Well good luck to you.
You certainly have more faith in it than me.
As I said, and you seem to imply this in your 'halving' comment above, people are mining and acquiring BCs as a speculative commodity because "miners might switch to another cryptocurrency if mining becomes less profitable" (your quote).
And if they do switch to another cryptocurrency ? Are you are suggesting then that BCs may lose adopters? A currency is a currency predominantly because it is widely accepted as legal tender to be a medium of exchange. If it ceases to command such acceptance because it becomes unpopular and people start dumping it, then what good is it as a currency ? The fact that you even suggest the halving process may not work out does not inspire confidence.
It does not necessarily mean that just because a bunch of ppl are enthusiastically adopting it at the moment, that they are doing it for idealistic reasons of a better currency. Speculators are, by nature, also early adopters if they can anticipate an upward trend with the value. I have been involved in corp finance my entire career and I honestly just don't see that folks are doing the BC thing just for 'the greater good'.
It's a interesting concept and what gratifies me about it is that it is making those a$$holes at Wall Street and the Feds squirm because BC is something they cannot manipulate. But it's not a hippie feel-good and fuzzy revolution. It's money making money....oldest story in the book.
I keep repeating myself here, but your inherent BC value is still referenced against a fiat currency like the US$. No different from a limited production of X-commodity (cars, diapers,...whatever) which the market attribute a value. You hold BCs, I hold a portfolio of stocks and other investments. At the end of the day, I don't think we are really very different from each other.
It's very well for you to tell me, if I had not test drive it, then maybe I don't know what I am talking about. I don't have to test drive BCs to know that it will do on the basic level....send money, receive money, a repository of value, etc etc.
Treat me then as a skeptic and try to sell it to me harder than merely calling for a test drive. Go beyond that. How about a no-holds-barred destructive crash test ?
Tell me how foolproof it is from a security standpoint. Mt. Gox, Bitstamp, Neo & Bee, Mycoin, Evolution. Those are the names behind major BC scandals in the short time that this crytocurrency has been with us. Again, what happened to the 700,000+ missing BCs from Gox ? They all have the same endgame and I have not heard one BC proponent come up to convincingly tell me how the system will be sufficiently foolproof to stop a repeat of the above.
I am not defending the current financial system. It is broken as f**k. 2008 taught us how Wall Street, the Big Banks and the politicians criminally screw the common man out of greed and then bail out the criminals with taxpayer's money so they can continue doing what they did. And 2008 was not the first time, nor will it be the last.
However, if you want me to jump camp from one broken financial system into to new one, you better do a more through job convincing me why I should back the new horse. Anyone can just quote the sales brochure. I cannot give a pass just on faith alone. It's my hard-earned money too.
You certainly have more faith in it than me.
As I said, and you seem to imply this in your 'halving' comment above, people are mining and acquiring BCs as a speculative commodity because "miners might switch to another cryptocurrency if mining becomes less profitable" (your quote).
And if they do switch to another cryptocurrency ? Are you are suggesting then that BCs may lose adopters? A currency is a currency predominantly because it is widely accepted as legal tender to be a medium of exchange. If it ceases to command such acceptance because it becomes unpopular and people start dumping it, then what good is it as a currency ? The fact that you even suggest the halving process may not work out does not inspire confidence.
It does not necessarily mean that just because a bunch of ppl are enthusiastically adopting it at the moment, that they are doing it for idealistic reasons of a better currency. Speculators are, by nature, also early adopters if they can anticipate an upward trend with the value. I have been involved in corp finance my entire career and I honestly just don't see that folks are doing the BC thing just for 'the greater good'.
It's a interesting concept and what gratifies me about it is that it is making those a$$holes at Wall Street and the Feds squirm because BC is something they cannot manipulate. But it's not a hippie feel-good and fuzzy revolution. It's money making money....oldest story in the book.
I keep repeating myself here, but your inherent BC value is still referenced against a fiat currency like the US$. No different from a limited production of X-commodity (cars, diapers,...whatever) which the market attribute a value. You hold BCs, I hold a portfolio of stocks and other investments. At the end of the day, I don't think we are really very different from each other.
It's very well for you to tell me, if I had not test drive it, then maybe I don't know what I am talking about. I don't have to test drive BCs to know that it will do on the basic level....send money, receive money, a repository of value, etc etc.
Treat me then as a skeptic and try to sell it to me harder than merely calling for a test drive. Go beyond that. How about a no-holds-barred destructive crash test ?
Tell me how foolproof it is from a security standpoint. Mt. Gox, Bitstamp, Neo & Bee, Mycoin, Evolution. Those are the names behind major BC scandals in the short time that this crytocurrency has been with us. Again, what happened to the 700,000+ missing BCs from Gox ? They all have the same endgame and I have not heard one BC proponent come up to convincingly tell me how the system will be sufficiently foolproof to stop a repeat of the above.
I am not defending the current financial system. It is broken as f**k. 2008 taught us how Wall Street, the Big Banks and the politicians criminally screw the common man out of greed and then bail out the criminals with taxpayer's money so they can continue doing what they did. And 2008 was not the first time, nor will it be the last.
However, if you want me to jump camp from one broken financial system into to new one, you better do a more through job convincing me why I should back the new horse. Anyone can just quote the sales brochure. I cannot give a pass just on faith alone. It's my hard-earned money too.
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