Topic: Bitcoin is 100% faith - page 2. (Read 360 times)
Bitcoin investors have faith that it will be more useful, stock investors have faith that the company will do well, how is it really that different? Yes, you can crunch some numbers to get some idea how a company would perform, but if it worked 100% of the time, there wouldn't be any unpredictable market movements on stock markets.
I did have faith that bitcoin will go up during the 2018 price drop that sent many users into selling their bitcoin, does that count too? I mean, if faith is what we are talking about then they should know that everything in this world that has value is also 100% faith. One good example is the fiat currency, it's just a piece of paper in essence but how can it buy your food or get you into movie theaters? It's because the people on the other end of transaction has faith that it has a value in it, bitcoin did not introduce this kind of thing, it was happening ever since the dawn of civilizations, people putting value into something, gold, silver, copper, and gems are just minerals and ores in essence but because they are shiny, we have to put some value into it. The only difference is that bitcoin makes it obvious and right now, bitcoin is in the spotlight.
He's right to a certain extent because "faith" is always a part of the picture, but 100% faith? It's the classic "Bitcoin has no use" the classic greater fool argument being thrown at it. It's the typical arguments of people stuck in their wall street bubbles without knowing much of the things happening outside their bubbles.
His argument is flaw in the beginning, he already said that Stocks is also based on faith. So everything that involves money according to him should be based on faith. People like Elon Musk or Mark Z becoming a billionaire is base on faith as well, Lmao.
Anyhow, this is just one guy though, his statement might be controversial, but it doesn't mean that he is correct. Again, this is as a grain of salt.
Anyhow, this is just one guy though, his statement might be controversial, but it doesn't mean that he is correct. Again, this is as a grain of salt.
Well, everyone is entitled to their own opinions, and as he has said -"Bitcoin is faith" and not so many have faith. Let's face it, not everyone has to be like Elon and Dorsey who are believers. Though his statement might desuave the interest in btc of some who see Mr Jeremy as mentor, it is good news that his statement has no total control effect on the market. Whatever he thinks, doesn't matter.
If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code.
So, 20% code and 80% faith?
I don't see the long term viability of bitcoin mining given it's basically a lottery using more energy then the UAE. If there is another major depression and utilities are affected, the largest mining company will own everything when the Internet becomes global again. China used to be the bad boy polluter. Now it's us.
Bitcoin is not a stock. So, I guess it doesn't matter what he thinks.
If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code. Bitcoin is tamperproof code which fully guarantees its users that the supply is 21 million. Bitcoin is a set of codes which offers all the proof in the world that it is not owned nor controlled by any individual or entity. Bitcoin is 100% ownership. Bitcoin is 100% beyond the power of any powerful person or government which could change or control anything.
Jeremy Grantham needs to know his enemy first.
Jeremy Grantham needs to know his enemy first.
This is an interview by Erik Schatzker on Bloomberg’s “Front Row” with Jeremy Grantham the co-founder and chief investment strategist of Boston’s GMO, explaining why U.S. stocks have become an epic bubble and will burst in a collapse rivaling the crashes of 1929 and 2000. At the same time, he also touched on gold and Bitcoin, emerging markets and climate change.
The interview can be found here: https://www.youtube.com/watch?v=RYfmRTyl56w
What are the lessons we can get as takeaways from this man or should be categorized him as just another prophet of gloom especially in an expanding and exciting Bitcoin bull run?
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