Peter McCormack: 'Bitcoin has WON the war on money'. Do you agree?

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Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

With so much bad news in the investment world and inflation many people are also looking to crypto as an alternative. but I think for companies , bank or any major investment company will still using gold and the stock market as their investment choice. because I believe risk is also a priority for investment choices for them.

As long as people and companies do something to protect themselves from the economic crisis that we are experimenting then I am fine with that, the problem are the poor and the middle class, the poor cannot do anything to protect themselves since they do not have the capital to do so, while the middle class does not have enough money to invest in the markets and most of their money is on their homes, which they still owe to the banks, and in an economic crisis most of them will lose their homes as they will be unable to deal with the rising interest rates they will be forced to pay.

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Quote from: TheNineClub on January 16, 2022, 07:20:47 AM

Bitcoin specifically? No. Because if something is to overtake FIAT and gold as the preferable currency, would be a slow and gradual transition, that's why saying it will be in the future is accurate because it's not something that will happen overnight, and, in the event that it happens, and by the time it does, BTC won't be a factor anymore. So I would be inclined that crypto could do that, but not Bitcoin specifically as the interest in it, by the time that happens will be significantly reduced. This does not mean I'm pissing all over BTC, not the slightest, however, I see BTC as the stepping stone towards a more positive crypto future.

Crypto vs fiat, and bitcoin vs fiat are totally different and I agree with that. I mean looking at the current situation, I could easily say that having some sort of situation where you could end up with crypto getting more popular because there is more than 2x marketcap on all of crypto versus bitcoin makes more sense. We are actually getting quite closer to gold marketcap with all of crypto combined, which is not a bad situation.

There are still some lengths to go but it is not really something impossible when you look at it right now. Don't get me wrong, I believe that bitcoin will have a greater market cap than gold marketcap one day, maybe it will take a few decades but it will happen, however it is easy to see that it will happen quicker when we are talking about all of crypto and that is something obviously a bigger advantage to all of us.

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Quote from: suzanne5223 on January 14, 2022, 12:56:59 PM

I support what you said because there's still a lot of things to be developed in the Bitcoin ecosystem especially the mining setting before we can declare Bitcoin as the winner of the war on money but Peter McCormack also has a point because he was referring to the momentum of Bitcoin market during the total lockdown and world economic meltdown.

I believe what we have right now are just pure speculations since we still don't know what will the future effects on bitcoin and fiat in the future.

The statement made by Peter McCormack may be considered speculation but if we examine the achievement of Bitcoin in the last 13years, saying Bitcoin has won the war on money is never an overstatement.

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But i do believe bitcoin having the high potentials to be a good currency but lets not forget also that its made not to replace fiat but only to co exist with it.

This is what some crypto enthusiasts still never understand and some government officials either that's also the reason why they see Bitcoin as a currency that will be a threat to fiat currency.

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So there's no need to win in a war since bitcoin and fiat will come up both winners in the end since the people will benefit from them both.

Yes, there's war but I believe he's trying to open the eyes of the people that still dont believe in the potential of Bitcoin.

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Bitcoin specifically? No. Because if something is to overtake FIAT and gold as the preferable currency, would be a slow and gradual transition, that's why saying it will be in the future is accurate because it's not something that will happen overnight, and, in the event that it happens, and by the time it does, BTC won't be a factor anymore. So I would be inclined that crypto could do that, but not Bitcoin specifically as the interest in it, by the time that happens will be significantly reduced. This does not mean I'm pissing all over BTC, not the slightest, however, I see BTC as the stepping stone towards a more positive crypto future.

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Quote from: jostorres on January 15, 2022, 04:05:18 PM

I am always in support of BTC, and always doing my part of the ‘evangelismʼ work in introducing Bitcoin to the world. But, what I always keep telling people is that Bitcoin is not a replacement for Fiat, I don’t know why it is hard for some people to accept this.

Yes, we love Bitcoin, but I see it more as a general cryptocurrency that everyone is free to make use of, a currency that doesn’t belong to anyone at all, free from control, and not something that was created to replace Fiat. Every country will still have their Fiat, because Fiat represents each country, but there would be Bitcoin as a general currency that would also serve its own purpose for those who understands and makes use of it.

