Bitcoin

Don't get left behind... dollar cost averaging and buying the dip (hopefully a big one soon) are your friend, but more than that, taking the time to really wrap your brain around the technology and deeply contemplating the magnitude of its socio-economic implications.... crypto-anarchy is real.

www.youtube.com/watch?v=q1LiCNnd9d8

Compelling points, to be sure. Thanks for the info.

Programmers want to believe that Bitcoin is the future but not every person is a programmer. The masses will not use anything which reqires them to watch a youtube video before they can use it. The masses use hammers but not compilers. And in case of Bitcoin it is not just a youtube video. You need to be a tech freak. Maybe it has a chance in a few generations if they start teaching this at schools. Otherwise, nope.

Hey, @Priem19. Some good points you made there. Maybe im looking a bit too conservative at it. No one knows what future will bring.

bitcoin.org/en/getting-started

>Programmers want to believe that Bitcoin is the future but not every
>person is a programmer. The masses will not use anything which reqires
>them to watch a youtube video before they can use it. The masses use
>hammers but not compilers. And in case of Bitcoin it is not just a youtube
> video. You need to be a tech freak. Maybe it has a chance in a few
>generations if they start teaching this at schools. Otherwise, nope.

Nocoiners...... if you can use email or your average mobile app, you can use bitcoin. Its enormous value proposition and disruptive potential given its properties as a currency combined with how difficult it is to understand is precisely why its so undervalued. That saying that the universe rewards one for taking the time to understand, couldn't be more true in the case of bitcoin. Smart people don't rely on schools to teach them what is of value to learn.... so says I.

www.youtube.com/watch?v=Xjlm6EG1qYE

What i like with Bitcoin is undoubtly that the amount of Bitcoins is 21 million and so, no Inflation. That could be a true Gold standard one day (as @Priem19 already mentioned) - no one can print money.

However, currently no one seems to know really in which direction that thing goes. "how difficult it is to understand is precisely why its so undervalued" - that makes me sceptical. So i will wait a few years until that becomes a more 'known' and stable thing.

I would encourage you to consider the risk/reward ratio of just investing very small (insignificant) portions of your income.... even if it's just a few dollars here and there. When you consider the ramifications in price if bitcoin does what it was intended to do... the potential supply/demand ratio. The scarcity is real. There is nothing else that I can imagine that compares to the magnitude of opportunity this is, or least might be. It's worth at least a shot of setting aside a few things you might treat yourself to, and buy bitcoin instead.

Of course, I keep 100% of my savings in crypto because I look at it as an opportunity not just to increase wealth, but to resist the tyranny of economic enslavement, and I'd personally rather support a viable alternative even if it means I go broke, than to be "successful" within the prescribed parameters of an oppressive and brutally imposed authoritarian system.

@Priem19 @xochinla

So, if i understand this right: The more people buy (or earn) bitcoins, the more value one bitcoin has, because the amount of bitcoins is restricted. However there is also the risk that people are outcashing their bitcoins, removing value from all bitcoins.

Is that right?

That's basically right. Price fluctuates depending on demand.... nothing removes the value however, but that's subjective.

Well, isnt Bitcoin (or any other crypto currency) then basically just a cash cow for those who own so many bitcoins that they can manipulate the market? They will just outcash their bitcoins from time to time. Then they wait for the smaller participants panicking and do so too. Until the price is at the bottom. Then they buy the same amount of now cheaper bitcoins, simulating a rise (keeping the leftover money as their "income"). And wait until other small greedy participants have done so too. Then they sell all those bitcoins again, and so on and so on.

This link seems to describe this behaviour:
steemit.com/bitcoin/@tonylondon/how-bitcoin-pumps-and-dumps-work

Further, this:
en.wikipedia.org/wiki/Bitcoin#Criticism

And this:
en.wikipedia.org/wiki/Cryptocurrency_bubble

In the last link a lot of smart (admittedly also some very rich) people, including eight economics Nobel prize laureates call crypto currencies an "Economic Bubble". (However, one says: "There is no bubble for blockchain, but there's a bitcoin bubble")

Some (but not all) even seem to see it as some form of a pyramid scheme. Eg. Warren Buffet gets quoted:

"When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along"

What are the arguments against these views, if there are any?

Notice that i was not aware of these links when i wrote my previous post. But i was aware of the posibility i describe in the first paragraph.