Indeed...and it's a question of how much 'control' they have. Don't get me wrong, I'd encourage a greater distribution. However, if you are saying that China can flip a switch and 'end' bitcoin this very day, that's not the case. Could they cause short term temporary disruption? - sure.I'd have thought people who put forward the argument of Bitcoin as a safe haven form meddling governments wouldn't have thought giving China such control was a good idea
China can flip a switch and 'end' bitcoin this very day, that's not the case.
You could well be right in both cases, Leo - quite happy to accept that. I just don't see it as a concern this very day. To your second point, the longer this goes on, the harder it becomes to snuff out bitcoin and cryptocurrencies.I think you underestimate their abilities. Whether they want to or not is the more important factor.
Care to givuz a source. Just to see if there is a bias (as you are fond to accuse others of). I see that Established History was thrown in, at which we all know Bitcoin is a bit of a dunce. However, this could be a ruse to impress us of the objectivity of the exercise. A few subjects were left out of the exam which are by no means negligible:
That's very perceptive of you, your Dukeness - impressive. Indeed it's not. However, it is in response to a post on this thread - which wasn't about the halving....just as I responded to your post...which wasn't about the halving. Thanks for helping to clear that up.WARNING This post is not about the halvening.
Indeed I do care to provide a source - it's at the very end of the post.Care to givuz a source.
Ah, we need to verify that? Well the evidence is stacking up against you, your Dukeness. You took issue with my last post not being halving related and conveniently skipped over the previous couple of posts by another contributor (the posts that I responded to) and yet you have no commentary for them on the matter. Could it be that it's because they support your equally skewed view of the world as it relates to bitcoin and crypto?Just to see if there is a bias (as you are fond to accuse others of).
Discussed in the analysis.A few subjects were left out of the exam which are by no means negligible:
Price stability
Intrinsic value or tethered thereto
General acceptability as a transaction currency
You mean like oil? No, that's a mistake - it can't be like oil because oil goes into minus money. Bitcoin ticks a hell of a lot of boxes but even it can't stretch to that. No, I guess you mean the currency that died yesterday - the Iranian Rial. Or was it the FIAT currency and banking system that hit rocks last week - The Lebanese Pound? Hell, we have not got all day. Let's not go through them all - as it is a case of going through them all as ALL FIAT currencies fail at one point or another - with the average lifespan being 27 years. You mentioned the CYA which comes with ALL investment products. Tell me - do they provide that warning for Euros, Lebanese Pounds and other sorts of monopoly money?Possibility of going to zero or thereabouts (I have noticed that those in the investor community who recommend btc as an uncorrelated asset invariably do a CYA and concede that it could go to zero)
Well, firstly - have you and your fellow travellers not been telling us that bitcoin is going to zero? If that's the case, how would this be a thing? Let me help you with that just in case anyone 'has lost leave of their senses' and doesn't at the very least accept the opposite as a possible outcome...Sustainable low transaction costs (watch the fees balloon after a few more halvenings)
And to be fair it makes its bias clear - it is headed The Bullish Case For BitcoinIndeed I do care to provide a source - it's at the very end of the post.
Hilarious! This is your critique of the guy's analysis? Bravo! If that's the best you can muster. If you were approaching this discussion with any objectivity, you'd go through his analysis and critique it. I guess you're not capable of that.And to be fair it makes its bias clear - it is headed The Bullish Case For Bitcoin
You want to silence me? Eh, no - respectfully - no. And anyone shouldn't want that. Anyone should be able to walk away from a public discussion having seen all facets and sides to it - and go away and make up their own mind.The rest of your post indicates that you might have misinterpreted the thrust of my post - it happens. I was not seeking your written answers on the subjects - I am well aware of what they would be.
Except - as I pointed out - but it seems you're not happy with - he has addressed them in his analysis. Please read it and go through it.I was merely pointing out that some very important subjects were omitted from the exam.
Hilarious! The guy carried out his analysis and that's his take away. If you truly believe in discussion (rather than trying to lord it over someone with your smart alec comments), then you'd go through his analysis and point out the inaccuracies (if that's what you believe).I see now that the bias was unashamedly upfronted in the source though there may be others like me who would have missed this key point in your post.
As a store of value, it doesn't have glaring omissions. The items you brought up refer to day to day currency use - and as I informed you, he covers those items in the study itself. The graphic is not a stand alone item. It comes part and parcel with his analysis.I was pointing out that the graphic was misleading, very misleading in its glaring omissions.
