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Regulation is good as it brings confidence in the technology. However, the right balance must be implemented. Enough to keep frauds away but just enough to keep the environment safe for growing companies. There's just so much scams out there, i do think measures should be put in place.
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My start with crypto/btc was that I invested a bit end of November last year. I had a few friends that told me about their small successes and how easy it was to just 'start'. It was indeed quite easy. I started to read and research into btc and every other relevant coin. Whitepapers, teams and such. Then I started to shift focus to the block chain, starting to get a grasp on what could be the future possibilities. I started to get real exited and invested some of my savings in a few projects with (to me) real potential. None of those projects appeared to be alive because of speculation only, mainly because they have a vision and actual plans.
So then I noticed that there are quite a few documentaries. I started to watch them all. A few from 2015, 2016 and 2017. I was disappointed to say the least. Everything was about bitcoin and the value/worth of bitcoin. It was about highs and lows, crashes and deceit. Only a few times the actual potential of the block chain was mentioned. Mostly it was about money.
Right now I am starting to feel like this is just a way to make money. Nothing more nothing less. You buy into btc or other coins and in no way are you really supporting the project, besides maybe adding to the order books at the exchanges with some minor effect until whales decided to take over. I sometimes have some sort of dishonest feeling, like the money I make through buying (and seldom) selling is somehow dirty as it comes from people that simply do less research, bail out or simply already had their take.
I started with high feelings of morality, being part of some new future where block chain would be the next internet. Right now it feels like a rat race where you have to grab as much money as possible before others take it before you or from you.
Not that I am ungrateful. I like many projects because of the team behind it that actually want to change the world. But if I look around me, it is mostly those that are in it to make money, a lot of money....and this money has to come from somewhere right (those that lose money)...
What is your take on this? Is this all a phase, part of how this game works?
That's because you can make money without caring about anything that happens behind the scenes. The value is what's real to them and everything behind is all just magic. It's like that for most technology. The only thing that matters is "performance" or specs. For instance, you dont care about the circuit design of your phone. You care about its speed, camera..etc. Bitcoin is just another way of making money for now, that's because it's new and people have are confused about what it is, but it wont be long till you can use it for your internet transactions. |
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Extreme government regulation, and miss management of the technology. Bitcoin dint come from no where, there are people managing it. One bad update could make people lose confidence in it. As an individual if you want to "avoid" the end then dont use it for illegal activities. Because that's how regulators justify regulating it. Some regulations are good but, unfair regulations could make it difficult to use it.
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It's a factor but, it's not like there an "equilibrium" that will be happen between supply and demand. The demand will keep changing regardless of the supply and that's because bitcoin is a living technology. Additionally it's traded like stock rather than currency. If it gets used more as currency i think that's the time the prices will stabilize
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I dont have children but, i think it's going to be one of those fun gifts instead of a serious investment for them. It's hard to look that far out in the future especially with bitcoin. It's more practical to invest in real-estate. Besides, choose the right property, it would multiply in value in the future  |
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Bitcoin is asking people to assign value to something they cant touch or see. That's probably why they dont believe it in a nutshell. But like any new technology, a lot of people are going to be confused about it. It's a disruptive technology and thus this is expected. You dont have to shove it down their throats like what other people said, but it's important you focus on explaining it to what it is. Dont tell them it's easy money because that's lying. You focus on hard facts behind it-- the science and economic side.
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besides being able finance themselves through bitcoin-- the experience itself would help them. Doing enough reading in bitcoin would open interests in economy or programming. Additionally it would help them understand how to seize the opportunity to sell and buy. That experience is applicable to so many future endeavors.
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Both are necessary updates. Segwit fixes the expensive confirmation and because of the smaller sizes of transactions it also makes it faster up to some point and lightning network fixes the slow confirmation. This is necessary for everyday transactions like when you're buying a cup of coffee -- you dont want to wait a minute for it to be finalized. But lightining network isnt magic, it still has to communicate with the blockchain so it would still need segwit to store it. But if i had to choose i guess, i'd still go for lightning network. Some say it's centralized, and somehow it is, but i think it's a nice trade off between decentralization and speed. In the long run i think this is best as it would slow down the growth speed of the chain.
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I guess more regulations should be implemented. And the legitimacy of the public ledger should be established as evidence. The biggest problem is money laundering. Normally banks are the first line of defense to alert the authorities on big and suspicious transactions. Without them it's virtually impossible to stop. Plus there's a problem with jurisdictions. Who has jurisdictions over crypto traffic over the internet? There must be a tradeoff between centralization and security. Im not saying a centralized entity should have power over it, but i think it must be an international collaboration.
