Poll: What will be the fate of Bitcoin in 10 years; in 2034?

[Blade Runner]

"spark of truth"

You realize both those two paragraphs said absolutely nothing right? If you're going to dispute something said at least say something that has meaning....

Lighten up Francis.

Anyone can go to the BTC thread and see numerous posts of information, insight, argumentation that I have put forth - whatever he likes. Chance has done a great job over there as well.

Since you have been challenging me on this topic, I'd like to ask, what will you say or do if/when my predictions about BTC in the coming year come true? Will you come clean?

 

[FrancisK]

Lighten up Francis.

Anyone can go to the BTC thread and see numerous posts of information, insight, argumentation that I have put forth - whatever he likes. Chance has done a great job over there as well.

Since you have been challenging me on this topic, I'd like to ask, what will you say or do if/when my predictions about BTC in the coming year come true? Will you come clean?

Come clean? I never spoke to anything you said about a prediction nor do I care to.

I didn't "challenge" you on anything, although you actually proved my point by taking what I said that way.

 

[Blade Runner]

Come clean? I never spoke to anything you said about a prediction nor do I care to.

It's possible that it was my mistake in thinking you've opined on this topic before and generally don't agree with what I've said.

What are you posting in the thread for then?

 

[FrancisK]

It's possible that it was my mistake in thinking you've opined on this topic before and generally don't agree with what I've said.

What are you posting in the thread for then?

I'm sorry am I not allowed to have an opinion? Or is it that I'm just not allowed to have an opinion that doesn't coincide with your bitcoin holdings?

Interesting tact here buddy

 

[Blade Runner]

I'm sorry am I not allowed to have an opinion? Or is it that I'm just not allowed to have an opinion that doesn't coincide with your bitcoin holdings?

Interesting tact here buddy

I don't see you opining on anything. Rather, you came into the thread saying that I was talking about nothing and you were talking about nothing. Weird to waste your time talking about a whole lot of nothing.

 

[Blade Runner]

So what's your opinion?

 

[Batman]

If it gained 10000% in 10 years, it’ll be a trillion in another ten. Buy a bitcoin now and you’ll be able to buy a whole country.

Just like 10yo kids that are 5ft tall reach 10ft when they’re 20yo.

Even if it 1000x'd or even 100x all that would do is lead to the greatest transfer of wealth in human history (again), as the top 0.1 to 0.00001% of holders could make billions, if not trillions. Lol.

Also the economic implications of this are confusing. If any joe shmo with $1000 worth of BTC today were to even 100x I just don't see how that will automatically result in a net economic gain/wealth for him, unless he immediately sells and reinvests but even then I don't necessarily see how this will have a net gain for all BTC holders long-term...all that will happen is people will flood the markets with a sudden influx of cash from selling (except the crazy ones who claim they will "never sell"), which will in turn decrease the relative value of bitcoin, especially if inflation rates and the economy continue to go down the shitter. Or am i missing something? There are just so many assumptions built around this, and it's still not even clear to me if BTC is correlated with economic forces as whole, or just built entirely around hype and randomness.

Your sarcasm didn't go over my head, btw, but this was a good talking point.

 

[Blade Runner]

Even if it 1000x'd or even 100x all that would do is lead to the greatest transfer of wealth in human history (again), as the top 0.1 to 0.00001% of holders could make billions, if not trillions. Lol.

Possibly, but the fact would still remain that money became honest and everyone had his fair shot at acquiring the best money. I don't see how one could object to any of this, on any moral ground, given the current realities and the fact that there will always be stratifications in society or a hierarchy, etc.

 

[Sandalwood Peak]

The problem I’ve had with bitcoin even since it entered public consciousness is the fact that for me to invest I would be bandwagoning. In my opinion that’s not the best investment strategy unless you know what you’re doing.

I don’t understand the price movement, I don’t understand why it’s suppose to explode in value [limited supply?] and when [mass adoption?].

So basically the way it looks is we have a bunch of people trading a virtual asset that’s not backed by anything and hypothetically there’s going to be a time of mass adoption that’s going to make all bag holders filthy rich. So something would have to happen where the powers that be will say “let’s make some millionaires today”. Otherwise people should just be swing trading bitcoin at best.

Is this the gist of it or am I retarded?

Or is bitcoin somehow going to replace bonds?

In the adoption scenario I don’t see the logic. How are you suppose to sell anything without a stable currency?

 

[Joost]

The problem I’ve had with bitcoin even since it entered public consciousness is the fact that for me to invest I would be bandwagoning. In my opinion that’s not the best investment strategy unless you know what you’re doing.

I don’t understand the price movement, I don’t understand why it’s suppose to explode in value [limited supply?] and when [mass adoption?].

So basically the way it looks is we have a bunch of people trading a virtual asset that’s not backed by anything and hypothetically there’s going to be a time of mass adoption that’s going to make all bag holders filthy rich. So something would have to happen where the powers that be will say “let’s make some millionaires today”. Otherwise people should just be swing trading bitcoin at best.

Is this the gist of it or am I retarded?

Or is bitcoin somehow going to replace bonds?

In the adoption scenario I don’t see the logic. How are you suppose to sell anything without a stable currency?

I'm not telling people to buy it since it is a very speculative asset. I have some that I bought years ago.

Nobody can predict the price of Bitcoin. So when you hear somebody saying it is going up certain % in X timeframe, block that person because he/she is a moron.

- Price goes by supply/demand. No way to predict. Few years ago price went down by 50% and took years to break even. During a recession, ALL assets go down since people have to sell everything they can to cover for debts.
- Limited supply makes it the best economic theory because it does not dilute Bitcoin holders. No FED printing trillions, causing inflation.
- Network is the strongest by far. It is safe.
- Uncensorable. You can transfer value without needing approval by banks or governments. No risk of confiscation.

