I have not listened to the debate and I’m no expert on blockchain tech or any other aspect of IT, so please correct me if I’m being redundant or uttering total nonsense.However, two points I’ve missed / disagreed with in this chat:1. I don’t think Bitcoin has much privacy or anonymity. It leaves an anonymized trail of transactions that is easily accessible, and $ bank transfers to each address are traceable also. In my view, Bitcoin is just as easily auditable as regular banking transactions, while not equally widespread & easy to use. To me personally, blockchain has no practical value at all. 2. Tech developments like quantum computing could totally change blockchain. In proof of work blockchains, the IT…
I just lost an hour of my life.The base of the debate is not correctly set, there should be a time frame.Then question can be: will bitcoin become the reserve currency in the next 10years. Answer is no, because of what David mentions in the video.Will it become reserve currency in the next 20 years? Probably not, because there is so much inertia anyway.Beyond 20 years nobody has a fucking clue.I found the debate was very low level. On one hand Jimmy who was already not high in my esteem just kept bringing stuff with absolutely no sense and kept mentioning the 100x returns (which have nothing to to here, the goal of a reserve currency is not to get…
Like
Unknown member
May 24, 2022
Replying to
Hi Vince, Thank you for your thoughts. Yes, whether Bitcoin will be around in 30 years and prospering will depend on the political environment in the world then. If we end up with more government control and more tyranny, then Bitcoin will eventually fall victim to the centralization of power. If we end up with civil wars and anarchy and fragmentation (i.e., Mad Max), then Bitcoin will become mainstream. Over the past 20 years, growing income inequality has been moving us towards the first outcome, but, more recently, growing political polarization in the world (the US especially) means the second outcome should no longer be ruled out.
Dave .. You hit the nail on the head. Governments will "never" give up the power of taxation or the power of the currency. Bitcoin's main selling point is anonymity and decentralization. Governments want less of each. You are right that eventually they will make it very hard to transact over the net. Computer power and the net.... run the block chain, and if you think it can't be stopped ..then you are living in another world.
Do I think the dollar is safe as a reserve currency? Not unless things change ...but I do think organizations like the IMF are lurking in the weeds. A basket of currencies along with gold and other commodities... very possible. People buy Bitcoin…
Like
Unknown member
May 24, 2022
Replying to
Bitcoin will do well if the end game is anarchy and civil wars. However, regretfully, the tendency over the past decade is for more centralization and more tyranny. What they've tried to do to Elon Musk over the past 2 weeks should be enough to convince any skeptics.
Good stuff. I wish more podcasts presented two points of view.Everyone has their own opinions but for me, as a hard money guy, I thought long and hard of whether to convert some of my gold coins into bitcoins but at the end of the day one is actually a coin I can hold and one is essentially a serial number. To the extent one could classify bitcoin as a currency it's the ultimate "faith based" currency.Does bitcoin have good attributes? Sure. It's easy transportable across borders. Blockchain is a great new technology that may revolutionize accounting. It can also be good for people in countries with unstable currencies that don't have access to dollars, euros or gold (Russia, T…
Like
Unknown member
May 24, 2022
Replying to
John, Your point about the difference between people who buy gold versus Bitcoin is an excellent one. Thank you
I have not listened to the debate and I’m no expert on blockchain tech or any other aspect of IT, so please correct me if I’m being redundant or uttering total nonsense. However, two points I’ve missed / disagreed with in this chat: 1. I don’t think Bitcoin has much privacy or anonymity. It leaves an anonymized trail of transactions that is easily accessible, and $ bank transfers to each address are traceable also. In my view, Bitcoin is just as easily auditable as regular banking transactions, while not equally widespread & easy to use. To me personally, blockchain has no practical value at all. 2. Tech developments like quantum computing could totally change blockchain. In proof of work blockchains, the IT…
I just lost an hour of my life. The base of the debate is not correctly set, there should be a time frame. Then question can be: will bitcoin become the reserve currency in the next 10years. Answer is no, because of what David mentions in the video. Will it become reserve currency in the next 20 years? Probably not, because there is so much inertia anyway. Beyond 20 years nobody has a fucking clue. I found the debate was very low level. On one hand Jimmy who was already not high in my esteem just kept bringing stuff with absolutely no sense and kept mentioning the 100x returns (which have nothing to to here, the goal of a reserve currency is not to get…
Dave .. You hit the nail on the head. Governments will "never" give up the power of taxation or the power of the currency. Bitcoin's main selling point is anonymity and decentralization. Governments want less of each. You are right that eventually they will make it very hard to transact over the net. Computer power and the net.... run the block chain, and if you think it can't be stopped ..then you are living in another world.
Do I think the dollar is safe as a reserve currency? Not unless things change ...but I do think organizations like the IMF are lurking in the weeds. A basket of currencies along with gold and other commodities... very possible. People buy Bitcoin…
Good stuff. I wish more podcasts presented two points of view. Everyone has their own opinions but for me, as a hard money guy, I thought long and hard of whether to convert some of my gold coins into bitcoins but at the end of the day one is actually a coin I can hold and one is essentially a serial number. To the extent one could classify bitcoin as a currency it's the ultimate "faith based" currency. Does bitcoin have good attributes? Sure. It's easy transportable across borders. Blockchain is a great new technology that may revolutionize accounting. It can also be good for people in countries with unstable currencies that don't have access to dollars, euros or gold (Russia, T…