In the article itself it is briefed about the multiple usage starting from investment to store of value. With each and everything there will be good as well as bad. With bitcoin the 21 million supply is termed to be the factor that creates the demand leading to the rise in price. This is being attributed as a way of making the common people without bitcoin as slaves. As the network is completely moving on trust, we cannot conclude on this statement.
If slavery is attributed to the limited supply, then from my perspective what each and every corporate networks were doing is pure slavery. Because when you look at their vision and the way they function goes completely on two different tracks.
Topic: Bitcoin Eats the World, or Not - page 2. (Read 351 times)
Nice post.
Well, I do not see how Bitcoin was made to gobble up all assets. Funds will always flow in and out of Bitcoin if it's mostly a Store of Value and its deflationary model remains.
We should be able to spend Bitcoin peer-to-peer though. Spending should make up at least 20% of total Bitcoin transactions.
I agree on the part on Store of Value.
Quote
There is a vision of Bitcoin where it would gobble up all assets in the world.
Where did you find this vision if I may ask?Well, I do not see how Bitcoin was made to gobble up all assets. Funds will always flow in and out of Bitcoin if it's mostly a Store of Value and its deflationary model remains.
We should be able to spend Bitcoin peer-to-peer though. Spending should make up at least 20% of total Bitcoin transactions.
I agree on the part on Store of Value.
There is a vision of Bitcoin where it would gobble up all assets in the world. Eventually, everything would be tokenized into bitcoins.
This has certainly been a popular thought over the years, but it's one of those things that hasn't really come to fruition. The problem, as is often the case, boils down to trust. The moment your BTC represents an asset that some individual or company is supposedly holding, how do you trust that person/organisation? How do you know they've still got the asset and they haven't sold it on? It's something we haven't quite solved yet. From my standpoint, it seems like something for future generations to figure out, since I don't see us finding the answer any time soon.
This article has no touch with reality. Bitcoin will not consume or replace anything, especially not the fiat currencies. The author of the article shows some utopia that is never going to happen and it certainly wouldn't be good if it did.
Nonsense.the worst article i have ever read.he doesnt know how world running is or he is trying to speculate.but i dont think that anyone pay attention.
I do not think that Bitcoin will be able to eat up all the organizations and currencies in the world. It takes decades to replace the fiat and decentralized world, and Bitcoin is unlikely to do so. However, in my opinion, what should change the world will base on the Blockchain
Original post: https://bitflate.org/post/2019/08/24/bitcoin-eats-the-world-or-not.html
There is a vision of Bitcoin where it would gobble up all assets in the world. Eventually, everything would be tokenized into bitcoins. First, Bitcoin would eat up currencies. Then, equities, then real estates. There are strong supporters of this vision.
Can this vision become true? I believe it would NOT happen. Such future would be a dystopia. When everything is pegged into 21 million bitcoins, we would all be slaves to the bitcoin owners. It’s also likely some would use violence to seize bitcoins from others.
Bitcoin is Financial Freedom, not Slavery
There are only 21 million bitcoins. How can billions of people on this planet acquire bitcoins? Bitcoin ownership is also known to be heavily concentrated. If I believe that Bitcoin would eat up everything, why should I ever give up my bitcoins? Many bitcoin owners believe in this vision. They are holding on to their bitcoins.
It is a tug of war. Bitcoin owners try to convince everyone else of Bitcoin world domination. Everyone else tries to resist this vision. Even when you jump ship, you quickly realize that there are people who own more bitcoins than you. Such vision creates a divided world: bitcoin owners versus everyone else.
Instead of locking our minds into Bitcoin world domination, we should think of Bitcoin as a new financial option. It is a new investment category, Store of Value, a new kind of financial freedom. As bitcoin owners, we invite people to examine bitcoin properties and potential.
Saving versus Spending
Some people advise to put all money into bitcoins. That is the form of saving and investment. When you need to spend money on something, you convert the corresponding amount of bitcoins to spend. Upcoming multi-sig wallet would enable more security for this scenario.
I don’t think this scenario would happen. We cannot constantly calculate pro and con of converting our investments. It is wise to directly deduct pay checks for retirement saving. Too many financial decisions often leads to worse result. Human brain needs separation between saving versus spending. We have several store of values: equity investment and real estate. Brokerages and banks are happy to provide us financial products to take out money from our assets. But it is often unwise to follow these advice. They only make money for brokerages and banks, not us.
Bitcoin is a Store of Value
Bitcoin is a fairly good store of value. It is decentralized, has network effect, not controlled by government entity. We can make a choice of investing a small amount of saving into this new Store of Value. It is a new type of financial freedom. The Lindy effect makes Bitcoin more likely to survive. But the Lindy effect likely makes Bitcoin remain a Store of Value. That is still an exciting future. We will have new financial options to choose.
PS: Don’t let excitement fool you. Beware of financial frauds.
There is a vision of Bitcoin where it would gobble up all assets in the world. Eventually, everything would be tokenized into bitcoins. First, Bitcoin would eat up currencies. Then, equities, then real estates. There are strong supporters of this vision.
Can this vision become true? I believe it would NOT happen. Such future would be a dystopia. When everything is pegged into 21 million bitcoins, we would all be slaves to the bitcoin owners. It’s also likely some would use violence to seize bitcoins from others.
Bitcoin is Financial Freedom, not Slavery
There are only 21 million bitcoins. How can billions of people on this planet acquire bitcoins? Bitcoin ownership is also known to be heavily concentrated. If I believe that Bitcoin would eat up everything, why should I ever give up my bitcoins? Many bitcoin owners believe in this vision. They are holding on to their bitcoins.
It is a tug of war. Bitcoin owners try to convince everyone else of Bitcoin world domination. Everyone else tries to resist this vision. Even when you jump ship, you quickly realize that there are people who own more bitcoins than you. Such vision creates a divided world: bitcoin owners versus everyone else.
Instead of locking our minds into Bitcoin world domination, we should think of Bitcoin as a new financial option. It is a new investment category, Store of Value, a new kind of financial freedom. As bitcoin owners, we invite people to examine bitcoin properties and potential.
Saving versus Spending
Some people advise to put all money into bitcoins. That is the form of saving and investment. When you need to spend money on something, you convert the corresponding amount of bitcoins to spend. Upcoming multi-sig wallet would enable more security for this scenario.
I don’t think this scenario would happen. We cannot constantly calculate pro and con of converting our investments. It is wise to directly deduct pay checks for retirement saving. Too many financial decisions often leads to worse result. Human brain needs separation between saving versus spending. We have several store of values: equity investment and real estate. Brokerages and banks are happy to provide us financial products to take out money from our assets. But it is often unwise to follow these advice. They only make money for brokerages and banks, not us.
Bitcoin is a Store of Value
Bitcoin is a fairly good store of value. It is decentralized, has network effect, not controlled by government entity. We can make a choice of investing a small amount of saving into this new Store of Value. It is a new type of financial freedom. The Lindy effect makes Bitcoin more likely to survive. But the Lindy effect likely makes Bitcoin remain a Store of Value. That is still an exciting future. We will have new financial options to choose.
PS: Don’t let excitement fool you. Beware of financial frauds.
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