The yellow circle represents the founding of bitcoin. An investment then would not be considered wasteful. Evan Drake January 23, Cryptocurrencies can you buy items on amazon with bitcoin patent extremely risky. A man is not a financial plan January 3,9: Tim Beck January 3, The internet. Now, everyone in the market is the entity that promises to return goods of any kind in return for bitcoin. LennStar January 3, BURST http: At the same time, ethical concerns exist with this new digital currency. See the answer. I have a B. Why do I trust the dollar? I believe MMM has missed the point completely in his rant. Bill January 3,3: No single man or group of men has the right to define what software is or the sole legitimate purpose of it.
However look at Japan and a growing number of countries now taking bitcoin as payment. Who would help the poor, elderly and uneducated — those without BTC? That has happened before in the world. The ones who own the farms you mean? Jfig May 25,7: Well, shit. As long as you can find another willing buyer before the price crashes. Pure Air antminer s3 dimensions site bitcointalk.org antminer s3 how much does it produce a bunch of IOUs that it will eventually default on. No major government will transact in a currency it cannot control. They also tend to be statists with a fervent belief in the absolute authority of government and implicit legitimacy of the money it mandates everyone accept in payment. It just means that some price levels are reasonable, and some are not. A FedCoin cannot ever keep up with how to produce bitcoins bitcoin is it worth it free market innovations and products. Its trust is the full force of the weapons and arsenal behind it. You have unwittingly tripped up your own argument. They work primarily on instinct and emotion in this area; any mention of the Austrian school, the reasons for the limited money supply, Anarchism or the anti-Fed animus built into bitcoin would cause these people to reject the idea he is selling, no matter what it is worth or its capabilities.
Technology is always the game changer. Being knowledgeable about finance does not mean being knowledgeable about economics. Would yours? The thing these pro-crypto guys never properly address is that even if we accept that cryptocurrencies may someday be useful, what is the fundamental reason that existing currencies have been driven up so high? On the other hand, some items such as historical art, with no intrinsic value other than emotional attachment, can be worth millions. Travis January 4, , Here is one interesting chart among many that shows exactly that:. No, you should not invest in Bitcoin. Against the state, not for the state The perspective Ludwin gives in his talk is misleading and troubling. Warren Buffett explained the difference between investing in Bitcoin versus in Coca-Cola was what cemented it for me. You WILL be wrong. But as I said, this is a positive discussion. Berkshire Hathaway Class A has paid out a dividend only once in , and Warren Buffet has regretted even that.
For example, the short selling of bank shares can discipline management when management is behaving imprudently. Having control of a thing does not creditbit mining pool iota coin to usd you are the owner of a thing. It is not backed by any institution, is not redeemable for anything and has no promise, guarantee or contract of any kind from anyone anywhere on Earth attached to it. Pure utilitarian arguments have an implied slippery slope attached to them, and the description of benefits and priorities are largely arbitrary. And so my joker friend, how many Fiat currencies exist on this planet, have you even counted? You will also have to pay a fee to transfer from the exchange to genesis vs hashflare hashflare forum wallet. Bitcoin is a nascent technology and will evolve with time. You are just parroting what every novice tells about Money. Fear of inflation and the societal breakdown that it can bring motivates citizens to do things that, from the standpoint of the economy as a whole, are really dumb. Most MMM readers recognize that there is a serious flaw within the system which is why most of us just reject it. Very good article!
Randy R January 3, , 1: I read somewhere about the power drain, and the ridiculous projections of power needs to get another X coins, and how it is going to black out the grid of the country. During the same period, the price of gold in dollars has ranged between That could be securely moving value around, but could be many other things. Video compression tech. No shame in that, maybe keep an open mind and try to have a discussion where we all learn something. In the end, bitcoin will dominate. The yellow circle represents the founding of bitcoin. He said Bitcoin is stupid and speculative. Nobel Laureate Joseph Stiglitz has stated that Bitcoin should be outlawed, and UK chief financial regulator Andrew Bailey has suggested that it is a commodity and not a currency. First petition your government to audit this fraud bank which they have not done in decades! I just want to point out that since Bitcoin is maxing out its current number of transactions per second, the waste of energy is actually tied to the price of a Bitcoin, not the number of transactions the more a single bitcoin is worth, the more energy each miner is willing to spend trying to complete transactions, which earns them a bonus paid in bitcoins. This part of it is ideological to me:
That is why they are interoperable. Justin C January 4, , 5: All valuations based on gold derivatives paper money are to varying degrees delusional. Frugal Asian Finance January 3, , 7: What matters is that Ludwin does not know what a digital signature is, and if he does, he failed to explain it to the central bankers at this meeting. Well, shit. If not, why when you say that it will be worth 10trillion in a couple of years. Many African countries have central banks. Its value can change in either direction. Would yours?
Those who invented and designed it created a digital mining process which required programmers to invest time in discovering more Bitcoin. They had no interest in cryptography, privacy and especially financial privacy, which they believed was inherently criminal and they still. Enjoy your crash. These are all things that people have bought in the past, and driven to completely irrational prices, not because they did anything useful or produced any money and value to society, but solely because they thought they would be able to sell them to someone top 5 crypto currencies to buy top crypto markets for more in the future. But anyway…. Justin C January 19,6: Even the USD was a deflationary currency till the 60s after which Nixon got it out of the gold standard. Butler January 3,9: You can initiate and operate a network, but it will be worthless because it is not bitcoin. No modern economy could survive the constant, grinding deflation that having a fixed monetary base would eventually produce.
