With more and more influential people and companies getting involved with Bitcoin there's been a lot of talks about the crypto world among regular people, to whom Bitcoin is still something new and unknown.
As you might expect, many of these people believe that Bitcoin and all other cryptocurrencies will not benefit the economy, but rather only make it worse, and many are convinced that Bitcoin is yet another pyramid. And what upsets me the most is that among these people are economists, financial advisors, they should know better, than that...
So how do I prove them wrong?
Though I'm not a professional economist, still I've come up with some arguments as to why Bitcoin ISN'T a financial pyramid:
1. There's no single beneficiary
In financial pyramids, there's always someone, an organization, or a group of people who benefit from peoples' investments. Who benefits from Bitcoin? Anyone can become that person if he/she invests enough money, there's no one, who controls it.
However, a friend of mine argued that there are people, who benefit: electric companies from large energy consumption due to mining and the companies that develop and sell the miners.
But that's just crazy, to believe in that we'd have to assume that they're all in collusion.
2. There's no need for new recruitment
That's probably my favorite. The main reason why financial pyramids survive is that they constantly recruit new customers. Without that - the pyramid falls.
But there's absolutely no need to recruit new people for Bitcoin to function, am I right? Without new users, there'll be just redistribution of what there is among the current users, txns will still be going and the miners will have work to do. So there's no required amount of users for Bitcoin to function like there is in the pyramid. I see no potential flaws here.
3. There are no promises
In financial pyramids, it is common that an organization lures people in by promising that they can easily "turn $100 into $1000", for instance. There's no such thing with Bitcoin. Yes, there's a potential for it to grow, you can make money out of it, but there's also a potential for it to drop, everyone invests knowing this can happen and sometimes it does happen, we go in here being aware of the risks.
That's about it.
Also, one thing that people keep telling me and get me cornered with is that there's no actual value behind Bitcoin. And that the economy can't function like that. Making Bitcoin only requires resources (e.g. energy, machines), but Bitcoin doesn't give anything in return. They say that behind the fiat there's an actual value, which is why we can avoid inflation: precious metals, country resources, plus it is fixed to the GDP, which is why the economy can be stabilized.
Without that - fiat is just paper. And while Bitcoin has nothing like that fixed to its price - it is also nothing.
They say you can't just "create" money out of nowhere. The only way Bitcoin can function as a part of the economical system - is if we replace the fiat with it. What can you say about that? Sounds reasonable, but I'm not a specialist. Is that really true?
Don't hesitate to point out if I'm wrong somewhere, it'll help a lot. Also, it would be very helpful if some of you could come up with more arguments, proving that Bitcoin isn't a financial pyramid.
I know it isn't and I also want other people to know that it isn't, and for that, I need as many arguments as possible.
Let's look at things from a different perspective for a second. In a way, Bitcoin's current adoption situation makes it a bit of a pyramid so to speak (maybe). If everyone starts literally pouring in all of their money into Bitcoin, the price would skyrocket. Hypothetically speaking, lets say everyone has decided to cash out, and all at once  . The price would deflate as quick as it had inflated, just like in 2017. Only true believers would be left holding the bag. This is why I'm scared to go all in. Don't want to be left bag holding, should the institutions decided to jump ship, at the same time I have that fear of missing out. Exciting times  |
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"In fact, it is not used much in the legal economy now. Yes, a rich man sells it to another rich man, but this is not the end use. Without these uses, it has no long-term future. ," Rogoff said. In other words, Bitcoin currently exists almost exclusively as a speculative tool.
So, is the Bitcoin bubble about to burst?
It has just begun, it is way too big to fail now. I think that even if Bitcoin ad failed, the Blockchain technology helped pave the way for others to add onto the code and inspire to create their own. That is the beauty of making the code open source, it stays true to the pioneering way, the stuff real innovation made from, the collective effort. Collective effort driven by the good old spirit of competition breeds inspiration and innovation. |
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I bought bitcoin on coinbase and sent it to the address for ACR. However, when I log on to ACR it still shows zero balance. I clicked on the transaction and it's no longer pending, it says completed. Why is it still not received by the ACR wallet if Coinbase says completed? Please help! Thanks in advance!
