Believing New York State could kill bitcoin with regulation is like believing that Homo Sapiens could destroy the universe by polluting Earth.
Absurd.
Topic: Is Bitcoin doomed as this scholar believes? (Read 1950 times)
Bitcoin "hasn't worked well as a store of value"?
The price has risen from less than $1 per BTC in 2009 to $325 per BTC today.
Trailing 5 years, it has outperformed every fiat currency, stocks, bonds, real estate, and all commodities.
Yes it is volatile but so are fiat currencies. Chat with anyone who held dollars from 1977 through 1983 or, more recently, the ruble.
The price has risen from less than $1 per BTC in 2009 to $325 per BTC today.
Trailing 5 years, it has outperformed every fiat currency, stocks, bonds, real estate, and all commodities.
Yes it is volatile but so are fiat currencies. Chat with anyone who held dollars from 1977 through 1983 or, more recently, the ruble.
Bitcoin is not working well as a store of value becasue we are not using it for what it was meant for. To many idiots think its a replacement for cash. IT IS NOT, it was a feature to cash, it will NEVER replace cash what it could replace and actually threatens to replace is market moving banks, debit cards, money transfer places and companies like paypal.
Yes fiat markets are volatile, but its because of the supply, demand, manipulating banks and collusion. But most importantly out of the 4 is demand. Bitcoin has no real demand, no one needs to use bitocin to purchase anything. The uses and demand it has right now are trivial, gamblers get to gamble because of it, kids get to buy game updates and other useless nonsense, but with Fiat one country MUST buy another countries fiat if they want to buy a product from that country. That means they have NO CHOICE but to trade their money for another countries money./ That is a real currency demand. Not amazon, not gambling, not steam and valve games. The absolute must that you have no choice but trade your cash for another countries cash so you can do business with them.
That is the absolute truth behind bitcoin and its demand right now. We Dont Have any Demand and the supply outweighs that lack of a demand.
The russian Rouble dropped for a couple reasons sanctions and the price of eastern oil dropped drastically due to the fact they have a much higher supply of oil than a demand for it. The difference between the rouble and bitcoins everyone knows at some point the rouble will rebound, even if sanctions are not lifted if the price of eastern oil rises way above what it was before the decline the rouble will bounce right back. And what Russia realizes that USA and other countries imposing the sanctions, those places can only go so long without Russian oil, the USA will only supply a certain amount until it starts impeding on their future plans. China and Russia are very close so China will not impede on Russian territory and sell their oil there. Russia knows this and is not concerned because before its all over these sanctions that killed the rouble will make it triple in price past what it was before the drop.
There is nothing pushing the value of bitoin up. Right now bitcoins value is just a number on our computer screen and nothing securing that number.
I quit reading at "NEVER". You are full of ignorant, emotional post today. Still trying to sell you bitcoin for $800? Lol what a moron.
Bitcoin "hasn't worked well as a store of value"?
The price has risen from less than $1 per BTC in 2009 to $325 per BTC today.
Trailing 5 years, it has outperformed every fiat currency, stocks, bonds, real estate, and all commodities.
Yes it is volatile but so are fiat currencies. Chat with anyone who held dollars from 1977 through 1983 or, more recently, the ruble.
The price has risen from less than $1 per BTC in 2009 to $325 per BTC today.
Trailing 5 years, it has outperformed every fiat currency, stocks, bonds, real estate, and all commodities.
Yes it is volatile but so are fiat currencies. Chat with anyone who held dollars from 1977 through 1983 or, more recently, the ruble.
Bitcoin is not working well as a store of value becasue we are not using it for what it was meant for. To many idiots think its a replacement for cash. IT IS NOT, it was a feature to cash, it will NEVER replace cash what it could replace and actually threatens to replace is market moving banks, debit cards, money transfer places and companies like paypal.
