[2017-10-30] Titan’s Debates: Pros and Cons of Bitcoin

[Vladdirescu87]

Bitcoin has been the subject of debate for as many years as it has existed. Coinidol has tried to figure out the prevailing opinion - is it good or bad?

We tend to only believe in something we can touch or see. With cryptocurrency, neither is possible. For many people, knowing little more than nothing about digital technologies and innovation, Bitcoin is a phantom, a ghost - many believe in it, though no one sees it.

Debates about Bitcoin have been held for as long as it has existed. Experts and financiers have been banging heads trying to prove their opinions, with little use though. It is hard to prove something you can’t see.

https://coinidol.com/titan-debates-pros-cons-of-bitcoin/

[Vladdirescu87]

Billionaire investor Warren Buffett is a vigorous critic of Bitcoin. Back in 2014, he advised investors to stay away from that currency. Despite the fact that the value of it has been constantly growing, he is still rather hostile towards cryptocurrency.

"You can’t value bitcoin because it’s not a value-producing asset. It's a mirage basically," Coindesk quoted him saying.

Another member of the Bubble club is Fan Bao, chief executive of investment bank China Renaissance, thinking bitcoin is “getting a little bit bubblish”. However, this expert has more faith in blockchain technology, stating that “it is a very exciting technology, probably the most disruptive technology in our industry, the financial services industry.”

BlackRock Strategist Richard Turnill shares this opinion, believing bitcoin markets bear “many characteristics of a bubble”, but that blockchain technology has its chances for life.

JPMorgan Chase CEO Jamie Dimon is even more hostile toward Bitcoin. He doesn’t think it’s a bubble, he has called Bitcoin “stupid” and a “great product for crooks”. Later, though, he got more diplomatic by simply refusing to discuss the topic.

Apple co-founder Steve Wozniak is a supporter of this idea. At the Money 20/20 conference in Las Vegas, he expressed his thoughts on the potential of Bitcoin despite such harsh criticism of some experts. He stated:

“Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

Peter Thiel, the billionaire co-founder of PayPal, also thinks Bitcoin has been underestimated. He thinks the cryptocurrency is “a reserved form of money and is excellent for storing value.” However, he believes it should not be used for making actual payments.

Morgan Stanley Chief Executive Officer James Gorman thinks “the concept of anonymous currency is very interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.”

Another Bitcoin sceptic, billionaire investor and entrepreneur Mark Cuban, has changed his opinion towards cryptocurrency. Obviously, he has found some arguments for himself to do that. Despite stating that Bitcoin is “more religion than asset”, he invested money in Bitcoin ETN, as well as at least one initial coin offering. He even advised “real adventurers to store 10% of their savings in Bitcoin.”

[marckenigsberg]

One person that has been associated with Bitcoin recently that is not in the article is John McAfee.
Considering his history, high price prediction and crazy bet I think he should included too

[warrior333]

I don't believe anyone. Bitcoin has proven that he does not recognize any authority. He constantly denies any predictions. I don't understand why people believe what people say which are some of the key players in the artificial market of Fiat. No currency in the world is not obeying the laws of Economics. In such circumstances, there can be only those who are part of this system.

[Gotottack]

Exactly. That is why I believe that while all those who believe in Bitcoins benefit from its rise in the market resulting to a very good value, they also suffer the same fate in that its existence has always been questioned. The constant disbelief and usual stereotyping that people assume of Bitcoin or other cryptocurrencies alike affects Bitcoin's integrity in the eyes of the public in general. However, I also believe that these people who assume so much are those who know little to nothing about Bitcoins.

[marckenigsberg]

A lot of that may be true but the bottom line is that the more people in the mainstream talk about bitcoin, the better for all of us.

[leonair]

Anything that they think about Bitcoin is true because that is what they told their mind to believe to but and at the end of the day if they see it growth their faith increases and when they see it falls their bash it badly as they want. It is a normal human nature to tell something bad to things that you are not well inform and that is for me a normal case because it is indeed that you can't touch Bitcoin because it is intangible no matter what unless you withdraw it into your own local Fiat moneys.