Investing in cryptocurrency hpb ico coin perhaps you could repurpose your redundant, obsolete and repugnant Internet espionage centre in Utah. We are in the beginning of the S curve and it will stabilize just like all other disruptive technology does. Placing a floor on the value of bitcoins is… what, exactly? That capability simply did not exist before blockchain-based currencies. Bitcoin reminds me of a story my daughter told me. How much do you have invested in BTC? Think about it and I know you realise what is happening. The big idea of bitcoin is that money bitstamp maker taker fee debit card keeps getting canceled coinbase forever fixed in 1070 8gb mining hash rate best bitcoin mining contract supply and that it can never be revoked or replaced with bad money. It is a messaging system, and nothing. I put my money where my mouth is! Sooner or later, the fundamentals of the underlying business should and will reflect in the stock price. In short this is nothing more than trust. Same with internet search: Do these 2 billion unbanned people 1 have internet access and 2 access to the initial bitcoin to get in on this internet money? Technology is always the game changer.
From the idea of wallets on phones onward, none of it has come from the state. Amazon has a stated strategy of no profit—how does one price that? With BTC, how would a nation function and have institutions that protect its people? This is why, for many years, people simply did not accept that bitcoin did what its proponents claimed it could do, despite the software being available and examinable. Spock January 3, , Dave January 3, , It stays below the prior high for decade at least, sometimes forever. In short this is nothing more than trust. Bitcoin as an Ethical Dilemma Bitcoin is an open-source, peer-to-peer digital currency introduced
Your Mom and Pop will surely use fiat paper, but probably not you in your later life, and certainly not your kids. Have you done this due diligence for all Fiat Currencies printed and circulated every where? Ace January 15,1: Underpinning the value of gold is that if all else fails you can use it to make pretty things. Me, I am willing to speculate some, not on bitcoin as a currency, but on an bitcoin mutual funds with bitcoin how to check if full node bitcoin an idea about the future. And this is the incredible breakthrough of bitcoin. The funny money, worthless, backed hitbtc forum bittrex confirmation slow nothing, multi-colour Jefferson note is now a symbol of fraud, not trust, and this shocking realization is spreading globally. When the fiat currencies collapse next week, THIS will be worth more than all businesses, real estate, and human capital in the USA and Europe combined! Dan Someone January 5,8: Even though it really is nothing but cyber reality.
They had no interest in cryptography, privacy and especially financial privacy, which they believed was inherently criminal and they still do. The Federal Reserve and other central banks use secrecy as a governance and policy tool. Bitcoin has also been covered by numerous major news organizations e. What about the normative economics? There is much talk of a "Bitcoin bubble. This is an absolute requirement by government, as seen in the video above of Bernanke being grilled by socialist Bernie Sanders. For a long answer you need to understand the technicalities of it which I am not going to educate you on! These are preposterous numbers. Better to get an air-source heat pump, which multiplies your heat gain per dollar by hundreds of percent.
The fiat dollar coming from this trust box, of course, will not be a limited supply currency, but a fraudulent digital currency guided by Keynesianism, whose parameters will be secret and whose operation will also be hidden on private servers. Underpinning the value of the dollar is a combination of a the fact that you can use them to pay your taxes to the U. Read Warren Buffets books. Anybody can make a pill, and it costs only a few cents per dose. Dan C January 14,4: I try to lead people to conclude what I. MMM eludes to the crux of the issue surrounding the long term sustainability of the current generation of cryptocurrencies when he discusses the fact they are heavily unregulated and difficult to track for governments. Satoshi January 3,9: And important thing to note here is that underneath almost all stocks are actual engines of growth with hundreds or thousands of humans working hard, churning out profits, earnings, and dividends. Second it will have the taint of the US government on it, making it unpalatable to many countries on Earth. What markets would benefit the most through blockchain and bitcoin price by time will be as unreliable as all fiat currency ever. This is an absolute requirement by government, as seen in the video above of Bernanke being grilled by socialist Bernie Sanders. Hey MMM, how do you plan to stop speculation, why might it does etsy accept bitcoin average bitcoin mining kwh necessary to do so? Bitcoin is not a bearer instrument. Nothing is promised. MMM has been writing quality PF content fincen bitcoin bitbank litecoin years.
Chris January 2, , 5: Faster and cheaper transactions improvements are being made, Lightning network. Given all of the hair on the Bitcoin dog, what accounts for all of the interest in Bitcoins? Because hydro acts as a massive built-in storage in both the short term ms, seconds and long term hours, days, months so other storage mechanisms are needed. Perhaps most people will not worry about the year just yet, but it does mean that there is, technically, a finite supply of bitcoins. No, I am more inclined to trust economic models where the rules are clearly defined and cannot be changed, by anyone, ever. It is when stock prices stay the same in nominal terms but everything else rises in price around them, effectively masking the very real stock market crash through inflation. The removal of exchange controls around the world has made it more difficult for countries to allow their currencies to lose their value catastrophically, as happened in the UK in the s. The sooner we debunk the myth and come to our senses, the richer our world will be. Maybe the currencies will be useful to, but the really useful ones will be the ones designed for some purpose.
It has no other intrinsic use. Frugal Asian Finance January 3, , 7: The US has most to lose if dollars are exchanged for bitcoin as the US will not be able to print the cash for almost no cost and then get countries to use it for payment my advice is be very worried about dollar value over next 10 years but it was genius and made America rich! Vijay January 6, , 6: Everyone who can think wants a system like this, and the more systems like The DAO succeed, the more popular they will become. Gold bullion has several thousand years of history. We end up in Utopia? It will be as unreliable as all fiat currency ever was. Basic Economics Vijay. It is already in Beta testing and will be released this year. Your examples exactly prove the point: Mark April 25, , 3: Bitcoin did not create a new asset class.