Disclaimer: " I am not a lawyer or financial advisor. I am simply stating my opinion. If you seek legal or financial advice, please consult with your local professional" No need to panic just yet, you should first check your transaction ID information on the blockchain explorer in order to make sure that it went the transaction actually went through. If it did finish sending, then perhaps the poker club hasn't credited your account yet. Also, Coinbase is a very compliant exchange and it's in their terms that any transactions involved with gambling could have your account possibly seized ( removed). So, You should possibly double check the "Terms & Agreements" for both parties, your poker club and for Coinbase, in order to be 100% sure your money wasn't jammed up. |
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Why should i invest in bitcoin or other cryptos ?
If you buy land, each year even if you don't work it you get weeds ... if you dry them you can use them to make a fire ...and in turn that generates energy ...
Meaning: that piece of land is giving you a dividend each year .
Where's my dividend if i invest in crypto ?
Disclaimer: " I am not a lawyer or financial advisor. I am simply stating my opinion. If you seek legal or financial advice, please consult with your local professional" I think that I get the jest of what it is that your referring to my friend. I believe that you your asking what benefits will you occur from investing in cryptocurrency's and how does it's very complicated o understand dividend systems work. Bitcoin is the founding coin and it's dividend system is based upon a peer to peer "proof of work" to operate. IN order to generate more coins, you must become a miner through validating transactions by solving cryptographic puzzles. Bitcoin doesn't really offer dividends as rewards, but rewards participation from miners. However the lightning network helps you earn as a node. Now Ethereum is a whole different ball game my friend. Ethereum just recently became a "proof of stake". "Proof of Stake" lets you earn dividends by locking tokens up tokens by staking them. Staking nets you interests in whatever proof of stake coin you invest in, granted that you have enough to actually yield anything. Their are many different ways to earn dividends, here is one more. It is called Defi, which is short for "Decentralized Finance". You lock up collateral by lending it to a decentralized platform and in turn you can earn governance tokens, which have their own market value, as well as interest on your lent coins. The biggest thing about it is you can as borrow against your lent collateral while it's earning interest. These are just a few examples, so please remember to practice your due diligence and do some research before making any investment. The best investment is always an investment in yourself ( priceless)! . |
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How do you maximise your Bitcoin advantage? I have seen people using these, but I wonder if there are others:
- Technical trading, using supports and technical charts.
- Sentiment trading, using greed and fear indicator.
- Not trading at all, just HODL.
- Intuitive trading.
- My own "system".
Any other?
I use a combination of 3commas (an exchange based API for Bots & Automated trading strategies) and technical analysis based on charts from trading view. It's all a lot to take in. I'm a noob, and not afraid to admit that I've lost more than I've profited for sure  . Fortunately it made me a better trader, now I check for confluence within everything I do. Trading habit's are even starting to bleed into real life, like when I exercised too hard and screamed out by accident, "I should have set a stop loss", I laughed after I realized the charts were getting to my head.  |
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I think it will be a good ideas if satoshi will give us a speech on his innovation,I will kindly like yo hear the speech or comments of satoshi about bitcoin, I don’t have a particular point to mention here, He should generalize his comments in all part of his innovative(Bitcoin) this will take bitcoin to $100k and more. Every one will link to see what will happen.
Satoshi Nakamoto has already given us a speech on his innovation, as well as plenty of commentary. The real Satoshi is rumored to have had a Bitcointalk account at one point in time or another, at least that's what the urban legends say. I think that Bitcoin actually speaks for itself. I think that it's actually the Blockchain technology that is the real innovation behind the cryptocurrency phenomenon, that is the real game changer. |
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When you are buying alts on a crypto only exchange, is there an easy way to see the true fiat cost of the coin? Like the order book will say 0.00042 eth/coin. Do you just manually figure out the fiat cost by using a calculator? Or is there another easier way? Much easier to know something costs 2 cents vs figuring that out from eth price. Or am I just not understanding how this works? Thanks!
