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Author Topic: My skepticism of bitcoin  (Read 973 times)
Bakemat
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June 26, 2017, 07:27:09 AM
 #21

Bitcoin has all the hallmarks of a bubble. I think after some time it burst, but it will not be soon. When people say that the government wants to legalize bitcoin, it seems to me that they don't understand that States are not going to accept the bitcoin currency. They want to give him the status of the payment instrument and in addition to taxes it does not give anything more.

From what I've seen, regulation and legal framework on it is very hard and in it's infancy stages. How secure is "secure enough for" sums such as millions invested? People currently have million dollar if not billion dollar balances when they check their bank statements.. How safe is truly keeping that much savings on a sheet of paper or thumb drive?

I think everyone is really a skeptic on this subject especially if bo one really understands all the intricacies of the framework itself. Important to note is one that scares people off is that no laws or no concrete rules and regulations seem to show in this venture. How does it grow and how can one safeguard it really.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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June 26, 2017, 09:30:01 AM
 #22

I do understand about your problem and your parents seems like a reasonable man, most of the older man prefer their investment that already proven like gold or land, and to be honest it's more secure, bitcoin still in a very early there still so many problems and controversial, we still don't know how long it can survive but for a short term bitcoin provides a very good source of profit, it grows faster than anything in this world, so it's all about how you used the opportunity for yourself,the choice will become clearer as the time goes

I do agree with your statement here. While we are very much open for new innovations it does not mean that we have to discard traditional investment vehicles around like a good house and lot, a parcel of land and even stocks for that matter. Bitcoin is getting to be popular and it shoot itself in value for the past many months yet compared to other investments it can still be considered as relatively new and there can some perils with that. Bitcoin has an intrinsic value but just all forms of currency it is all tied to people's faith on it. We are looking ahead into the future with Bitcoin yet we don't want to overlook some realities affecting the digital currency because after all is said and done we still have to be based on the reality.
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June 26, 2017, 09:54:28 AM
 #23

I do understand about your problem and your parents seems like a reasonable man, most of the older man prefer their investment that already proven like gold or land, and to be honest it's more secure,
I agree with old rich man prefer to invest in traditional investment. However, now the world of cryptocurrency is growing. It is not in stable phase. It is trigger with bitcoin as the pioneer. As young man, I think , that's the time to take part in this tech. 2018-2020 in my oponion there will be ICO Booming after that people tend to steady and the most precious coins. We  can see some developers team now become millionare in short time. Many Ico investrs do make profit too. I think this situation will not last, and that is the time to invest. Skepticism is a position where we are doubt about what we'are going to do. In the end, will the opportunity go away from us while it is nearly in our hand?
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June 26, 2017, 12:18:50 PM
Last edit: June 26, 2017, 01:42:49 PM by deisik
 #24

People who say Bitcoin is a bubble do not understand Bitcoin.

Bitcoin is at the very early stages of a huge growth period that will last for decades

This is not set in stone

I'd sooner say that it is rather you who don't understand the complexity of Bitcoin ecosystem and risks involved. We may well be in the early stages of mass adoption, and then it is not very relevant whether Bitcoin is a bubble or not (even if it is, it still has plenty of room to grow), but, as I said, this is not set in stone, nor it is enough, and tomorrow it may get easily superseded by a more successful coin which is not as entangled in inner struggles, quarrels and arguments as Bitcoin itself

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