What's the highest dollar price will Bitcoin reach in 2024?
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Prediction (Score:5, Funny)
Why is it worth anything at all ? (Score:2)
I fail to see why people want to buy it in the first place. Yes: there is a certain value in rarity ... but so what, are people just betting that some mugs in the future will be willing to spend even more real currency on it and that they will be able to cash out ?
Maybe I just have the wrong mindset - I have never been interesting in gambling.
Re:Why is it worth anything at all ? (Score:5, Interesting)
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Re: Why is it worth anything at all ? (Score:2)
Bitcoin is a pump and dump scheme as well as a channel for criminals to hide behind.
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I still own 0.012 BTC from back in 2016-ish. The problem with BTC, back then, as well as right now, is it being extremely easy to buy BTC for real money, but extremely difficult to convert back to USD without getting ripped off by intermediaries.
Say 1 BTC is $60K and you want to invest $6K to buy 0.1 BTC. If it becomes $65K tomorrow and you want to sell your 0.1 BTC, you will still LOSE money, most likely, and spend quite some time converting it back to USD.
This makes BTC, and most likely all other similar
Re: Why is it worth anything at all ? (Score:2)
It's pretty easy nowadays to exchange for stable coins like USDC, which can then be turned into regular USD after waiting for the requisite slow bank legacy bank transfers.
Re: (Score:2)
If you are in the USA, maybe.
Re: Why is it worth anything at all ? (Score:2)
The spread is 10c and aggressor fees are at most 6bps.
Re: Why is it worth anything at all ? (Score:2)
Add to it that if you get it converted to money in your bank account it might get confiscated and your bank account locked while you are investigated for fraudulent behavior.
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There are people who accept it as payment. That's what gives any currency value. In the case of Bitcoin and other cryptocurrencies, value is founded on Ransomware gangs accepting it as payment. People are motivated to obtain it, because they need it to pay ransom. It's not a coincidence that Bitcoin took off in 2017, at the same time that Ransomware really started getting notice.
Re: (Score:1)
but so what, are people just betting that some mugs in the future will be willing to spend even more real currency on it and that they will be able to cash out ?
Maybe I just have the wrong mindset - I have never been interesting in gambling.
Yeah, IMO both crypto and the stock market are ways of gambling on what you think other people will place their bets on.
7 transactions per second is bad (Score:2)
Somebody needs to explain how its going to be the currency of the world when it can only do 7 transactions per second.
Yes, I know there are lots of proposed changes and forks but few of them really seem to aim to massively increase the number of transactions to be on sale with people actually using it all the time to buy stuff like dougnuts and not just launder money.
Also somebody should explain to me why bitcoin is the best of all cryptocurrencies, just because it was the first. Satoshi? You here?
Re:7 transactions per second is bad (Score:5, Insightful)
It's not the best, it wasn't even the first. (The first was Digicash by Deutsche Bank; nobody ever used it.) Bitcoin was just a proof of concept for the cypherpunks. Satoshi himself isn't even using it.
It was the libertarians, and then the scammers, who pushed the hype. The cypherpunks said that to become a currency, people have to use it. Spend it, don't hoard it. That gave it some initial value. The libertarians then began hoarding it for passive income, shouting HODL! And with the promise of passive income, the scammers built pyramid schemes on top of it. Even cryptocurrencies that were never meant to have monetary value, like Reddit's joke Dogecoin or the breeding game Cryptokitties, became traded on the exchanges.
Meanwhile, actual economists have pointed out that cryptocurrencies are not actually currencies, San Salvador notwithstanding. At most, they are value stores, in the same way that artwork or collectible baseball cards are value stores. And with Bitcoin being deflationary by design, it would actually make a horrible currency, one in which debt could never be repaid. And the whole point of currency is the ability to pay debts.
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Yes, coins save a lot of reckoning that way.
With Bitcoin that wouldn't work, and not only because of the enormous amounts of computation involved.