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One factor is that not a lot of people understand bitcoin to what it truly is. That's one reason that's causing most of the fluctuation. And that fluctuation is key that makes people go crazy. It's fuels all the hype and dream that bitcoin is easy money. However, that wont remain true forever. As the technology matures people would give it a set value and the fluctuation will slow down. But before that time comes, people would be crazy for it.
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Probably just like addresses, it would take so much time before "too much addresses" is taken. The good thing about bitcoin is that it could potentially be infinitely dividable so the number of lost bitcoin should not be a concern. Just think of it this way, as people lose theirs, yours get more valuable.
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The capitalist mindset drove them to new inventions that enabled them to mass produce their products. After all necessity is the mother of all invention. Capitalism placed a certain pressure to mass produce and get ahead of the completion. I guess when we want economic growth we do something about it.
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4 - Debt is always bad.
Debt is not always bad. For example if there were no mortgages, people would rent till they were into their 50's and only buy at that point. Debt can be good if it can purchase you a business or asset whose returns are greater than the interest on the loan. But once you've bought your asset, you need to overpay that debt as fast as possible, because only when the liability is gone can you really own the asset outright. Nope, houses would simply be much cheaper because people would only be able to spend what they have. It's wishful thinking that the capitalist economy would survive without debt. A world without debt is socialism. (im not saying that's bad either). But the truth is the economy needs to grow or it will die and debt plays a crucial role to that. The world needs debt to grow. |
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In the end, all currency holds its value because both parties in opposite sides of the transaction believes it has value. Nothing holds it together but the community. As long as the community needs bitcoin it will have value. Power is political and money is fuel to power. I guess that's how things would work until the end of time.
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It's good because it re-firms confidence in the market however it's down side is that if the prices go up too fast, we're going to see another sudden crash just like what happened in the past few weeks. Hopefully, this doesnt cause the south korean goverment to take drastic measures against bitcoin again.
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Once it gets highly accepted and it's used more as a currency than an asset, it would stabilize. As of now, it's volatile because people want it that way. They see it as an investment rather than a currency. Which is natural because right now it cant be used as a currency because of technological limitations.
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Considering that so far its adoption isnt so popular in contrast to the population of the internet user population, i think there's still a lot of potential. Especially once countries start formally acknowledging it and once more exchanges start opening. I think it would go past 20k but i dont think its value will stay there for long.
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Everyone in the crypto space has had people tell them that Bitcoin is worthless or that it doesnt have any true value.
Of course, thats infuriating to hear, but for investors new to the space, its sometimes hard to craft a good answer.
So heres a little cheat sheet for any newbies out there who get this question or accusation:
1. Bitcoin is safe. It cant be hacked because its decentralized.
2. Bitcoin eliminates layers of transaction fees.
3. Bitcoin is fast (especially after the lightning upgrade).
4. Bitcoin provides more privacy than normal transactions.
5. Bitcoin hedges against stupidity from central banks and governments.
6. Bitcoin cant be counterfeited.
7. Bitcoin isnt tied to other asset classes and is a hedge against other investments.
In short, Bitcoin solves massive problems with the financial and political world, and that is its value.
And because its the most tested and has first mover advantage, it has been established as a store of value, much like digital gold.
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@charteroakpublic
- a Telegram channel with leaks from premium sources like Palm Beach Confidential
I agree especially with the last part that "In short, Bitcoin solves massive problems with the financial and political world, and that is its value." Some people forget it's a piece of technology because its most of its inner workings are abstracted from them. I do disagree with your point regarding "safeness" and "fastness". A lot of scams thrive in crypto because it's transactions are final with the added bonus that they remain anonymous. And with regards to speed, it has its scalability issues where more nodes doesn't equate to faster transactions, and i dont know if lightning network can fix this alone. |
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You say it's faith based but how is that different than any other country that has its own currency? Dont you put your faith on that country when you use their currency?
What happens when that country ruins its own economy through endless corruption ie Venezuela?. Your currency becomes worthless because your bank decides it's a good idea to keep printing new money. In the case of crypto, no one can print new money. You only worry about whales.
Im not saying bitcoin is the solution to greedy and corrupt banking systems, im saying it's a start. As long as it's a solution to a problem it has value that's beyond "faith-based".
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I kinda agree with "too new". It itself doesnt support the whole notion of the cryptocurrency "not dying" but being "too new" means that most people havent adopted the technology and yet the prices are going strong. At the very least that supports the idea that bitcoin isnt just a bubble that would burst. It supports the idea that there is a lot of potential out there.
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