There are approximately And forks like BCash BCH should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage. According to Wikipedia , there are approximately In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away. Kraken , according to the CEO, was adding about 6, new funded accounts per day in July Supposedly, Coinbase is currently adding about 75, new accounts per day.
After all, it takes some time and practical experience to learn how to safely secure one's private keys. To do so, I highly recommend Bitcoin Core network consensus and full validation of the blockchain , Armory private key management , Glacier Protocol operational procedures and a Puri.
This changed November This price discovery could be the most wild thing anyone has ever experienced in financial markets. Thus, the critical question becomes : Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset? If the metal is held with a third-party in allocated-allocated storage safest possible then there is performance risk Morgan Stanley gold storage lawsuit.
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk. Bitcoin is a completely new asset type. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography! This new immutable asset, if properly secured, is subject only to exchange rate risk.
There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum , but the probability is almost nil and getting lower everyday it does not happen. Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes. On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again. Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move. What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the 1 coinbase reward which is a form of inflation and 2 transaction fees which is a form of usage fee. The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets. Most developers who have the skill are also financially independent now and can work on whatever they want. The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem. Nevertheless, the Bitcoin ecosystem is healthier than ever before. Perhaps the closest is Blockstream's Strong Federations via Liquid. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of 1 transactional demand and 2 speculative demand. Maybe in the new world, something gets backed by consensus. Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition. I have been around this space for a long time. Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. Lamp Bate. Frank Maher. Run To Gold updated their business hours. Send Message. Run To Gold updated their website address. Learn More. Bitcoin and geopolitics playing out as predicted. In this two part interview with Max Keiser discuss how the United States, Russia, China and tax havens can use Bitcoin to influence geopolitics.
Bitcoinlandia tallies four investment grand slames on the scorebaord. Germany senses currency controls and repatriates gold. Credit card costs are getting revealed. And the Bitcoin juggernaut gains mass and momentum. GATA sounded the alarm about central bank gold price suppression scheme. But they were suspectible to economic censorship. So I helped them accept bitcoins.
GoldMoney considers integrating with Bitcoin in its Annual Survey for
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Tweet Reading time: 17 — 28 minutes Some supposed monetary theorists assert that Bitcoin is not tangible. This is no doubt a problem due to the prison house of language the human mind dwells in when If you are a Bitcoin supporter, whether a GoldMoney Tweet Reading time: 14 — 23 minutes Any rational person who continues to dispute the existence of the [gold] rig after exposure to the evidence is either in denial or is complicit.
Tweet Reading time: 8 — 13 minutes Bitcoin, a censorship-resistant crypto-currency, will absorb any regulatory interference and only grow stronger as a result. Blowback baby! The cost of using credit For some reason they rejected this well written and balanced article not on its merits but Tweet Reading time: 11 — 18 minutes It will be fun to watch the price melt-up to that over the short to medium term so get out the popcorn to watch this rocket.
Tweet Reading time: 5 — 8 minutes One aspect of technology is that it takes intellectual capacity along with consistent and diligent effort to become competent. In early June I presented at the Bitcoin Conference Reading time: In this two part interview with Max Keiser hear the discussion about how the United States, Russia, China and tax havens can use Bitcoin to influence the geopolitical chessboard.
The next 12 months should see a massive rise. Bitcoin Standard author. The Gimli of Bitcoin. Associate professor of economics. Bitcoin economist. To help you better understand Bitcoin the top people in the Bitcoin industry are interviewed by Trace Mayer for the Bitcoin Knowledge Podcast. The host is an entrepreneur, investor, journalist, monetary scientist and ardent defender of the freedom of speech.
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The rate at which capital is being created, generated and transferred is astounding. While some people, like Chris Duane , whine about it the wise are knocking in runs to tally points on the scoreboard. So, roll the Q1 and Q2 replays! What is an investment grand slam? Liquidity and censorship-resistance. Unlike a bank or brokerage account so long as the private keys are protected it is almost impossible to seize or confiscate the assets.
Privacy is increasingly becoming a rarer and rarer commodity. Bitcoin is not anonymous but pseudo-anonymous. Additionally, there is no account like with a bank or brokerage. This means there are no form TD-F The bottom line is that although tax liability may still accure , I recommend everyone pay what they legally owe because there is really no reason to be looking over your shoulder for these costumed thugs, and the actual payment is more consensual.
Moral superiority through express voluntary and consensual relationships. Violence or coercion interferes with the pricing mechanism and economic calculation of market participants. This leads to misallocations of capital and wealth destruction.
