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Author Topic: Bitcoin the “Last Thing I’d Want to Own” if Grid Goes Down: Short Seller  (Read 90 times)
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June 06, 2018, 12:43:29 AM
 #1

Cryptocurrency advocates often tout bitcoin as “digital gold,” but famed short seller Jim Chanos said that BTC is the “last thing” he’d want to own in a full-blown crisis.

Chanos, who rose to fame by predicting the collapse of US energy giant Enron, made this claim during a recent interview with the Institute for New Economic Thinking.

http://findbitcoin.top/bitcoin-the-last-thing-id-want-to-own-if-grid-goes-down-short-seller/
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Zin-Zang
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June 06, 2018, 05:53:01 AM
 #2

Jim Chanos is absolutely right , bitcoin is not and never has been a true storage of value.

No electricity , No Internet Access, No warehouses full of energy wasting ASICS , No Bitcoin

Access to Water, Food , Medicine, Heating & Air Conditioning, and Guns & Ammo ,
heck even a Good knife will be worth more to you than all of the bitcoins in the world in a true survival situation.

The #1 reason Bitcoin will never match a physical item , in a survival situation ,
if you can't drink, eat , or get shelter from it , it has zero usage.

Read the following :
https://www.amazon.com/Second-After-John-Matherson-Novel/dp/0765327252

And you will realize with a true SHTF moment, you are better of with a carton of cigarettes to trade than millions of bitcoins or fiat.
(However you can at least burn the Fiat, bitcoin can't even do that.)

Dangers Bitcoin Faces
1.  Government Banning all Bitcoin Mining, because of the insane energy requirements,
     this vulnerability is because mining is now centralized to only the wealthy that can afford warehouses full of asics.
     And it has already begun : https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world

2.  Price of Bitcoin Exceeds it production costs so miners are forced out of business and bitcoin network freezes forever.

3.  Other coins , that are energy efficient, decentralized, better inflation control ,
     network costs less to maintain and can process transactions from a laptop in a coffee shop replace bitcoin and cause danger # 2 to happen.  Wink

4.  Bitcoin transaction fee price it out of the markets and everyone uses other coins for their needs.


With 1 pound of Gold you can hide it and dig it up in 10 years and it is still 1 pound of Gold.
With 1 Bitcoin , you can hide your private key, but if the network crashes in 10 years, you will never recover it.
(All you have is a piece of paper with some gibberish on it.)   Tongue

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June 06, 2018, 06:11:00 AM
 #3

that article is just full of shit specially because of its crappy source.

basically this is what that dude is saying:
"if there is an Apocalypse he would rather hold food instead of bitcoin".

to that i say "no shit"! it is like saying "does a drowning man prefers holding bitcoin or having a life jacket that saves his life"!!!

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June 06, 2018, 06:16:02 AM
 #4

that article is just full of shit specially because of its crappy source.

basically this is what that dude is saying:
"if there is an Apocalypse he would rather hold food instead of bitcoin".

to that i say "no shit"! it is like saying "does a drowning man prefers holding bitcoin or having a life jacket that saves his life"!!!

I think where you miss the point is that Bitcoin can have a bitcoin specific apocalypse that kills it and nothing else.

Another coin becomes more popular
Bitcoin Transaction fee become too high.
Bitcoin Mining is outlawed, by all of the world governments because of too much energy waste. (This is already happening in some areas.)
https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world

And those are not end of the world problems, but merely possible outcomes because of economics.

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June 06, 2018, 06:37:47 AM
 #5

No he said in the report "if the grid goes down" and mentions food being
the more important commodity in "the oncoming apocalypse".

What about getting some bitcoin to speculate with and hopefully with a sizable
increase in that investment he could build himself an underground survival base
as a store of value against the apocalypse?

If we take his comments literally, there is no point in doing anything other than
preparing for the apocalypse.


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June 06, 2018, 06:54:30 AM
 #6

No he said in the report "if the grid goes down" and mentions food being
the more important commodity in "the oncoming apocalypse".

What about getting some bitcoin to speculate with and hopefully with a sizable
increase in that investment he could build himself an underground survival base
as a store of value against the apocalypse?

If we take his comments literally, there is no point in doing anything other than
preparing for the apocalypse.