I dream of a day where people use Bitcoin so to pay less taxes and make the government smaller and more efficient. Do you think US would be sending hundreds of Billions to foreign countries if they couldn't tax us?

 

[Blade Runner]

I'm not telling people to buy it since it is a very speculative asset. I have some that I bought years ago.

People always use this word, but the truth is that everyone "speculates" on every asset they purchase, what we're talking about is time frame. For those who know BTC and its characteristics/history, buying it and holding for longer time periods (or ever) is not speculation. Trading it, which means at time intervals much less than a year, of course is. Over the long term all it does is go up and to the right. There is no arguing this fact, which is why I continue to find it so bizarre that people keep using the term speculation. What they are really telling you is that they don't understand it, can't believe it, haven't studied it or its properties, or know about energy, networks, security and the double spend problem (digital scarcity).

Nobody can predict the price of Bitcoin. So when you hear somebody saying it is going up certain % in X timeframe, block that person because he/she is a moron.

In general, yes we can. It's just that it is range bound. What you're really saying, or should say, is that "no one can predict the price of BTC in short time periods, AGAIN and AGAIN." I'm not trying to be annoying, but people get lazy with language. One should be precise on important issues, and storing your money, or losing it to trading or debasement, is an important issue.

Is this the gist of it or am I retarded?

It's backed by energy and security, and is absolutely scarce. There's never been anything like it in human history. I won't call you names, but you should do more study of it, and there are many pages on threads here that describe it in detail. If you want a book to read, check out Ammous or Jeff Booth's book, if you want a quick read that will show you where all this is going.

 

[Let God Arise]

BTC is now at nearly $93K. We're edging up close to the magic 100K mark, when John MacAfee will come out of hiding/from the dead and eat his d**k, as he promised. Will he do it on TV?

 

[Blade Runner]

It's just beginning, my friends.

 

[kevork]

I only see one viable use case for Bitcoin, which is that government or other entities enforce it as some sort of reserve asset.

There is real economic value, e.g. it costs $2 to mine an ounce of iron and it can be used for XYZ in the real economy.

Then there is speculative value, which is people buying an asset in the hopes it will go up - very little economic utility.

Bitcoin doesn't have any feasible use. It's a 7 TPS blockchain that requires an hour to finalise transactions. It can't scale. It has very little use beyond gambling. It's not going to be used for anything. Every year there are new chains that are technologically better. Even Satoshi said in his last messages that he is moving on to another project and BTC has many shortcomings. It was a test project. Saying that BTC will be used for anything is like saying that, we would still be using 1bps modems, 1mhz processors, pascal programing language etc.

There is going to be adoption of blockchain, and it's beginning. UAE are starting their plans to put much bureaucracy and financial assets on chain. There are now billions of tradFi financial assets coming on chain. And pretty much none of it is or will be going on BTC, because it can't support that and is old tech.

People make cases for BTC as a utility, but it's not being used for that and isn't. One case is you can own your keys/money. But that's not driving any real adoption. Another is we don't know who the founder (S.N. - Sergey Nikolaevich) is. That's not driving any adoption.

Many people see the case for blockchain in the real economy, connected with billions and trillions of dollars of assets. It's probably going to take 2-3 more cycles for that to develop and for projects to find the points that will drive adoption.

BTC, ETH and other ultimately useless chains will continue to grow to the point that real adoption of blockchain and adjacent technologies take off. At the point that people need real blockchain utility, other projects will rise. Their tokens will become more valuable, as they will be required for on-chain activities. At this point no one will be paying $5 and waiting 1 hour to send BTC and no one will be paying $500 for complex operations on ETH. They will be paying pennies, less, or nothing, and probably waiting no more than a second on chains that can handle massive data throughput.

 

[FrancisK]

I only see one viable use case for Bitcoin, which is that government or other entities enforce it as some sort of reserve asset.

There is real economic value, e.g. it costs $2 to mine an ounce of iron and it can be used for XYZ in the real economy.

Then there is speculative value, which is people buying an asset in the hopes it will go up - very little economic utility.

Bitcoin doesn't have any feasible use. It's a 7 TPS blockchain that requires an hour to finalise transactions. It can't scale. It has very little use beyond gambling. It's not going to be used for anything. Every year there are new chains that are technologically better. Even Satoshi said in his last messages that he is moving on to another project and BTC has many shortcomings. It was a test project. Saying that BTC will be used for anything is like saying that, we would still be using 1bps modems, 1mhz processors, pascal programing language etc.

There is going to be adoption of blockchain, and it's beginning. UAE are starting their plans to put much bureaucracy and financial assets on chain. There are now billions of tradFi financial assets coming on chain. And pretty much none of it is or will be going on BTC, because it can't support that and is old tech.

People make cases for BTC as a utility, but it's not being used for that and isn't. One case is you can own your keys/money. But that's not driving any real adoption. Another is we don't know who the founder (S.N. - Sergey Nikolaevich) is. That's not driving any adoption.

Many people see the case for blockchain in the real economy, connected with billions and trillions of dollars of assets. It's probably going to take 2-3 more cycles for that to develop and for projects to find the points that will drive adoption.

BTC, ETH and other ultimately useless chains will continue to grow to the point that real adoption of blockchain and adjacent technologies take off. At the point that people need real blockchain utility, other projects will rise. Their tokens will become more valuable, as they will be required for on-chain activities. At this point no one will be paying $5 and waiting 1 hour to send BTC and no one will be paying $500 for complex operations on ETH. They will be paying pennies, less, or nothing, and probably waiting no more than a second on chains that can handle massive data throughput.