Topic: For those who have no idea what to do - page 3. (Read 4434 times)

I had the foresight about bitcoins in 2010.
And I am having it for MaidSafe now.
Cheers.

No, SR never had their prices in bitcoin, as any other business selling goods purchased or produced with fiat never did. There's no such things as "bitcoin economy", if anything it's 10 years down the road *at least*. Everybody with a tiny bit of clue understands that, this is a protocol building stage, not world domination stage.

Hindsight is 20/20.  The price never had anything to do w the investment thesis.

Its all speculation.  Only early adopters can make money by pumping and dumping to newbs

Dont fall for it.  

But do what you want, I dont care.  Im only here to help people understand economics and finance

He can be one right now. Just if he had a time machine.

Your father could have been a millionaire if he just invested 10% of it in 2010

Trustless means you dont need clearing.  Thats the whole point of crypto.  Clearing is why it takes days to move money from one place to another.  All banks use a ledger and double entry accounting.  What blockchain proposes is that theres one universal ledger.  That is an interesting proposal but it doesn't explain why a currency called Bitcoin should exist and why it should have any price.  A worthless token can achieve the same utility since its all outside money anyways

Doesnt matter what you like or prefer.  The US economy uses USD.  Japans economy uses YEN, etc..  You have to use the currency inside that economy because theres no choice.  And Im not talking about freedom or ridiculous notion of politics.  Its like if you want to write English you use roman letters.  But you can write the same word in Katakana if you want Japanese person to read.  Its a systemic issue

Like I said.  You just dont understand banking or economics.  Currency vs asset vs transmission tech

I don't care what you do w your money.  But do yourself a favor and do some due diligence on your investments.  

Get your info from non biased sources and not bulltards or beartards

Disclosure.  Ive never had any bitcoin position long or short.  I just hate bitcoin because someone tried to get my retired father to invest in bitcoin.  He was about to throw $50K at it til I stopped him.  I keep seeing idiots like Andreas A, Stefan Molyneux and bitcoin pumpers talk crap that are wrong wrong wrong.  Their understanding of banking, finance and econ is like high school level

When did you get in?


Good post, glad I read it

I will make it simpler:
Just invest in MaidSafeCoins.
And hold your position in Bitcoins.
Thats it.

If bitcoins fails, all Cryptos are gonna fail.
MaidSafe is another story, a completely different animal.

Who trusts the US Dollar anymore? I'm talking about fiat money in general. Trustless also means trustless as a store of value. You don't need to trust an insolvent bank to store your money digitally, you can do it yourself. This appeals to me. It may not appeal to you, fine, you don't have to own any bitcoins.

Its still outside money.  Trust has nothing to do utility aspect of money.  Stability is most important factor.  

The trustless aspect of bitcoin only matters in the transmission part.  So blockchain replaces ACH and checks.  Bitcoin does not replace USD

All these require trust in the issuer to limit the supply to maintain the value, and as the single holder of the ledger. Both of these require trust, which is often broken. Bitcoin is the first trustless, open source, public ledger system. It is not the same as things which have happened before.

Is high frequency trading a financial innovation? No its not.  It changed trading in the world of finance.  HFT is a technological innovation within the world of finance but its not a financial product.

Anyways, private money has always existed.  Bitcoin is just another form of "outside money" like Chuckee Cheese tokens, airline miles, casino chips, WoW gold, etc..

But it was "inside money" inside of Silk Road. 

Thats not an economy.  The market cap of Apple is just the current share price times number of shares.

Doesnt mean Apple is an economy.

Silk Road was a little economy.  The goods were priced in bitcoin.  You can take a basket of goods from Silk Road priced in bitcoin and compare the same basket priced in usd and get your price discovery.

Every bitcoiner keep confusing asset vs currency vs technology (utility)

It's a technical innovation which will have an effect on the economy and change the nature of financial exchanges. That sounds a lot like a financial innovation to me?
If there could only ever be 21 million email address there would be a price, and a high one
Second Market, GABI, Winklevoss: they are buying bitcoins. Not that too much speculation at this stage is good for the project, but it is happening.

The $5 billion total value of all bitcoins represents the current perceived value of those bitcoins by the people who choose to hold them. Granted it doesn't represent the network or transmission value of the bitcoins in circulation, that's because part of the value is speculative or as a store of value. However, it does represent the net worth of the bitcoin economy.

Tim Draper has taken a substantial position in BTC.

You're missing the point.  Distributed ledger is not a financial innovation.  Its a technical innovation.

Just because everyone uses email doesnt mean email has a price.  A company that supports email service like Google has a priced stock though.  Why do you think VCs invest in ventures like Coinbase instead of just buying bitcoins

I agree.  Despite exponential growth over the past few years, Bitcoin is still at the complete mercy of substantially larger markets and market players.   Although, I would argue that it's hands-down remarkable the resiliency it's demonstrated while competing on a global playing field.  It didn't have the luxury of growing in some economic Petri dish until maturation.  It's amazing that something so small has persevered and made it this far when it's subject to the influence of virtually everyone in the industrialized world.

There is not a $5 billion bitcoin economy.  You dont use market cap to measure economic output.