Bitcoin Forum

I recently read an article written by a Chief Financial Officer at a large and well known investment firm and the writer just do not get it. I will quote his argument and our (Crypto investors) answer below :

1. Bitcoin and other Crypto coins are not approved by financial institutions regulators
Answer : We do not care, Bitcoin was supposed to be an alternative payment option to the old traditional (regulated) Fiat options.

2. Bitcoin and other Crypto coins are mostly used for criminal use.
Answer : Really? So what did criminals use before Crypto currencies existed? Most financial crimes (and other) ...still involve cash.

3. Currencies are usually considered as a payment method, not an investment.
Answer : Forex - Need I say more?

4. Bitcoin does not have the safety net from government oversight.
Answer : How many of the previous Bubbles was prevented by government oversight? (Tech Bubble / Property Bubble..... ) They could care less, if it collapse, they just want their taxes.

5. Wealth Managers (intermediaries) does not exist in Crypto currencies. So there is no licensed and accredited advisors in this space.  
Answer : Yes, this is exactly what Crypto currency investors want.... No 3rd party, taking the biggest piece of the pie.

People should know that these so-called regulated financial advisors are just in this for the profits and they will happily screw you over to get to those commissions. (Ding Ding, another sucker was hooked)

Let's educate them .... ;)

I think pretty soon. More and more big companies starting to accept BTC and other currencies. More people getting invloved in this community. Someday All old school investers are gonna buy crypto or die (It's not a threat lol).

The major bottleneck here is the government regulation. In majority of the countries, bitcoin has not yet received any formal approval from the regulatory bodies. Since the corporates are legal entities, they simply don't dare to stay at the wrong side of the legal system. So unless and until governments come up with a favorable regulation, we won't see a lot of companies jumping into this bandwagon.

Also another trouble for publicly listed companies are that they need to get a nod from the shareholders before they can jump into such investment. That's another pain area. Hopefully we will see more companies in the cryptospace soon but that would further centralize the cryptocurrency and the game can then be controlled by the corporates. Not really a desirable situation fo4 commoners like us!

If you ask me, the later the better for small ordinary people who will get a better chance to get their share of the cake - because if we take the example of a company like MicroStrategy, none of them will be satisfied with less than a figure of 50 000 or 100 000 BTC in their portfolio, and then what will be left for the others if they buy most of the coins?

If we put aside all those stories about how the institutional influence on the crypto market was only a matter of time and that the market is open to everyone - the question arises as to what the same market will look like in say 10 years if more than 50% of circulating coins are owned by a few dozen large global companies? As for the price, the remaining 50% will certainly be very satisfied, but it will only be a question of when they will decide to sell.

Be careful what you wish for, lest it come true!

The fiat slaves will get bitcoin only when their masters order them to do so. These masters are the mainstream media, big corporations, influent politicians, philanthropists... And they aren't going to send their slaves to bitcoin universe before guaranteeing its a profitable and fertile place for themselves. Profitability and fertility that can be only achieved through regulations and more regulations, as they were always used to and benefited in the old school model.
It means slaves will be always slaves, in fiat or bitcoin universe. But actually they don't care, because first of all slaves have and want to please their masters with excellency. If the masters are happy, the slaves will be happy too.

all the answers you wrote, are very representative. so they are just jealous of the emergence of Bitcoin. they try to make crypto users unstable as if their opinions really have an impact. but in fact their questions will be ridiculous and amusing. they can make fun of Bitcoin, but it doesn't reflect how badly they have been manipulated in the past.
it is precisely here that we see its true nature.

Ofcourse.
When someone is pointing accusing fingers at you, three fingers point back at him/her.  It takes a hypocrite to point accusing fingers at others. The truely wise look at things critically, know the truth and the truth humbles them, but the hypocrites are too focused on the problems of things they don't properly understand that they become one-sided, myopic, dumb and foolish.

In regards to number 1, Bitcoin is actually automatically regulated by rules at code level. The regulation could further be enhanced and done by humans and better automated rules.

