PlagiarismUser:
KanoKanoPost link:
https://bitcointalksearch.org/topic/im-back-mtgox-just-returned-22-btc-of-mine-5369465(
archive)
Alright fair enough. Here's what I think, now it's easy to think about the glory days when Bitcoin was trading at 0.0000001 and you could mine them at 300 per hour intervals. Has the hashing algorithm changed? Not really. So there's some value there well because it's withstood the testament of time. Does that make it an invincible currency? Not really. Plenty of exchanges were hacked, wallets get lost and there's no way to recover them, there's millions of coins I would say > 3,000,000 that are gone. So with a fixed supply of 21,000,000 we're down to about 18,000,000 give or take in fluctuation. One of those asks was my 17-year old son, who like many in his cohort is smitten by Robinhood trading apps and easy money. Since the Bitcoin question is one that can trigger a strong reaction, I decided to write a concise viewpoint instead of talking the issue. First, let me suggest the easy and true answer: any “investment” that you buy low and sell high makes you the smartest guy in the room. And if you use that sell-high to buy a yacht, or a vacation home, or an 85” color TV – well those windfalls are as real as a heart attack.
For those of you on the way in, rather than the way out, it makes sense to develop an opinion on exactly what you are investing in, in order to make a decision. Most people think of Bitcoin like money. It’s often described as an alternate currency. It even has a handle for money in the name. To develop a sound stance on Bitcoin, it’s worthwhile to have a sound stance on money: what is it? Can’t decide if Bitcoin is money if we don’t know what money is.
Because paper money is so useful, it’s easy to forget how inherently worthless it is. Intrinsically, it’s worth as much as a scrap of paper. You can’t eat it, wear it, or use it to stay warm (ok, you know what I mean). Paper money issued by the US government until the early 70’s was backed by gold. So paper money had collateral. It could be exchanged for a fixed amount of gold. Gold is a real asset: it is scarce and it has value: people covet it for jewelry and its various industrial uses. The most argumentative would say that in the context of a true apocalypse that gold is not valuable either: you can’t eat it, wear it, or use it to stay warm… and I agree with that: gold is a real asset that can serve as collateral for worthless paper money in ordinary times.
<...>
Source:
https://www.linkedin.com/pulse/should-i-invest-bitcoin-mike-woosley