Adding some links for people who interested: Economist Roubini: https://youtu.be/Fy2oEgWnCck Fundamental value of Crypto and its sustainability https://youtu.be/_4ySp141TpY Let’s talk about security: North Korea 1.3B scam Edit: I guess I have a simple question: How Bitcoin has changed the world for better and influenced all humanity in last 11 years? Please give examples from last 11 years and potentially next 10 years. I can do the same exercise for Google, Apple, and the best example these days Tesla. I can write 20 reasons that justify Tesla valuations based on its potential impact on everyones life, regardless of being an investor or beneficiary. -> Original post Bitcoin basically has no value because of 1. The main goal of Bitcoin was peer-to-peer transactions without the need for a third party. (Read Bitcoin paper please.) but for keeping your Bitcoin you will need a wallet (hot/cold)! Aren’t hot wallets considered as third party? What is CashApp, paypal, coinbase? And aren’t the cold wallet the same concept as storing your cash under your pillow? What are the odds of losing it? 2. The crypto part, which I don’t understand! My current transactions from one bank to another is already encrypted and secure! Over last 20 years I have never had the problem of my online accounts being hacked or my online digital transactions being manipulated! Okay! I understand the value of a distributed system and that could be applied to databases to make them more efficient is a nice idea! But why not apply that to our current database systems and make them more secure? Why do we need another currency to do so? I have had digital currency which is basically a number in securely stored in database for so many years. What value does bitcoin or other so-called “crypto currencies” add? 3. The rise is driven by heavy manipulations created by Tether, and has been academic studies showing this. Only people advertising it are the ones who have huge percentage of all bitcoin like Chamath Palihapitiya who owns 5% of all bitcoins. Why do people trust a guy who benefits so much from its price rise! What kind of currency is that which 5% of it is owned by one individual from the beginning? Or even the mysterious Satoshi character who owns another million bitcoins! This to me seems a lot like Ponzi schemes. 4. Bitcoin purpose has changed from a system of transaction to an investment! People say it is like gold, etc. their reasoning is that if there was no value to it why it has lasted so long? Well, first Ponzi schemes also lasted for many years, one the first incidents in 1880s “Ladies’ deposit” till even few years ago people were falling for it. How that proves anything? Second, because of all manipulations mentioned in 3. 5. Bitcoin is not a means of payment, is not currency, there is no use, and has not changed the world for better. It is mainly used for moved money illegally by cartels, terrorist groups, etc. what are the other uses? Why something that useless become so valuable? 6. Bitcoin it doesn’t have any utility. In the case of metals there is industrial use. In the case of Gold, we have jewelry, etc. comparison with Gold doesn’t make any sense. 7. Countries with economic and political instabilities are good candidates to be scammed by people who own most of bitcoin. And there is a lot of cash flowing into Bitcoin from countries like Peru, Nigeria, and Iran. Fun fact, Iran government mines Bitcoin to evade US sanctions. Am I missing anything? Or am I really dumb and not seeing the big picture? How other people are seeing value in it? #investments #personalfinance #Bitcoin #crypto #blockchain
It's #4, a store of value. You can say the same thing about gold, it shouldn't have the cost it does besides the fact that we all agree it does. Bitcoin hasn't proven the test of time like gold, but it sure looks like it's heading that way.
Okay, I’ll give you $1000 to make me a spoon using nothing but Bitcoin, or a necklace. Now another $100,000 if you can out of gold. Here’s the catch, you have to make both to get paid. Gold is a metal, and can be made into things. Bitcoin is nothing that can’t be made into anything. If electricity ceases to exist, gold will still be here, will Bitcoin?
The core value is in its inability to be counterfeited, while also being digitally transferable. Society benefits from having something with these qualities, thus it exists and has value even if you can't actually do anything else with it.
8. You missed the boat. So am I.
With your current attitude you will miss the next boat too!
Yes, fellow sore loser.
The most unfortunate part was when banks, institutions and greedy fintech started jumping into it. Looking back at WWI, WWII, banks were the most crooked who benefited from from unholy alliance. Now the new entity in this crooked cult is Fintech. This whole cult adaption will just extend the tenure of this Ponzi scheme over decades instead of few years.