The State is great at introducing these types of annoyances into the otherwise peaceful associations of individuals. By contrast, Bitcoin is used by voluntary mutual consent by market participants. Unlike record or movie companies, pharmaceutical companies, patent holders, etc. Consequently, wealth creation and generation can happen in a much more predictable environment.
In other words, it means you make a crap-ton of money really, really fast. But keep in mind that you make money when you buy not when you sell. But what about lately? Well, on 23 Feb I did an interview that was published 7 March Around , when Daniel wants to close the interview, I go out of my way to make a Bitcoin price prediction and talk about one of the investment grand-slams Satoshi Dice.
And it is Bitcoin's increasing use as a settlement currency that is deepening the crypto-currency capital pools. In that report they quoted me extensively and actually recommended Litecoins. This is the weakest case of the four investment grand slams but it still adds materially to the scoreboard. Please remove the entire "As an investment" section under "Concerns" because it is not cited by a reliable secondary source. The discussion of this edit is as follows.
This criticism is baseless since Bitcoin does not exhibit any substantial attributes of Ponzi schemes". Unlike Ponzi schemes, buying Bitcoin provides no returns other than price fluctuations. Unlike Ponzi schemes, the people who invented Bitcoin and bought Bitcoin first cannot "run with the investors' money". Unlike Ponzi schemes, Bitcoin does not require a continual stream of investments to maintain its market price or its value. It is important that we do not allow lies to remain unchallenged.
The fact that some people have accused Bitcoin of being a Ponzi scheme is certainly notably incorrect. Even though I don't agree with that conclusion, it is a common perception and deserves to be addressed in the article. I think we should expand the section with the reasoning behind the labeling, and, once the consensus viewpoint has shifted, then so note.
Lauciusa talk , 8 November UTC. That's it. That's not an argument not even an invalid argument According to this retarded "reasoning", I could also say: "we can think of Jesus as a white person" and link it to the wikipedia article of Jesus Christ in the Controversy section under a Race Issues header. My point is that this statement in the "source" doesn't mean anything, and it's preposterous that this "source" is being used to provide false support to a lie.
What I want to know is: what are we waiting for to delete or neutralize with the truth this slanderous lie about Bitcoin? Simple bureaucracy of providing a source refuting a lie? Just delete the lie! Whether Bitcoin is or isn't a Ponzi scheme isn't an opinion or a matter of popular consensus, but a truth-bearing statement that can be evaluated rationally, and has been evaluated rationally already.
Why do we allow silly process and bickering to hold back telling the truth? The "logic" of the Ponzi scheme lie is easily refuted. The lie says "Some criticize Bitcoin for being a Ponzi scheme in that it rewards early adopters through early Bitcoin mining and increasing exchange rates.
So, is it cool for me to go to the Apple page and vandalize it by adding "Some criticize Apple stock for being a Ponzi scheme in that it rewarded early shareholders through early stock granting and increasing stock prices" and a link to articles supporting these facts? Not done: I have disabled the original editprotected request because I can't see a consensus here.
Please continue the discussion as necessary and reactivate if appropriate. Well, I read through this whole debate and one point that no one seems to really understand how the block reward works, which I think is the fundamental confusion over the whole "Is Bitcoin a Ponzi Scheme" thing Bitcoin was designed from the start to taper off the block reward to effectively zero.
If that were all it did, then the Ponzi accusation would hold some credence. However, the entire intent of tapering off the block reward was with the understanding that transaction fees would eventually equal out and eventually surpass the value of the block reward. As such, Bitcoin does not fall into the Ponzi category, as it is self sustaining and those mining later are eligible to receive the same amount if not more for mining than early adopters.
In the future, it's entirely possible I won't comment on the likelyhood that a block reward with transaction fees would be worth more than 50 BTC or even BTC This being the case, Bitcoin can not be classified as a Ponzi, since late adopters have just as much possibility of making money as the early adopters when averaged out of over time.
This is directly contradictory to the entire Ponzi methodology. Nitrowolf talk , 12 November UTC. I've been reading this discussion , and it should come as no surprise that when you attack and insult others like that they aren't exactly eager to help. Calling me "SudoDouche" and creating subpages on your websites attacking me doesn't do you any good; it works towards damaging the credibility you would have otherwise had and you're shooting yourself in the foot with that behavior.
