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Old 09-13-2017, 09:43   #46
JGC2
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Yeah, the same should be said for any currency. Despite the gubment saying USD is legal tender, it only maintains its value as such as long as people agree it should.

I would agree with your baseball card analogy more if blockchain weren't a technology first and a "currency" second. Nothing about a Rickey Henderson card will change the way I get my groceries, fill my gas tank, or send data from point A to point B. Blockchain will change all those as well as thousands of other monotonous daily tasks.

Interestingly, Somaliland is making advances in blockchain-backed peer to peer payments. They collectively stopped recognizing the shilling as legal tender and started using phone-based payment services like Zaad and e-Habab. It's working because it's easy and convenient.

http://www.bbc.com/future/story/2017...-going-extinct
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Old 09-13-2017, 13:47   #47
Flagg
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Originally Posted by JGC2 View Post
Yeah, he's been getting roasted online for this, and as many have pointed out probably half his executives own Bitcoin. I don't know why he's so salty - the Fed will never bail out Bitcoin the way it continually has JP Morgan over the last 9 years.

I agree on ETH and NEO. I also like the pending DOVU concept backed by Jaguar. For the free market capitalists out there, it's the first blockchain concept that has prioritized defining data owners, data producers, and data consumers in the correct manner.
I'll be sure to check out DOVU/Jaguar.

I'm meeting with a large bank CIO tonight and a cryptocurrency exchange marketplace founder next week. I'll report back with anything interesting.
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Old 09-13-2017, 13:53   #48
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Originally Posted by Box View Post
Bitcoin is like any other gamble... its only worth what people want it to be worth.

I see it on the same level as baseball cards.
You can go on-line and find Rickey Henderson rookie cards being offered for as much as 14,000 dollars or as little as 7 bucks and to the unaided eye they look identical.
If you got one in 1980 it cost you 25 cents and you got 14 other cards and a piece of gum.

Then you can take that 14,007 dollars worth of Topps baseball cards into the bank and they will give you nothing more than a funny look when you try to cash them in.
Bit coin is the same type of money as Topps baseball cards - only valuable to the people that trade it.

Fold a 100 dollar bill in half... it is still worth 100 dollars.
Fold a 14,000 Rickey Henderson rookie card in half, it loses approximately 13,999.50 of its value.
...but people still trade baseball cards as though it is real money and they are speculating on the stock market.

That doesn't mean these things are bad investments... it just means that they are not legal tender for all debts public and private.

Buy 'em, sell 'em, tade 'em with your friends....
I think your analogy is valid if you add two things:

1) Mickey Mantle and Hank Aaron rookie cards are still being created via G Flop drip feed

2) That $100 bill can only buy a fraction of the energy and housing than it did a generation ago.

Purchasing power of the means of exchange is worth considering.

US Dollar is stable, but in long term decline(globally)

Cryptocurrencies are unstable and highly volatile but trending up in purchasing power.

I take the diplomatic approach and say I like both, vast majority in cash, small minority % in crypto.

Together and in a basket they could make a potentially very effective liquid hedge.
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Old 09-13-2017, 13:57   #49
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Originally Posted by JGC2 View Post
Yeah, the same should be said for any currency. Despite the gubment saying USD is legal tender, it only maintains its value as such as long as people agree it should.

I would agree with your baseball card analogy more if blockchain weren't a technology first and a "currency" second. Nothing about a Rickey Henderson card will change the way I get my groceries, fill my gas tank, or send data from point A to point B. Blockchain will change all those as well as thousands of other monotonous daily tasks.

Interestingly, Somaliland is making advances in blockchain-backed peer to peer payments. They collectively stopped recognizing the shilling as legal tender and started using phone-based payment services like Zaad and e-Habab. It's working because it's easy and convenient.

http://www.bbc.com/future/story/2017...-going-extinct
That's what I think makes this different.

Amazon, Apple, Microsoft, etc all the early gen internet brand names are mostly western constructs.

Blockchain will unlock the developing world.

In the Caribbean wherever regional banks are pulling out, blockchain based cryptocurrency is seeing staggering month over month growth north of 30%.

That's why I'm liking Ethereum and NEO and any others that gain strong traction in the developing world. Like Digicell for mobile coms.
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Old 09-13-2017, 14:10   #50
cbtengr
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Quote:
Originally Posted by Box View Post
Bitcoin is like any other gamble... its only worth what people want it to be worth.

I see it on the same level as baseball cards.
You can go on-line and find Rickey Henderson rookie cards being offered for as much as 14,000 dollars or as little as 7 bucks and to the unaided eye they look identical.
If you got one in 1980 it cost you 25 cents and you got 14 other cards and a piece of gum.

Then you can take that 14,007 dollars worth of Topps baseball cards into the bank and they will give you nothing more than a funny look when you try to cash them in.
Bit coin is the same type of money as Topps baseball cards - only valuable to the people that trade it.

Fold a 100 dollar bill in half... it is still worth 100 dollars.
Fold a 14,000 Rickey Henderson rookie card in half, it loses approximately 13,999.50 of its value.
...but people still trade baseball cards as though it is real money and they are speculating on the stock market.

That doesn't mean these things are bad investments... it just means that they are not legal tender for all debts public and private.

Buy 'em, sell 'em, tade 'em with your friends....
A great analogy Box.
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Old 09-13-2017, 15:21   #51
Mustang Man
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If the CEO of big banks which should have never been bailed, plus the Federal Reseve, China and other elitists are against bit coin then I'm for them. What do they all have in common? They hate competetion. Bit Coin is a thorn in their side and I love it.

Also friendly reminder gold has only social value as well. What the heck can anyone do with gold other than look pretty and show off with it. I need a conductor I'll get copper, I need to make weapons, I'll use steel ect. ect.
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Last edited by Mustang Man; 09-13-2017 at 15:23.
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Old 09-13-2017, 16:18   #52
JGC2
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Originally Posted by Mustang Man View Post
If the CEO of big banks which should have never been bailed, plus the Federal Reseve, China and other elitists are against bit coin then I'm for them. What do they all have in common? They hate competetion. Bit Coin is a thorn in their side and I love it.

Also friendly reminder gold has only social value as well. What the heck can anyone do with gold other than look pretty and show off with it. I need a conductor I'll get copper, I need to make weapons, I'll use steel ect. ect.
Exactly.
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