Unpopular opinion; FB is the biggest scam of all time. 🍿
I think that’s a popular opinion
Funny thing they have similar market caps at this point! Maybe they both are 😉
The problem is in this line “The crypto part, which I don’t understand“. Then another line “And aren’t the cold wallet the same concept as storing your cash under your pillow? What are the odds of losing it?” Looks like you need to do a lot of research. PM me your address, I’ll ship you my Ledger Nano which is holding more than $4M as of now. If you can break it, it’s yours
He said odds of losing it, which you can. Losing your wallet in your house and never finding it. Someone doesn’t necessarily have to break into it. You still lost it and cant spend it.
Easy, what happens when your house burns down after you mailed me that ledger? How you gonna get your money? Let’s take it a step further... ink can degrade over time, so can the mind. If you lose your 24 words, and the ledger, what’s your plan?
1. No. Hot wallets are just wallets that are on a device that has internet access. The odds of you losing a cold wallet are the same odds of you losing your computer... I guess it could happen if you're careless? 2. Because some people don't want to use banks. You are not one of those people, so you should probably just use USD. 3. Chamath only owns like 100K BTC now. He's sold most of his BTC. But really, this should be no surprise. The people who believe in it are also the people that buy a lot of it. 4. It was never a real currency, it was always a store of value / stock. 5. Crypto has a nearly $1T market cap. You think all of that is being used buy weed? Where is your proof? 6. Bitcoin has utility in its digital psuedo-anonymity. What other security is both digital and psuedo-anonymous? 7. Okay. Lots of illegal stuff goes on with USD as well.
It’s nothing like a stock, a stock is ownership on a company with an expected revenue generation. Bitcoin doesn’t generate revenue, in fact it only costs money, in the form of miner fees. Market cap =\= value. If I create a token and sell it to one person for $1M and I say I have 10M, the market cap becomes 100 trillion. Doesn’t mean there’s any real basis behind that, other than that one trade. Why do you need anonymity? You’re on here jacking your c0ck to “TC or GTFO” you want the world to know your TC what’s the anonymity for? Short of illegal activity nothing.
Most cryptos are a combination of a stock and store of value. Bitcoin is mostly the latter, although there are ways to generate returns on Bitcoin as well (liquidity provision, etc.). Market cap approximates value in a security with enough efficiency (i.e. Bitcoin). If you were to sell a Bitcoin for $1M, the price would immediately correct itself back to $30K due to efficiency of the market. I never said I personally need the anonymity. I'm saying anonymity is the value of Bitcoin, so you can invest in Bitcoin to capture some of that value for yourself to yield returns. For example: Many people don't drink fine wine, don't use farmland, don't collect baseball cards, etc. But some people do have a demand for those things. So you can invest in those things to capture some of those returns for yourself. I don't see how you could possibly claim that illegal activity makes up more than a small fraction of the crypto ecosystem. Again, I'd like to be shown proof of this. But anyways, my investment philosophy is to maximize returns, so anything that is legal to invest in that can generate those returns for me is something I am willing to consider. For that reason I don't really care to be honest.
Bitcoin brings integrity to the monetary system. Central banks and their infinite money printer is the root cause of many of the issues we see around us today. Check out wtfhappenedin1971.com, which is the year the US dollar went off the gold standard.
Criticizing the Fed and the fiat system blindly are easy to do, but you don’t have the whole picture. If you think 2008 and the Dot Com bubble combined were hold a light to the Great Depression, you simply don’t understand the history of finance. You also then, don’t realize how the Fed have drastically reduced market volatility and while permitting ens and flows, have curbed the severity of the moments. Printing money can be problematic, absolutely. But material standards are highly restrictive to money supply and can starve rapid economic growth.
Bitcoin has the tetheral reserve 😂. But they have to stay under the radar so they can’t print to infinity like the Fed
TLDR: OP knows nothing about crypto and is salty about missing the last bull run
Enlighten me please! I am here to learn from you if you have something to offer?
New ATH did you learn yet?
Unless USD becomes like zimbawan currency.. bitcoin will not become a currency for legitimate purposes due to its stability w r t USD. Even illegitimate transaction will have volatility in the cash position .. bad guys are also humans.. they won't liKe it. Govt based USD pegged crypto is the way to go.
Dude, look up the purchasing power of the USD since 1950. The USD had done what Zimbabwean currency has done except in a much longer time frame. A USD stablecoin is the same garbage as a USD dollar in terms of gradual value. Smh
Thank you for putting the effort in writing this post OP, no matter how debatable are some of the points. Appreciated!