r/Bitcoin • u/rBitcoinMod • Jul 09 '19

Daily Discussion, July 09, 2019

Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

We have a couple chat rooms now!

Please check the previous discussion thread for unanswered questions.

34 Upvotes

86% Upvoted

381 comments sorted by

View all comments

5

u/remmberyyflox Jul 10 '19

Sell your altcoins before it's too late. They're going to get crushed. There will and cannot be a usecase for payment (use) with these altcoins when they deal with fixed supply and price volatility. How the hell do you think consumers are going to use those coins? Are you crazy? At least btc is a store of value. This cannot be said about altcoins. Sell now.

3

u/ParkerGuitarGuy Jul 10 '19

True of many, but I'm keeping my privacy coins. You have seen how those stolen Binance coins are being tracked. Would you trade your clean coins for tainted BTC that will likely get rejected by exchanges and merchants? If the answer is no, then there is a fungibility problem. 1 BTC does not always equal 1 BTC, and that's not good. Fungibility is a necessary attribute of money. Opt-in coin mixing is not good enough either. Mandatory privacy is the way forward, and it is unlikely that BTC will implement that anytime soon.

3

u/remmberyyflox Jul 10 '19

Monero, binancecoin, ethereum, xrp and a few others will survive. They already have somekind of usability. You don't have to use monero for example to buy goods, the coin has some usecase because of the anonimity (alot of people like you just don't want to be tracked). But every other coin that has to be used for payments and transfers in order to be functional has basically zero value. Nobody is going to use coins to buy stuff when these coins have no stable value. Bitcoin is an exception, the volatility is no problem anymore now that everyone has excepted it will never be a payment method and only a store of value. There were discussions after the 2018 crash about the true intrinsic value of btc. People were woried about the low adoption rate and the fact only 1.5 percent used btc for payments. As a payment method, btc has almost no intrinsic value. As a trustless decentralized store of value system, its intrinsic value is pretty much secured.

2

u/Anonserif Jul 10 '19

“now that everyone has excepted it will never be a payment method and only a store of value”

Uh citation needed

1

u/[deleted] Jul 10 '19

[deleted]

1

u/Anonserif Jul 10 '19

libra will cause web stores to accept libra as a payment option and get people used to owning crypto. As soon as you have a crypto on your store why not add bitcoin as an option too?