warcraft gold and game time has a more stable economy than bitcoin.

a reply to: aiolosmartine

Methinks you need a few lessons before you can have a stance on this topic.

NO WAY NO HOW is this Bitcoin going to kick the U.S military's ass.

Case and point.

a reply to: neo96

There is ALOT of bad mouthing bitcoin at the moment. Lots of people hate it.

Meanwhile the price keeps rising. What are the odds, you think, that those same FUDers are also holders?

a reply to: Painterz

Those big players are probably the sellers with some price propping buys placed strategically.

originally posted by: JinMI
a reply to: neo96

There is ALOT of bad mouthing bitcoin at the moment. Lots of people hate it.

Meanwhile the price keeps rising. What are the odds, you think, that those same FUDers are also holders?

They'd be stupid not too.

I don't think it will be too great of a threat at least in the near span of say 10 to 20 years, if it lasts that long. There is a finite number of coins that can be mined and once they are done, there is no provision to create more. Over time folks will lose their "wallets" and eventually the pool of available coins will become smaller. This isn't a real problem yet as the coin value may inflate as demand increases and at the same time people will be using micro-coin transactions as the bitcoins can divide down to far less then the equivalent of a penny's worth today.

The biggest reason that i don't see it as a threat is that it has pretty much become more of an asset or a stock than a currency, at least that is how I view it right now. There are merchants out there who will sell merchandise to you for some bitcoin but you must realize that, for now, the merchants are going to have to cash them in somewhere if they want to pay their suppliers for those goods. It can certainly be a boon for a merchant to take a sale of say $200usd worth of BTC and have that BTC's value rise to a point that could even double the value when it was first received. This trend of rapidly rising value in Bitcoin should eventually halt and stabilize so that the BTC valuation fluctuates must less. It would be a this point where it can start to be a currency and not a speculative investment. i, personally, have mined 28 coins since 2014 and have done it with the help of a 3kw solar array so my mining costs have been minimal. I have unloaded some of them and am not sure when I may cash any more in. It is far easier to buy them than mine them because the electricity costs can be prohibitive. Once the coins are all mined, the computing network must still be intact somewhat to validate the blockchain entries as purchases are made. Here is the other problem for BTC, once mining becomes completely too expensive to mine or the coins are all mined, the network of miners and the network of wallets and complete core blockchain computing hosts will dwindle a bit since nobody will have the incentive to keep running their computer BitCore apps and so on. This could leave a much larger transaction delay issue as time goes on, further rendering the BTC as currency harder to keep going.

For now, I have gotten a very good ROI for the mining I have been doing and I can walk away when/if the time comes knowing that I made some good $ on this "hobby" i was pursuing.

Not with net Neutrality on the fence...

I love Bitcoin, Altcoins , Blockchain as much as the kid millionaires do,

But, Apple pay, Visa and the likes, all they have to do is formulate a deal with Internet service providers and they will in turn throttle cryptocurrency connections.

This won't be the deathnail by a long shot, just will help to lower the price and force a blockchain internet.

But the battle has begun, that's for sure.

But it won't be Bitcoin, it will be an Altcoin, with features and a reason to not be able to go without it...

I was at a Chrismass party last night and we where talking about this topic ... As an example I asked the bartender if I can pay for the next round in bitcoin .... she said "yea I guess you can get the next round in coins, as long as you stack it nice so I don't have to count it.

And that my friends is why Bitcoin is not going to displace Fiat money any time soon ... or ever.

People can buy bitcoin, but there are a limited number of bitcoins (although it does increase over time as more are mined). This means that the more popular bitcoin becomes, the more a single bitcoin will be worth.

According to an article I read, the current market cap of cryptocurrencies (at least in August 2017) was at $141 billion. It is estimated that by 2025, cryptocurrencies could make up 5%-10% or more of the global GDP. This would raise the value of cryptocurrencies combined to 1,200 x their current value by the year 2025.

Moguldum

People can use bitcoins to make anonymous payments or even keep their money in a bitcoin wallet instead of a bank. I don't believe it is easy for the government to track down how much money you have in your bitcoin wallet, although I think the government can track where bitcoins come from and where they are going, and the IRS has been trying to get account data from Coinbase users (Coinbase is a website where you can exchange money for bitcoins, and back and forth).

As far as I can tell, I think the U.S. government will continue to try to find ways to monitor bitcoin use and bitcoin wallet balances as well as the exchanges, someone can correct me if I'm wrong.

I highly doubt that digital currencies like bitcoin will take over fiat money without a fight. Just my opinion, I'm new to the scene. So who knows?

originally posted by: JinMI
a reply to: aiolosmartine

Methinks you need a few lessons before you can have a stance on this topic.

NO WAY NO HOW is this Bitcoin going to kick the U.S military's ass.

Case and point.

Enlighten me how the TPBT are just going to lay down and let this cryptocurrency threaten their fiat system.

You realize these people would murder you and your family in an instant?

You realize these people invade countries?

You realize these people if not invade countries set up coups in countries?

These people dont play around.

a reply to: aiolosmartine
The EU must not like competition with their currency (or the US) for use in money laundering.

EU agrees clampdown on bitcoin platforms to tackle money laundering
www.reuters.com...

Alot of people are not understanding me and what I mean when I say these people are not going to lay down without a fight.

Are these Bitcoiners ready to die for their system?

Because you can bet your ass TPTB are ready to kill anybody that tries to threaten their powerful systems if the threat becomes something serious.

Whether be an EMP or go and assassinate you and your family these guys dont care they will do whatever needs to be done to maintain their power.

By all means I want them defeated but if people believe that some Bitcoin system is going to be that thing that finally destroys the TPTB they are delusional.

Nice idea; flawed execution, and WAY TOO MUCH energy use. That last issue is what will sink this.