Bitcoin Going to Zero? Not Likely

Many banking CEOs and as well as financial transfer intermediaries like SWIFT keep saying that Bitcoin will go to zero.

www.cnbc.com...

They never offer any evidence for why they maintain this position.

To counter the idea that BTC will go to zero I'd like to point out a few things that are being done today, right now, that proves this position invalid:

Let's start with something closer to home. We've all heared about a few of the financial giants packaging instruments for their customers based on Bitcoin. But even closer to the people is Coinstar. Seen in many grocery stores and local banks, Coinstar converts your spare change into a redeemable voucher for cash. They have now taken this idea to the crypto space, offering BTC via the same voucher method, redeemable online at Coinme.com, all you would have to do is make sure you have a wallet address to send it to.

www.coinstar.com...

Recently a satellite was launched that broadcasts the BTC network around the world all the time.

It's called the Blockstream Satellite and you can access it now. This means you can access Bitcoin from nearly anywhere in the world almost all the time. With more satellites, coverage will increase to a 100% uptime for the BTC network. This is a massive investment and undertaking for a currency that is "going to zero".

We also see the stock market responding well to BTC based businesses. Today's success story is BitPay, which helps existing businesses set up the means to accept Bitcoin payments. Their stock, despite the crypto market trading at make or break levels, seems to be doing quite well for itself. This is an important indicator as to what real people on the ground that use BTC for real business think is going on.

cryptonews.com...

Stephen Pair, Co-founder and CEO of BitPay, said that “To process over USD 1 billion for a second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.” Sean Rolland, Head of Product of BitPay, also adds, “Bitcoin has the network effect around the world and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem.”

Bitcoin is NOT going to zero.

I am NOT a financial advisor or a damned oracle. This is an opinion based on observations in the market

From the thread The Machine Economy: An Essay on The Communication of Value in an Automated Economy - Section 4 "The Blockchain"

It is impossible for me to discuss blockchain technology without talking about Bitcoin. Bitcoin is a digital cryptographically secured and defined digital asset based on an immutable ledger system. What Bitcoin achieved, was to turn digital information into unassailable digital property, and make it tradable on the open internet (Nakamoto, S. 2008).

You can't make something that important go away simply by saying so. The people won't have it.

Buy Bitcoin.

Bit coin is like baseball cards.
They are only worth what somebody will give you for them.
I prefer a bit of backing behind my investments.

a reply to: Bluntone22

Gold isn't usable currency

There will only ever be 21 million BTC. It is an inherently non-inflationary payment system.

When the dollar finally does eat it, BTC will be worth over $100,000 or more and you'll see just how real it really is.

Bitcoin should go away for the good of the world, the amount of resources it use to validate the operations is such a waste and its volatility render unsuitable to be used as a currency.

Right now it only works as an speculative investment

a reply to: projectvxn


When the dollar eats it bit coin will be worth $100,000?
Wouldn't that be $100,000 worthless dollars?

Let me know when the grocery store accept bit coin...

The BTC transaction rate is up 80% since April

This doesn't happen in an asset that is going to zero.

a reply to: Indigent

It's freedom from the global banking cartel.

C02 is not a good excuse to abandon that and you know it.

a reply to: Bluntone22

When the dollar eats it bit coin will be worth $100,000? Wouldn't that be $100,000 worthless dollars?

What's your point? That should illustrate that the buying power of BTC is far greater than the dollar will ever be.

Right now it only works as an speculative investment

Is that you CNBC?

originally posted by: projectvxn
a reply to: Indigent

It's freedom from the global banking cartel.

C02 is not a good excuse to abandon that and you know it.

I agree it's going to be around for a while but I'm not going to risk my money.

I also dont like the idea of bit coin being so untraceable. That's an easy way for human trafficking and drug cartels to move money.

a reply to: Bluntone22

That's an easy way for human trafficking and drug cartels to move money.

The US Dollar is currently the number 1 choice for criminals to do those things.

Not a valid argument against BTC.

a reply to: projectvxn

No, its the conclusion everyone that experiment with bitcoin as a currency reach when they cannot convert their sales into cash quickly enough and lose half their investment due to volatility, ask steam.

a reply to: Indigent

ask steam.

And yet BitPay is having a fantastic quarter in the stock market based on their fundamentals.

Next.

originally posted by: projectvxn
a reply to: Bluntone22

That's an easy way for human trafficking and drug cartels to move money.

The US Dollar is currently the number 1 choice for criminals to do those things.

Not a valid argument against BTC.

Most of the worlds money is based in us dollars and the us has the largest GDP of any country by far. So yeah its probably the most used currency.

And if BTC is untraceable how do you know criminals are not abusing it?

a reply to: Bluntone22

Because when some of the largest 'Darknet' sites got taken down it made no difference in transaction volume.

Bitcoin is used ALL THE TIME for real transactions.

You probably don't know this, but you can view every blockchain transaction ever made openly on the internet.

A smart cop would correlate amounts to dates and times.

BTC is decentralized, not "untraceable".

This reminds me of the ceramic Glock hilarity from the 90s.

Relax, it isn't going to avoid a metal detector.

a reply to: projectvxn

I find it interesting that with all of the thrashing that has happened to Bitcoin, places like Apmex and JM Bullion (which sell precious metals) still accept BTC for gold, silver, platinum, etc.

So while seeing it accepted at the local grocery store would be final evidence of its mainstream acceptance, it is not on its death bed as long as you can still covert it to gold. No proof of life needed yet

I seriously hope that bitcoin dies and never makes a comeback. Bitcoin has been the worse thing to happen to PC gaming since valve refused a half life 3.

Driving up prices of GPU's, RAM, and CPU's....

The death of Bitcoin means the normalization in price of PC components.

a reply to: EternalSolace


Bitcoin isn't going anywhere.

If GPU companies were smart they would devote devices specifically toward miners.

You have a "one pie" mentality and it doesn't work like that.

originally posted by: projectvxn
a reply to: EternalSolace


Bitcoin isn't going anywhere.

Probably not.

But every percentage of a decline is another percentage toward normalization of PC components.