Buying bitcoin for speculation purposes to make a profit , I doubt anyone has a problem with.

It is the analogy that bitcoin is a store of value which is just an outright lie and that was the guy's main point.

If you purchase a bunker that is a physical item and will serve you better in survival situations.

The falsehood being perpetrated by the store of value nonsense is that bitcoin can't die, and that is not truthful.

Bitcoin is a tech product and it can fade away as easy as 8 track tapes or 3½ inch floppy disks when something better comes along.

They were not a store of value and neither is bitcoin.

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June 06, 2018, 07:01:10 AM
 #7

No he said in the report "if the grid goes down" and mentions food being
the more important commodity in "the oncoming apocalypse".
He just used that phrase to say that Bitcoin has no real usage and it would only be useful to those who want to do nefarious deeds concerning money and financial system of the world. Nevertheless, do not mind him as it is yet another attempt to defame Bitcoin(which is typically done by a nocoiner analyst). He just doesn't see bitcoin's real use cases.
Relevant text to my claim(from article linked by OP):
Quote from: linked article by OP link=http://findbitcoin.top/bitcoin-the-last-thing-id-want-to-own-if-grid-goes-down-short-seller/
“This is simply a security speculation game masquerading as a technological breakthrough in monetary policy.”
Chanos rehashed the tired — and debunked — critique that bitcoin only has utility for money launderers, tax evaders, and other people who are seeking to commit financial crimes. “Bitcoin is still the area for people who are trying to avoid taxation or other examinations of their transactions. That’s one thing where I think it probably still has utility, but the governments have figured that out,” he concluded.
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June 06, 2018, 07:23:00 AM
 #8

Jim Chanos is absolutely right , bitcoin is not and never has been a true storage of value.


There's like 0.0000000000000001% chance that Apocalypse will happen, so the rest 99.9999999999999999% of a time Bitcoin is store of value, and in many things it's better than gold. You can store billions of dollars worth of coins in your mind by memorizing your mnemonic seed, or hide it inside a book or something. It's impossible to transfer same amounts of wealth in gold or cash across the border privately.

Bitcoin is also way cheaper for transferring wealth from person to person across the globe, even when fees are high, it's still worth it to pay $50 to send millions to any country in the world, and in just 10-20 minutes. Wire transfers or gold can't do that.

When done correctly, Bitcoin can be theftproof, there are ways to very effectively hide your private keys so no one will able to get them without your permission. Gold and cash be stolen from a safe, can be seized by the government from your bank, etc.

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June 06, 2018, 07:32:21 AM
 #9

Jim Chanos is absolutely right , bitcoin is not and never has been a true storage of value.


There's like 0.0000000000000001% chance that Apocalypse will happen, so the rest 99.9999999999999999% of a time Bitcoin is store of value, and in many things it's better than gold. You can store billions of dollars worth of coins in your mind by memorizing your mnemonic seed, or hide it inside a book or something. It's impossible to transfer same amounts of wealth in gold or cash across the border privately.

Bitcoin is also way cheaper for transferring wealth from person to person across the globe, even when fees are high, it's still worth it to pay $50 to send millions to any country in the world, and in just 10-20 minutes. Wire transfers or gold can't do that.

When done correctly, Bitcoin can be theftproof, there are ways to very effectively hide your private keys so no one will able to get them without your permission. Gold and cash be stolen from a safe, can be seized by the government from your bank, etc.

OK ,

Another coin replaces bitcoin
Bitcoin Network becomes too expensive to maintain
Bitcoin Mining is outlawed due to excessive energy waste. (Already happening in China and some parts of the US.)

None of the above need an apocalypse to happen. So again store of value is nonsense.

Bitcoin is a tech product , nothing more , nothing less.
(Other coins are much cheaper and faster to use to send money.)

Can you make money off of the bitcoin speculation sure, odds are you can also lose money on the bitcoin speculation.
* Everyone that brought in above $8000 is still in the hole. *

I know people that can use a wrench and get your private key from you , also how long will you stay in a government jail cell and not give up your private key.  Tongue


If Bitcoin was as really as secure as you think, we would not have all of these auctions of confiscated bitcoins from criminals.
https://www.forbes.com/sites/rogeraitken/2018/01/12/u-s-marshals-to-hold-bitcoin-auction-for-50-million-worth-of-cryptocurrency/

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June 08, 2018, 02:15:22 PM
 #10

Bitcoin is far better than fiat currency which is subject to deflation.More over,most people think that the currency which has a physical appearance has some store of value and not the digital currency bitcoin.I would say that they should update from traditional thinking to technological upgrades.