I say this in part because readers do occasionally visit the talk pages and will see these discussions and may impact how they view Bitcoin ; when you resort to petty name-calling when you don't immediately get your way, you don't exactly make Bitcoin look like something used by a mature crowd that should be embraced and taken seriously. As for the article and this talk page being locked, that has nothing to do with this discussion; you can thank HowardStrong for that one, he decided that he should vandalize the page and that's pretty much one of the only diffs you can see, the rest inserted pornographic images and vulgarity on the page to the point that the diffs had to be revdel 'd.
With that said, I can see where "Some criticize Bitcoin for being a Ponzi scheme" can be assumed to have an issue. On the one hand, it is a factual sentence; there are sources that criticize it for this reason, that does not imply that it is a Ponzi scheme, that would be jumping to a conclusion not given by the text. It has been criticized for this, and that's something that is sourced, you can't "un-source" that; no matter what sources you present, it's going to somehow un-criticize Bitcoin, the criticisms are still there, it doesn't matter if you can "prove" with your personal logic and with sources that don't actually support your argument that it isn't one; you're disproving something not relevant.
On the other hand, that multiple Bitcoin enthusiasts have misread this sentence thereby repeating the same flawed arguments over and over does indicate that a clarification would help. Perhaps the statement can be clarified to read "Some criticize Bitcoin, accusing it of being a Ponzi scheme. I'm actually surprised this discussion is still ongoing, as the matter seemed so stark that it should arrive at consensus quickly.
I didn't think I needed to offer a perspective, but it looks like I do. Bitcoin is not a Ponzi scheme any more than any other currency; it cannot be a Ponzi scheme as it's not a scheme at all! So some people say it's a Ponzi scheme. Well, some people say Obama was born in Africa, but I don't see mention of birthers on his Wikipedia page. The claim that Bitcoin is a Ponzi scheme even more outlandish and just as inappropriate to include in the page despite the fact that it's a claim that has been made.
If the claim that it's a Ponzi scheme is included, it must be followed by language casting explicit doubt on the claim. Crcarlin talk , 15 November UTC. These ad hominem assertions do not reflect upon myself, but rather upon the substance of your comment. It doesn't matter if "plenty of us in the tech world consider The Register to be extremely unreliable", that is far from the only reliable source verifying what's in the article. Please change "Some criticize Bitcoin for being a Ponzi scheme in that it rewards early adopters through early Bitcoin mining and increasing exchange rates.
Hopefully we can reach a consensus for how to expand upon that and editors can find reliable sources that refute these claims, but right now the above needs to be changed because it seems to be stating the Ponzi scheme claim as a fact in Wikipedia's own voice, when it needs to be clearer that it is an opinion held by some.
Anyway, as I glance in the above discussion, it looks like there is pretty good consensus that the line needs to either go or be cast in a far more dubious light. I'd suggest taking it out entirely until a better line can be proposed. At this point it seems to be SudoGhost alone staking out a tenuous position, using questionable interpretations of weak sources to maintain a line that other editors overwhelmingly reject.
I don't know what good it is to continue to discuss this with SudoGhost, as his perspective seems unlikely to be swayed toward the rest of us. And let's keep in mind what this is all about. We're talking about a line so weak that it has to be prefixed with "has been accused. Crcarlin talk , 18 November UTC. I came here because as an administrator I made an edit to the current text "Bitcoin has been accused of being a Ponzi scheme for rewarding early adopters through early Bitcoin mining and increasing exchange rates.
I had not seen this discussion at this time. SudoGhost requested that I revert the edit which as far as I can tell, never showed up in the article proper, anyway and come to discuss it here. Well, I am amazed at the volume of argument here, which has brought out some great sources. Moving toward a resolution I think we should get back to fundamentals. Such an approach should provide a more honest breadth of perspective. The current text is bad in that it is both single point of view, poorly cited, and uninformative.
I therefore invite participants to write their fair proposals for replacement text in the next section, such that a replacement may be selected. Dear discussion participants, please write proposed text here, including citations, so that they may be discussed and a preferred replacement selected. Remember, it is important to represent all views and the goal is to be both informative and fair. I don't think we need to go any more complicated than that. I think it's balanced: it flat out says Bitcoin is not a solid investment, which captures a negative.
Therefore, I believe it's verifiable to be so stark in calling it a myth. Feel free to suggest ways to soften it if you disagree. Crcarlin talk , 27 November UTC. I was contacted by EdJohnston fair declaration: apparently the admin who protected the Bitcoin article in the past on my talk page and at the dispute resolution request and asked to clarify the status of the discussions at present. My view is that the section desperately needs rewriting, that many people have contributed statements and proposals to this effect, and that something needs to be done to the article as soon as possible.
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