Is Bitcoin and the Blockchain A Major Revolution or Another Asset Bubble?

by Zachary R. Skinner 33 replies
Hey Gang,

I've been interested in Bitcoin for a couple of years now. At first I didn't know what to make of it and the more I learned about it the more interested I became....and now am I downright obsessed.

I believe Bitcoin and the Blockchain have the power to revolutionize money and finance and that could change everything, in much the same way that the internet has changed everything.

Of course, I'm certainly not one of those "tech experts" either and I don't have a Phd in economics, so I could be completely wrong. But it's worth pointing out that the Winklevoss twins (the original creators of Facebook who got ripped of by Zuckerberg) are heavily invested in Bitcoin and the Blockchain.

I've decided to take a leap of faith and bet it all on Bitcoin. We will see how well that works out

In any case I really wanted to see what the smart, educated people on this forum thought about Bitcoin and what the future might hold for this new kind of money.

All thoughts are welcome!
#off topic forum #asset #bitcoin #blockchain #bubble #major #revolution
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  • Profile picture of the author eComCoder
    I would not suggest investing everything on bitcoin itself. Rather find promising cryptocurrency related startups and invest in them. And like with every investment portfolio, try to diversify your basket.
    Those are interesting times indeed.
    • Profile picture of the author Zachary R. Skinner
      I greatly appreciate the advice!

      I am very diverse in my approach to bitcoin investing. But if people lose faith in Bitcoin then I guess I'm screwed

      I'll just have to see what happens...
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  • Profile picture of the author Marx Vergel Melencio
    Zachary,

    Yes, I think the concept of a decentralized, peer to peer financial platform has major merits when it comes to its disruptive character ...

    - BUT -

    Just like what Napster was back when P2P media sharing was still fairly new and wasn't tied to social media ...
    ...
    Or what Nokia and Symbian were when mobile technology weren't Android, iOS and iPhone-ish ...
    ...
    Or what MySpace and Friendster were when social media wasn't tied to P2P media sharing, instant messaging, VoIP an wasn't Facebook-ish ..

    >> Bitcoin and blockchain could just be pre-cursors to something bigger, or a part of something better that's just waiting to be created ...
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    • Profile picture of the author Zachary R. Skinner
      Originally Posted by Marx Vergel Melencio View Post

      Zachary,

      Yes, I think the concept of a decentralized, peer to peer financial platform has major merits when it comes to its disruptive character ...

      - BUT -

      Just like what Napster was back when P2P media sharing was still fairly new and wasn't tied to social media ...
      ...
      Or what Nokia and Symbian were when mobile technology weren't Android, iOS and iPhone-ish ...
      ...
      Or what MySpace and Friendster were when social media wasn't tied to P2P media sharing, instant messaging, VoIP an wasn't Facebook-ish ..

      >> Bitcoin and blockchain could just be pre-cursors to something bigger, or a part of something better that's just waiting to be created ...
      You make a very valid point.

      I believe that even in the unlikely event that Bitcoin is seriously disrupted, the blockchain will still persist. There are just so many applications with the blockchain, it's incredible.

      Only time will tell I guess...
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      "The successful man is the one who finds out what is the matter with his business before his competitors do"
  • Profile picture of the author Brent Stangel
    All thoughts are welcome!
    I wouldn't touch it with a ten-foot pole!

    Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things.
    https://en.wikipedia.org/wiki/Bank_regulation
    Let's discuss Bitcoin regs...oh that's right, there are none.

    Good luck.
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    • Profile picture of the author Zachary R. Skinner
      Originally Posted by Brent Stangel View Post

      I wouldn't touch it with a ten-foot pole!



      Let's discuss Bitcoin regs...oh that's right, there are none.

      Good luck.
      You might be 100% correct.

      However, I don't really understand how a lack of bank regulations is necessarily a bad thing in the case of Bitcoin.

      I think there should definitely be some rules and regulations regarding the use of Bitcoin but unless the US government bans Bitcoin (and there's no reason to believe that they will do this) I believe Bitcoin will continue to grow in popularity
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      "The successful man is the one who finds out what is the matter with his business before his competitors do"
  • Profile picture of the author Rameez Rauf
    Banned
    [DELETED]
  • Profile picture of the author ProfitKnight
    I have a lot of funds in bitcoin and other cryptocurrency , even invested in a few (nearly over 150 now) Bitcoin ATM's with a partner and honestly, You've missed the best time to had invested in bitcoin.

    The entire value is pretty much dictated by China, If you had seen the recent rise in price you'd know this too.

