
I Bet My Bitcoin Like a Gambler, and It Made Me Scared for the Future - _pdp_
https://motherboard.vice.com/en_us/article/wjpg94/bitcoin-cloud-mining-hashflare-genesis
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celticninja
I still hold some bitcoin but I recently sold some to pay off my mortgage.
However I used to hold it because I believed in the technology, I liked
free/cheap transfers to anywhere and it seemed revolutionary at the time. Now
I hold it because it could go up in value, I no longer think it will change
the way banking and finance is done, it's not the panacea many hoped for. What
we are seeing is more and more cryptocurrencies being created, with the main
aim being to enrich the creators. Ethereum was novel at least but the
hardforks to protect users from their own stupidity, the stupidity that locks
up others coins and the general unreliability of the software used to create
contracts means it is nowhere near as developed as the bitcoin codebase.

I always placed value in bitcoins scarcity and I still believe that accounts
for the vast majority of its value proposition. Seeing ripple and ethereum,
which are both essentially unlimited in quantity, hit these high prices, while
also being pre-mined or centralised, clarified for me that the cryptos are in
a huge bubble and could go much further but eventually a total lack of real
world use is going to come calling and very few will survive, my bet will
always be on bitcoin as a store of value but also litecoin for day to day
transactions.

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_pdp_
I fully agree. That being said, cryptocurrencies have real-world application
as soon as we pass the gold rush.

