No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

Re:No End in Sight for Crypto Sell-Off as Bitcoin Breaches $... by conanbatt on Tuesday November 20, 2018 @10:46AM (#18494649)

For all the hype, bitcoin really is not worth its price to me. I would not sacrifice 4k to have 1 bitcoin for its use today. Its expensive, slow and inconvenient to transfer.

When it hit 18k-20k last december it was absolutely nuts. Bitcoin is not there: it has no mainstream product market fit. Its pretty useless. And it hasn't been fulfilling its expectations of not being so.

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Re:No End in Sight for Crypto Sell-Off as Bitcoin Breaches $... by splintercell on Tuesday November 20, 2018 @01:49PM (#18496508)

What do you think about Gwern's article on Bitcoin from 2011?

https://www.gwern.net/Bitcoin-is-Worse-is-Better

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Re:No End in Sight for Crypto Sell-Off as Bitcoin Breaches $... by conanbatt on Wednesday November 21, 2018 @01:26AM (#18500573)

Lightly scanned the article. I dont criticize bitcoin for being imperfect, but for being useless as it is today.

Moving dirty money, or escaping capital controls is great, but still a very limited use case. Its really impractical to do any mundane thing. I.e. replacing credit cards and buying your coffee would be a massive human landmark event. But its not close to that, and there's no clear path to that.

So why would you spend 6k to hold this piece of land today, when that buys you a 3% secure yield or a many other investments with greater returns.

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Re:No End in Sight for Crypto Sell-Off as Bitcoin Breaches $... by petre on Tuesday November 20, 2018 @05:11PM (#18498325)

It was quite useful to people getting money out of China.

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