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The current trend of removing cash is a serious mistake
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[QUOTE=Augeo;114037307
There always seems to be a hell of a focus on the price surge and correction in late 2017 - early '18 - rather than a consideration of the market over the duration. Yes, I would imagine so. As in any speculation, there are parties on both sides of it. In the collapse of stonks earlier this year, there would have been losers, the collapse of oil, the same. The collapse of celtic tiger property - i'm still on the losing end of that some 15 years later.I'm not suggesting you're lying at all, I repeat my point..... "No losses.... It's amazing the amount of crypto heads claim that" .......... that's a general comment, but with the loss crypto suffered there must have been a huge amount of losers.
There are well positioned people on both sides of that debate, yes. Tudor Jones was one of them but he has changed his mind to being positive about it. He has also put his money where his mouth is and taken a significant position in it.I'm sure there are lots of billionaires out there who reckon cyrpto currencies aren't a valid investment option
Notwithstanding that, some provide a better rationale than others in their assessment of it. And bringing it back to our discussion here, Tudor Jones directly makes that analogy with gold in the 1970s. Here's his letter to investors from earlier this year. Check out the 2nd last page in particular - with regard to how he likens the gold market in the 70s to bitcoin right now. You're more than welcome to cite an authoritative source that rubbishes that analogy if you can find one.
I've cited commentary from an authoritative source that specifically addresses that analogy between gold in the 70s vs. bitcoin today - so it's entirely relevant. By all means - if you have an authoritative citation that tackles that analogy from the opposite viewpoint, then lets have it. I'd be keen to read it.You can find a link to support most viewpoints.
Bear in mind that this came about as you presented bitcoin as lacking credibility due to past volatility. Gold is accepted and yet it had exactly the same volatility.
With regard to currencies failing all the time, that's not a speculation - that's fact. Bitcoin is relevant globally - not within one jurisdiction - and therefore, it can have significance for anyone in the world.We'll have to wait it out but your fear of / expectation of Sovereign currencies failing all the time wrt the average Joe in Ireland are pie in the toilet stuff IMO.
To try and suggest that there is no way for the euro to fail or for the euro to devalue is foolish. To think that there couldn't possibly be a circumstance in which the irish government gives your bank-custodied savings a haircut in the future is also foolish.
So you said a couple of times already. See above. The difference is that Tudor Jones takes the time to go into the specifics as to why there is a relevant analogy between gold in the 70s and bitcoin today. You haven't - nor have you produced informed and detailed commentary on disproving such an analogy."In the spirit of past performance etc what happened gold has sfa to do with cryto"
Just 10% of gold use is industrial. It's a monetary metal and its overwhelming use is as a store of value. From the bitcoin perspective, it has intrinsic value as it's the energy standard that Henry Ford proposed way back when.Gold has an intrinsic value, it's a precious metal. Bitcoin has SFA intrinsic value despite the amount of bitcoin being fixed (supposedly)
There's no 'supposed' about bitcoins fixed supply. However, it is untamperable - as it's pre-programmed digital money.
You can replicate bitcoin with AugeoCoin tomorrow. If you think it's that simple, have at it. :-)new cryptocurrencies are a regular occurrence so whatever bitcoin can/will do I imagine some other coin can do similar.
Ignore network effect at your peril. Ignore the security nightmare in getting such a network up to a certain scale.0 -
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makeorbrake wrote: »You don't have to bury bitcoin in the back garden. It's divisible to 8 places of decimal - gold isn't readily divisible at all. It's the native money of the internet - and with that, you can transact it from person a to person b - where-ever they are in the world - without any borders/banks/central banks/governments getting in the way.
But we are going to be cashless - it's just a question of timing. Prepare for it - start getting used to decentralised digital currencies - and maintain your wealth and your privacy.
The whole argument is about moving away from notional stores of value to something more tangible
I predict bitcoin to be worthless in 10 years, certainly 20. Something else will come along. It is only used for speculation currently.
To the point above...the equivalent of cookies on your spending. Could happen, let's hope we don't wilfully erode our own freedoms.0 -
That's open to debate as you're discounting two things. Bitcoin is an energy standard. Secondly, it's the pre-programmable nature of bitcoin that gives it its power. Nobody controls it. It's 'rules' are baked in and transparent from the outset (fixed supply, known circulatory volume and 'interest rate').The whole argument is about moving away from notional stores of value to something more tangible
I've been hearing this for a couple of years already. I keep an open mind. However, it will only be replaced by something technologically superior. What will that be and how will it be better? In the meantime, bitcoin is benefiting from the Lindy Effect / ongoing network effect.I predict bitcoin to be worthless in 10 years, certainly 20.
Its progress has been extraordinary. Remember we're talking about the transfer of value - it's the cornerstone of civilisation. That doesn't get changed in a day. Sure, there's a large speculative interest right now but we're already seeing it develop as a store of value and a hedge against central bank money.It is only used for speculation currently.
To my mind, the only thing its lacking is full development of it's layer 2 solution (Lightning Network) to facilitate fast/simple micro-transactions - together with much more work to be done on UI/UX such that your granny can use it.
It depends on how it's used. Right now there are ways to use it such that it's anonymous.To the point above...the equivalent of cookies on your spending. Could happen, let's hope we don't willfully erode our own freedoms.0 -
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