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Author Topic: "10 Reasons Bitcoin Is A Terrible Investment" - A pathetic attack against BTC?  (Read 388 times)
20kevin20 (OP)
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October 17, 2020, 08:04:41 PM
Merited by DdmrDdmr (2), o_e_l_e_o (2), joniboini (2), AmoreJaz (1), kryptqnick (1), witcher_sense (1), Rath_ (1), BlackHatCoiner (1), DougM (1)
 #1

Only a few hours ago, The Motley Fool has posted an article in an attempt to gather as many arguments against Bitcoin as possible - without even realizing how pathetic most of them really sound. This further proves that, besides the "money laundering" already tiring and annoying attack against BTC, there isn't really much negative stuff one could say about the King of crypto.

As TMF has partnerships with some of the top financial news outlets, their article has already appeared not only on their website but also on MSN, Nasdaq and so on.

I thought this is such a stinky and disgusting attempt to stain our cryptocurrency's reputation, so.. as a result, I strongly wanted to argue against the author's points. Let's begin.



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But as good as bitcoin has been for investors in 2020, my blunt opinion is that it's a terrible investment. Here are 10 reasons you should avoid bitcoin like the plague.
Well, here's the fun part: it's not been a great investment just in 2020. besides a short timespan during which Bitcoin has standed above $11k, we have more than an entire decade of profitable investment. Whoever bought at literally any given time between 2009 and 2020, with the exception of a few months (the crazy 2017 bull run and this year's top levels) and still hodls today is on profit. Let's see if the next 10 arguments stand strong.



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1. Bitcoin isn't really scarce
First of all, bitcoin is only as scarce as its programming dictates. Whereas physical metals, such as gold, are limited to what can be mined from the earth, bitcoin's token count is limited by computer programming. It's not out of the question that programmers, with overwhelming community support, could choose to increase bitcoin's token limit at some point in the future. Thus, bitcoin offers the perception of scarcity without actually being scarce.
Funny how the negative argument about Bitcoin's idea of scarcity easily turns into a very positive side.

That's right: with overwhelming community support, we could change Bitcoin's total supply. But overwhelming community support requires a very strong, justified reason to do so. Putting it another way, we will only change the total supply if it's a mandatory, vital change for Bitcoin to continue to exist.

The "digital mining" vs "gold is limited to what can be mined from the earth" point quickly falls short when you think we aren't very far away from sending asteroid-mining robots in space. According to U.S. Money Reserve, "about 244,000 metric tons of gold has been discovered" on Earth until today. However, "There may be more gold to mine, but no one can be sure how much gold is left or how hard it will be to dig up.".

Back to the outer space, TMF may be surprised to find out that there is an asteroid containing $700,000,000,000,000,000,000 worth of assets, mainly composed out of metal - "including iron, nickel, and gold" exists.

Hence, if we're talking about physical vs digital scarcity, more physical gold than ever before could be found at any given time - or scientists could even find a way to create unlimited gold as science and tech advances. Meanwhile, Bitcoin's supply remains capped at an exact amount. Thank you, math for making this possible. Wink



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2. It has a utility problem
The king of cryptocurrencies also has a utility problem. To date, only 18.51 million bitcoin tokens are in circulation, with an estimated 40% of these held by small group of investors. Even considering the fact that fractional token ownership exists, roughly 10 million to 11 million tokens in circulation aren't going to go very far. For context, global gross domestic product was $81 trillion in 2017. Meanwhile, bitcoin has approximately $114 billion to $125 billion in tokens freely circulating and not held tight by investors. There's minimal utility here.
Is it that of a big surprise if I told you wealth inequality exists and, before we take a look at Bitcoin, the top 1% of the richest owns around 50% of the global wealth (and keep in mind this was before the pandemic - now the richest are worth more than $800B more)?

Bitcoin's "small group of investors" holding a significant part of the circulating supply are actually exchanges and services. I'm not sure how utility isn't there with such a huge list of shops, Bitcoin-filled debit cards, more than 11k ATMs and 212k vendors in existence and so many other options of using or storing Bitcoin available.

