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Author Topic: [2018-06-17] President of Xapo: Bitcoin Will Become The Global Reserve Asset  (Read 50 times)
tyz
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June 17, 2018, 02:20:51 PM
 #1

President of Xapo: Bitcoin Will Become The Global Reserve Asset

Ted Rogers, president of the cryptocurrency giant, Xapo, believes that Bitcoin will become a global reserve asset, similar to the role the U.S. dollar plays today.

https://www.newsbtc.com/2018/06/17/president-xapo-bitcoin-will-become-global-reserve-asset/



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gentlemand
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June 17, 2018, 03:26:59 PM
 #2

I think it's by far the most likely eventual use case. I just don't see it ever becoming a daily currency. Too volatile, too hoardy.

I am intrigued as to how Xapo plan to make any money out of this fate. There's absolutely zero reason for a normal user to use their wallet any more. The only thing they have going for them is their fancy bunker storage for the super rich.

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June 17, 2018, 03:54:33 PM
 #3

Strange that he is saying this, but his company are doing a 360 change into a fully compliant Banking business model. They are exactly doing what Circle did, when they first entered the scene. They attract a lot of users by offering a simple and cheap alternative to the Banking system and when they hooked a lot of new users, they switch the business model to one that are closely resembling the Banking system.

Bait and switch tricks are often used to trick people into signing up for new services.  Angry

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June 17, 2018, 04:53:39 PM
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Not sure how I feel about this. I'd really like for Bitcoin to be the world's most used currency, a truly global form of payment accepted readily by anyone, if not accepted above all else. At the same time, if that were to happen, then we'd need most of it in active use in circulation - unless it became worth so much to the point that mere satoshis were enough to pay for most things. Either case is unlikely to happen, at least not in my lifetime.

@Kakmakr, yeah. Every statement they make is loaded with motive. Wise to remember this.

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June 17, 2018, 05:12:19 PM
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They attract a lot of users by offering a simple and cheap alternative to the Banking system and when they hooked a lot of new users, they switch the business model to one that are closely resembling the Banking system.

Well, people making use of centralized services have to keep in mind that they at all times operate at mercy of the service. Users are nothing more than a number. If services think they can please shareholders by following a different approach, they will do so without hesitation. That's why I no longer use an exchange, but use a local service that allows me to instantly buy coins. Selling coins takes 1 business day, but that's good enough for me. The only downside is that I can't day trade anymore, which is why I stick to a slower form of trading (buy low/sell high). I no longer have to worry about my coins, and it feels great.
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June 17, 2018, 06:54:19 PM
 #6

I'd really like for Bitcoin to be the world's most used currency, a truly global form of payment accepted readily by anyone, if not accepted above all else.

Regardless of developments and cleverness the likelihood is that one day it'll be worth more than it is now in which case you won't want to spend it unless you have no alternative.

It's too fundamental to change so I don't see how it's going to be anyone's first choice for spending. It goes against human nature.

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June 17, 2018, 07:41:24 PM
 #7

I think it's by far the most likely eventual use case. I just don't see it ever becoming a daily currency. Too volatile, too hoardy.

At some point, if the adoption S-curve stays true to form, we will reach somewhat of an equilibrium and BTC will no longer be "too volatile" for anything. Other hedge assets (like gold) are considered moderately volatile, and I think Bitcoin will stand alongside them.

The only thing they have going for them is their fancy bunker storage for the super rich.

Custody for the mega-rich (and eventually governments) will be big business. Maybe that's all they need going for them.

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June 17, 2018, 07:44:36 PM
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At some point, if the adoption S-curve stays true to form, we will reach somewhat of an equilibrium and BTC will no longer be "too volatile" for anything. Other hedge assets (like gold) are considered moderately volatile, and I think Bitcoin will stand alongside them.

No doubt. It still means people will hoard unless they have no access to any other funds. Even a 'steady' BTC will deflate in a way that gold can't be depended on to match. The supply of gold is unknown and largely a paper phantom anyway.

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June 17, 2018, 07:46:34 PM
 #9

Strange that he is saying this, but his company are doing a 360 change into a fully compliant Banking business model. They are exactly doing what Circle did, when they first entered the scene. They attract a lot of users by offering a simple and cheap alternative to the Banking system and when they hooked a lot of new users, they switch the business model to one that are closely resembling the Banking system.

Bait and switch tricks are often used to trick people into signing up for new services.  Angry

It is true that many services use a bait and switch approach to attract new customers, but this is not a sustainable business model. If the fees are too high when you hit customers with it, many will decide to walk away.
And once you lose a customer, it is very, very difficult to make them come back.


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June 17, 2018, 07:51:23 PM
 #10

It's too fundamental to change so I don't see how it's going to be anyone's first choice for spending. It goes against human nature.

Perhaps you haven't noticed, but not everyone lives in England. There are far more valid use cases for Bitcoin besides drinking pints of ale in pubs or ordering cups of tea, and it is only because of those usage types for which Bitcoin is the only option that Bitcoin has any value at all. Pretending other people and their needs don't exist is a great way to make really bad investments (or accidental good investments in something you don't understand)

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June 17, 2018, 09:23:34 PM
 #11

It wouldn't be coming as a surprise to me if we see a growth in adoption for bitcoin as a reserve asset in the future.

But I think the main thing is still bitcoin's ability to store wealth, and a lot of people will prefer to have their wealth in decentralized assets whether precious metals or bitcoin, rather than to have them in USD, AUD, etc. that is centrally controlled.

Not sure how I feel about this. I'd really like for Bitcoin to be the world's most used currency, a truly global form of payment accepted readily by anyone, if not accepted above all else. At the same time, if that were to happen, then we'd need most of it in active use in circulation - unless it became worth so much to the point that mere satoshis were enough to pay for most things. Either case is unlikely to happen, at least not in my lifetime.

I don't think that the ability to serve as a every-day global currency is hindered by the fact that individuals or organisations such as central banks may use it as a reserve currency, or store of wealth for the long term in an individual's case. They are not mutually exclusive.

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