237 upvotes, 10 direct replies (showing 10)
View submission: Don't invest recklessly
[deleted]
Comment by 246011111 at 30/11/2017 at 02:01 UTC*
242 upvotes, 15 direct replies
That's exactly what has me wary. Bitcoin purports to be a currency, but people treat it as an investment. Few (legal) vendors take it, and even if more did, few customers would pay in btc since they're hoping to make money off of it (the $100 million dollar pizza problem, if you will). What is Bitcoin's real value at this point in time, apart from others thinking it's valuable?
Comment by nullc at 30/11/2017 at 12:34 UTC*
24 upvotes, 1 direct replies
Why would you spend the good money? Spend crappy fiat first... wait, correction, spend 0 interest credit first. Then pay it with fiat. Bitcoin is somewhat costly and inconvenient to acquire.
When planning to sell Bitcoin anyways, sure, spend it. Or for an international payment or a natively digital purchase that is only really reasonable to do with Bitcoin ... But otherwise, I'd want to see a pretty substantial discount. Especially because Bitcoin payments lack anti-fraud, cash-back, tax simplicity, good accounting reporting, and all the other features of a boring credit card.
Comment by traderhater at 30/11/2017 at 04:43 UTC
13 upvotes, 1 direct replies
From an economics standpoint, Bitcoin is deflationary and why I wouldn't spend it, maybe ever! It will only grow more valuable as there is less and less. Spend your fiat instead. Or another crypto that has less value.
Comment by nitiger at 30/11/2017 at 05:41 UTC
10 upvotes, 1 direct replies
That's cuz BTC slow af to confirm and tx fees high af. I don't see it being a currency at all even with lightning network's release.
Comment by wholesomealt3 at 30/11/2017 at 04:18 UTC
4 upvotes, 1 direct replies
how come no decent article in the past week have encouraged spending btc?
I was just talking about user adoption in 2013 compared to now with a buddy of mine. It's almost the same.
Comment by CVDP61 at 30/11/2017 at 22:51 UTC
2 upvotes, 0 direct replies
In Holland there was a tv item about some city`s that offer lots of shops and restaurants that do accept bitcoin!
Comment by [deleted] at 30/11/2017 at 02:31 UTC*
4 upvotes, 3 direct replies
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Comment by bitginsu at 04/12/2017 at 04:43 UTC
1 upvotes, 1 direct replies
So true! We need to start freaking using it for something. I bought a game on Steam with it a couple days ago, paid a friend back, and donated to my fave podcast (the black tapes... awesome!). ‘Me too Microsoft’ also accepts it on their live site for Xbox and other software. IMHO the stupid ‘bitcoin pizza’ legend is making everyone afraid to spend and then feel dumb later but, that’s why deflationary currency is not a 102.254% wonderful thing (see what I did there? ;-D ) If your money generally goes up in value, there’s a very strong incentive to save but too much saving destroys the economy as a whole. If you spend bitcoin then you are helping someone else get a little wealth too. So, be brave, put your big boy pants on and use the goddamn amazing currency we’re building!
Comment by PM_ME_YOUR_WHOLLIES at 06/12/2017 at 13:02 UTC
1 upvotes, 0 direct replies
Hold up, how did you spend 8k on a computer?
Comment by metavox at 13/12/2017 at 02:47 UTC
1 upvotes, 0 direct replies
I read somewhere recently that bitcoin is in the stage of a new currency where it is trying to find its stable value. When it is highly deflationary and gaining relative value it will naturally be hoarded, but that's both expected and ok. When the price finally stabilizes it will transition into a more active currency.