Bitcoin “Probably Worth Zero”

SpontaneousOrderSpontaneousOrder Bronze ✭✭✭Posts: 302 Bronze ✭✭✭
Bitcoin “Probably Worth Zero” by MISH Mike Shedlock. 'One thing is certain: Bitcoin is not the “next gold”. Gold is gold, nothing else'

Comments

  • RocketDogRocketDog Silver ✭✭✭✭ Posts: 782 Silver ✭✭✭✭
    Interesting perspective, @SpontaneousOrder. So many ways to consider the value of currency.
  • IrishGuyIrishGuy Bronze ✭✭✭ Posts: 182 Bronze ✭✭✭
    What's a bitcoin worth in Puerto Rico?
    How many forks will bitcoin have in the next 5000 years?
    Will quantum computers make it hackable?
    Who can buy a pizza today with bitcoin?

    Not saying Bitcoin is worth zero but I have my reservations that as constructed currently it is worth more than an oz of gold. Just my thoughts.
  • Marco_1983Marco_1983 Bronze ✭✭✭ Posts: 152 Bronze ✭✭✭
    edited September 2017
    Bitcoin, or any other form of currency, is worth what the people decide is worth, based on how useful, functional, rare it is. If people are using it for transactions, it is worth all those transactions.

    Gold is a store of value and has always been money, and no doubt it is undervalued today.

    IMO, comparing the two is wrong. They are two different things with different uses.

    It is not Bitcoin that is overvalued. It is Gold that is massively undervalued and should be 10K+ an ounce.
  • CampeadorCampeador Bronze ✭✭✭ Posts: 221 Bronze ✭✭✭
    Bitcoin is Currency, a Decentralized Currency. The only thing on its favor is the Decentralization part, other than that, is just ether...
  • Marco_1983Marco_1983 Bronze ✭✭✭ Posts: 152 Bronze ✭✭✭
    @Campeador That is the whole point. The decentralization part is what gives it the whole value. People like that and want that. More and more stores are starting to accept bitcoin and even other cryptos and, most importantly, there are companies that make it easy for you to pay goods and services with your crypto by instantly converting it into fiat while you make transactions. So yes, you can even buy a pizza with bitcoin if you want.

    So either you use Goldmoney or Cryptos for transactions, it is a good thing. I'm personally in the process of starting to try and live as fiat-less as I can. And as soon as I will upgrade to Full Holding, that would be easy to do with Goldmoney as well, since I will be able to do transactions in metals.
  • RocketDogRocketDog Silver ✭✭✭✭ Posts: 782 Silver ✭✭✭✭
    Way to go @Marco_1983. I need to follow your example. I have been stocking the Goldmoney account and using the Goldmoney card occasionally but I need to make it more of a habit. That and trying to use the online pay with Goldmoney where possible.
  • Marco_1983Marco_1983 Bronze ✭✭✭ Posts: 152 Bronze ✭✭✭
    @RocketDog Thanks for your comment. I can't wait to start using Goldmoney for transactions. That is basically the main reason I'm here. Gold and Silver should be USED, not only stored.

    Let's hope Goldmoney can make it easy for me with the verification process!
  • LizzyLizzy Tin ✭ Posts: 5 Tin ✭
    When Bitcoin is as good as Gold is when is backed by Gold
  • paddy10tellyspaddy10tellys Bronze ✭✭✭ Posts: 249 Bronze ✭✭✭
    speculate, accumulate, consolidate: convert crypto gains - > gold
  • RocketDogRocketDog Silver ✭✭✭✭ Posts: 782 Silver ✭✭✭✭
    @paddy10tellys that sounds like a new hit song similar to Supercalifrabjulisticexpialidocius.
    Cue music....
    "Speculate, accumulate, convert your gains to gold and then you will be richer than Egyptian Kings of old. Don't delay, invest today before the gold is sold! Speculate, accumulate, convert your gains to Gold!"
  • DinchDinch Copper ✭✭ Posts: 67 Copper ✭✭
    XRP is likely the future of Crypto and fiat. Could be the future of gold too. The Ripple platform is legit. Bitcoin is too slow and too expensive to become the universal currency. XRP is as fast as VISA and as deflationary as Bitcoin. Banks are signing up to use it for interborder settlements, and in the end it could end up being a sort of defacto universal or global reserve currency. Goldmoney plus Ripple could equal the best of all worlds.
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