Bitcoin Forum

Yuanwei: One of the seven writers of the book Bitcoin, has been holding btc for 4 years and never sell one bitcoin. He started to think bitcoin is actually anti-human and a zero-sum in 2016. Fixed amount will cause the 80/20 rule and the rich have no responsibility for the poor. So if Bitcoin becomes the world currency, it will inevitably lead to the polarization of wealth and cause social unrest.

http://news.8btc.com/bitcoiner-yuanwei-bitcoin-is-a-good-investment-but-not-a-global-currency

In my perspective first it will lower the worlds economy because most of the money returns and come in the web. And businesses would run out of workers because opportunity in btc is more easier. Bit by bit more and more businesses are investing in in btc and i think most money would go in the web and most oppurtunities now underlies in btc. And local goods wont have any rich business men to invest in them or fund them.

Then when do you assume all these will come true?

The author has described bitcoin with a comparison with some other assets making people realize bitcoin to be the good investment and not gonna get the state of an mainstream currency. In the article finally he had concluded suggesting users to buy when the price drop happens due to some media impact and hold for a better profiting.

Well bitcoin can never become your main currency because to become mainstream currency it has to be accepted all around the world and btc is not being approved by few countries and also its digital currency.Many people do not have electricity to access and still unaware how to even deal with such currency.

i keep seeing articles from 8btc repeating the same thing for some time now. it is like the 10th article that i see in which they quote some people we have never heard of who are calling bitcoin a pure investment and nothing more.

and each time i will repeat: "Bullshit"!

bitcoin is a currency and if anyone wants it to thrive, they must accept it as a currency. otherwise we are just wasting our time speculating to no end.
and price can not go higher than a certain level unless it is for real adoption of bitcoin as a currency.

people seem to have forgotten why this rally started and why we are $1000 above the previous price! in which case it is because of Japan and their adoption of bitcoin as a legal method of payment aka as a currency.

bitcoin has value due to the utility of being a currency. take away the utility. then all your left with is a clump of data with no function bar being a clump of data.
its like turning bank notes into bearer bonds.. but.. removing the ability to exchange the owner of the bearer bond easily.

bitcoins utility was that it was easier to move than bank notes.
by making it harder to move than bank notes AND harder than bearer bonds especially with the value of the bearer bonds value was based on how easy to transact those bonds were... will make the value of the bonds deminish. thus same situation occurs for bitcoin

its like gold. although it does not have good transfer utility it has industrial utility. remove its utility and watch gold drop. gold wont hold its value. nor would bearer bonds if you take away its utility

if you think that scarcity will keep bitcoin value.. check out 42coin... dead
if you think that scarcity will keep bitcoin value.. bitcoin at code level is 2.1quadrillion units. LN proposes to make that multiply by 1000... = scarcity=dead

some may argue bitcoins price is going up.. yet if you look at stats.. thats fake speclulative prices based on very very few trades..
in some cases i have seen REPEATEDLY the price moves using just $90 or less.. yep shift the market cap by $32million by spending just $90..
screw it i checked the price movements while typing this
https://i.imgur.com/tIw8c2d.png

Pareto principle will only work for marketplace but bitcoin is the good investment for whales or poor. They need to plan the spending according to their economic status and plan the savings accordingly.
It will soon agree as a global currency in future for sure. There is first step by Japan adopted bitcoin as a legal money and implementing btc ATM in their airports and large amount bitcoin exchanges.

$1 fee with no guarantee of confirm in 48 hours (facepalm)
$1 fee = 20 minimum wage labour hours in many countries.. so forgt bitcoin being good for the poor. wake up to 201 reality not the old 2009 ethos/hope.. as thats long gone


ATMs, yea, hope you brought your sleeping bag and a tent while you wait for confirms

Franky, you take joy out of a nasty situation created mainly by miners choking the network with rubbish transactions to boost their income through fees?

What "responsibility for the poor"?Bitcoin is just a currency,not a charity project.
The main reason for the polarization of wealth are fiat money.
Ignorant socialists that don`t understand cryptocurrencies......