You have to be a big boy mate and pull yourself up by your jockstrap. It's irritating but yes, you have to keep a conversion calculator with you at all times so you can place orders correctly. If you don't, you'll lose the shirt off of your back while trading. Despite how easy the YouTube Crypto guru's make trading seem, it is very hard. You have to be able to read the order book and fully understand the ebb and flow of the depth charts and how to calculate your costs for trading, there is no shortcut. A lot of those gurus have been trading for years. I know because I too jumped in and thought that I could just start trading to take profit and got totally wiped out, literally. Remember to practice your due diligence and study. Some exchanges may calculate and convert to your local currency but others expect you to know how the books work. |
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It is very clear to see that major corporations and other entities with heavy influence like the institutional investors, and giant companies like Microsoft or Tesla have had their eyes set on cryptocurrency for a while, they were just waiting for a good time to buy in.
I think that the article is rather optimistic and it shows that people saw it's potential even way back then. It can only grow from here, too many have a stake in now, I just hope it isn't another bubble like 2017, it was exciting and terrible all in one, lol
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Now many people offer fortune telling on Taro cards. Do you believe in these predictions?
The Tarot cards are believed to go as far back as ancient egypt, but can actually be traced back a few hundred years ago as playing cards. Many Romanian gypsies who are rumored to have originated from Egypt also. It's an ancient magical system of divination (fortune telling). The minor arcana is believed to be linked to the 22 letters of the hebrew alphabet (jewish mysticism). I wouldn't go dabbling into the occult though, unless you have the same discpline that one approaches with a full contact martial art. Could be wrong though, so pleaae take it with a grain of salt! |
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Let's say i have 1000 USDC
Step 1 i deposit it ( gas fee is taken + approve fee i think )
Step 2 i set it as collateral ( gas fee is taken )
Step 3 now i want to borrow 700 DAI ( APY 12.82% ),i click on it
Step 4 approve ( gas fee is taken )
Step 5 Around 650 DAI is sent to my address ... 50 usd lost in fees
What's the catch ? I just lost money... How can you make money from taking this type of loan ?
Disclaimer: " Not financial advice, just an opinion" The voice of wisdom often falls upon deaf ears, but here goes nothing! Collateralized loans are good, simply because it provides the less fortunate who would otherwise be turned away, to acquire an easy low interest loan, at any given time, with no bank or centralized authority to cancel you out. On top of that, some loan platforms provide governance tokens (cryptocurrency), all you would have to do is put 2 + 2 together and profit. |
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Hello Guys,
Coins on top for 2017 like EOS, VET, ZEC, DASH, NANO, XTZ...
Can they compete with existing coins like DOT, LINK, coins on DEfi.
Should I invest in old coins?
I think a good many of these projects were there to support and supplement the adoption of an early cryptocurrency market, providing multiple choices to choose from. Bitcoin is king, but has birthed many princes, and the earliest coins are like stepping stones on Bitcoins ascending upward path. There are still some real gems out there, real diamonds in the rough. |
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Satoshi may not even be a real person. It could even be a team of multiple people. Many believe that Satoshi was an English chap based on his Bitcointalk posts and the little nuances in his posts. Honestly, nobody really knows for sure, perhaps Gavin Andresen? Hell, there's even rumor that a Satoshi is an A.I quantum computer (if your into conspiracies).
The scariest part about Nakamoto is this, in a world of increasing selfishness and vanity, Satoshi chose to be altruistic and hasn't touched a single coin from his wallet. Now that's some scary shit!