If you have a genuine interest in discussing the topic, then that's very much within your ability. You may however choose not to - that's a personal decision.I will as you recommend read the source, though I cannot in any way pretend to do so with an open mind on the subject no more than I would have an open mind on an article with a headline proclaiming evidence of the existence of the tooth fairy.
That old chestnut hasn't been rolled out since 2017 and the 'blockchain not bitcoin' mantra from the banks. Tell me this - how long did 'tulipmania' last? And for bonus points, how do tulips score in terms of the fundamental characteristics of a good store of value below?Based on this thread I think I'm going to buy a load of tulip bulps from the Dutch as an investment in these uncertain times.
Better than bitcoin for sure. But how are you going to store them?Based on this thread I think I'm going to buy a load of tulip bulps from the Dutch as an investment in these uncertain times.
Well you know me and my preferences, I’m heading for more bricks and mortar when the recession kicks in. Ups and downs and still property stands.Better than bitcoin for sure. But how are you going to store them?
If I were O’Leary even an oil futures contract, however tempting, is no good when faced with grounded planes for a future of no determinate length.That old chestnut hasn't been rolled out since 2017 and the 'blockchain not bitcoin' mantra from the banks. Tell me this - how long did 'tulipmania' last? And for bonus points, how do tulips score in terms of the fundamental characteristics of a good store of value below?
An oil futures contract around about now would be perfect for you. How about some crisp Iranian Rials?
Mischaracterise to your hearts content.
I guess the irony was lost on you but as a rebuttal to your 'tulipmania' jibe, a reminder to people here that the world changes. When was the last time an otherwise solid asset class not only goes to zero but goes well beyond zero.If I were O’Leary even an oil futures contract, however tempting, is no good when faced with grounded planes for a future of no determinate length.
Another one with the tar and feathers out with your 'pyramid' and 'sure thing' reference. I mean, it's far easier to go with snide remarks than to actually elaborate and demonstrate/prove your point (if you even have one). Your 'pyramid' reference is just as empty as your 'tulipmania' reference - but believe that if you want to. Everyone can make up their own minds.I’ve no skin in the Bitcoin game/pyramid/word that would be unacceptable/trend/sure thing/investment.
If by that you mean do I think that blockchain technology and cryptocurrencies (in some cases - in conjunction with the emergence of AI/5G/IoT) - can be a positive development for society, I most certainly do.But you clearly do.
Boss you may have found the missing link Satoshi was desperate for. If you do launch a new coin tethered to your poetry you will have to undertake to halve your creativity every so often.My poetry is scarce.
Brendan
I don't think I could have put it better myself. "each market participant values the good based on their appraisal of whether and how much other participants will value it" exactly as Mr Fax Machine and the vast majority of mainstream economists have argued. It is pure speculation as to what the other speculators will speculate - a game. As soon as the satoshi drops that it is a BOHA it goes to zero, a risk that even the enthusiasts admit exists.Vijay Boyapati said:Bitcoins are not backed by any physical commodity, nor are they guaranteed by any government or company, which raises the obvious question for a new bitcoin investor: why do they have any value at all? Unlike stocks, bonds, real-estate or even commodities such as oil and wheat, bitcoins cannot be valued using standard discounted cash flow analysis or by demand for their use in the production of higher order goods. Bitcoins fall into an entirely different category of goods, known as monetary goods, whose value is set game-theoretically. I.e., each market participant values the good based on their appraisal of whether and how much other participants will value it.
The Boss' poetry is scarce. That is not trying to be smart alicky but it is my riposte to your Mr Fax Machine riff.Vijay said:Scarcity is perhaps the most important attribute of a store of value as it taps into the innate human desire to collect that which is rare. It is the source of the original value of the store of value.
To your second point, the longer this goes on, the harder it becomes to snuff out bitcoin and cryptocurrencies.
BTW I love your chart. Hands up I've no clue what it means. But I do know what real money is. What is funible? And is Fiat cars or something else? I suppose now that's probably a very stupid question.That old chestnut hasn't been rolled out since 2017 and the 'blockchain not bitcoin' mantra from the banks. Tell me this - how long did 'tulipmania' last? And for bonus points, how do tulips score in terms of the fundamental characteristics of a good store of value below?
An oil futures contract around about now would be perfect for you. How about some crisp Iranian Rials?
Mischaracterise to your hearts content.
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