The GWP was actually $80.27 trillion in 2017 - and it took 4 years to grow from 2013's level of $75.59 trillion. I.e. it took 4 years to grow by only around 8%. Let's take Bitcoin's numbers from 2013 vs 2017 now:

- 2013 Market Cap (26th of Apr): $1,488,566,972
- 2017 Market Cap (30st of Apr): $21,975,158,882
- 2020 Market Cap (26th of Apr): $140,903,867,573

Say what? Tongue



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3. There's a low barrier to entry
Bitcoin may enjoy first-mover advantage at the moment, but the barrier to entry in the cryptocurrency space is especially low. All it takes is time and coding knowledge for blockchain -- the digital and decentralized ledger that records transactions -- to be developed and a digital token to be tethered to the network. There's nothing unique about bitcoin's underlying blockchain that other businesses couldn't one-up.
This argument really doesn't make sense.. Yeah, the barrier is low - it's called freedom, decentralization and open-source. A kid who has enough coding skills or the capacity of following a YouTube tutorial could create his own version of cryptocurrency. We're free to do so - what's so wrong with that? Cheesy

Bitcoin is the 1st of all cryptocurrencies. It's the spark of the crypto world, and that will always keep it standing. Other projects may actually represent testing lands for Bitcoin's future updates. Once a new feature proves to be successful with other cryptocurrencies and the community expresses a strong support for it, Bitcoin will adopt it.



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4. Few (if any) tangible means to value bitcoin
Another beef with bitcoin is that there's no tangible way to value it as an asset. For instance, if you want to buy shares of a publicly traded company, you can scour income statements, its balance sheet, read about industrywide catalysts, and listen to management commentary from recent conference calls and presentations. In other words, you can make an informed decision.

With bitcoin, there is no tangible data for investors to wrap their hands around. There's transaction settlement times and total circulating token supply, but neither of these figures tells us anything about the value or utility of bitcoin.
Bitcoin gives you the freedom to do your own research probably better than any other publicly traded company in the world could. As it's fully decentralized, there is data about literally everything, everywhere. You could simply use the publicly-available information stored in the blockchain at any given time and do your own analysis. It's one of Bitcoin's most beautiful aspects. There's no cheating, no fraud - all information is transparent and free.

Besides my above argument, are all stocks priced at their real value at all times? Are they really? Smiley



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5. Fiat currencies may work on blockchain
I believe investors are also placing their faith in the wrong asset. Over the long term, blockchain technology is where the real value lies. Blockchain can be used to reinvent supply-chain management and expedite overseas payments. But when folks are buying into bitcoin, they're gaining ownership in digital tokens with zero ownership of the underlying blockchain.

To build on this point, companies are also testing blockchain that's tethered to fiat currencies. For example, Mastercard (NYSE:MA) was awarded a patent in July 2018 "for linkage of blockchain-based assets to fiat currency amounts." This implies there may not be any need for a made-up digital token to be used at all on blockchain networks.
So how does this make Bitcoin a "terrible investment" in any kind of way? Digital fiat currencies will only be the currently existing fiat, but extremely worse from a privacy perspective. Going to your 4th argument, this is one of the big reasons why Bitcoin will always have a value. Learn to value privacy.



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6. Blockchain is years from being mainstream
A sixth issue is that blockchain is still years away from gaining real relevance. Three years ago, when blockchain companies and cryptocurrency stocks were the hottest thing since sliced bread, it was expected that blockchain technology would be quickly adopted. Little did investors foresee the Catch-22 that would arise. Specifically, no businesses are willing to make the costly and time-consuming switch to blockchain without the technology being broadly tested -- yet companies aren't willing to make this initial leap to test the technology and prove its scalability.

In short, blockchain is years away from being a mainstream technology.
It's years away from being mainstream, but OP is admitting himself that it will be mainstream soon. So, is being an early investor nowadays a "terrible" choice? I thought it was the opposite. Cheesy

Jokes aside, this one doesn't even have to be explained. Expecting cryptocurrency to be "quickly adopted" is a very unrealistic thing anyway - it's a technology that is only one decade old, and only in the last few years did it start to become more heard about. Huge names are already using Bitcoin on their platforms - and guess what! U.S. Space Force is going to use blockchain tech to protect their data. It looks like it's going to be used anyway, be it tomorrow or within years. It's the future.



