BTC — 18th December 2020 — $22568
BTC — 18th December 2015 — $465
BTC — 18th December 2013 — $553
It is crazy the way mainstream media is positioning bitcoin in positive light. I am not anti-innovation but there are some basic problems with bitcoin.
How can someone from Nigeria use a BTM if fees are over $10 USD just to do one transfer? Do you believe this?
“But fads do not last 12 years” — Wells Fargo
“Bitcoin is herd immunity against fiat”- Marco Decunha
Enough promotion. Downvote ⬇️⬇️⬇️⬇️⬇️⬇️
- Some criminals use bitcoin because users can open a wallet to send and receive bitcoin without giving a name or identity. There is no bank or central authority, like a government, to control this information. Bitcoin also became a popular method for making payments when a computer system is taken over by ransomware.
- Many bitcoiners will say that it will never get hacked but -Bitcoin users are assigned private keys, which allows access to their bitcoins. Hackers can infiltrate wallets and steal bitcoins if they know a user’s private key — yes they can be stolen. Also bitcoins are exercised through digital exchanges such as coinbase and developers always update those and hackers could find loopholes. The two factor identification is used as another security measure but your phones manual data could be simulated. Hackers stole around $100,000 using a series of attacks on a currency called Vertcoin.
- Quantum computing -“You may be able to to build [a quantum computer] that can break one form of encryption but there are all sorts of ways to circumvent the threat that quantum computing poses to bitcoin and other such encryption-based technologies.”
- Will China, North Korea, Arab and other anti democratic countries ever give up power? Will people organically agree to the fact that there is no central bank and monetary policy to keep checks and balance on a economy.
Last but most important — Do you want to get blood on your hand ?
So when is the top? When is the bottom? I do not know.
- I know some early bitcoin holders who just believe in it — no questions asked. They reject the negativity and criticisms- money laundering, drug deals, corruption settlements, price fluctuations, no credibility…
- Satoshi made bitcoins for revolutions. It is definitely for the believers and they hate governments. They believe in sudden spectacular change.
- As the number of users are growing, the value per coin is increasing. It has the potential for positive feedback loop; as user increases, the value goes up. The feedback loop self actualizes itself and that is the appeal.
- The price increase adds virality and more people gets sucked into the positive feedback loop. But how long will the loop sustain? Isn’t it kind of a black hole.
- Well probably not. The faith of new financial system is what the ultimate goal is. It is also a social revolution if it could attain a new stable financial system.
- Is that attainable? I do not think so. Hyperbitcoinization is kind of a statement that you are your own central bank. Your money is not part of your govt. You owe nothing to the govt. That money can not be confiscated or diluted.
- An amazing thought experiment: Imagine Bitcoin is successful and becomes a dominant player in global payment system. Total value of currency is total value of wealth in the world. Current estimate is that value is $300 trillion. With 20 million coins, that gives each bitcoin a value of $10 million.
- If bitcoin grows too much it would eat governments one after another. May be we might be free.
I do feel it is a massive bubble.