Quote:
Originally Posted by SkinnyPupp
No, totally the opposite
Most speculators are out, some after wasting money on mining and/or trading (like Hondaracer is about to do)
Meanwhile, it's becoming more and more legitimate. Paypal, Microsoft, etc
This is like people who bought a computer in the 80's and got rid of it because it was too confusing. Early on, it wasn't ready for the mainstream. But that didn't mean it wouldn't eventually become such a huge part of everyone's lives.
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since this thread is bumped.
its 2017 now. speculator still rules the bitcoin market. Mining has long been a lost cause. People still trade bitcoin with other fiat currency more than actually spent it on legitimate purchases.
ofc its not just skinnypupp thats supporting the legitimacy of btc as a
currency. Supporters has been saying this from the the very beginning.
the price of bitcoin has more than double since 2014 of course the price fluctuate and isn't stable. In the same amount of time BTC did not get easier buy or to exchange for goods and other currency. Everybody has heard of bitcoin at this point. We all know someone that has dabble in bitcoin whether its trading, mining or being an international criminal but how many of us actually know someone that has purchase legitimate things with bitcoin and find that a pleasure experience that they look forward to doing again?
And at the rate its going why would any go and spent it when it could double again in 2 years? at the same time it could also crash all the way down again.
the volatility and ease of manipulation by big players make btc at least at this moment a trader's game…
and how about the elephant in the room. Satoshi Nakamoto, the anonymous creator that has something like 7-10% of btc. we still don't know any more about Satoshi than we did when btc first appeared. What are his intentions, what is he going to do with his btc? with the amount he has he could easily manipulate the price however he wants.
China is one of the frontier in BTC technology and they are focusing almost all their startup capital and energy on creating more exchanges and technology focus around trading rather than real world usage.
I just want to pick everybody's brain how can btc become a legitimate currency with its many problem, some are flaw that are fundamental to how btc works.