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7. Fraud/theft is a serious issue
By no means are cryptocurrencies the only asset to be hacked by thieves, but there are serious fraud and theft concerns that accompany bitcoin. For instance, novice bitcoin investors may not understand the need to store their tokens in a digital wallet, thereby leaving them susceptible to theft by hackers.

Additionally, it's been hypothesized by numerous blogs and publications that North Korea has turned to bitcoin mining and theft to funnel money into its isolated economy. Bitcoin is commonly viewed as the "currency" of choice for criminal organizations.
So are we going to blame Bitcoin because some people store millions in their centralized exchange accounts practicing shit security when they could simply store them in decentralized wallets instead?

I am honestly sick of the "Bitcoin is the choice of criminal organizations" stupid idea. It cannot even compare to the fiat crimes and money laundering figures. Banks have moved $2,000,000,000,000 in illicit transactions, yet we're naming Bitcoin the Criminal's Choice.

Let's be 100% honest: if you were to commit a crime, would you choose cash which is not transparently recorded in a public ledger and requires no IP and extra cybersecurity or would you choose Bitcoin instead? Most criminals probably don't even know how Bitcoin really works..



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8. There's no regulation
Bitcoin is also an unregulated asset. Though this lack of regulation is actually a selling point for today's crypto investors given that it provides some degree of anonymity, it's bad news if something ever goes wrong. Since the majority of cryptocurrency trading and transactions occur outside the borders of the United States, the Securities and Exchange Commission is very limited in what it can do if your digital tokens are ever stolen.
To be honest, it is kinda hard to properly regulate a technology that is open-source and international. It becomes even harder when you have a government that wants surveillance and control versus the community it wants to regulate, which wants freedom and privacy.

If the majority of the community wants Bitcoin to become more privacy-oriented and the US government doesn't like it, what happens? How do you adjust regulations for a decentralized currency that could be changed and used from any corner of the world?

Regulations are slowly coming to us though, and that is bad news. It's even worse than having interpretable laws actually, because the governments will want to focus more on surveillance than on privacy. The sad thing is, I do not think there is any way they could regulate Bitcoin so that everyone is happy. It'll probably be either privacy or control.



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9. The tax situation is a nightmare
If you think preparing your federal income taxes stinks now, try preparing them after investing in and/or using bitcoin in any transaction. The Internal Revenue Service expects you to report capital gains and losses tied to investment activity, as well as gains and losses associated with purchasing goods and services.

For example, if you bought a single bitcoin token at $11,000, then used a fraction of your bitcoin to buy a new smartphone for $1,000, you'd have to calculate the value of your bitcoin used at the time of the transaction and recognize capital gains or losses relative to your cost basis. It's a gigantic headache.
While this is one point I agree with, I strongly believe this has been done intentionally so that more people stay away from Bitcoin. If we had easy tax reports for cryptocurrencies, people would have been more attracted towards them. But when you know using BTC means a tax reporting nightmare, you may as well stay away from it.

Again, this is something that could change. It's not a non-changeable situation. It's just that not enough people complain. Smiley



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10. All bubbles eventually burst
Last, but not least, all next-big-thing investment bubbles eventually burst. No matter how excited investors are about bitcoin and its underlying blockchain, history suggests it won't be enough to match lofty expectations.

Mind you, we've already witnessed multiple 80%-plus declines in bitcoin throughout its history. Extreme volatility is a given with digital currencies like bitcoin, and history would suggest that significant downside from its current price is a near certainty as well.
As time goes on and internet freedom decreases substantially, Bitcoin becomes more scarce (halvings + lost coins) and probably also more privacy-focused. Therefore, chances are it is not a bubble but actually a still undervalued asset.

From 2011 to 2015, silver price has had a decline of over 70%. From the lowest price in the past 5 years, today it's up around 100%. Bitcoin has managed to recover from all of its declines, except the ones I have mentioned in the beginning of my thread: "(the crazy 2017 bull run and this year's top levels)". Moreover, as mentioned in my answer to OP's second argument against Bitcoin, Bitcoin's price and market cap has increased every few years by an impressive percentage.



