Topic: Example > Another odd opinion about Bitcoin (Read 194 times)

WOW!!

The stupidity is hurting me from here. I can actually feel my IQ going down reading that. What an uneducated load of horse shit. Stupid old man. Sit down before you fall over and peg. You too old and don't have enough blood flowing to your brain.

"If computers are shut down you won't be able to buy or sel bitcoin"  *face palm* Yeah... It must be nice in cloud F@# off land in the middle of crazy town. Between dipshit and ignorance city.

I am pretty sure bitcoin is the last thing we should be worrying about if the "computers shut off" Like gee I don't know maybe everything else that we need computers for? You won't be able to exchange fiat either anyway.
I think most people would be worried about food and staying alive not digital coins.... and unless you can eat gold I am not sure what exactly this guy plans to do with it in the even of such a blackout.

So if something is physical is means it is safe? Then why have banks? Just keep your cash under your pillow?
So fires and water damage natural disasters and theft don't exist and your magical gold coins will somehow survive all these things? Because houses never burn down right? People never get robbed.

You can also lose something physical easily. It isn't that hard to lose a gold coin.

Maybe we should all keep cattle and dig boreholes incase the computers go down? Oh silly me all we need is gold and silver.

Lol please show us more delusion people I love it.

I guess he was referring to the internet, not the computers, but he didn't know how to express it. In the highly unlikely scenario that we get hit by some SF ionic pulse that cancels any network communications we would need a backup solution. But I guess we'd get back at the old barter  - an egg for a bottle of milk, an apple for 100g of butter, etc. Gold is not portable enough to make mundane transactions with.

On the other hand blockchains can be backed up so once electricity and network connections are re-established theoretically we could resume the blockchain somehow.

You're exactly right.  I share this quote often here, but it does the absolute best job of explaining situations like this or why many people feel like they do when it's negative towards bitcoin..

"I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved.  There are critics who criticize this technology primarily based on their world view.   It is politically inconsistent with their world view.  It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is.  “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"- Andreas Antonopoulos

Goldbugs seem to feel really threatened by Bitcoin, but should they? Is there any data that shows that Bitcoin is taking a part the gold market. Of course it happens on some scale, but the question is how big is that scale. We currently see that Bitcoin and gold are rising simultaneously, so Bitcoin is not a big threat to gold right now. Will it be in the future? Bitcoin would need to truly establish itself as safe haven, because despite what these institutional investors are telling, it's still in the "volatile speculative asset" category.

I'm not surprised that we're seeing comments like this now that Bitcoin is hitting new heights and milestones. We saw a similar attacks from famous people in 2017 when BTC reached the previous all time high. Bitcoin runs on a network and like all networks, relies on computers sharing resources in order to keep this network alive so yes, there's a possibility for a crackdown if all this computers are shutdown but that would mean taking down the internet which won't be an easy feat to pull off. The chance of such an event happening is quite slim as it would pose much more bigger problems which has already been explained by 20kevin20. So Mark's opinion about why Bitcoin shouldn't be a worthwhile investment is baseless.

Our society long ago passed the point where if all computers are gone, we are gone too. The last thing you will think of then is Bitcoin.

By the same logic, you will not be able to access your bank account - so fiat is useless too.

That's perhaps his opinion as we cannot force our opinion on others but we all know that all the computers will not shut down and for that instance we cannot make digital payment or credit/debit card payment as well if network fails and if we start to figure out limitations about a particular coin or entity we can list down hundred of limitations as well as benefits and at the end of the day our preference matters. When Bitcoin become more mainstream people will stop these negativity by default.

I'm going to say it again: if we're talking about a worldwide (or even country-wide) internet/computer shutdown or EMP attack, we're talking about issues way worse than just not being able to access Bitcoin. Both of these would likely lead to very violent events because the most important industries (including food and other products and services considered a need for survival) would be affected as well. Just imagine how your life would've looked this week if there was no digital life for all your actions.

During times where this becomes an issue, gold hoarders would be those who today are already rich. But after all, the average person would likely exchange food for food rather than food for gold or BTC.

And then, let's talk about portability. According to Business Insider, "The average American family has $40,000 in liquid savings, across savings and checking accounts" (this is information from a 2016 survey, but whatever). Add 1/2 more of $40k and you'd have to carry 1kg of gold with you if you wanted to hold your savings in an offline asset you can transact with. Now double the total savings and good luck not being the target of thieves and other criminals, because the more you hold in gold.. the more you'll have to carry, obviously.

Now back to BTC, you can literally hold the value of the entire Gold supply in the world on a piece of paper - or even carved in a tree branch. Under hard times such as internet/computer shutdowns, transacting with gold and assuring it's not fake is a huge headache from start to end - especially when you have no previous knowledge about precious metals.

Bitcoin is not gold. And they share one, strong common point: none of them are perfect.

So his back up for all computers going offline is having gold coins in a safe deposit box? Yeah, good luck accessing that with all the computers offline. Every safe deposit box I have ever used required ID checks against an electronic database which wouldn't be accessible, as well as some kind of electronic access system such as key card or fingerprint scanner, which would also be offline. Not to mention that if all computers went offline then no major supermarket or retailer would actually be able to sell you anything.

In a global catastrophe which knocks out all computing power, either it will only be for a few hours, in which case most people will be able to survive without accessing any currency at all and no major retailer is going to accept a gold coin for their goods, or it will be a prolonged event in which case currency will be useless. In whatever weird post-apocalyptic world he is imaging which has no computers, people won't want gold. Power plants will cease to function, there will be no electricity, supply chains will collapse, food production will collapse. People will want food and shelter. If you want a real safety net in the event of every computer in the world shutting down for an extended period of time, then buy long shelf life food which does not require any special storage, such as grains and beans, and stock up on fuel and clean water. Gold will be useless.

Sure, bitcoin has some weaknesses, but the fact that it needs a computer (just like pretty much every other payment method in existence, save for a few select uses of cash) is not one of them.

By computers he was talking about devices with computing power (f.e. solar blast or something like that, that will destroy all electonics). But this will also whipe out all fiat balances, will unable you to you visa/mastercard and I daubt that you will be able to buy bread and milk wilth gold coin worth 2000$. Gold/fiats/bitcoin would be useless for short term during this extreme case.

No wonder why he said that, for us this will not affect anything. yes, we admit that he probably understands the economy better than we do. but it's the different speculations that make us even more convinced that bitcoin has always dominated.

If you expect that everyone will stay positive about bitcoin investment then you are wrong. Its just his own opinion and i don’t think modern age investors will get agree with him. In my opinion digital currency investors have different mind set up and its not similar with other investment fields like gold or silver. Entire world have already seen the potentiality of bitcoin and its use.

Day by day more institutional investors will get involved with bitcoin and definitely that will change people mind about bitcoin investment safety. We have seen so many positive and negative speeches about bitcoin but result is above our eyes now.

Bitcoin has become increasingly in the discussion, since Bitcoin touched and even passed ATH ($ 20k, Jan 2018) a few days ago, but some funny opinions emerged.  as expressed by Mark Andrew Skousen (an American economist)..


he did not even know (or maybe wanting to fool the audience) that currently selling or buying Bitcoin can be done with a Smartphone (not only a computer) as long as it is connected to the internet "LOL"..

speaking in front of an audience shouldn't look stupid, one can dislike Bitcoin and believe only in physical coins like gold or silver but don't throw away Logic and the fact that Bitcoin is far more profitable than gold or silver..

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you can freely drop the image here if you find someone odd opinion about Bitcoin..