Interesting Article About Bitcoin (Cryptocurrencies)

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Rastatodd
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Joined: Thu Mar 24, 2011
Location: Minnesota

Interesting Article About Bitcoin (Cryptocurrencies)

Postby Rastatodd » Sun Dec 10, 2017

Came across this article about Bitcoin. Which I found interesting. Thought if some of the members where on the bubble about jumping into cryptocurrencies it would help you become more informed. I know it help me in making my mind up.
https://theoutline.com/post/2592/bitcoi ... osed-to-be

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Bucketeer
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Re: Interesting Article About Bitcoin (Cryptocurrencies)

Postby Bucketeer » Sun Dec 10, 2017

+10

Great post - stay long, it is all or nothing
Gentlemen prefer Engelhard.

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SilverDoge
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Re: Interesting Article About Bitcoin (Cryptocurrencies)

Postby SilverDoge » Sun Dec 10, 2017

The article makes some good points. But can we blame bitcoin for being "too successful", so much so that Wall Street has taken interest? The free market is ebbing and flowing. After MtGox, people had a healthy fear of exchanges, and did more peer to peer transactions. Did you see the bitcoin price from 2014 to 2016? It was down, then flat, then started creeping back up. That happened because users trusted an incompetent third party with their bitcoin. Adoption is much easier with friendly easy-to-use software - that normally comes via third parties.

Now users are back to trusting exchanges again. Something will happen that might undermine that again (Tether?), but now there are so many exchanges that the failure of one won't be nearly as catastrophic. When you couple that with people not being used to actually controlling their wealth and it isn't a huge surprise we have these third parties so involved in the crypto space.

None of this takes away from the fact that we still have the option to hold our own wealth (hardware or paper wallets) and to transact peer-to-peer. We don't have to use the exchanges and third parties, but we choose to.
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