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One of the most scariest things about Bitcoin and cryptocurrencies is the fact that it is a step into the unknown and uncertain. A lot of people that do support Bitcoin didn't at first. I didn't decide to get involved into Coinbase had first opened up its doors. Yes, I know, I missed the ticket to the moon, like many others before me. I do believe cryptocurrency may be the future of currency, because it is a paradigm shift in the way we do things in finance.
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If you are a regular Twitter user and happen to follow a bunch of influencers or investors, there are high chances that you will have gone through some of the tweets claiming someone has borrowed a loan from bank to just invest into crypto. If not yet, check it here. Well, this is one really interesting topic so I though why not discuss here. What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy? : " I am not a lawyer or financial advisor. I am simply stating my opinion. If you seek legal or financial advice, please consult with your local professional They say brother, "never bite off more than you can chew". Also "never go all in on your bets, only gamble with what you can afford to lose, less you want to lose the shirt off of your back!" Just my 2 cents |
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Here is the statement from the President of the aforementioned Bank....So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....
"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."
Trying to view the situation from a regulators perspective, The cryptocurrency market is very unregulated but not nearly as bad as it was durring the big bull run bubble of 2017. Regulatory bodies like the SEC have been bringing down the ban hammers hard, taking out projects left and right. The current government system is slow and takes years to make hard change. To an individual, it's simple enough to make the switch, but the regulators are supposed to speak out on behalf for the little guy who's not technical inclined. Which is why the statement probably seems biased. |
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I really would like to believe within my heart that if we as a humanity society will be one day able to pull the unplug from fiat and go full crypto. Unfortunately the price might crash worse than it did a few days ago. I think that cryptocurrency isn't meant to replace fiat currency but is meant to supplement or be a bridge or a reserve currency. Fiat is too beneficial and provides means and utility to the unbanked with cold hard cash. there are a lot of countries and people that don't have access to computers and crypto but do have access to fiat. Call it a necessary evil if you must, but fiat might be here to stay.  Just my to cents, not financial advice! |
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I personally plan on waiting until they smooth over the wrinkles a bit, then wait till the mad rush is over and things die down a little. Just like with electronics, I plan to hold off until they get all of the kinks and bugs out before I go crazy, buy-in and settle on anything. I was never one for rush jobs! As of right now within the U.S, there is a mad rush to get them, people are even hurting and taking advantage of our elderly in order to get their shots in line first (sickening). What happened to respecting your elders? Guess I grew up in a different time  |
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For the Gods Unchained trading card game on the Ethereum blockchain, the in-game market is unbearable due to the insanely high gas prices. In order to buy a trading card which may cost a penny $0.01, Could have cost you $30 because of the exuberant fees. Luckily the game doesn't require the market in order to play, but still this has a very negative impact upon the games ecosystem. So, I really feel you pain, I also believe that the gas prices may or may not be the reason Eth hasn't mooned as much a Bitcoin has been.
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There's nothing anyone can do to possibly stop it. How does one stop money exactly? I feel your sentiment though. When the institutional investors join in and come flooding with cash, the price might start to fluctuate violently. If those same investors where to pull out the same way in which they came pouring in, there would be a massive move on the markets every time. Look back at what happened the other day when the price had sharply fallen, I'm not an expert, but big money does mean bigger trouble in this instance.
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When I was still a newbie to crypto many people told me to keep holding and that's all I did for many years and in the end I ended up with many dead coins, whenever I keep seeing people talking about patience as if it's the only thing a newbie need I always shake my head, the fact is you need more than patience to get good results from projects, having patience sometimes will get you nothing
Agreed Patience is a virtue they say, I guess if your religious and your believe that kind of thing (to each his own  ). They also say that ignorance is bliss, but we know it's way too broad of a statement to actually be considered true, because ignorance can also kill. One saying I know for sure is this, patience may or may not be a virtue, but opportunity is swift, very swift, so if you don't catch it early, you'll get left too late behind. The early bird usually catches his worm |
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