Tuesday, December 5, 2017

Bitcoin Comments for the Record



At my two recent youtube videos, Who is Buying Bitcoin and When Will They Stop? and Is Bitcoin in a Super Bubble?, some quite interesting comments have been left, I am going to leave some of them here for future reference:

Please please please before you do another video. Do some
homework and learn something about bitcoin. It's not a business. It's not in competition with any business. Trading on fundamentals is stupid here because there are none of the familiar fundamentals that matter.
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One thing I have not heard anyone consider is that we are living in different times. In 1986, if one wanted to buy into Microsoft, they would have had to do their research in the Wall Street Journal. Now, Wikipedia and YouTube is in our pockets. Moreover, if we decide to buy, again, we can buy it with that gadget in our pocket. I do not have to bring my checkbook down the road to a broker. The ease and simplicity to jump aboard is a huge factor, and the same thing would have happened with Microsoft in 1986, had it been that easy.
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Sir, with the greatest respect, I don't think you understand Bitcoin.
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please donate bitcoins I lost my job and things are very hard for me right now.my landlord is threatening to kick me out.please donate here 17ExjDURiqfRgBzEUHtthMRvd6tkP3mhdY
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While i can respect this man knows a thing or two about stocks, finance & investing in traditional markets, it's quite evident this technology has far escaped him in many ways.
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He is most stupid person to make a video about bitcoin without knowledge
stup up
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Sad how such a smart man has such limited understanding of deflationary currencies and the value of a network. New age new ideas and time to forget the idea that gold actually has a value anywhere near a few hundred dollars let alone a few tenners. Even Soros acknowledges this..Sidenote, if anything, a recession would boost the price. It's settling as a blue chip currency. I've been warning people about it as it's definitely going to reach a point where it's a clear bubble but it does have obvious use cases.

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Stop making videos. You aren't knowledgeable on this at all. You have to take into acount for futures, regulations, mining, manipulation. You're just rambling about the obvious and the past.

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This is a new economy, which you don't understand :(

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Really!/ gold back in your teeth? You should try another theme for your internet success. Economics is not your zone.

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This guy is an idiot and sounds like he has zero technical knowledge. I might also add that he is not very "economically" inclined, as it is WELL known that less that 1% of the human population has even heard of bitcoin, let alone crypto currencies. I'll see you in a year... on the moon.

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You must have received your economics education from CNBC

 -RW


6 comments:

  1. I'll admit I don't understand the technology completely when it comes to bitcoin (I had $100.00 worth about 6 months ago as a test, and it was, for my wife and me, a nightmare trying to figure-out how to buy something with it).
    But I don't understand how it can survive the long-game competition as money. I refer back to Rothbard's and Harry Browne's definition of true money, and one of the requirements is "intrinsic value." To my technologically-callow mind, it doesn't appear that Bitcoin has intrinsic worth, and so what distinguishes it from a speculative fad, such as Tulip Mania---? And another requisite for sound money is portability---and is it not true that there would be zero portability (indeed, zero utility) during, say, a massive power outage, or electro-magnetic pulse event, or possibly other widespread disasters?
    Maybe I'm just old-fashioned and can't keep up with the times. Or maybe the Bitcoin fanatics' criticism of gold and precious metals as competing money, is just the old "gold the barbarous relic" revisited.

    ReplyDelete
    Replies
    1. In fact, the failure of Bitcoin's utility during a power outage or SHTF scenario would speak to the requirement that real money be DURABLE; It's why cheese or beef jerky were never valued/used as money, as precious as those things are.

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    2. I don't follow the power outage issue. If there were no power, ATMs wouldn't function, and it would be as difficult to use mobile and Internet banking apps as it would be to use Bitcoin. I suspect credit and debit card networks and point-of-sale terminals would also be impacted. If you kept your gold with a safe storage facility, it's possible they would rely on electricity for at least part of their operations too.

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  2. A lot of these comments sound like people responding to Peter Schiff when he was talking about the economy and the housing bubble in 2006 and 2007.

    The fact that people are in such denial about what constitutes money and the block-chain is having problems facilitating that, along with the fact that people are not using it as money but as a speculative asset are alone very real problems for the value of Bitcoin.

    This doesn't even address the fact of the government intervention coming down the line.

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  3. No matter how high Bitcoin and its many imitators go, it will remain a black box which very few understand. The belief that it cannot be counterfeited is an act of faith.

    As long as government (a gang of criminals running a counterfeiting racket of their own) controls the internet, then they control the field upon which Bitcoin romps. The myth that Bitcoin is independent of that gang is it's main selling point, just as it is for gold.

    The government gang has found a way to cheat the price of gold by legalizing the fraud of naked short selling. Does anyone seriously think they will not find a way to cheat the Bitcoin scheme once they are motivated to do so?

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  4. The durable comment is spot on! If a currency requires crisis diversification because of such an Achilles heel then you have a speculation at best and does it pass the long hold litmus test? Bitcoin is a passtime, Gold and silver are insurance.

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