Reply to If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?

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Reply to "If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I honestly don’t understand this stuff. Like, what’s the endgame - Bitcoin gets to $1 million? $10 million? And then what? Can you do anything with it other than trade it like digital Pokémon cards?

Is it ever going to be used for transactions? If so, why isn’t it already being used for this purpose?

Is it going to replace the US dollar? Why would the government ever allow that, and give up its enormous power, instead of making it illegal?

How is it a store of value? A house is a store value because somebody can live in it.  Stocks are a store of value because you get a stream of earnings. But what is being stored with Bitcoin?  OK, there is a “limited supply,” but so what? If Bitcoin went away tomorrow, what value would be lost except for the money that people have spent buying it??[/quote]
All the answers are online. You just haven't bothered to do some research. What value does gold have? We can't eat it. We can't use little peaces to buy anything every day. What value does fiat currency have if every country can keep printing it. Can't keep printing Bitcoin. More gold can be found and it happens all the time as price goes up. 
Bitcoin is new technology, so no wonder people are scared. The idea is not new, the technology had to catch up. [/quote]

I’m the PP you responded to. Note that I did not mention gold because I agree that gold doesn’t have much value either.  I mentioned real estate and stocks as assets that do have value.

Regarding fiat currency (the dollar), it has value because it is backed by the world’s #1 superpower and is the reserve currency used in transactions throughout the world.  Of course, it’s not good if it is endlessly printed, but I can’t make a leap from that to accepting that Bitcoin is the solution or that I should part with $100,000 of my hard-earned money to buy one Bitcoin.[/quote]

Bitcoin like gold is valuable precisely because it’s a monetary network that is NOT backed (ergo reliant upon) any government. Increasingly however it is being integrated within the USD system. It is a form of money anyone in the world with Internet access can access. It’s an amazing invention - worth studying. [/quote]

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