Posted on 06/15/2018 8:22:19 AM PDT by oblomov
Bitcoin is the best money ever invented, if one cares to investigate what makes a “good” money good or a “bad” money bad.
Good money will displace bad money, legal tender laws aside.
And the bitcoin protocol and network don’t care what you think of it.
>>Alternatives to bitcoin are more interesting, and even more speculative. That bubble is just starting.
Agreed 100%. In particular, I favor Ethereum, but there are several other platforms that could dominate niches.
I’ve never sold PM’s at the flea market.
So you dont deal in fiat currencies either?
“But he has had private meetings with cryptocurrency investors and hedge funds where he has discussed working on so-called initial coin offerings through his investment business,”
This and other stories like it...and presto. Crypto is no different than a euro or dollar or whatever. The whole point of crypto was that it was outside of government and could not be inflated.
All the governmental and banking establishment hogs will pile in and destroy it. It will still exist, but only as a portal to enter the normal banking rule and governmental sphere.
Lots of people equate the “mania” for crypto currencies to the Tulip Mania of the 1600’s Amsterdam (I may be off on the century, but not the name.)
There was a huge speculative bubble surrounding the tulip bulb industry. The price skyrocketed over a short time, and then crashed dramatically—costing people their fortunes.
I understand the thought process, but usually people state “facts” about the tulip craze that are not accurate. Nor do they have any clue about cryto either. So it leads to frustrating conversation.
The thefts of bitcoin and other crypto have occurred due to either exchange hacks (bad website security, not a flaw of bitcoin or other crypto per se) or successful phishing attacks (people voluntarily, but inappropriately, disclosing private keys to others).
I have, and got a little under spot, in cash. Much better than a pawnshop.
“I don’t deal in fantasy with no underlying value.”
Yet, you deal in the fiat dollar.
>> All the governmental and banking establishment hogs will pile
>> in and destroy it. It will still exist, but only as a portal
>> to enter the normal banking rule and governmental sphere.
This is true of some crypto, and certainly some platforms intend and have positioned themselves as fully-compliant partners of governments and banking institutions.
Other crypto communities have developed algorithms and networks that make them inherently resistant to such takeover attempts.
I should consider it if I ever sell. Thanks!
The mere fact of the computations required says it is a weak and untrustworthy currency.
The cost of the currency in computational dollars (computing systems and electricity) says it is not a profitable endeavor.
“And the bitcoin protocol and network don’t care what you think of it.”
Which is why it will die off. Nothing that skirts scrutiny ever survives.
BTC is based on the assumption that all national governments are essentially libertarian in nature and will not simply crush anything that threatens their ability to collect taxes if it becomes big enough to be more than a nuisance. Keep thinking those good thoughts everyone.
I personally stay away from cryptocurrency, but it seems the safest way to make money on it is to invest in the companies that supply the mining hardware like videocard makers or, when/if possible, invest in an exchange that makes a profit on every transaction. But the currency itself? No thanks. Too volatile.
>The cost of the currency in computational dollars (computing systems and electricity) says it is not a profitable endeavor.
The miners disagree with you. Bitcoin mining & transaction processing would be profitable even at 1/4 the current price. Other crypto mining is even more profitable. My own modest mining operation has generated a 15:1 ROI this year, despite a 60% decline in total crypto market cap from all-time highs.
>>Which is why it will die off.
>>BTC is the latter day equivalent of a “concept stock”.
So it will die a 301st time?
https://99bitcoins.com/obituary-stats/
It’s virtual, and not currency, and not crypto.
Are you referring to US dollars, or something else?
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