Buying 1 BTC is ‘like owning 60 cars? - page 4.

aoluain

legendary

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Just read the first paragraph and didnt read any further because says it all

Quote

Bank of America analyst Francisco Blanch has slammed Bitcoin as "exceptionally volatile", "impractical" and an environmentally disastrous asset that's useless as a store of wealth or an inflation hedge.

Rolling out the old "volatility" stick to beat Bitcoin again, its old now.

What is he comparing Bitcoin to that is better as a store of wealth?

He's just another frightened banker voicing his opinion hoping Bitcoin will disappear.
We have heard it all before.

Lorence.xD

sr. member

Activity: 1624

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Leading Crypto Sports Betting & Casino Platform

Quote from: leea-1334 on March 18, 2021, 01:25:12 AM

Owning and using 60 cars to provide a means of independent yet totally secure and totally reliable way to store value or send payments to each other across the world 24/7 regardless of location and identity and social standing? Sounds like a very good way to tradeoff $60000 or 60 cars:) I honestly cannot see their points of these politicians some times,,,

Well, cars depreciate in value for a long time, so I get why he compares it somewhat with cars, but that is not the case with bitcoin, considering the current prices, I think that it is the reverse. FUDs will always be there no matter what happens so the best we can do is challenge their claims.

leea-1334

hero member

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Temporary forum vacation

Owning and using 60 cars to provide a means of independent yet totally secure and totally reliable way to store value or send payments to each other across the world 24/7 regardless of location and identity and social standing? Sounds like a very good way to tradeoff $60000 or 60 cars:) I honestly cannot see their points of these politicians some times,,,

mocacinno

legendary

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https://merel.mobi => buy facemasks with BTC/LTC

The least i can say, without even reading the article, is that he got his numbers wrong... 1400 tx's/hour Grin

Nah... about >2000 tx's/~10 minutes... ON-CHAIN....

So, if you're only talking about one crypto (bitcoin), and you completely disregard the off-chain sollutions, you still have a troughput of > 12.000 transactions/hour.
If you factor in the lightning network (wich only needs an on-chain tx for opening/closing channels) and the fact some webwallets (like coinbase) allow offchain transactions between their members (i don't condone the use of a web wallet tough), and the fact stable altcoins are used aswell (i've bought things using litecoin in the past), the troughput becomes hundreds of times larger than those 12.000 tx/hour.

remotemass

legendary

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ASMR El Salvador

Well, OSHO, the so-called "sex guru" had 93 Rolls-Royces...
https://autojosh.com/meet-osho-rajneeshthe-indian-sex-guru-who-had-93-rolls-royces-in-the-80s/

Can it get better than that? Grin

Kittygalore

member

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I did some search about the cheapest car, and a 15k seems to be the lowest, which means that 1 bitcoin is worth around 900k USD which doesn't prove anything but that bitcoin can grow much bigger if we just let it, I think that this person just played himself. The reason that bitcoin has a slow transaction is that it doesn't have the same infrastructure as a traditional financial institutions that are heavily flawed.

mr_ROBOTT

member

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Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?

Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

Topic: Buying 1 BTC is ‘like owning 60 cars? - page 4. (Read 705 times)