Before ending this thread, I wanted to express a big "thank you" to everyone out there who is constantly fighting against malicious articles and statements, especially those that many times actually do have an influence, such as The Motley Fool's. Although I may not have as much influence as a news website has, this is an attempt to hopefully change the minds of those who took TMF's article for granted.
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October 17, 2020, 08:39:03 PM
 #2

they can attack bitcoin, whatever, whenever or however they want it to, but for those who are crypto users esp long timers, they won't be affected by these negativities anymore.
 we all know how to secure our funds to avoid losing funds but a lot of us are still hard-headed to leave coins in vulnerable sites like exchanges and 3rd party apps
they can influence the mindset of those noncrypto users but once they educate themselves about the true nature of bitcoin or crypto, they will also change their minds. it will take time for them to get a hold of those right info, but if they will not give up in knowing the truth, they will finally learn how crypto is really changing the lives of many people for the better

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October 17, 2020, 08:48:46 PM
 #3

I saw this article too and I considered posting it myself, but it was so ridiculous I didn't bother.   Still this should be entertaining thread as members rip into these so called reasons  Grin
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October 17, 2020, 09:01:55 PM
 #4

Many have claimed the same for years. Many have regretted since then ...

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October 17, 2020, 10:34:38 PM
 #5

Many have claimed the same for years. Many have regretted since then ...
Yes, the same descriptions and attacks. We will see more in the future when bitcoin reaches another peak. While them, they continuing what others did before.
They are discouraging people to stop investing in bitcoin. Maybe, they also have the same agenda as others who have said bitcoin is a fraud and other bad descriptions about it before.   Tongue

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October 18, 2020, 07:04:37 AM
 #6

this is one example if the misinformation that i always talk about. i dare say the level of FUD in this article is much lower than some others that i have seen which outright call bitcoin something like a "Ponzi scheme" or a "criminal money"! this is mostly attacking bitcoin as an "investment" which i'd argue that bitcoin is a currency not an investment so the discussion is a bit moot.

this is exactly why bitcoin adoption is estimated to be less than 1%, misinformation like this is turning people away while some day in the future the same people see that those bastards who misled them had adopted bitcoin while misleading others...

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October 18, 2020, 07:24:58 AM
 #7

Bitcoin is truly scarce, and it is simple to know that, bitcoin was worth less than a dollar before in a decade ago, and now worth more than $10000 now, can something that is not scarce be increasing in price? This is not possible. Bitcoin is scarce. What I can say is that humans can not be ever satisfied, bitcoin have 21 million bitcoin that will be in total supply, how can it be manipulated and be increased, this can not be, it has to be agreed upon by the bitcoin community, which I believe will only lead to hard fork, bitcoin is a deflationary currency with a limited supply of 21 million. Bitcoin has value, the value is what that matters, not tangibility, why are many tangible things are worthless? it is because they are not in need by people, but people needs bitcoin and makes it has value. Lastly, I will talk about the theft aspect of it, there are more thefts in fiats than in bitcoin, fiats are more used by people and are more used in terrorism and also in laundering money. We should also know that fiats can not make use of blockchain, it they, that means they are turned into crypto. We should not mind peoples ways of ignorance about bitcoin and blockchain.

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October 18, 2020, 07:39:03 AM
 #8

There is one thing we can do in such case:

"
How to Block a Website on Chrome Desktop
Search for the "Block Site" Chrome extension, and add it to your browser. ...
Click "Add extension" in the pop-up box. ...
Check for the extension's icon on the top-righthand corner of your Chrome screen. ...
Visit a website you want to block from then on.
"
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And never ever see any more articles from this website. You know that they are not worh your time. I do it and internet browsing is much better for me. One 100% shitty article full of lies and manipulation (or click-beit articles) and whole portal is gone for me.

I encourage others to do the same. Give them feed-back in that way - no more money from ads from your enters.
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October 18, 2020, 07:56:02 AM
 #9

You did write some good text up there, mate. I hope people that were misled by the article, read your thread someday and realize that bitcoin needs a little study before entering its field. But you know what? They won't.

