Quote from @Eric Carr:
Quote from @Dylan Barnard:
Quote from @Darnell Duncan:
I think it'd be naive to be so dismissive of cryptocurrencies and blockchain technology. I understand the idea behind being skeptical about change, or anything that you're unfamiliar with, but it's pretty obvious there's a lot of value there.
At the end of the day, all investments are risks. Whether it's in real estate, stocks, business, cryptocurrency etc. What you decide to do should be based on your own situation and your own sense of risk management, not any one else's.
I think blockchain technology will be well apart of our future.
No one is dismissing the value of the technology, just the value of the coin itself. Like someone mentioned above, PayPal is using Blockchain - I can get behind that idea because they are a company with underlying cash flow and profits. But buying a coin just because you think it will go up in value is reckless in my opinion. There is a fine line between investing and gambling and buying a coin falls on the gambling side IMO.
Everyone is welcome to their opinion
What does PayPal do? It facilitates purchases and monetary transfers. Also does so using bitcoin.
What does bitcoin do? It is an immutable ledger on the most secure network on the planet, is censorship resistant, can't be manipulated or confiscated, hardest form of money ever known. And it facilitates purchases and instant instant money transfers - for free. And gives a person total ownership of their wealth. Seems pretty damn valuable to me.
The Internet is only valuable because of the company's I mentioned? I disagree. The Internet has value because it is valuable. For one, it allows people to send messages, music, pictures, instantly, video chat, and basically for free. Sound familiar?
And if it wasn't Google, Amazon, and the rest, it would be someone else. The Internet has always had inherent value.
However, there were people like Paul Krugman, who thought the Internet was a passing fad. There were lots of people and "analysts" and "investors" who thought Amazon would never survive. I believe most of the world thought that a stranger would never get into someone else's car nor rent someone's house over the Internet.
Do you see a pattern?
If you still don't believe owning a piece of the Internet is more valuable than a company that is built on top of it... Would you rather own a building in times square, or the entire block that everything is built on top of?
We are going to have to agree to disagree here man. You are talking in abstracts, I am talking in investment terms. I may be wrong and miss out on Bitcoin going to $1m, but you are deluding yourself if you don't think that comes with immense risk.
I think crypto enthusiasts need to decide whether they want it to be a currency or a technology. If it's a currency, massive appreciation is a recipe for massive deflation and a shrinking economy where people hoard money and don't invest it and nothing gets done. If it's a technology, then they need to provide some kind of return to the people that buy it. It can't be free for everyone to use like you are suggesting.
