This is quite ludicrous what you are saying and you know it. When not a single bank has yet implemented blockchains as ledger replacement, when exchanges fold every other day, and when accounts get hacked every so often then nothing else is a bigger giveaway of it being a nascent technology and asset class.
#DropGold / Why Bitcoin's Revival Is Different This Time Around
- Thread starter johnarb
- Start date
I know you didn't reply to me, but I'm replying to it anyway.
I looked at your post history and you seem to have expertise in software (R/Python) but you don't understand bitcoin. Is it because you choose not to read or research it more?
If you knew some bitcoin basics, you'd realize your points are misplaced/misdirected. I suggest reading the bitcoin whitepaper published by Satoshi 10 years ago.
Bitcoin is a decentralized, trustless, peer-to-peer currencies that runs on open-source software. It has nothing to do with banks, it was invented to bypass banks and the tbtf that put the worldwide financial system at the brink of collapse in 2008. Knowing that would quickly tell you it needs no validation on what a single bank or all the banks in the world choose to do or not do.
Exchanges are not bitcoin. Refer above. decentralized peer-to-peer. You run the open-source software on your computer and you are the bank, able to hold and transfer value instantly anywhere in the world by signing a transaction with the private key that "holds" a certain amount of bitcoin and broadcasting to the bitcoin network.
Bitcoin is not issued by any government which is why it's an uncorrelated asset, not tied to interest rates or any country, something of a holy grail to add to a wealthy investor's portfolio in case a repeat of the financial calamity ever happens. It's an insurance hedge against all the QE's and zero interest rate and negative interest yields by central banks worldwide.
But, don't let me lecture you on these things, do your own research or keep believing your facts, it's your choice.
We both agreed that even though the internet technology had its own busts it was still possible to profit from it 20 years later. As for cryptocurrencies, no worries there, the exchanges are already licensed and the cryptos are taxed. The genie is out of the bottle. I am sure what scares most people like you is their volatility not their merit.
Last edited:
Please stop twisting my words and injecting what scares me or not. I thought I explained reasonably thoroughly that the immaturity of the asset class and related technology and safekeeping keeps me away. What scares me the volatility, the fact that it is backed by thin air and the absolute lack of safety of safekeeping and transfers. Anyone with a simple password can empty your pockets overnight.
If it's no longer an emerging technology then how come stores don't accept it (and for the few retailers that do, they don't hold the bitcoin...they use a 3rd party to immediately convert it into a more stable currency that doesn't trade like a penny stock)? Lots of companies go bankrupt after much longer than 10 years of being in business.
If one is a real pessimist, then one can invest in things that will do well when things collapse...such as guns, private prisons, pot, cigarettes, etc.
I try to always be civil and not attack someone personally by calling them an idiot or other names. Why? Because everyone can see that anyone who has to resort to name calling is simply childish and has already lost the argument. Facts are much more powerful than slander.
LOL. You're taking my 2 year old post completely out of context. Here's what I said as a JOKE!
"If HBO caves, I'm going to tell my friend to tell his brother to tell his father-in-law to cancel the HBO Go account we're all sharing."
Even if you took it seriously, with a little thought, a reasonable person would quickly realize that the proposed boycott had nothing to do about bitcoin, but everything to do with paying a ransom to bad people. Wow, you went through 2 years of my old comments and that was the best example you could find!? LOL
Because it is backed by absolutely nothing real, not even a government promise, probably never. I would start taking it more seriously if it was widely adopted -- if it were to become a part of everyone's investment portfolio. If central banks start selling their gold and buying bitcoin:
https://www.bloomberg.com/news/arti...rst-quarter-gold-buying-at-highest-since-2013
Not happening.
But I'll give you one situation where I could see bitcoin and other digital currencies going significantly higher. And it's not a good situation. It's a very bad situation for the world. If governments turn towards socialism hard and institute a harsh wealth tax and many people are faced with a hide it or lose it situation, then yes, I could see bitcoin and other digital currencies spiking higher as they would be used for the only purpose where they have a true advantage over all other currencies and assets -- tax evasion and money laundering. If there is a situation where the global financial system is in jeopardy and people really start thinking that a collapse is imminent, then I think gold will still be the first asset choice. To which a critic would probably say, "Yeah, but then they will simply take the gold." Yes, and at the same time such a government will also start executing people (China) or throwing them in jail (US / Canada) for trading digital currencies. So in that situation, one would probably be better off stockpiling guns and building a homestead in a remote part of Montana.
No, I looked at your oldest post to see what date you started posting on the forum, but anyway, you do understand that during the time of your first post Aug 13, 2017, the price of bitcoin ~$4,000
Let's make it simple, when do you think it's going to be worth $0?
For 2 years, it hasn't done it. It's unfair that people like you who missed out (yes, I'm bringing it up as the same tulips, dotcom arguments are being recycled, bitcoin is not a plant nor a company) have perpetual prediction.
With the logic like yours you should never invest in anything expecting its eventual collapse. Good luck with making any money.
Why would anyone care when I started posting on this forum or how many posts I have made under the crypto section? I post very infrequently on this subforum and only because I saw some topic that caught my interest on the homepage. Here's your quote from above where you then tried to make the ridiculous accusation that I was urging a boycott if a company made a transaction in bitcoin (ignoring the whole paying a ransom part).
If you asked someone during the tulip bulb mania when the prices of tulip bulbs would mean revert, what time frame would they give and why would it matter? I can't predict when the euphoria will end and I don't need to when there are much more higher-probability ways to make money. I'm not into gambling.
As far as the $4,000 price, well, Bitcoin also traded a lot lower than that during the same time frame. So by your logic that someone buying it back in 2017 was a genius only because it's higher today, then also for some period of time Nov 2018 until March 2018, they were also a fool since it was lower than $4k. How can someone be both a genius and a fool? How many penny stocks are trading for a higher price today than they were in 2017? Why didn't you buy all of those as well?
I think the thing that fascinates me the most about this entire discussion is the utter desperation that *some* (not all) of the bitcoin proponents display. If you bring up any reference to the dot-com bubble or any other periods of mania, they become hysterical and start throwing out personal insults. For some reason they are so desperate to convince others to buy into their asset that it becomes obvious that they don't really have much confidence in their investment either. They realize that they only make money if they can recruit enough fools in to drive up the price. Contrast that to a great business. Someone who believes that they are holding a great business won't care about the opinions of others because they know that they have the fundamentals on their side. If someone says to me, "Why are you invested in KMB? They make diapers and paper. Both dying businesses." I don't care. I'm not going to try to change that person's mind. I trust the fundamentals and my own analysis. I certainly would not start throwing out insults or calling the other person an idiot. It wouldn't offend me. If you really believed in Bitcoin, you would not let someone else's opinion drive you hysterical. You would not be throwing insults. You would simply think to yourself, "Fine. Don't buy it. I hope you don't get rich." And actually, if you really believed in it, you would want the price to stay low so you can buy even more of it. Last thing you would want is for it to take off before all your friends and family have bought in. When funds are in the process of accumulating a stock, the last thing they want is for the price to jump before they can get in. Obviously not the case with *some* of the bitcoin people.