I would like to tell you something, and not just on @20kevin20 but everyone that reads this post. We, the people that have gathered on this forum, really like bitcoin and the blockchain technology that brought us. The problem is that we're overly enthusiasts, and we can't see bitcoin as other people see it. For example, @20kevin20 ridiculated the author of that article, which I want to state that I don't fully agree with him as well, with his answers on this thread. The author tried to make an article about bitcoin, because he sees it as a dangerous purchase. Respected. Let's be honest, do you how people, that don't know how it works, see it? As an internet currency that is wildly fluctuating, hear that is used by criminals, is a fraud etc. They can't see it they way we do.

About the decentralization part, not everybody likes it. The members of this community do, but someone that wants a third party to be responsible for his actions doesn't.

We shouldn't even discuss that bitcoins will be more than 21 million. In order to do that, everyone that owns a node should agree upon that which I think they won't. Sometimes I believe SegWit wasn't a good idea at all.

this is mostly attacking bitcoin as an "investment" which i'd argue that bitcoin is a currency not an investment so the discussion is a bit moot.
I don't know about you, but if a currency is worthing $10k each and the next year it is $20k, I don't consider it a currency at all. Yes it is great for purchasing online, but it's better for store of value or investment whether it wasn't created for those purposes or not.

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overttherainbow
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October 18, 2020, 08:00:13 AM
 #10

>Blockchain is years from being mainstream
Its true, isnt it? Only very small amount of customers pays for goods in crypto. And not so big amount of people in the world know that bitcoin is in general
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October 18, 2020, 08:26:31 AM
 #11

they can attack bitcoin, whatever, whenever or however they want it to, but for those who are crypto users esp long timers, they won't be affected by these negativities anymore.
The most important influence is the one they have over non-crypto users. Obviously, as we have been here for a long time, we know that this is misinformation. What matters is that they get to push away potentially interested investors and users.

they can influence the mindset of those noncrypto users but once they educate themselves about the true nature of bitcoin or crypto, they will also change their minds. it will take time for them to get a hold of those right info, but if they will not give up in knowing the truth, they will finally learn how crypto is really changing the lives of many people for the better
This is not happening anymore - not in our days. Nowadays, Nasdaq, CNN, BBC and all the other mainstream media is the only right opinion. Convenience advanced so far that it becomes an issue: we don't even think our own way anymore. Instead, we're letting complete strangers tell us what to believe and think.



this is exactly why bitcoin adoption is estimated to be less than 1%, misinformation like this is turning people away while some day in the future the same people see that those bastards who misled them had adopted bitcoin while misleading others...
Yes, it's the unfortunate truth. It's a vicious cycle of misinformation spreading everywhere around the exact same way "Bitcoin is the criminal's currency" has spread like a plague.



The author tried to make an article about bitcoin, because he sees it as a dangerous purchase. Respected. Let's be honest, do you how people, that don't know how it works, see it? As an internet currency that is wildly fluctuating, hear that is used by criminals, is a fraud etc. They can't see it they way we do.
I'd argue against your point here. I always respect a properly justified argument, but that is exactly the opposite of TMF's. The author is writing an article for one of the top financial advice websites out there. It's not like he's writing on a forum - he is supposed to do research before writing anything on influential blogs and news outlets. An author cannot come with the excuse of not having properly researched a subject beforehand. It's obvious that the FUD was intentional.

I don't know about you, but if a currency is worthing $10k each and the next year it is $20k, I don't consider it a currency at all. Yes it is great for purchasing online, but it's better for store of value or investment whether it wasn't created for those purposes or not.
This is a greatly debateable subject and, before Bitcoin's market matures, it's going to be all about predictions and speculations. The fun part is, Bitcoin can right now be used as both a store of value and a currency. It provides you, for the first time, the opportunity to use it as both.
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October 18, 2020, 08:35:40 AM
 #12

This one from the article
Quote
The cryptocurrency kingpin has been on fire in 2020, but belongs nowhere near investors' portfolios.

