>> (p.1)
    Author Topic: Bitcoin will fail  (Read 8178 times)
    CtrlAltBernanke420 (OP)
    Sr. Member
    ****
    Offline Offline

    Activity: 350
    Merit: 250


    View Profile
    May 31, 2013, 01:55:32 PM
    Last edit: May 31, 2013, 02:08:21 PM by CtrlAltBernanke420
     #1

    The miners in Bitcoinland are the centralbanks. If they do not issue their bitcoin at cost+20% profit, and do not see the longer term money of processing transactions, There will never be enough money velocity to grow an economy. Be greedy, but sell before the next guy because the current process of buying bitcoin is ineffiecient, and way overpriced compared the cost of mining. You are NOT DeBeers diamonds.

    If bitcoin are not dispersed into bitcoin projects, and it is constantly treated like gold 2.0 - we will forever have a dollar economy. Bernanke and the Fed win.

    Do not "hold your coins for the longest time" if you are a miner and also wish to subvert the system. Greed will not help you. It really will not take much to bring bitcoin back down to 2-4$.

    If i am wrong and bitcoin maintains its price, there will never be a bitcoin economy, it remains a speculative casino. I do not care about divisibilty as that is akin to inflation.

    It being an instant payment system means little, as I have no one in china to pay or buy stuff.

    I would really like to grow food and sell it for bitcoin, unfortunately  in order to do this I need to convince land owners, banks, farmers that my bitcoin is worth more than speculative value. In which case I can only start and fund that project with Fiat paper. Farming is not inexpensive. It may cost 500k-1mil to start a successful farm over 2-5 years to become productive enough to feed maybe 100 people/year. Assuming I have the horticultural credentials necessary to be trusted to get the investment, Who will actually put their bitcoins where their mouth is.... I assume you want your bitcoins to have real purchasing power more than 5 years after its debut... Btw I do not have enough money or bitcoin to start said farm.

    If it become nearly impossible for me to raise the resources necessary to start a big project, wouldnt that defeat the purpose of coins being issued relatively easy?

    Again if i am wrong, then I will be rich rich rich one day based on the few coins I think are on my flashdrives.
Page 1
Viewing Page: 1