If your debt (or your due taxes) are reckoned in Bitcoin, and and Bitcoins increase in value and more cannot be mined, then the real value of your debt increases even if the nominal value stays the same. If you cannot pay right away, you'll never be able to pay it off. (And as a sovereign, you'd eventually run out of Bitcoins to pay your soldiers with, and your
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If your debt (or your due taxes) are reckoned in Bitcoin, and and Bitcoins increase in value and more cannot be mined, then the real value of your debt increases even if the nominal value stays the same. If you cannot pay right away, you'll never be able to pay it off. (And as a sovereign, you'd eventually run out of Bitcoins to pay your soldiers with, and your empire collapses.)
That sounds an awful lot like how coins work, except coins are often worth less as time goes on, whereas bitcoin is often worth more with time. There are also fees associated with modern banking transactions. And if the gov't was the one issuing the bitcoin and accepting it for taxes, it would bring the same legitimacy to the object, no?
FWIW, I'm not a fan because of the electricity requirements just to process or mine a virtual currency. I get that it makes the mining more real (if anyone could mint new co
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I'm not a fan because of the electricity requirements just to process or mine a virtual currency. I get that it makes the mining more real
If you could get the electricity for free (and with PV you basically can), that wouldn't devalue the coins. There is only a limited number of hashes, hence a limited number of BitCoins, which is what makes them deflationary. Eventually there are none left to mine.
So it is not the energy you invest that gives them value (and in fact there have been times when the electricity cost more than the coins).
if the gov't was the one issuing the bitcoin and accepting it for taxes, it would bring the same legitimacy to the object, no?
San Salvador tried that, and it didn't. The problem is, as you say, that BitCoins don't depreciate. With
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Huh, I didn't know about Digicash. That's interesting stuff.
Re: (Score:2)
Mondex was started at around the same time in the UK, I think it was a few months after Digicash.
It wasn't sucessful, but it evolved into Mastercard contactless, which has been very successful, the difference being that the value is stored in your bank's database rather than on the card.
Re: 7 transactions per second is bad (Score:2)
Satoshi isn't here right now. Please leave a message after the beep. BEEP!
Re: (Score:3)
The Lightning Network [wikipedia.org] but it's not perfect.
The first - yes, the best? doubtful. What really sets Bitcoin apart is that it has no creator (Satoshi has never been discovered, some believe he's not just one person, he represented an organization) or company behind it. There
Re: 7 transactions per second is bad (Score:4)
You can scale it on a secondary layer (L2), in this case Lightning.
This is analogous to how your bank only does a single overnight transfer to each of its partners, but it keeps an intraday tally of its own.
Lightning can handle millions of transactions per second.
Lightning is bad by design (Score:2)
Re: 7 transactions per second is bad (Score:1)
Lightening network which is a layer 2 built on top of Bitcoin can do 1 million/sec⦠way more than Visa
It's gotta go over $70K this time. (Score:1)
In order for this giant pump and dump scam to continue to be effective, Bitcoin needs to hit a new all time high to bring in a new generation of bag holders before it tanks again. It's a pretty reliable cycle at this point.
That doesn't necessarily mean that it's a terrible investment, but know what you're doing before going in. You're really gambling if you're buying in here, thinking that you'll be smart enough to get out before everyone else does. Just remember that many people have experience doing this
Polls Are Not Quite Dead Yet (Score:2)
Long live the polls!
Missing option (Score:4, Informative)
Who cares?
Re: (Score:2, Insightful)
$0
$1 - $6.4k
$6.4k-64k
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Of course real, reasonable options are missing. This is just another "article" by Slashdot shilling for Bitcoin.
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No, this is just another in an incredibly long line of Slashdot polls none of which should ever be taken seriously.
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Of course real, reasonable options are missing.
Any option less than $64k is silly, given the question, as it's already been there. Unless you somehow change the meaning of "highest" or "2024".
This is just another "article" by Slashdot shilling for Bitcoin.
Agreed. But nice to see the occasional poll.
I predict (Score:2)
Over 9000!
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The grand master plan of crypto (Score:4, Interesting)
The plan for all cryptocurrencies isn't what they want to make you think it is. It's more sinister than the egalitarian image the crypto boys portray for it.
