Topic: [2014-09-27] Mark Cuban does not see long-term future for bitcoin as a currrency (Read 2781 times)

One understands money, the technology, as well as its implications and the other doesn't.  Draper is hardly a bagholder if he has a three year time horizon and I doubt he's buying with money he can't afford to lose.

Actually Cuban is more bullish than he has been in the past:

Will Cuban ever break down and add Bitcoin to his ever-exploding portfolio? “The jury’s still out,” he told us. We’ll have to wait and see.

Your style of spelling and grammar mistakes reminded me of a student from Israel that I chat with online. However, it was a stupid question of me to ask since I really have no idea where you are from. It's not relevant anyway.

As for the rest of your post, I don't have the time to decode it. Please rewrite in more clear and concise form, if possible.

Because government can fail. Average lifetime of fiat currencies: 27 years. 775 fiat currencies in modern history have been destroyed by hyperinflation, wars, revolutions, reforms, etc.

http://dollardaze.org/blog/?page_id=00017

You need to fix your quotes. I didn't say that.

Yes, we are taking on a big risk right now, exactly the same as all the people who first used the internet. In Ye Olde Times, you had no protection on the internet, zero. Somebody could rip you off for thousands of dollars and you would have no way of tracking them down. It was the same with the frontiersmen of the Wild West. All of the "sane" people stayed east of the Mississippi River.



I'm going west because I can handle it out there. How about you?

nope not an Israeli citizen al all fail to see what that has to do with anything ..

I do realize the equipment to mine  is not free and that people have the cash can dump buckets of cash for mining equpment building  cooling heating securty , mining pools and more though not something that has to be done its a choice and even with that level of investment  (Profit) is not a sure thing  ...

im not saying anything against Bitcoin in any way just pointing out there are as many reasons to be on the fence as  all in Which to be honest no one is all into bitcoin they are forever dreaming for that bitcoin Price to hoit the $1000 or above again RIght ?? and they look for it to reach that point for the massive sell off Right

after all weather you bought the bit coin when it was $25 or $400 if that price spkies again you are in the better then doulbe Dollars ..

bitcoin has not hit the point of acceptance any where  to have the what can I do for bitcoin ethic its all very much what can bitcoin do for me a (Greed) Additude ..

there was an article not long ago out there pointing out that bitcoin is a rich kids game though this was not true at the start today it very much is because only rich have  the type of disposable income it takes to risk the involvement for many the big weekend poker game  is a better bet to bring home an extra gallon of milk to the familly ..

Retail stores, in modern times, do not accept any commodity as a payment. There are a very small number that actually accept bitcoin, and over 90% of them are converting it to fiat. To suggest that "no one [which would include every retailer on Earth] has learn you cant treat Bitcoin like commodity in retail" does not line up with the fact that nearly every retailer that uses Bitcoin does so as a payment processor and not a commodity.

Also, mining is not free by any definition.

I would like to hear Mark Cuban try to explain exactly what Bitcoin is.

This is Because No one has learned you cant treat Bitcoin like commodity in retail, The Fait dollors rise and fall daily too not as large of jumps as bitcoin how ever  when a $ drops a penny or two they dont raise the price of everything in the store  to make up the difference for the short term they take the loss and avoid insane inflation and deflation ..

stop compairing it to regulated dollars and its basically air , this is the biggest issue and concern turning a lot of  well meaning and well to do to proverty level in the blink of an eye.

i think if bit coin can hang on once it can no longer be obtained Free through Mining it could stablize once all bit coin must be obtained through trade of some type how ever I think at that point to will come the interest rates service fees and loads of taxes it boost as an advantage today .

Commodity or currency, Bitcoin doesn't care what people think.

Sometimes this is true and people are mad and jealous that they missed out, but some are just cynics and fear what they do not understand. They might even semi-believe in it but don't have the balls to invest in it so they just neysay to cope with this.

He is mad he didnt buy cheap and alot of people are now millionaires.  Guys that are super rich dont want people to join them.

I'm on the fence about bitcoin having a long term future as a currency too. I don't think the public will getr into it unless it becomes less volatile. Why would they use it? You purchase $100 worth of btc to buy something and before you've ordered your item you're $20 short because of the price drop. Not very good as a currency in that respect.

I'm Not completly sure  What to think of bitcoin or any other Cryptocurrancy as far as its staying power in the worlds economies How ever one thing I do know for sure is that it popularity and worth is based on the fiat dollars..

If more and more were to stop trading (Buying and Selling) Bitcoin with fiat dollars its value would drop like a rock many would stop accepting it as PAYMENT Because the draw of bitcoin is it value to these fiat currancies, a store can accept bitcoin today tomorrow and then sell it in the future for much more they accept it because of it trade off value when there is no trade off value (Not back by the Fiat $) big interest and service fees will kick in to do business with it .. Face it Bitcoin and other Cryptocurrencies are backed by fiat.

lots of the businesses out there taking bitcoin do it because they can takew $1000 in bitcoin today and sell it  off later for $1200 15,000 in the future and sometimes more hense interest and service fee and then some paid

Ithink as familar with bitcoin some believe they are they stillhavent figure out whats been driving its acceptance ..

Two oposite ends of the spectrum. One a hater and the other a bagholder. Can't take either of them seriously.

Many share his opinion and it is predictable. Its like with oil: for as long there is oil, nobody would switch to producing electric cars. For as long as governments and large companies use only fiat, he does not see a future in bitcoin.

Truth: Not a single central bank has ever preserved their monopoly on money.

They have all failed, and all signs now point to the dollar failing next. The best part? It's happening within the exact time-frame and by the exact mechanisms that it would be expected to happen.

No doubt about it, the central bank is there to preserve a money monopoly.

Perhaps Tim Draper can help Mr Cuban see the light.

http://video.foxbusiness.com/v/3801541401001/venture-capitalist-draper-predicts-10k-per-bitcoin-in-three-years/#sp=show-clips