We have already seen many critics like Jamie dimon criticizing bitcoin and then changing their stand.


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June 08, 2018, 02:29:15 PM
 #11

When there's a big worldwide disaster like that, I'd bet we'll see an opportunistic ICO pop up to take advantage of the situation.
They'll be peddling Doomsday tokens to get access to basic necessities. There must be a way to do it without the electricity grid being up.

Maybe people will set up a mesh network and power it with solar Tongue


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June 08, 2018, 02:31:29 PM
 #12

Tell me again why should anyone care for his words, oh because he predicted and he got it right, so what he's not going to be right everytime? I don't understand what is the centralised media gaining by spreading fud and by bringing such comments to light, they're such negative people. I don't care or what the so called experts have to say I have and will always believe in bitcoins.

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PsylockReborn
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June 08, 2018, 02:34:43 PM
 #13

Cryptocurrency advocates often tout bitcoin as “digital gold,” but famed short seller Jim Chanos said that BTC is the “last thing” he’d want to own in a full-blown crisis.

Chanos, who rose to fame by predicting the collapse of US energy giant Enron, made this claim during a recent interview with the Institute for New Economic Thinking.

http://findbitcoin.top/bitcoin-the-last-thing-id-want-to-own-if-grid-goes-down-short-seller/

Food is a basic need. I'd be an idiot if I'll choose bitcoin over food when it comes to worst case scenario but we are not moving backwards in here wherein there will be nothing except our basic needs. Our basic needs will remain our priority whether we like it or not. Acquiring bitcoin and other crypto specially investing on different kinds of investment vehicle is nothing if we can't even afford those basic needs. That is why only few people do have knowledge about crypto since some of them don't have access with electricity and internet specially those people who are living in remote areas and are less fortunate.


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Syed junaid ali shah
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June 08, 2018, 02:37:32 PM
 #14

Well... I've been trading in crypto for half a year now...which is nothing I know. But to me it seems to really just be a greater fools market. I can see some use cases for block chain and smart contracts but to me it seems like most everyone is in it just for a cash grab. Including me, we were suppose to recover from the crash months ago. And it seems the only people who really make loads of money in this were early buyers.
AngelSky
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June 08, 2018, 02:44:10 PM
 #15

As like him everyone should go behind the bitcoin now and will be getting good profit on it accordingly mate. Please review about the over market trend about the bitcoin in the market bro. With in some months we can make more value with it buddy.

Sell when the bitcoin price is high and buy the coins when it goes to cheaper in the market.


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ThirdPrize2
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June 08, 2018, 02:44:41 PM
 #16


Another coin replaces bitcoin
Bitcoin Network becomes too expensive to maintain
Bitcoin Mining is outlawed due to excessive energy waste. (Already happening in China and some parts of the US.)

None of the above need an apocalypse to happen. So again store of value is nonsense.


Bitcoin and Bittorrent.  Both got "Bit" in their name, both out to change the world, both mainly used illegally.  See how that worked out for Bittorrent?
bellamente
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June 08, 2018, 02:50:12 PM
 #17

With the fall of the market - Bitcoin, this is one of the best crypto that you need to have.
Bitcoin almost always falls less than other cryptocurrencies.
Although it is possible to have USDT

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June 12, 2018, 05:39:03 AM
 #18

We all know about bitcoin and its value is unbelievable for the customer. Sometimes i think its value is more than gold. That’s why you can store bitcoin because its prices are not fall down. But you need to ensure your coins security.
kingdom2710
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July 02, 2018, 03:04:42 PM
 #19

yeppp, btc born in crisis and it will grow stronger when crises happen. When people lose faith in government cash.
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July 06, 2018, 09:08:32 AM
 #20

What do you want to say to the bitcoin, I feel it's too perfect, most people think that the currency that has a physical form has a number of valuable stores and not the currency carefully. bitcoin
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