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Gold's time as money is long gone, so in that regard Bitcoin has already won. I think it's also an easy guess that, unless we count CBDCs, Bitcoin is and will continue to be used money as money than other cryptocurrencies. But as for fiat, its grip is still very firm. While inflation is slowly getting out of control, it's still stable enough and trusted enough for people to fear cryptos, including Bitcoin, which are way more volatile.
As for the podcast, I don't think the struggle is that Bitcoin is intangible; it's still that it's too volatile. Even those who are into Bitcoin are usually into it because of its potential as a form of investment, not as a form of money. Also, he says that Bitcoin's limited supply makes people think whether they need to buy this or that because Bitcoin is likely to grow in value which makes it the best form of money. But that's precisely why many argue that Bitcoin cannot properly function as money: people are not motivated to spend it, and spending is essential for money. I think that we should abandon consumerism, so I like this point about Bitcoin making us think about purchases, but I'm not sure how an economy can flourish like this.

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Quote from: Wawa2013 on January 15, 2022, 04:45:04 PM

Quote from: jostorres on January 15, 2022, 04:05:18 PM

Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

How exactly? Did he go further to explain what he really means by Bitcoin beating out Fiat, gold and other currencies to become the money of the future? Of course we all love Bitcoin, and I’m also a big fan of it.

I am always in support of BTC, and always doing my part of the ‘evangelismʼ work in introducing Bitcoin to the world. But, what I always keep telling people is that Bitcoin is not a replacement for Fiat, I don’t know why it is hard for some people to accept this.

Even though I'm one of those people who support Bitcoin, that doesn't mean I agree with the opinion that Bitcoin will replace fiat. Because Bitcoin
was created from the start not to replace fiat, but as an alternative to payments that don't need to go through third parties. After all, the government
will not allow Bitcoin to replace fiat at any time, we also have to look at the reality that Bitcoin still has weaknesses and has not been able to reach
all areas. There are some areas that have not been reached by the internet network, so in those areas Bitcoin cannot be used. After all, fiat is still
very much needed, even the majority of people still use fiat to make financial transactions. So it's the best Bitcoin and fiat co-exist, so we all can
benefit from both, that's the most ideal thing to happen.

Yes, that is what bitcoin supposed to do, to co exist with fiat and not to beat it or replace it. And there's no war in the first place so we should not compare each of them as they exist not to compete but to work with each other. Although we can say that bitcoin is starting to gain massive adoption, but the truth is there are still a lot of people who have been naive to bitcoin and other cryptos. What they only know is fiat that is very useful to buy their basic needs and to receive compensation in terms of fiat.

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Quote from: jostorres on January 15, 2022, 04:05:18 PM

Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

How exactly? Did he go further to explain what he really means by Bitcoin beating out Fiat, gold and other currencies to become the money of the future? Of course we all love Bitcoin, and I’m also a big fan of it.

I am always in support of BTC, and always doing my part of the ‘evangelismʼ work in introducing Bitcoin to the world. But, what I always keep telling people is that Bitcoin is not a replacement for Fiat, I don’t know why it is hard for some people to accept this.

Even though I'm one of those people who support Bitcoin, that doesn't mean I agree with the opinion that Bitcoin will replace fiat. Because Bitcoin
was created from the start not to replace fiat, but as an alternative to payments that don't need to go through third parties. After all, the government
will not allow Bitcoin to replace fiat at any time, we also have to look at the reality that Bitcoin still has weaknesses and has not been able to reach
all areas. There are some areas that have not been reached by the internet network, so in those areas Bitcoin cannot be used. After all, fiat is still
very much needed, even the majority of people still use fiat to make financial transactions. So it's the best Bitcoin and fiat co-exist, so we all can
benefit from both, that's the most ideal thing to happen.

jostorres

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Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

How exactly? Did he go further to explain what he really means by Bitcoin beating out Fiat, gold and other currencies to become the money of the future? Of course we all love Bitcoin, and I’m also a big fan of it.

I am always in support of BTC, and always doing my part of the ‘evangelismʼ work in introducing Bitcoin to the world. But, what I always keep telling people is that Bitcoin is not a replacement for Fiat, I don’t know why it is hard for some people to accept this.

