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Bitcoin: Beyond The Bubble

Discussion in 'Blockchain, Bitcoin and Cryptocurrencies' started by Scott7, May 3, 2018.

  1. Scott7

    Scott7 Membership: Trader

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    Bitcoin: Beyond The Bubble, is a recently released documentary that explores the importance of Bitcoin, other than the price. The production is professional, it's fast paced, short (35 minutes) and presented in a non-technical way. Well worth watching. You can view it here.
     
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  2. DnEbook

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  3. findtim

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  4. snoopy

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    Interesting video, I think the main issues are,

    -What % of the current price is just speculative nonsense?
    -What is the real size of the market in terms of genuine usage?
    -Will the average person on street ever trust something that can disappear, be sent to the wrong place or be stolen without any recourse?
     
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  5. Scott7

    Scott7 Membership: Trader

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  6. Scott7

    Scott7 Membership: Trader

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    - I think that the majority of the short term hype, FOMO, speculation money is out of the market, thus the price correction from 20k to 8k USD.

    - Genuine usage is hard to gauge, due to BTC being used more as a store of value now, rather than a medium of exchange. It is certainly being used for cross boarder payments in countries where this is excessively difficult, dangerous and/or expensive. The growth and further development of the Lightning Network should lead to an increase in its usage as a medium of exchange in the West. The hindrance to this will be price volatility. That is, who wants to be the next Bitcoin pizza guy?

    - Solutions and technological advances certainly need to be developed for mass adoption to take place. Storing and using Bitcoin must be simplified, because most people don't want to shoulder responsibility for securing their private key or recovery seed, or risk funds on an exchange that can be hacked, with transactions being irreversible. Bitcoin still awaits its 'Netscape Moment'. Personally, I'm optimistic.
     
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  7. Bacon Farmer

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    Sounds like what Bitcoin really needs is a bank.
     
  8. Scott7

    Scott7 Membership: Trader

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    Exchanges are the Bitcoin version of Banks, except that transactions can't be reversed. It is far better to keep Bitcoin off exchanges and take control of your private keys. Bitcoin gives people the ability to opt out of the banking system and protect their wealth from confiscation by corrupt and/or incompetent banks or governments. Zimbabwe, Venezuela, India ... who's next?
     
  9. findtim

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    the internet way back when was the internet until EMAIL became the KILLER application, bitcoin hasn't found its KILLER application yet and then it will take off again imo.

    drugs isn't going to cut it, it has to find a mainstream exit.

    "bartercard" is a good example of this , https://www.bartercard.com.au/ , its EASY to get and really hard to get rid of. i know people who make a fortune from bartercard but i know more who have ended up losing big time.

    most people do not trade currencies across nations, they like that the $20 in their wallet is $20 TODAY and TOMORROW and next WEEK ! not $18.54, then $22.03, then $12.49 the next day

    ask the person who bought at 20k how they feel about it being 8k again ?

    pump then dump, pump then dump everyone else are just sitting on the train wondering which stop to get off?

    tim,

    note: i know absolutely NOTHING about bitcoin
     
  10. Scott7

    Scott7 Membership: Trader

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    Thus, 'store of value' currently trumps 'medium of exchange' as a use case in Western nations. On the other hand, 'permissionless transfer of wealth' is a use case worldwide.

    If they can afford to hold, they will be fine. In fact, I think the day will come when people will think that they got in while it was still cheap. :D
     
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  11. Bacon Farmer

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    So where do you store your keys?
     
  12. Scott7

    Scott7 Membership: Trader

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    I would recommend a hardware wallet, like a Trezor or Ledger Nano S.
     
  13. Bacon Farmer

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    So how do you keep your wallets safe?
     
  14. findtim

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    if i owned any my keys would be on a piece of paper ! seriously.
    at my mums house, my wifes mums house, my sisters house, in my kids cubby house, at my best mates house.

    and in the cloud using the "33" method, its where you have a number and you put 2 3's together ( or 4's or 5's) so you know to take them out to get the real number.

    or the "phone pad" , where you have a keyword eg: cat and place it in the number "228"

    sealed envelope to your accountant
    the list goes on.

    tim
    ps: paper is Y2K compliant, doesn't need electricity , doesn't crash :)
     
  15. Scott7

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    While it is obviously important to take care of a hardware wallet, if the device itself is lost or stolen, your Bitcoin is still safe. As long as you know the recovery seed phrase, you can set up a new wallet and recover your funds. This article provides various suggestions for securing your recovery seed phrase. For an extra level of security using any of the methods it recommends, cut the seed phrase in half and store the halves in different locations.
     
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  16. Scott7

    Scott7 Membership: Trader

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    If one of your kids comes home driving a lambo, you'll know they found the keys, recovered the wallet and withdrew the funds. :D
     
  17. findtim

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    all hail the bitKING :)

    tim
     
  18. findtim

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    and i'd say " on ya"

    tim
     
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  19. Bacon Farmer

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    Sounds like you need a couple of bank safety deposit boxes, on different continents in different hemispheres. There must be an easier way to store your wealth.
     
  20. snoopy

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    I think there is big issues with this kind of thing, it has got a long way to go before it is a consumer friendly store of wealth.