In regards to 2, seems they don't understand the meaning of crime. Crime = breaking of just laws/rules...or doing something immoral.. No honest fiat user can boldy say he/she hasn't done something immoral today with fiat.

3. Also Lots of people hold/invest in currencies like dollar as a hedge against weaker currencies

4. Miracle is what is currently preventing fiats from collapsing as a result of the pandamic and mismanagements. Call it an act of GOD and you will be right.

The more they see news of bitcoin posting huge gains, the sooner they will try and get bitcoin. Fiat slaves or not, these dudes are still interested in making profits at the end of the day. And what other investment or asset existing currently can top bitcoin and cryptocurrencies when it comes to that? Although I'm pretty sure that they're still gauging the markets and gathering data, and that's good because while they are still unsure on whether to buy or not, us little folks can still snag some while the price is still on the 'low' side.

Ok, let me answer your question. Once the majority of coins are in the hands of the large institutional entities, demand for those coins will go down. (Coins must be in circulation and trading volume high for the price to increase)

When the Average Joe realize that this scenario happened, they will simply target the next big thing. (Another upcoming and popular Alt coin) So institutional investors will have to start selling some of those coins, because a drastic drop in the price will take place. (Old school Fiat investors scare easily, so they will start selling above their buying point to prevent losses)  ;D

That's what they are probably scared about, change.

It's almost always the next step that they don't fully understand or don't want to dwell with the current technology that we have today. It's just that you're correct. They want profits and enjoy it in their pockets. If people didn't start waking up from reality in which that there is more power to them if they choose crypto instead of fiat, then we're probably still at a low point with crypto prices, namely BTC. But thankfully, a lot of people are following and are in the highest range, and we have to thank the institutional investors who had invested a portion of their assets into BTC.

That's an outstanding achievement. Don't the old-school people see the essence of crypto? Big businesses are adopting crypto. If they feel like that with BTC, then they shouldn't trade companies that are involved in crypto as well. I just hope it turns everybody around.

to me it seems more like that they want to buy bitcoin but they can't for many reasons including lack of regulations but also in some cases some law prohibiting them from buying bitcoin. that not being able to buy leads to them saying bitcoin is not worth investing into and other FUD that OP listed here.

in the end we either find out that the same person saying the FUD has been buying a lot of bitcoin on their own and in some cases their big company suddenly changes stance when the thing preventing them to buy bitcoin before is lifted.

we've seen this too many times and it is a good thing that they are being kept out because the price of bitcoin remains low for individuals to buy more bitcoin while they can before the price enters millions territory.

You're replying to their concerns from a point of view of a retail investor, but institutional investors have to play by the different rules. Regulations are a concern to them, if their government would outlaw Bitcoin tomorrow, they wouldn't want to risk breaking the law. Storing and using crypto is another valid problem for them, if they don't know how to do it and can't hire professionals, then the risk of hacking or catastrophic mistakes is also there.

Pretty much sums up on how old school investors argue with how Bitcoin is bad while the current system is as they say, "good" already. It's like they refuse to actually acknowledge change, and yet they also want something to change. Pretty messed up tbh. Besides, if a change was to wait for regulators to actually approve something, I'd reckon that it isn't really "change". It's more like an update to the current system so that the short-term wants of those who want the real change are satisfied.

Exactly.Some friends of mine call me everytime there is a boom in a cryptocurrency and yesterday night I got a call about Ethereum Classic boom.They were amazed and they want to start mining rigs.This means they are already realizing it and the more the better for the Bitcoin and other crypto prices.

Well, truth remains that you can only take a man out of the dug if he's truly willing to come out of it. Otherwise, whatever efforts one makes will definitely end in futility. If from the days of "Bitcoin is a bubble" to the present reality someone some where is still doubting the solidity of Bitcoin, then that person is a chronic pessimist. The only thing that can jerk such a person to reality is if those who talk to him about Bitcoin are highly successful and wealthy with material accomplishments to show for it. Without such, the pessimist will not be convinced. Remember that it takes result to cancel insults and doubt.