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Quote from: romero121 on January 14, 2022, 05:28:42 PM

Those are days when there is no big awareness about bitcoin and other cryptocurrencies. Now there is more ways through which the real taste of bitcoin and cryptocurrencies is being experienced by the people. This is the prime reason for the active involvement of common people into cryptocurrency over the last two years. The pandemic too supported the mass adoption. People found it to be an investment, and the worsening economy around the globe made them consider it a store of value against the inflated currencies.

The awareness for Bitcoin has been increasing, And the popularity of Bitcoin increased during the period of covid19, more than we even expected. Although it was no surprise to me, because right from time I have always believed that bitcoin’s popularity will continue to increase and a lot of people will get to know about it and start making use of it.

I wasn’t really expecting it to get to the level that it has currently gotten to as soon as it did, but I’m so happy that it got to this level, because now a lot of people are talking about it, it’snow bigger topic everywhere, to the extent that almost everyone you come across now knows about it. It’s unlike before when I would ask people if they know about Bitcoin, and the reply would be that they don’t. This time around it is nothing new to them at all.

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Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

With so much bad news in the investment world and inflation many people are also looking to crypto as an alternative. but I think for companies , bank or any major investment company will still using gold and the stock market as their investment choice. because I believe risk is also a priority for investment choices for them.

Those are days when there is no big awareness about bitcoin and other cryptocurrencies. Now there is more ways through which the real taste of bitcoin and cryptocurrencies is being experienced by the people. This is the prime reason for the active involvement of common people into cryptocurrency over the last two years. The pandemic too supported the mass adoption. People found it to be an investment, and the worsening economy around the globe made them consider it a store of value against the inflated currencies.

Peter McCormack is no big expert in analysing the market, but he portrays the common man's mind from day to day life. So, it is a true fact about bitcoin.

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Quote from: tygeade on January 14, 2022, 05:36:49 AM

Even I agree with him, I just want these words from someone who is as influential as Elon Musk or from any government which is working on adopting bitcoin as their one of legal tender. I mean people who are already into bitcoin may say anything on bitcoin to justify their decision on adopting bitcoin investments which might be having lesser impact on crypto world in terms of bringing new investors (still I agree it will get good vibes among all bitcoiners to invest more or to plan up for more longer duration).

Basically I am not having any different opinion on bitcoin from him; I am also confident about bitcoin to become as a preferred investment to gold and will become a federal reserve for governments hence it will be the money and investment of the future for sure.

None of us have any different opinions, we are here on bitcointalk because we like bitcoin. However, the "war" on money seems like a big word to use this. If he said something like "bitcoin has reached a level where we will never see it crash and be gone, it will forever be here from now out and people better get used to it and accept the fact that it is a good investment". That would be a good entry, and I would agree with him.

However, the war on money seems like too aggressive and there is no need to be that aggressive when comparing currencies. Dollar has been one of the most valuable ones for example for a while, and we do not say "war" for that.

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Quote from: Mauser on January 14, 2022, 09:27:17 AM

It's seems a bit early to declare bitcoins as the winner in the currency wars. Crypto currencies have definitely won some battles in the past, but the war is not over yet. So far there are only a few countries which accepted bitcoins as a legal tender. For me to say that bitcoins won the war would be either after being used as the world currency, so that all international trade will be settled in bitcoins. Or that one of the leading countries will accept bitcoins as a legal tender. At the moment this still seems years away. The war will continue.

I support what you said because there's still a lot of things to be developed in the Bitcoin ecosystem especially the mining setting before we can declare Bitcoin as the winner of the war on money but Peter McCormack also has a point because he was referring to the momentum of Bitcoin market during the total lockdown and world economic meltdown.

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Quote from: batang_bitcoin on January 13, 2022, 05:13:57 PM

Where do we get these titles for being a bitcoin investor? A heavyweight? Come on, he's no different from us that gives his insights about the market. He's obviously telling what he had also told for a long time.
There's the big chance that bitcoin could be the future money but it's more likely becoming a store of value than a currency.

