There is alot of talk recently due to the massive increase in price of bitcoin that it is now a "store of value". If you really believe that then why not de risk and invest in gold.
You could have won the lotto if you bought bitcoin back in Feb 2015Hi all,
Just wondering what your take is on bitcoin...fad or future?
Interesting (enough) article here.
http://uk.businessinsider.com/how-bitcoin-may-have-more-impact-than-the-internet-2015-2?r=US
,
The jury is out for me. I'll be the first to admit that I am not an early adopter of a lot of things anyway though...even though I work in IT I can be quite the luddite!
Firefly.
Meh - 2013 was better :-D
You would have won the lotto if you bought back in Feb 2015
feeling good on the outside I hope,Meh - 2013 was better :-D
Timed perfectly - well done you.feeling good on the outside I hope,
For what it is worth I bought 20K of bitcoin back in 2014 sold end of December 2017 left around 25K worth in bitcoin,
Will be interesting to see in four years time what it will be worth,
not timing took it out because a property came up one side of where i live ,Timed perfectly - well done you.
You could have won the lotto if you bought bitcoin back in Feb 2015
I always think of your first post back then I was thinking of cashing out around that time very unsure you post helped me stay in .The money I put into bitcoin was money I was owed for a very long time I was having second thoughts around 2015 your post stuck in my mind .To be honest I never felt like buying any more since then,Don't worry I've thought of that often, especially last weekend when changing the car!
I just couldn't reconcile the prospect of the value of Bitcoin reaching anything near like its current value back then, just as I cannot do so right now. So I'm OK with that overall, as you can only act on what you think it right at the time.
Still.....it would be nice!!!
I always think of your first post back then I was thinking of cashing out around that time very unsure you post helped me stay in .The money I put into bitcoin was money I was owed for a very long time I was having second thoughts around 2015 your post stuck in my mind .To be honest I never felt like buying any more since then,
https://www.nytimes.com/2018/02/08/technology/cryptocurrencies-come-to-campus.htmlNew York University students in a cryptocurrency course taught by David Yermack, a business and law professor. He had to find a bigger lecture hall for the 225 who signed up.
BERKELEY, Calif. — While the price of Bitcoin has dropped since Christmas, the virtual currency boom has shown no signs of cooling off in the more august precincts of America’s elite universities.
Several top schools have added or are rushing to add classes about Bitcoin and the record-keeping technology that it introduced, known as the blockchain.
Graduate-level classes this semester at Carnegie Mellon, Cornell, Duke, the Massachusetts Institute of Technology and the University of Maryland, among other places, illustrate the fascination with the technology across several academic fields, and the assumption that it will outlast the current speculative price bubble.
For a class this semester, Mr. Yermack originally booked a lecture hall that could fit 180 students, but he had to move the course to the largest lecture hall at N.Y.U. when enrollment kept going up. He now has 225 people signed up for the class.
Q. If virtual currencies aren't backed by anything real, gold or some other physical commodity, does that mean they all eventually will be worthless?
A. You're right that they are not backed by a physical commodity, but then neither is the dollar and most other modern currencies. It’s long been known that currencies that are intrinsically worthless, mere pieces of paper, are recognized as valuable because payments with money are so much easier than the alternative, barter. The problem with barter, when everyone trades goods and services directly, is the dreaded “double coincidence of wants.” If I want to have dinner at my favorite restaurant but the cook is not interested in trading a meal for a bitcoin lecture, I have to keeping searching until I find a restaurant that I like where, coincidentally, the cook can’t hear enough about bitcoin.
Money, even intrinsically worthless paper money, cuts the “double coincidence” problem in half. I just need to find someone willing to pay me some of that paper for my lecture, then use that paper to pay for dinner. As long as I trust that someone will accept the paper, I’m willing to accept it in exchange for my lecture. It’s trust that the “worthless” piece of paper is actually worth something to other people that makes it an acceptable medium of exchange.
What was most interesting, however, was the Fed's observation under what conditions cryptos could not only match, but supplant fiat as the dominant currency. The answer: bitcoin would dominate payment methods in a dystopian world, in other words a "decentralized" world, in which there is no more faith - or trust - in central banks.
Which, of course, is the whole point behind cryptocurrencies in the first place: to replace the dollar, and other fiat currencies, once the entire fractional-reserve lending platform, and last 100 years of monetary philosophy are exposed to be a fraud.
"Lunacy" you say? Well, it's a conversation worth having after the next market crash, one which most likely will wipe out what little faith remains in central banks, in fractional reserve lending, in conventional economics and in fiat.
I don't care what you call it but if the price of bitcoin is based on speculation thatYeah, 'dystopian' according to The Fed and Central Banks. Its called Freedom' or 'Liberty' for everybody else.
And rightly so - you shouldn't. The article mentioned 'dystopian'. You considered it in the context of bitcoin being a trustless system. If you are dealing with wealth/money/value, all sorts can happen when people are involved. Therefore, a system that assumes from the outset to take a trustless approach can only be a healthy thing.I don't care what you call it
I'm not sure where you're going with this? What do you mean re. the 'complete breakdown of trust in our current monetary infrastructure? You think that bitcoin is going to interfere with other financial systems?...and if so, how?...and how is the 'trust' in them going to be broken?but if the price of bitcoin is based on speculation that
(a) there will be a complete breakdown of trust in our current monetary infrastructure
(b) there will in its place be confidence in a digital entry on a blockchain signifying nothing
(c) bitcoin will be the chosen one from the hundreds on offer
then good luck with that.
(a) there will be a complete breakdown of trust in our current monetary infrastructure
(b) there will in its place be confidence in a digital entry on a blockchain signifying nothing
(c) bitcoin will be the chosen one from the hundreds on offer
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