Yes fiat markets are volatile, but its because of the supply, demand, manipulating banks and collusion. But most importantly out of the 4 is demand. Bitcoin has no real demand, no one needs to use bitocin to purchase anything. The uses and demand it has right now are trivial, gamblers get to gamble because of it, kids get to buy game updates and other useless nonsense, but with Fiat one country MUST buy another countries fiat if they want to buy a product from that country. That means they have NO CHOICE but to trade their money for another countries money./ That is a real currency demand. Not amazon, not gambling, not steam and valve games. The absolute must that you have no choice but trade your cash for another countries cash so you can do business with them.
That is the absolute truth behind bitcoin and its demand right now. We Dont Have any Demand and the supply outweighs that lack of a demand.
The russian Rouble dropped for a couple reasons sanctions and the price of eastern oil dropped drastically due to the fact they have a much higher supply of oil than a demand for it. The difference between the rouble and bitcoins everyone knows at some point the rouble will rebound, even if sanctions are not lifted if the price of eastern oil rises way above what it was before the decline the rouble will bounce right back. And what Russia realizes that USA and other countries imposing the sanctions, those places can only go so long without Russian oil, the USA will only supply a certain amount until it starts impeding on their future plans. China and Russia are very close so China will not impede on Russian territory and sell their oil there. Russia knows this and is not concerned because before its all over these sanctions that killed the rouble will make it triple in price past what it was before the drop.
There is nothing pushing the value of bitoin up. Right now bitcoins value is just a number on our computer screen and nothing securing that number.
It has and is continuing to serve as an awesome store of value for me.
You clearly do not understand what "store of value" means. If something goes from $1 to $1000 in the span of a couple of years, that's ample evidence of its total inability to serve as a store of value. (And I am not even going to bother addressing the case when that something goes from $1000 to $300 in less than a year.)
A store of value means something that was valued at $1000 a century ago is still valued at approximately $1000 inflation-adjusted dollars today. Not wildly more and not wildly less. Bitcoin is most definitely not that "something".
What you are actually saying that that buying bitcoins has been a very good speculation for you. I'm happy for you but that doesn't change the fact that bitcoins are apparently unable to serve as a store of value.
I am not saying that bitcoin will be a good store of value certainly, but I am saying that it can potentially be a good one in the future
Just more BS from people who do not understand what they are talking about. They have this preconceived notion of what Bitcoin is.
I've heard a lot of negative statements about the present and future of bitcoin. Some people believe that bitcoin economy will collapse, and bitcoin is something similar to a Ponzi scheme. Despite all these statements bitcoin community expands, and a large companies begin to accept bitcoin.
The Crypto Currency Central Banks deems any Crypto licenses as illegal and are not issued with the proper authority or expertise
nor are they required and most likely will never be needed and if the time comes they will be issued by the proper authority
not some wanna be NY fraudsters with their so called Professor.
Universities are nothing other than Fiat (fraud) institutions and most are dependent on the oil complex
and as such are anti intelligence / free thinking
nor are they required and most likely will never be needed and if the time comes they will be issued by the proper authority
not some wanna be NY fraudsters with their so called Professor.
Universities are nothing other than Fiat (fraud) institutions and most are dependent on the oil complex
and as such are anti intelligence / free thinking
Oh a financial expert that is telling everybody bitcoin is going to die! Let me tell you, that there isn't any other technology with the blockchain-bitcoin features.
An example of a good store of value would be interesting.
- More than half a century ago (when US coins still had silver in them), filling your tank with gasoline cost you about the same amount of silver as it does nowadays
- In Roman times, an ounce of gold would buy you a complete top-of-the line man's clothing. As it did in Victorian times in England. As it does today.
- 25 centuries ago, in anctient Babylon, an ounce of gold would buy you about the same amount of bread as it does nowadays.
That doesn't mean that the buying power of gold and silver doesn't fluctuate with time, of course. But, hey, you asked for a good example of a store of value - not for a perfect one. When/if Bitcoin's buying power becomes as nearly constant (or even more constant) as that of gold and silver - then I'll agree that it's a good store of value. But that would never happen, unless the buying power of all the three drops to zero and remains there (e.g., if humanity is wiped out).