    I prefer using it purely because it's ease of use, In terms of it being a good investment? I'd say it's worth sinking a bit in it still, want to make some easy funds? Sell Bitcoin on sites as a currency exchange for a percentage.... VERY easy to get 15% rate.
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  • Profile picture of the author ibuywireless
    has anyone cosidered bitcoin mining?
    • Profile picture of the author DWolfe
      Originally Posted by ibuywireless View Post

      has anyone cosidered bitcoin mining?
      I have a Avalon A6 to finish hooking up just purchased it from Amazon. The Electric is expensive so this may not be the way to go. Setting it up is not as easy as people claimed it would be. Once it is set up then I will find out.

      However I down loaded a different miner to my computer for free, but the Electric bill and Internet fees made it totally worthless.
    • Profile picture of the author CpvGuru
      yes, but it's really expensive now...
    • Profile picture of the author Zachary R. Skinner
      Originally Posted by ibuywireless View Post

      has anyone cosidered bitcoin mining?
      Bitcoin mining can be very profitable. However, there are considerable startup costs and there are also substantial electricity costs that have to be considered as well.

      Unless you plan on creating a giant mining operation, I'm not sure if this is a good idea anymore.

      You can invest directly into mining pools but it's easy to get scammed with these

      I'm curious to see what other warriors think....
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  • Profile picture of the author johnben1444
    For the fact that cryptocurrency gives ordinary people the chance to become financially independent with little investment can easily crown it all, hence the spread and acceptable.

    I believe nothing good comes without risk.
    If we are going to sit down and not take risk than life would have been how it started centuries ago.

    Calculative risk, yes..

    Bitcoin is the major player in the world of cryptocurrency though there are quite a few fast rising ones worth investing in.

    Yes, crypto may revolutionalize the financial market, banks and other financial institutions may face downturn because of the free hands it gives to many but nobody can predict the future of it so soon even when it looks very rosy.

    The major problem crypto may face is the unregulated funds which experts believed could bring about money laundery, drugs and all social vices. Countries may come together and make a law governing these anytime soon and no one knows what the terms will be.

    I, like you love the idea behind this cryptocurrency and invested in it and making a hell of money from it now. The key is to pick good and prospective trading and mining companies to invest it and you don't need much to get started. I started with only $100 7 months back and have that in 87 folds.. not mentioning withdrawals.
    • Profile picture of the author CpvGuru
      there are laws against using cash for illegal activities as well, how does that seem to be working?
    • Profile picture of the author TechNik
      Originally Posted by johnben1444 View Post

      The key is to pick good and prospective trading and mining companies to invest it and you don't need much to get started. I started with only $100 7 months back and have that in 87 folds.. not mentioning withdrawals.
      Well done!

      I think blockchain technology is absolutely revolutionary and will have many uses in finance. Self-enforcing smart contracts for example, and the lack of any significant transaction fees.

      As for Bitcoin itself? Time will tell. It has a great first-mover advantage but I'm concerned about possible loss of decentralization and schisms amongst the developers.
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  • Profile picture of the author Regional Warrior
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  • Profile picture of the author CpvGuru
    People are waking up to the destruction and lies the Central Banking Powers have overseen.
    Decentralization is the future of freedom, it always has been.

    I hold about 10% in BTC, but it has out performed other investments I have and I see it as massive hedge against the broken and corrupt banking systems.
  • Profile picture of the author InternetSuccess001
    You are kind of late to the party.

    It's like you showed up at 4:00 a.m. for a party that started at 7:00 p.m. the previous night, asking where is everyone?

    Yes, bitcoin is, and was revolutionary. Yes, there have been a lot of copycats. Yes - a lot of the banking system don't really like it - because it's not as easily controlled (although they are working on changing that, with some success).

    A currency is only as good as the people willing to use it. Bitcoin is the digital version of a fiat currency - however, a of people believe in it because it allows for semi-anonymous transactions, isn't (easily or yet) taxed, and in some ways the algorithm is like mining for gold. (I.e., a 'finite' amount).

    If you had got in on the ground floor (around 2009) - you could easily be a multimillionaire with a $30-$40 investment. (I.e., read this: https://www.theguardian.com/technolo...rway-oslo-home)

    As to what I suppose your 'real' question is - will it skyrocket even higher (say from a current value of $750 USD to say $5000 USD)... Don't know. *Probably*... But as to how long... Don't know. Maybe 5-6 years?

    If it gets too popular, my feeling is 'they' will figure out how to track & tax it (apparently Germany already is) - thereby reducing the 'attraction' of using it.
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    • Profile picture of the author Zachary R. Skinner
      Originally Posted by InternetSuccess001 View Post

      You are kind of late to the party.

      It's like you showed up at 4:00 a.m. for a party that started at 7:00 p.m. the previous night, asking where is everyone?
      You might very well be correct on this. With something as revolutionary as bitcoin its very difficult to predict what the future will hold.

      However, I am very bullish when it comes to bitcoin.

      And the Winklevoss twins seem to agree with me:

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      "The successful man is the one who finds out what is the matter with his business before his competitors do"

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