Buying 1 BTC is ‘like owning 60 cars?

[mr_ROBOTT]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

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[Kittygalore]

I did some search about the cheapest car, and a 15k seems to be the lowest, which means that 1 bitcoin is worth around 900k USD which doesn't prove anything but that bitcoin can grow much bigger if we just let it, I think that this person just played himself. The reason that bitcoin has a slow transaction is that it doesn't have the same infrastructure as a traditional financial institutions that are heavily flawed.

[remotemass]

Well, OSHO, the so-called "sex guru" had 93 Rolls-Royces...
https://autojosh.com/meet-osho-rajneeshthe-indian-sex-guru-who-had-93-rolls-royces-in-the-80s/

Can it get better than that?  

[mocacinno]

The least i can say, without even reading the article, is that he got his numbers wrong... 1400 tx's/hour   Nah... about >2000 tx's/~10 minutes... ON-CHAIN....

So, if you're only talking about one crypto (bitcoin), and you completely disregard the off-chain sollutions, you still have a troughput of > 12.000 transactions/hour.
If you factor in the lightning network (wich only needs an on-chain tx for opening/closing channels) and the fact some webwallets (like coinbase) allow offchain transactions between their members (i don't condone the use of a web wallet tough), and the fact stable altcoins are used aswell (i've bought things using litecoin in the past), the troughput becomes hundreds of times larger than those 12.000 tx/hour.

[leea-1334]

Owning and using 60 cars to provide a means of independent yet totally secure and totally reliable way to store value or send payments to each other across the world 24/7 regardless of location and identity and social standing? Sounds like a very good way to tradeoff $60000 or 60 cars:) I honestly cannot see their points of these politicians some times,,,

[Lorence.xD]

Owning and using 60 cars to provide a means of independent yet totally secure and totally reliable way to store value or send payments to each other across the world 24/7 regardless of location and identity and social standing? Sounds like a very good way to tradeoff $60000 or 60 cars:) I honestly cannot see their points of these politicians some times,,,

Well, cars depreciate in value for a long time, so I get why he compares it somewhat with cars, but that is not the case with bitcoin, considering the current prices, I think that it is the reverse. FUDs will always be there no matter what happens so the best we can do is challenge their claims.

[aoluain]

Just read the first paragraph and didnt read any further because says it all

Bank of America analyst Francisco Blanch has slammed Bitcoin as "exceptionally volatile", "impractical" and an environmentally disastrous asset that's useless as a store of wealth or an inflation hedge.

Rolling out the old "volatility" stick to beat Bitcoin again, its old now.

What is he comparing Bitcoin to that is better as a store of wealth?

He's just another frightened banker voicing his opinion hoping Bitcoin will disappear.
We have heard it all before.

[jerrison]

I remember when 1 bitcoin was valued at way less than a thousand dollars and then it could be used to buy loads of stuff but definitely a car, but today we see the increase in price of bitcoin over the years ahs given it massive price appreciation that can make it afford to buy more than 5 cars depending on the price per unit. Bitcoin is indeed a great tech and as well a great investment.

[Lucius]

mr_ROBOTT, you didn't understand the article in the true sense of what the BoA analyst wanted to say, and it's actually a comparison of buying 1 BTC for $50 000, and that purchase have the same carbon footprint as 60 cars.

And retail 'wholecoiners' weren't spared from environmental blame with the analyst claiming:  "A single Bitcoin purchase at a price of ~$50,000 has a carbon footprint of 270 tons, the equivalent of 60 ICE [petrol] cars."

This is further based on the fact that most crypto miners use fossil fuels, and it has been proven countless times that the largest crypto mining farms are located near the largest hydropower plants - and that they use this type of energy. Bank of America has been well known for its anti-Bitcoin stance for years, and it should come as no surprise that they continue to try to influence the public with such appearances.

Maybe their opinion means something to those living in the US, but to everyone else this is just another in a series of episodes “Bitcoin is bad” that shouldn’t get too much attention.

[aysg76]

It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.

The current TPS for Bitcoin transactions is 7 and if you are good at maths you can find true results yourself
7*60= 420 transactions per minute
420*60= 25,200 tp/hour
So how come he calculated 1400 tp/h I don't know

Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?

If we make comparisons among Bitcoin electricity consumption and banking sector electricity usage we will find true picture here also.Although Bitcoin mining uses high amount of electricity and many have argued before also but if we make comparisons to banking sector usage it's much lower.Bitcoin consumes around 32.56 TWh. Banks comprise of servers cost,branch electricity cost,ATM cost mainly.Only in USA there are about 1,00,000 branches which uses high amount of electricity.Branches have light bulbs,air conditioning,servers, desktop running for most of the time say 8-9 hours a day five days weekend.Taking average we can say a branch cost 10kWh electricity consumption and if we multiply that by each branch it would be much higher than Bitcoin mining consumption.So Francisco the head at Bank of America is another banker who will be always against Bitcoin and try to spread fake things about it.

