Comment Re:An elemnt of it maybe (Score 1) 284
I've been going back on forth on this for years. Bought at $1000 and sold 90% of everything last week. Nice gain, but I'm very concerned about the logic of everything...
The problem I see is where all the bitcoins are currently - as I can tell by research, China has been mining them for years, and their computational capacity sure outweighs the solar-powered PC in some guy's backyard. This MUST preclude the US government introducing any federal acceptance of bitcoins as legal tender, simply because the US government doesn't have any...or is that why Trump was elected president? Based on the idea that his cold, hard cash is enough to allow a movement of government assets to bitcoin in a way that doesn't involve the printing of millions of US dollar bills to make up for the government's failure to get a position in bitcoin.
It's not like tulips, because when the value of a tulip bulb was finally assessed, it sure was a lot less than what people were saying. With bitcoin, people have accepted that it has no intrinsic value, and can't be used for anything, but it is the future of a currency that will work in the same way that the internet supplanted things like a $60-dollar home phone line and easy digital has replaced (for the most part) VCRs and vinyl.
What it's like is the Euro. No one thought that would last. Sure, it doesn't have a basic use, but everyone's agreed to switch over, so if you don't, you don't get to play with all the new kids, whether it's european countries, or the new net-based industries that have changed the world in the same way amazon and facebook have.
The problem I see is where all the bitcoins are currently - as I can tell by research, China has been mining them for years, and their computational capacity sure outweighs the solar-powered PC in some guy's backyard. This MUST preclude the US government introducing any federal acceptance of bitcoins as legal tender, simply because the US government doesn't have any...or is that why Trump was elected president? Based on the idea that his cold, hard cash is enough to allow a movement of government assets to bitcoin in a way that doesn't involve the printing of millions of US dollar bills to make up for the government's failure to get a position in bitcoin.
It's not like tulips, because when the value of a tulip bulb was finally assessed, it sure was a lot less than what people were saying. With bitcoin, people have accepted that it has no intrinsic value, and can't be used for anything, but it is the future of a currency that will work in the same way that the internet supplanted things like a $60-dollar home phone line and easy digital has replaced (for the most part) VCRs and vinyl.
What it's like is the Euro. No one thought that would last. Sure, it doesn't have a basic use, but everyone's agreed to switch over, so if you don't, you don't get to play with all the new kids, whether it's european countries, or the new net-based industries that have changed the world in the same way amazon and facebook have.