Bitcoin is a good GREAT investment, but never a global currency.

FTFY

This is just some crazy socialist bullshit, in their mind "fair" means everyone get equal share and shut their mouths or get sent to concentration camp. And today all the socialists are free to launch their own shitcoin and distribute it however they like, yet we don't see it happening because it simply doesn't work.
Bitcoin's was publicly announced from the start, everyone could mine or buy any amount, there were no barriers for the poor. And as for technology itself, it's extremely beneficial for the poor, because they can work globally. Nowdays it's impossible to transfer money between some countries without giant fees up to 20-30% or higher, but with BTC everyone will become equal in terms of acess to financial system.

I think it really depends on the personal opinions of each person we can also base it in facts. Right now we all know that some developed countries are identifying Bitcoin as some kind of currency Japan and Russia are looking into the case in which they will accept Bitcoin as an official mode of payment in there country. Also is Bitcoin counted as a global currency now? Because it exist virtually and all transactions needs to be aided by the internet, which means everything you buy in the internet can be both globally and locally existing depending on where you order.

To become the common currency of the world, bitcoin must be recognized by all countries. but in the current situation, many countries yet have accepted bitcoin although many people knew bitcoin and earned money from it. Bitcoin transactions are secure and very quickly but do not bring profit to the Government so becoming the currency of the world is still a long story.

how do you define people you have never heard of? the point is only a few people like Jiang zhuoer, jihan wu, charlie lee that you have heard of. The rest group of chinese investors, miners that you never heard of are actually very popular in china.
as you mentioned real adoption of btc,  that's exactly why people are arguing eth would surpass btc.

I am not surprised that this is coming from a Chinese. they don't care about anything apart from fiat. you give them literary anything that they can trade or better say gamble with, and they do it. they are known as traders and gamblers in the world. and that leads to this mindset of seeing only the investment part of bitcoin.

but it is idiotic to think that bitcoin rise is only because it is an investment. if bitcoin never had the currency part or loses that part someday it is the end of it. the rise so far from 0 to current price and all the future rises is only because bitcoin is a decentralized peer to peer digital cash.

the reason behind that bitcoin cannot be the international or global currency because the bitcoin need gadget and internet to use and not all of the people have that, It's not just like the fiat because the fiat don't need anything to use and because bitcoin need that many poor peoples who are cannot afford that cannot use bitcoin and because of that bitcoin can ever be a global currency.

Well bitcoin is good investment especially today because as of now its price is still growing and you could get a high profit from that.
On my own opinion bitcoin is already a global currency in terms of digital currency. Everywhere and anytime you could use bitcoin as mode of payment. However, there are local shop aren't accept bitcoin as payment so you should convert it on fiat first.

Bitcoin will never become a 100% global currency, so just forget that. This pipe dream of Bitcoin becoming a global currency, is impossible. People and countries cannot even come together on things like climate change and cultural differences, so why would they accept Bitcoin as a reserve currency?

80/20 will be with us, as long as there are capitalist systems in this world. ^hmmmmm^

The writer is a grade A idiot.

Ignore the plonker.

I agree to the title of this topic, bitcoin is a good investment but not a global currency because a lot of countries in the world is still not using bitcoin or using it as a currency and some of them banned bitcoin already so it is nearly impossible for bitcoin to be legit global currency unless all of the countries will accept bitcoin.

Bitcoin is an asset but its failing as a currency. He is right though regardless of it being an asset or a currency it leads to the polarization of wealth. This is the same with any kind of investment for the simple reason being the rich can invest whereas the poor only have the basic needs to survive so the rich get richer while the poor stay poor.

now you are telling the truth. Some enthusiasts are just too optimistic . BTC is mostly negative on media coverage and it is lack of regulation. will it be the world currency? doubt it.

The main reason why this happens is that the idea of bitcoin creation goes against capitalism, the world wants to centralize so that the state can control the economy of their respective peoples, I don't say they will not accept bitcoin, but it does need global regulatory processes and regulation. Currently bitcoin to be the best investment in online business, in the future nothing can stop bitcoin, the best way is to adopt it.