[androyster]

It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.

The current TPS for Bitcoin transactions is 7 and if you are good at maths you can find true results yourself
7*60= 420 transactions per minute
420*60= 25,200 tp/hour
So how come he calculated 1400 tp/h I don't know

Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?

If we make comparisons among Bitcoin electricity consumption and banking sector electricity usage we will find true picture here also.Although Bitcoin mining uses high amount of electricity and many have argued before also but if we make comparisons to banking sector usage it's much lower.Bitcoin consumes around 32.56 TWh. Banks comprise of servers cost,branch electricity cost,ATM cost mainly.Only in USA there are about 1,00,000 branches which uses high amount of electricity.Branches have light bulbs,air conditioning,servers, desktop running for most of the time say 8-9 hours a day five days weekend.Taking average we can say a branch cost 10kWh electricity consumption and if we multiply that by each branch it would be much higher than Bitcoin mining consumption.So Francisco the head at Bank of America is another banker who will be always against Bitcoin and try to spread fake things about it.

Well stated!  I never thought about how much bank branches use in electricity compared to bitcoin mining.

[michellee]

If I meet him, I want to say that he should sell all of his bitcoin if he owns bitcoin and never dealt with bitcoin and leave bitcoin alone because I am sure people who benefit from bitcoin will still use it.

If 1 bitcoin is like about 60 cars, how about people who own more than 1k bitcoin? They really have a hundred car in their garage, and they should have a big parking yard for their car

[DdmrDdmr]

It often pays off to read the referenced article to get a grasp of the meaning of things that seem off. Few have gone past the post’s heading (similar to the referenced article’s heading), and actually found it misleading enough to dive into the article’s content, only to discover that the subject was not bitcoin’s purchasing power, but rather its carbon footprint compared to 60 petrol based cars.

Not that the statement was backed by any numbers or such, but there we have it, the whole topic is really about something rather different to what it seems.

Note: The goes my post number 6666 (actually, my second attempt, since I deleted my prior post number 6666 for being belittling to the radiant number).

[dothebeats]

The numbers are completely wrong, and I think the statement is just made to spite bitcoin or get attention. If this is an issue about 'value' then it's completely off. As for the context of owning 60 cars, I don't think his statement supports what he wants to get out. We all know that the whole banking and finance industry consumes more power than bitcoin, plus the latter employs more greener power sources with less carbon emissions, so it's really a statement not carefully put together and not just us being bias with bitcoin because we love it.

[best123]

He spoke for himself. If he does not like Bitcoin transaction speed and volume. what of other use cases of Blockchain technology? There are so many thing Blockchain is contributing to the world economy.
"Buying 1 BTC is ‘like owning 60 cars?" Beloved this your caption is misleading.

[hugeblack]

I wonder how a well-educated man could say such things, at least why did he not do a little research before making such accusations?
If the article is true, then Bank of America has hired the wrong person or he is lying in order to influence the bitcoin price.
Generally, investors are smarter than this and are able to verify the authenticity of the information.

[AnonBitCoiner]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

This comparison is very huge comparative concept.Price of car is the half of bitcoin price. Say 0.5 btc is equal to the value of 1 car with standard quality. Maximum value of an bitcoin is between 2-3 cars maximum. I don't know on whay basis you made a commitment of 60 cars.May be the profits earned from 60 cars is equal to the profit earned from 1 bitcoin.

[Innerpumper]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?

But by comparison, there are so many advantages of bitcoin. Even if it says that, no one wants to get out of bitcoin at the moment. When you've bought in 2017 and held until now. How you feel that wealth is real. Thinking in theory is endless. It would make sense if we already had bitcoin and got rich afterwards.

[NeuroticFish]

60 cars... interesting.
Well, right now you can buy 60 wrecks for that money, that's for sure. I wouldn't call them cars though.
But maybe he foresees the future, when maybe 1 BTC will be highly enough priced for 60 cars  

Although he may have a point about speed (although it could be by luck), he seem to have gotten wrong all the rest. So.. yeah..
Btw, who's this troll? Another guy who wants his name on the news?

[milewilda]

Francisco Blanch has made some interesting statements with the idea that he wants to destroy bitcoin, which has provoked bitcoin fans!
He has said that bitcoin as a wealth is not suitable for storage and is even weaker in financial transactions than people think.It is only able to process 1,400 transactions per hour, while the visa is processed with 236 million transactions.Francisco Blanch also considers bitcoin biodegradable due to its high energy consumption!
What do you think about it?


Source:https://cointelegraph.com/news/bank-of-america-analyst-slams-bitcoin-buying-1-btc-is-like-owning-60-cars

FUDS.
Common things that do exist on this market.Its neither you could take those seriously or just simply say some "meh" on it. lol. They have countless attacks or criticisms on bitcoin
but look at on how far we do able to reach out? How big it did become for just a decade? For how big the recognition with big companies and billionaires out  there?
All the thing they can do is neither to give out false information or would just simply like to ride with the train.