After the 2008 financial meltdown, cryptocurrencies were born out of it, declared to be the means by which people could be freed from banks/governments, and promised to avoid any such future meltdowns from happening ever again.
But the crypto boys watched closely the result of that meltdown, and formulated their plan: create a new form of currency, and for it a new financial system detached from traditional ones (those burdened by "governments and regulations") - they called it "DeFi" for "Decentralized Finance", but its dirty little secret is that it's really "Deregulated Finance".
Their plan is to make this new money be adopted by the masses, so they start it off with a low price, then gradually increase it, by virtue of them just pulling numbers out of thin air for its value, until it catches the attention of the masses - then it gets more and more "valuable" from the collective faith of its given value ("network effect"), until traditional institutions and the typical "1%" billionaires start to notice and, greedy as they are, want in on the action too.
So now those that got in at the ground floor have gained all this "value" out of thin air, and once they're ready, they'll pull out all pretty much at once - that it'll create a sell-off panic, and a new meltdown is born! And because of their "De[regulated]Fi" system, the bros have already shifted all the risks away from themselves onto others, so they'll make out like bandits, leaving everyone else to "hodl" the bag.
But the bros were really observant about that last meltdown - and noticed all the "bailouts" the big banks got - so as they were shifting the risks to others, they increased their investments into what would get the next bailouts - so in the end they'll make out like bandits twice: the first time from suckering everyone else into their pump-and-dump scam, and again once they benefit from the bailouts that'll get handed out.
And there you have it folks, the real master plan of crypto.
--
"Cryptocurrencies will bring about a worse financial meltdown than the one they were born from." -Prof. Feynman
Re: (Score:1)
Dude copy pastes this every time there's an article on Bitcoin. Exact same text. Don't mod this up.
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What a depressing question (Score:3)
That anyone gives a flying fuck about the exchange rate of Bitcoin is sad, and kind of shows that Bitcoin has failed at its purpose.
If Bitcoin had been successful, then instead of people talking about exchange rates, they'd be talking about the speed and/or the competitive pricing of transaction processing. That stuff is what matters, and stressing those values is how Bitcoin would have become good and generally usable.
If anything, the volatility of Bitcoin, and yes that even includes it going up in price (with the side-effect of making holders rich), is a weakness and just another thing to its discredit.
I wanted to like Bitcoin. I really did. I still think that deep down, there's a really great idea behind it. But that it's become an "investment" means that it's not worthy. Bitcoin has failed to live up to its hype, and the existence of this poll's question is an example of that failure.
Re: What a depressing question (Score:3)
That stuff that matters is still getting discussed and worked on, for example by the Lightning network. It just doesn't make splashy news.
Wrong currency (Score:1)
Sorry, I only trade in CowBucksNeals
Re: (Score:2)
Price vs Value (Score:2)
Fix the grammar in the poll. (Score:2)
There's no realistic options (Score:2, Funny)
Worthless as Currency (Score:2)
Re: Worthless as Currency (Score:2)
Re: (Score:2)
So, that would be just like trying to buy a ticket for a concert then ?
worthless poll (Score:3)
Someone on slashdot is looking for fools to pump up to a target price.
Better polls:
What is the better meme security?
- BTC
- NVDA
- GME
Where does the value of BTC come from?
- crypto crime payments
- wasting electricity
- never missing earnings estimates
- P/E = undefined/infinity!
Re: Ponzi retards (Score:2)
Fantastic. It looks like I'm heading into early retirement.
Re: $500k after halving (Score:2)
And Underpants Gnomes.
CowboyNeal (Score:3)
Whatever CowboyNeal is willing to pay.
Tulup bulbs! (Score:3)
Get your rare tulip bulbs here. Double your money when you sell them.
Careful now (Score:2)
Retail investors are just exits for people who've been holding for the last couple of years.
Holders need a mania so they have someone to sell their worthless tokens to.
So a few whales make the price climb and get some media coverage going, retail storms in with the FOMO craze, and the smart money happily sells to retail. Demand dries up, the price falls, the dejected retail bagholders wait a few months and sell at a loss, and the game starts again.
Don't be the greater fool. You've missed this round.