Perhaps he hasn't heard any of the institutions that has been stacking up on BTC?

......

Does anyone have a count how many times some people called BTC a bubble? It's been a decade but we still read the same thing. How many times will it burst?
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October 18, 2020, 09:30:33 AM
 #13

Ah, welcome to Motley Fool. It's been anti Bitcoin and pro penny stocks for years now, saw you just found that out.

Personally, I'm happy for articles like these though and, can even find some agreement with some of them. It's not really scarce is something I actually agree with though. It's limited in supply, but buying $1 Bitcoin today will be just as easy in 10 years when almost everything's mined. You simply will just be getting fractions.

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October 18, 2020, 09:40:02 AM
 #14

Some of the points he shared to the article is just pure nonsense.
If you are in the crypto space for a long time or quite some time then you know that what he is saying doesn't have any sense at all.

He can attack it anytime. Those who knows how crypto works will not fall to these. What I worry is those newbies who read this article. They might think twice in investing into Bitcoin and possible that they might not invest into it. I believe though that more and more will use Bitcoin and crypto in the future. They can attack it anytime they want, in fact they are helping to spread awareness to people Cheesy.

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October 18, 2020, 10:45:52 AM
Last edit: October 18, 2020, 11:00:56 AM by vapourminer
 #15

Only a few hours ago, The Motley Fool has posted an article in an attempt to gather as many arguments against Bitcoin as possible - without even realizing how pathetic most of them really sound. This further proves that, besides the "money laundering" already tiring and annoying attack against BTC, there isn't really much negative stuff one could say about the King of crypto.

Quote
9. The tax situation is a nightmare
If you think preparing your federal income taxes stinks now, try preparing them after investing in and/or using bitcoin in any transaction. The Internal Revenue Service expects you to report capital gains and losses tied to investment activity, as well as gains and losses associated with purchasing goods and services.

For example, if you bought a single bitcoin token at $11,000, then used a fraction of your bitcoin to buy a new smartphone for $1,000, you'd have to calculate the value of your bitcoin used at the time of the transaction and recognize capital gains or losses relative to your cost basis. It's a gigantic headache.
While this is one point I agree with, I strongly believe this has been done intentionally so that more people stay away from Bitcoin. If we had easy tax reports for cryptocurrencies, people would have been more attracted towards them. But when you know using BTC means a tax reporting nightmare, you may as well stay away from it.

Again, this is something that could change. It's not a non-changeable situation. It's just that not enough people complain. Smiley

?

for the most part taxes on bitcoin have been pretty easy. yes you have to keep track of buys/trades/cashouts but with decent record keeping (largely automatic on most exchanges, just import your history) and the various crypto tax related services that have been available for years now i have had no issues. it sorts and matches it all up, calculates the capitol gains or regular income (say from mining) prints it all out, i give it to my account and and its done. purchases to merchants do need to be entered manually but there arent a lot of those in my case (say pm purchases and such for example).

admittedly you could do tons and tons of merchant payouts but still, record keeping isnt THAT hard to enter manually into a crypto tax service. just need the date and amount, the crypto tax service calculates the price on that day and matches it with the rest of your history automatically so i dont see any real show stopper issues or even that much extra work tbh.
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October 18, 2020, 12:19:09 PM
 #16

Misinformation from the media is becoming a norm these days, I usually struggle sometimes to get accurate information about assets like Bitcoin and mostly rely on specific websites (usually community based) for information.
Such negative publications on Bitcoin is used to dissuade public interest, but it's becoming less effective as the network becomes more popular. Much easier to mislead people when they know very little about the subject.

bitcoin have 21 million bitcoin that will be in total supply, how can it be manipulated and be increased, this can not be, it has to be agreed upon by the bitcoin community, which I believe will only lead to hard fork,
Bitcoin is community based which means it relies on majority vote, if a cap increase is suggested and agreed upon by most of the network then it is technically possible without the need of a fork. However, considering the times this has been suggested in the past, such a change to the protocol is very unlikely. The fact that Bitcoin is highly divisible also makes it unnecessary.

