In short, bitcoin doesn’t come anywhere near meeting the test of a currency. It’s not a widely accepted medium of exchange. It’s not a reliable store of value. And last week the US Internal Revenue Service (IRS) dealt it a harsh blow by ruling that for tax purposes, bitcoin should be treated like a financial asset such as a share of stock, which will make it almost impossible to use as a currency.
Of course, your ownership share of a share of stock represents a claim on the profits of an actual company. Your ownership of bitcoin, even before the IRS decision, represented, well, that you were a pretty cool, tech-savvy person. In other words, not much.
Definitely...
Good point here. Humility is the cornerstone of trust.
Yeah... we have had to eat quite a few...
2. "Mt. Gox is the Ft. Knox of Bitcoin." --Anonymous user of Magic The Gathering Online Exchange.I think there may be some truth to this one.
"640K ought to be enough for anybody."
Honesty is a true art. How does one make honest predictions?
Warren Buffett wouldn't even invest with his friend Bill Gates. He said he didn't understand tech then and he's said the same thing more recently as applied to Bitcoin. He chooses only companies with balance sheets he understands, such as those selling razor blades, candy bars, or space on railroad freight cars.
I've never understood why, when someone is an expert on one thing, people expect that person's wisdom to extend into other areas. Asking Warren Buffett about Bitcoin would be like asking Bill Clinton about Hollywood celebrities and how they should act...
3. "Franko is freedom." Reality: One of the first altcoins, currently with a market cap of $37,000 and stuck around #112 amongst altcoins.
5. "Way overvalued for a search engine." --Me, dismissing a chance to get in on Google near the beginning
Quote2. "Mt. Gox is the Ft. Knox of Bitcoin." --Anonymous user of Magic The Gathering Online Exchange.I think there may be some truth to this one.
Quote2. "Mt. Gox is the Ft. Knox of Bitcoin." --Anonymous user of Magic The Gathering Online Exchange.I think there may be some truth to this one.
Ah, you mean Knox as Gox? Who knows, Ft. Knox could well be empty. If it's full, though, I'd have to think all that gold is worth something...more than the paper money.
Honesty is a true art. How does one make honest predictions?
Prices will increase, decrease, or stay about the same.
Anything more specific than that is a sales pitch.
Honesty is a true art. How does one make honest predictions?
Prices will increase, decrease, or stay about the same.
Anything more specific than that is a sales pitch.
Profoundly disagree. If one minimizes psychological noise and maximizes intellectual honesty it is often possible to make great predictions.
I had a discussion with my step-father concerning Bitcoin and Litecoin before the last bubble and he argued against investment, but it was clear to me all along that he was merely expressing a feeling (disappointment) from earlier experiences as an investor.
Those of us who bought in early have borne an incredible risk. It just as easily could have turned out badly for us.