Well, I think people won’t be moving all-in bitcoin. I can see that the fiat slaves you prefer which are the traders in stock and currencies are smarter than you think. If they were able to earn from Fiat, surely they will earn from bitcoin as stock and currency markets are extremely harder than the cryptocurrency or bitcoin market. ^{[This is just my opinion].}
I would say that these people will make sure to diversify their portfolio instead of jumping in all in and leaving the fiat and stock market behind. That is way too impossible. They can still take advantage of their old style and also learn a new one.

I think that the answer to the question is how badly governments manage the economic situation. Inflation is what prompts people to think about bitcoin more than a quick profit.
The policy of hedging inflation has become the basis for many companies' buying of bitcoin, and the matter will continue if governments continue with the same current policy, especially with the problem of the Corona pandemic and other problems that need to be resolved quickly.

As for the economists ’answer, not all of them are correct based on his knowledge base.

1. It doesnt matter because the market could progress on without needing these things.
2. As usual it would really be tied up with that kind of issue but how about talking with fiat?  :D
3. No comment on this but one of its properties then it cant be denied about investment area.
4. Agree about that they are just minding about taxes.lol
5. Fuck 3rd party involvement.

some thoughts are very strict. you can't change it right away. some people like to live without any risk. Getting a regular life and a regular income is paramount to them. some people also have a certain sentiment towards bitcoin and it's hard to change. or they are happy with fiat and no other technology will affect them. Although they are not, we are here and we do not need them. Without them, this market has come to these days, and it will go to even better days. it will be they who regret it.

I think most of the people responding to my thread... did not get it. I am not actually talking about Fiat slaves getting coins..but rather getting the concept of why we (Crypto enthusiasts) invest in Crypto currencies.

Most of these old schooled Fiat slaves are simply not getting the bigger picture of what real freedom means to us. When you are part of a flock of sheep, you follow the guidance of the sheep dogs. (Why, because you are scared of the dog)

Satoshi Nakamoto removed the dogs with the introduction of an alternative payment option, so that you (public) do not have to live in fear.  ;)

The main point is that investors dont think that they are "slaves". And they are right. Some of them earned much more than crypto traders

Bitcoin was created not to to controlled by the government, but by supply and demand.

I think every statement  must contain an advantage for those who say it. And of course a Chief Financial Officer would say something in his advantage. If he supported Bitcoin directly through his statements, surely his business and his reputation would be threatened.

I think everyone has their own thoughts. We Bitcoin users must have understood where bitcoin now and in the future. Many researches have used Blockchain technology as data. Maybe later banking technology will have to use blockchain to publicize human transactions. Likewise with the public data.

My prediction is that they will only get bitcoin when it is already too late, I believe that they will continue to oppose bitcoin because they don't know how it works and they still make money with fiat. Remember the day that when we reach the 1 million USD per bitcoin, they will probably flock to it and it will be too late because they will experience dumps after dumps.

Well for me it doesn't really matter if they don't want it or not it is their lost not ours.
They are the ones who are missing out here and we are already gaining here we already have our freedom.
They are either scared of it or just doesn't want to acknowledge it to gain financial freedom.

Bitcoin and cryptocurrency are becoming more and more popular each year. It will only a matter of time where these fiat slaves and old school companies will try to learn and invest into Bitcoin.
Unfortunately, there are 2 problems that I'm seeing why there are still some who aren't joining the bandwagon :D.

1. These people and companies sees Bitcoin as a scam coin. There are some narrow-minded people who are out there telling that cryptocurrency is a scam. They don't want to learn. They don't want to invest into something that isn't backed by the government. They think that Bitcoin and crypto is a scam because there isn't an authority that is handling it. They don't want to invest into the future.
2. Aside from the narrow minded people, there are some people who really don't want cryptos for some reasons. Maybe it can affect their business or something. There are these people who know Bitcoin but they decided not to touch it.

In the end, these people will regret when they see Bitcoin and other cryptos going higher and higher each year. Yes we might see a bear market but seeing the history, we are only going up and up and up. They aren't investing into it because they are narrow-minded and don't want to learn something new. That's it :D.