It's limited in supply, but buying $1 Bitcoin today will be just as easy in 10 years when almost everything's mined. You simply will just be getting fractions.
$1 may be relatively easy, but would $425 million (the amount purchased by microstrategy) be at that time? It may yet be possible if you factor in inflation of fiat and appreciation of bitcoins value, so we should probably consider it from Bitcoin amount rather than fiat equivalent as; Scarcity leads to price increase as it has a deflationary effect.
For example, Microstrategy purchased about 35k BTC IIRC, at a value of 425 million, in 100 years the same amount of bitcoins could be far much higher in USD value, making it far more difficult to acquire, due to scarcity among other factors.

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October 18, 2020, 01:01:41 PM
 #17

>Blockchain is years from being mainstream
Its true, isnt it? Only very small amount of customers pays for goods in crypto. And not so big amount of people in the world know that bitcoin is in general

It is true and it may never go mainstream but remain localized. For example, is a Russian ruble mainstream? I wouldn't go that far. It's not a world reserve currency and you can't use it to pay for goods and services outside Russia. You can exchange it to other currencies almost anywhere in the world, but it's the same with Bitcoin. Localbitcoins traders can be found all around the world and bitcoin exchanges exist in most countries. So, we don't need Bitcoin to be mainstream, we just need it to be there. To remain as an option.

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October 18, 2020, 01:49:16 PM
Merited by Bttzed03 (1), DougM (1)
 #18

I wouldn't listen to a single word this author says about bitcoin.

Here he is in 2019 calling bitcoin "fundamentally flawed" - https://www.fool.com/investing/2019/06/25/3-reasons-bitcoin-is-fundamentally-flawed-as-an-in.aspx
Here he is in 2018 calling bitcoin "a gigantic failure" - https://www.fool.com/investing/2018/02/14/is-bitcoin-destined-to-be-a-gigantic-failure.aspx
Here he is in 2017 calling bitcoin "a fraud" - https://www.fool.com/investing/2017/09/18/bitcoin-is-a-fraud-according-to-the-ceo-of-the-lar.aspx
...
Here he is as far back as 2013 calling bitcoin a "fictitious token" - https://www.fool.com/investing/general/2013/04/13/this-is-the-real-danger-of-the-irrational-exuberan.aspx

There are 295 articles authored by him on fool.com which mention bitcoin. For someone who writes so much about it, it's incredible that he is so consistently and fundamentally wrong about it. He's been parroting off the same arguments as in this article over and over for 7 years.



I did get a chuckle out of the first two paragraphs though. Paragraph 1 - It isn't really scarce! Paragraph 2 - It's too scarce to be useful!
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October 18, 2020, 02:45:07 PM
 #19

I'm not sure I really cared about guff like this when I got rolling in 2013, and it was the majority view by quite a way back then. These days it's plain quaint.

As ever, actions speak louder than words and anyone swayed by this need only look at how Bitcoin is acting, not how rando piggies are squealing about it.
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October 18, 2020, 03:02:12 PM
 #20

$1 may be relatively easy, but would $425 million (the amount purchased by microstrategy) be at that time? It may yet be possible if you factor in inflation of fiat and appreciation of bitcoins value, so we should probably consider it from Bitcoin amount rather than fiat equivalent as; Scarcity leads to price increase as it has a deflationary effect.
For example, Microstrategy purchased about 35k BTC IIRC, at a value of 425 million, in 100 years the same amount of bitcoins could be far much higher in USD value, making it far more difficult to acquire, due to scarcity among other factors.

Um, yes, why not? MicroStrategy buys a dollar amount, not a BTC amount. Again, $425M today might require 42,500 BTC but maybe in 10 years, if all all these predictions of $100,000 come to light, then that's "only" 4,250 BTC, seems to me actually easier to buy, but it's not more difficult or easy, it's just as easy/difficult. If anything liquidity is bigger, OTC desks can handle bigger and bigger amounts, and no, Bitcoin isn't going to be harder to buy because it becomes more scarce, people will always be buying in USD or fiat equivalents.

10 years ago, someone puts down $100 dollars and geta a LOT of coins. Today, someone puts $100 dollars down and gets 0.01 BTC.

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