Quote (Penguins0690 @ Nov 12 2017 05:37pm)
you don't like free money I see :P
to each their own tho
got someone who is paying me electricity + admin costs to mine for them.
free $150/month for me, after electricity costs ofc
The attraction to bitcoin is the growth (investment). Secrecy is #2, and secrecy will be pointless if growth doesn't exist any longer.
Without growth, bitcoin will collapse. 100%.
Why? Because the average user will prefer real $$. Bitcoin is an inferior money system, but has been great as a way to grow your wealth (invest). Once bitcoin just becomes a money system without superior investment prospects, the user base will drop quickly. People will start wanting to sell out, because holding $7000 in bitcoins, or $7000 in cash -- they'll want $7000 in cash. The cash could then be applied to an investment that does return interest.
As soon as that happens, the value will drop, and quite rapidly. People will see the price has levelled, people will want to invest using real $, they'll sell out. They won't enter back into the market because prospects show the bitcoin dropping. Those still holding bitcoins won't have anyone who wants to value the bitcoins anywhere near the current rate, only speeding up the decline. Those who exit won't re-enter, and the user base will collapse through a spiral effect. Perhaps when this happens, there'll be an ideal 're-buy-in' time, where the whole cycle begins anew, hence my claim: It's a pyramid scheme, redistribution of wealth from the suckers to the lucky guys.
There's the secrecy aspect, but what good is that if the user base crumbles, and the value as well. You can play monopoly in a closet all day & the IRS won't come knocking.
This post was edited by Canadian_Man on Nov 12 2017 07:15pm