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Bitcoin has been doing amazingly well. I definitely regret not investing, and I justified it due to the threat of competing cryptocurriencies, specifically ones
by YourGrace 9y ago
Bitcoin has been doing amazingly well. I definitely regret not investing, and I justified it due to the threat of competing cryptocurriencies, specifically ones that a government or company backs.
I was skeptical that if a country creates their CountryCoin (AmeriCoin/AmericaCoin, RussiaCoin, ChinaCoin), wouldn't it effectively cause bitcoin itself to go in freefall as people would convert to the coin backed/sanctioned by a government.
Likewise, Apple can create iCoin. For those reasons I was skeptical.
Looks like it doesn't really matter as long as you get off the ride before it starts to stop.
- wellinever 9y agoAndreas Antonopoulos made a good point that a "countrycoin" would always have a trusted key held by the country's monetary issuing authority which would basically then provide an enormous honeypot to tempt attackers to target it/steal it. OTOH, currencies like bitcoin with fixed monetary policy don't have a backdoor mechanism for money creation (without overwhelming consensus to fork). Also, I see Political intervention in currency as a bug rather than a feature.
- battlebot 9y agoYou just pretty much defined Ponzi with what you said--you wish you had got in early and it doesn't matter as long as you get off the ride in time. Thus, Bitcoin is not investing, is it? It's Bernie Madoff.