Daniel in SD
(supervised)
Yes, the experiment has shown that approximately zero people will use a deflationary "currency" as a currency.
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Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
- Start date
The only way to make people use inflationary fiat is by decree. And even if the Bitcoin experiment hasn't reached large amount of users yet, the crypto user base has grown from 1 to millions, maybe hundreds of millions, in the last 15 years:
How Many People Use Bitcoin in 2024?
In this insightful article, we examine how many people actually use Bitcoin. Read on to discover the number of Bitcoin owners in 2024.
cryptonews.com
And they did this even though cryptos/Bitcoin were disinflationary/deflationary.
It takes time for a group to change from one network to another. Same with EVs, first very few people drive EVs, today still a low percent drive EVs, but the growth has been exponential and if the exponential are allowed to work over a few decades eventually it gets a very large mass.
Knightshade
Well-Known Member
The only way to make people use inflationary fiat is by decree. And even if the Bitcoin experiment hasn't reached large amount of users yet, the crypto user base has grown from 1 to millions, maybe hundreds of millions, in the last 15 years:
How Many People Use Bitcoin in 2024?
In this insightful article, we examine how many people actually use Bitcoin. Read on to discover the number of Bitcoin owners in 2024.
And they did this even though cryptos/Bitcoin were disinflationary/deflationary.
It takes time for a group to change from one network to another. Same with EVs, first very few people drive EVs, today still a low percent drive EVs, but the growth has been exponential and if the exponential are allowed to work over a few decades eventually it gets a very large mass.
LOL
YOUR source said:
You also kinda ignored the "as currency" part of the question you failed to answer. As your own source admits, what data we DO have could just be speculators/FOMO chasers trading tulips among themselves-- not using it as currency
AFAIK that's the only way to "make" people use BTC as currency as well-- and you need the added factor of "having an otherwise entirely failed economy/currency" - ie El Salvador and the Central African Republic
Saying Bitcoin is not a useful currency is completely misunderstanding why people hold Bitcoin. It is a store of value, like gold. People hold Bitcoin for the same reasons people hold gold… to protect their hard-earned wealth from being inflated away over time. Simple as that.
You can compare it to investing in a stock market index fund or to precious metals, but don’t compare it to dollars.
You can compare it to investing in a stock market index fund or to precious metals, but don’t compare it to dollars.
Knightshade
Well-Known Member
An outdated understanding of economics?
I do appreciate that you're at least only running HALF the bitcoin con versus the other folks in this thread who insists it's actually Money Of the Future
(or the Dippin Dots of cash)
I could- except those get you ownership of an actual physical thing, that can be used for actual productive purpose- not a fictional ledger entry,
Buying lithium will be something you can profitably sell to turn into electric car batteries that'll be sold profitably.
Buying TSLA gives you ownership of an actual company with actual revenue and profits.
Even physical gold, despite being discarded as useful for money some time ago, gives you something useful for jewelry and electronics.
Buying BTC gives you... a blockchain entry saying you own BTC.
Knightshade
Well-Known Member
Not really.
The majority of it was moving out of the one, inferior, ETF that gave you BTC exposure into ones that were better.
It wasn't "new" money into bitcoin.
Here's coindesk also mentioning volume isn't a reliable "OMG new BTC investors" measure.
Bitcoin ETF High Volume Doesn't Always Mean Heavy Buying: NYDIG
The "turnover ratio" offers an indication of the proportion of a fund's assets traded each day.
Knightshade
Well-Known Member
LOL.... someone doesn't know how that story ends for the character they labeled as representing bitcoin
jabloomf1230
Minister of Silly Walks
I'm not pro or against cryptocurrencies, but I predict that the next big worldwide economic meltdown will be caused by crypto.
Buckminster
Well-Known Member
Yeah, Elon will use Dogecoin exclusively on X. All others become redundant overnight.
Knightshade
Well-Known Member
Like 95% of the world isn't even on twitter, its perceived widespreadness is grossly exaggerated.
X/Twitter: number of users worldwide 2024 | Statista
X/Twitter's global user base has experienced fluctuations in recent years, with a projected decrease anticipated in 2024.
www.statista.com
Captkerosene
Member
BTC was at 48K on Feb 12. Now it's at 67K. Huge volume. Still think Bitcoin is affecting TSLA price with some shareholders selling TSLA to buy BTC. Faster horse. (Don't read anything into this comment other than trying to inform the board about things affecting the stock ... I'm quite happy where TSLA is right now (too low) and think the next few years will be very good for us.)
I would imagine heavy TSLA + BTC investors are largely retail (except for Cathie Wood) and are therefore unlikely to have enough weight to really move TSLA prices. But as a retail phenomenon, sure, those investors are looking at their returns and wishing they had more BTC, not more TSLA.
That applies to social media influencers too. For example, Invest Answers (~500k Youtube subscribers) has TSLA and BTC as his largest positions but is way more bullish on BTC in the coming year vs TSLA, while maintaining long-term confidence (and his position) in TSLA.
Personally over the past few months I have been trying to build up cash to get ready for buying opportunities in either TSLA or BTC. I bought a little TSLA today because it seemed reasonable at 189, but I would not have added if the price stayed above $210 or so. If BTC drops below $50k again I would love to add to it as well.
That applies to social media influencers too. For example, Invest Answers (~500k Youtube subscribers) has TSLA and BTC as his largest positions but is way more bullish on BTC in the coming year vs TSLA, while maintaining long-term confidence (and his position) in TSLA.
Personally over the past few months I have been trying to build up cash to get ready for buying opportunities in either TSLA or BTC. I bought a little TSLA today because it seemed reasonable at 189, but I would not have added if the price stayed above $210 or so. If BTC drops below $50k again I would love to add to it as well.
Fantastic overview of major milestones in bitcoin's history. Really puts the current moment into perspective.
I recently bought some shares in FBTC, the Fidelity bitcoin ETF, in my retirement account. Just think about that for a minute. Bitcoin has gone mainstream.
I recently bought some shares in FBTC, the Fidelity bitcoin ETF, in my retirement account. Just think about that for a minute. Bitcoin has gone mainstream.
Made my first comment on Facebook about how good my Tesla over the past 2-1/2 years has been on saving fueling costs and driving pleasure and lack of range anxiety. Plus I had to say (telling the truth) I'm not a liberal but a Trump supporter otherwise my comment would be ignored.