While it is true that bitcoin is becoming more of a store of value than a currency this is because it does not make too much sense to use it as such at the moment, if you have fiat around and bitcoin which would you spend? The fiat that is suffering huge inflation all around the world or do you use your bitcoin that keeps growing in value? And the answer that is simple, we keep our bitcoin, but it is possible that if in the future people lose the trust in fiat currencies then bitcoin could evolve and become more of a currency than a store of value.

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Quote from: ChiBitCTy on January 14, 2022, 09:32:13 AM

I think that bitcoin and other cryptocurrencies are the start of 'internet money" taking over all other types of money.

No, paypal can be considered like that but bitcoin and other cryptocurrencies are the beginning point of P2P money and decentralization. Internet money can be anything (even net-banking of traditional fiat also can be termed as internet money).

Quote from: Baofeng on January 14, 2022, 09:34:48 AM

probably in the next 10-20 years, we might see crypto getting a better position in society.

I guess no one will definitely have different opinion from you. In next decade itself we might be having bitcoin to be replacing most of the currently existing market leaders. Still, assuming right away like bitcoin has already won the war against all other money, may not be an appropriate one in my opinion as well.

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Quote from: ChiBitCTy on January 14, 2022, 09:32:13 AM

Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

I think that bitcoin and other cryptocurrencies are the start of 'internet money" taking over all other types of money. I do think that it is going to take some time for it to take over as the worlds currency, as we are certainly not there yet. I feel that we still have a good bit of progression to go when it comes to making cryptocurrency actually useable by all worldwide. We are heading there certainly, but there are things to fix like speeding up speed and lowering cost ( hopefully lightning network can help with this).

Right, but I guess we have a good start, specially in the first ten years wherein we have a lot of struggles, like government anti-crypto sentiments, financial body against and tearing crypto etc.

So we survived that all this year although it's not going to be any easy road. But probably in the next 10-20 years, we might see crypto getting a better position in society.

ChiBitCTy

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Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Wondering what your thoughts are.

I think that bitcoin and other cryptocurrencies are the start of 'internet money" taking over all other types of money. I do think that it is going to take some time for it to take over as the worlds currency, as we are certainly not there yet. I feel that we still have a good bit of progression to go when it comes to making cryptocurrency actually useable by all worldwide. We are heading there certainly, but there are things to fix like speeding up speed and lowering cost ( hopefully lightning network can help with this).

Mauser

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It's seems a bit early to declare bitcoins as the winner in the currency wars. Crypto currencies have definitely won some battles in the past, but the war is not over yet. So far there are only a few countries which accepted bitcoins as a legal tender. For me to say that bitcoins won the war would be either after being used as the world currency, so that all international trade will be settled in bitcoins. Or that one of the leading countries will accept bitcoins as a legal tender. At the moment this still seems years away. The war will continue.

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Quote from: fowlertm on January 10, 2022, 07:42:25 PM

In a recent interview on the Futurati Podcast (https://youtu.be/TLHPzPbu5JU?t=848) Bitcoin heavyweight Peter McCormack claimed that Bitcoin would beat out fiat, gold, and other cryptocurrencies to become the money of the future.

Even I agree with him, I just want these words from someone who is as influential as Elon Musk or from any government which is working on adopting bitcoin as their one of legal tender. I mean people who are already into bitcoin may say anything on bitcoin to justify their decision on adopting bitcoin investments which might be having lesser impact on crypto world in terms of bringing new investors (still I agree it will get good vibes among all bitcoiners to invest more or to plan up for more longer duration).

Basically I am not having any different opinion on bitcoin from him; I am also confident about bitcoin to become as a preferred investment to gold and will become a federal reserve for governments hence it will be the money and investment of the future for sure.

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For people who don't know him, he is a former football player and chairman of real Bedford he is also a cryptocurrency podcaster and he is usually positive about bitcoin and cryptocurrencies, many people believe in the bitcoin and fiat war and looking for a winner, but regarding what he said I think even if there is a war between fiat traditional money and cryptocurrencies bitcoin is the winner and known as the new generations of the currencies, but still I believe our world still needs the fiat money and these two are needed in own place depending on the usage and the situation.

Topic: Peter McCormack: 'Bitcoin has WON the war on money'. Do you agree? (Read 435 times)