Why Bitcoin Is Worthless: The Definitive Guide

baggerlord said:
This is a really well thought out and logical post. Your point that if you always are waiting for the perfect tech you will be sidelined (like me so far) is a great one that I wish I had understood sooner. I disagree on your assessment of bitcoin. I don't think it currently provides a lot of utility, except as an awesome trading/gambling vehicle. It is not very useful as a store of value or as a method of transaction. I think POS coins that reward ownership vs electricity consumption will beat it because a token that rewards ownership with a share of transaction fees is like a stock that pays dividends and encourages buying and holding. There is literally no reason to hold bitcoin aside from speculation on further rise.
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Yes - totally agree. I'm in ETH and NEO (or GAS rather) for that very reason. I'm not saying Bitcoin has a high utility compared to other coins. I'm only using Bitcoin as an example of a utility for the blockchain. Blockchain is like machine code - it's not directly useful for people per se, but it can create products like cryptos and smart contracts for human utility. And, yes - Bitcoin has made a lot of people very wealthy for little effort. I tend to think it will stabilize like the USD. Why is the dollar more desirable than other currencies? Solely based on market perception. It's in fact worse than most currencies from a fiscal POV, but it is the safe haven and will remain so for a while yet.
 
I love the smell of crypto in the morning.



Vietnam Is Preparing to Legally Recognize Bitcoin in 2018


Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.

According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.

An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.

In tandem, officials will also begin work on a tax treatment for cryptocurrencies. According to VNA, a system governing how cryptocurrency users will be taxed in Vietnam is slated to be in place by June 2019.

If approved, the move would signal that leaders in Vietnam are moving away from the more cautious viewpoint expressed in 2014, when central bank officials warned consumers about the risk of cryptocurrencies.
 
Based on your analogy USD is worthless as well since there is no "backing". It used to be gold now its the same fundamentals as Bitcoin.
 
What is there to stop say North Korea "mining" full time on these crypto currencies and appearing to be rich ?
 
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