What is the Future of Bitcoin?

[Smithydog]

 

In an article in the Financial Times, suggestions have been raised into the suitability of Bitcoin as a payments system. Bitcoin is still being seen by some crypto enthusiasts, to perform everyday transactions. Countries, like the Central Africa Republic and El Salvador have taken a step further and use Bitcoin as a legal tender.

But Sam Bankman-Fried, the founder of the digital asset exchange FTX, doesn’t see it as a cost-effective exercise saying, “The Bitcoin network, is not a payments network and it is not a scaling network.”

He cites the systems that validate blockchain transactions and states they are not scalable up to the number of transactions required to make them an efficient system for that purpose.

The 30-year-old billionaire, who has expanded FTX into one of the world’s largest virtual asset exchanges, says an alternative type of blockchain method, and other technological advances would be needed to scale it up for such transactions.

Others have also expressed environmental concerns about the energy required to run the crypto systems, with even some European regulators calling for a ban on the systems due to their energy use.

All this as the fast-growing cryptocurrency market was hit by a punishing sell-off that left bitcoin down by more than 35 per cent since January, at its lowest level since late 2020, indicates challenging times ahead for Bitcoin.

Source: Financial Times

https://www.ft.com/content/02cad9b8-e2eb-43d4-8c18-2e9d34b443fe

 

 

[Guest1]

Imho the right moment to get out of bitcoin, that was march or april 21, the time Musk made it to his play currency. Not that I had a lot, but for me it was the right time. I had the 2 for 6 years, almost forgot the password, but: was a good investment

[Tigermask]

Bitcoin has been around for 13 years, it's not future technology it's old technology. It's junk that's still relevant because the price can be manipulated by Tether and exchanges and until stable coins are properly regulated it won't go away. 

[Rookiescot]

2 hours ago, Smithydog said:

But Sam Bankman-Fried, the founder of the digital asset exchange FTX, doesn’t see it as a cost-effective exercise saying, “The Bitcoin network, is not a payments network and it is not a scaling network.”

Because the thing is just a giant pyramid scheme. If money starts getting taken out and used for something else the whole thing will collapse. If people stop buying it because they no longer think its a get rich quick thing then it collapses.

There is NO long term sustainability to any crypto currency. 

Buy some tulips instead. 

[BigHewer]

I’ve always been wary of Bitcoin. It’s a disruptive influence on stocks, which I rely on. A bit like the “alternative media”. Enthusiasts see themselves as in the know as to what’s really happening, but in reality it’s all a load of tosh.

Can’t wait for it all to fail spectacularly.

[Rookiescot]

1 minute ago, BigHewer said:

I’ve always been wary of Bitcoin. It’s a disruptive influence on stocks, which I rely on. A bit like the “alternative media”. Enthusiasts see themselves as in the know as to what’s really happening, but in reality it’s all a load of tosh.

Can’t wait for it all to fail spectacularly.

Problem is when it does collapse as all ponzi schemes do it will be the little guys at the bottom who lose everything. The guys at the top have already taken the cream off the milk. 

[Benroon]

I've always swerved it but can't see it collapsing either.

It is so vast now the economic fallout to a collapse would be huge. To underline that, the Fed have just said due to the recent issues they need stronger regulation to shore it up (perversely it's the lack of regulation that makes it a success) - doesn't sound like they are going to stand aside and let it fail. 

I don't have any, but if I did I wouldn't be fretting just yet. Remember you only make a loss when you crystallise it, and with equities crashing diversification may be a smart move.

[Cabra]

It's not sustainable or scalable to be able to handle millions of transactions per second because the underlying Blockchain technology is not capable. In a different implementation of a different Blockchain, something Bitcoin like might emerge. 

[palooka]

There already people screaming poor from their losses, some claiming to  have lost everything.

If a Billion dollars goes into to something that creates nothing, then a billion dollars comes out all you have left is nothing.  Fools and their money being parted.

[HiuMak]

It can be the future money I believe. waiting for it to go below 10,000

[Fanta]

On 5/20/2022 at 1:08 PM, Benroon said:

Remember you only make a loss when you crystallise it, and with equities crashing diversification may be a smart move

This belief that you only lose when you sell ignores the fact that funds are tied up in the losing investment and not used elsewhere  in a potentially profitable investment. And if loans/financing are employed for leverage  then interest is being paid on a depreciated investment and those losses are real and immediate. Margin calls have been the downfall of many an investment portfolio and causes more than one bankruptcy. Bitcoin was once at $65k, now it is $47k and fell 4.5% yesterday. LUNA/TerraUSD (a “stablecoin”) lost 99% in one day. Hooray for Bitcoin?