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For example, it is a means of payment but does not function too well as a store of value, and definitely not a universally accepted medium of exchange
Anyone find it funny that he's complaining about the fiat price of it being a poor store of value? 1btc is still 1btc, right? Also, whatever his idea or version of private money wouldn't be a 'universally accepted medium of exchange' either, or at least wouldn't be to start off with. Can't expect the entire world to accept or adopt it over night. These things take time.
No. You just dont get it
I just laugh when a financial expert bash's bit coin then in a year or 2 he's proven wrong.
An example of a good store of value would be interesting.
It has and is continuing to serve as an awesome store of value for me.
You clearly do not understand what "store of value" means. If something goes from $1 to $1000 in the span of a couple of years, that's ample evidence of its total inability to serve as a store of value. (And I am not even going to bother addressing the case when that something goes from $1000 to $300 in less than a year.)
A store of value means something that was valued at $1000 a century ago is still valued at approximately $1000 inflation-adjusted dollars today. Not wildly more and not wildly less. Bitcoin is most definitely not that "something".
What you are actually saying that that buying bitcoins has been a very good speculation for you. I'm happy for you but that doesn't change the fact that bitcoins are apparently unable to serve as a store of value.
Dude I am getting pretty bored of hearing nay sayers scream about Bitcoin dying... Stfu already people.. If you want your 3 minutes of fame go FUD something else
If we believe every time, people predict the DEATH of Bitcoin, it would have died 3 years ago.
Just believe in the technology behind it, and stop watching the price, and predicting the DOOM of Bitcoin.......
Just believe in the technology behind it, and stop watching the price, and predicting the DOOM of Bitcoin.......
Its still a solid value storage, the problem is its easy to get headlines saying bitcoin is crashing because we come from an huge 1k rally, but if you step back and look at the good picture its in very good condition.
For me, the main problem is the apparent inability of Bitcoin to serve as a store of value. It's not just its exchange rate with fiat that fluctuates wildly - so does its buying power, if you measure how much goods you can buy with Bitcoin at different points of time. I've seen economic research that suggests that this volatility directly follows from Bitcoin's properties and won't disappear with time. This makes Bitcoin totally unacceptable for saving, from my point of view.
It has and is continuing to serve as an awesome store of value for me. Perhaps the only difference between us is I got in a few months earlier and am not going to chicken out on a partial dip of the gain I've made.One doesn't need to be an academic to understand why bitcoin will always be volatile, success or not, when measured in fiat currency terms. It is a new asset class totally unhinged (great!) from legacy assets, and hence floats in the free market against such "stuff". Only if you're marking yourself to "market" (ha!) against such trash does volatility make any sense. In reality in its own terms it's becoming a unit of account, particularly where other cryptocurrencies (what doesn't trade foremost against BTC?) are concerned. The slow, steady and inevitable march of history over the next decade is where it will make its mark against everyday physical assets in addition to other cryptostuff.
Sit back, watch and enjoy the fun. The problem with these scholars in they just don't understand when it comes to the real world. You'll never of heard of this guy in 5 years time, for good reason.
However, I think it is losing its key attractions: its decentralization, its anonymity, and its freedom from regulation
Although there are many things that he have said which I think some are rather questionable, some I would strongly disagree, but for that sentence, we all know it is what we are seeing right now. If bitcoin ever collapse, it is because of those 3 main intrinsic key attractions that were lost.
Bitcoin "hasn't worked well as a store of value"?
The price has risen from less than $1 per BTC in 2009 to $325 per BTC today.
Trailing 5 years, it has outperformed every fiat currency, stocks, bonds, real estate, and all commodities.
Yes it is volatile but so are fiat currencies. Chat with anyone who held dollars from 1977 through 1983 or, more recently, the ruble.
The price has risen from less than $1 per BTC in 2009 to $325 per BTC today.
Trailing 5 years, it has outperformed every fiat currency, stocks, bonds, real estate, and all commodities.
Yes it is volatile but so are fiat currencies. Chat with anyone who held dollars from 1977 through 1983 or, more recently, the ruble.
Yup, it's dead. These academics in their ivory towers have always prognosticated on the future correctly. They see and understand everything.
Sell alll your coins now, as this guy clearly gets it.
Sell alll your coins now, as this guy clearly gets it.
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