Bitcoin and cryptocurrency: Myths and realities Part 1, 5 September 2019
Bitcoin and cryptocurrency: Myths and realities – Part 2: The journey 19 September 2019Bitcoin and cryptocurrency: Myths and realities – Part 3: The foundation 6 January 2020
On the lighter side, Fortune says: The ancient mathematical pattern predicting Bitcoin will hit $70,000 Said pattern is the Fibonacci sequence. "Numbers don't lie" - Max Halloway or anonymous. 😉
From another voice that has earned my respect.
ReplyDeleteA couple more links for some extended consideration, Keith Weiner of Monetary Metals wrote:
https://monetary-metals.com/bitcoin-what-is-it-good-for/
Keith also hosted a response of a client of his who respectfully disagrees:
https://monetary-metals.com/bitcoin-better-than-you-think/
Thanks for your ongoing thoughtful links and commentary.
Thank you for the added viewpoints. I believe there is some merit in both Weiner’s criticisms and David S.’s counter-arguments. Cryptocurrency still has a very short history compared to other kinds of money and investments. It is still evolving and what that will bring about is difficult to predict.
ReplyDeleteWeiner’s criticisms strike me as all-or-nothing ones. He says bitcoin is unsuitable for savers and asks if bitcoin die-hards would recommend their widowed grandmother put 100% of her life savings into bitcoin? No, but what if granny is in good financial shape? Would Weiner strongly advise against her putting, say, less than 5% of her assets in bitcoin?
Weiner contends bitcoin doesn’t pass muster for borrowers either. However, he is silent about using it for collateral or with hedging. Assume X wants to contract now for later delivery of something and later payment for it from foreigner Y? What if they had the ability to hedge their future transaction with bitcoin? What if the borrower could hedge his or her borrowing?
Weiner contends bitcoin doesn’t pass muster as a medium of exchange. That has merit concerning small transactions and things priced in one’s local currency. But what about larger transactions and things priced in a foreign currency, i.e. international transactions?