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Nothing is different. I said back then it would hit $1M in 10 years, I will say the same now except perhaps now 2 years. People are really underestimating what

by mavdi 9y ago

Nothing is different. I said back then it would hit $1M in 10 years, I will say the same now except perhaps now 2 years. People are really underestimating what a shit storm Bitcoin and other crypto will cause in finance.

wyldfire 9y ago
I'm long on bitcoin. I think it's awesome and a powerful, clever innovation. But I don't think that cryptocurrencies will cause a "shitstorm". I'm under no delusion that Your Favorite Bank or Stock Exchange won't exist in two years, or in ten or even twenty. Managing and storing/handling/operating cryptocoins is not for the feint of heart. At best, the most disruption you might see would be the Coinbases of the world having a bigger role in some of the global financial market and traditional financial giants having some slightly smaller role to make room. Holding bitcoin on your own is better than putting money in your mattress, but it's way, way, way less safe than an insured deposit in a bank. The volatility will decrease but it will at best be subject to the same 0.5-1% intradaily swings that a foreign currency goes through. It would take a substantial amount of time and money for it to settle down that much, though.
stinky613 9y ago
Why and how will they cause a shit storm in finance?
deadmetheny 9y ago
The financial shitstorm that it's gonna cause is when the world comes to its fucking senses and realizes that burning electricity to move around Internet Fun Bucks is a massive waste, the bottom falls out entirely, and this whole thing is finally behind us. I'm gonna feel vaguely sorry for everyone who put their life's savings into Dunning-Krugerrands to get a handful of lucky nerds who got out at the right time rich.
- harrumph 9y ago
  >Managing and storing/handling/operating cryptocoins is not for the feint of heart. Given the body count of exchanges and coins that have collapsed due to unauthorized access, your spelling error is actually a beautiful thing.
- pessimizer 9y ago
  > everyone who put their life's savings into Dunning-Krugerrands I'm pretty sure that's going to turn out to be pension, mutual funds, and banks, just like last time, and everyone is going to be screwed. The question as bitcoin rises is how much has been borrowed against bitcoin holdings in how many ass-backward, half-fraudulent, made-legal-by-obscure-clauses-in-amendments-written-by-lobbyists-and-attached-to-unrelated-bills-with-bipartisan-support ways.

by mavdi 9y ago

wyldfire 9y ago

I'm long on bitcoin. I think it's awesome and a powerful, clever innovation. But I don't think that cryptocurrencies will cause a "shitstorm". I'm under no delusion that Your Favorite Bank or Stock Exchange won't exist in two years, or in ten or even twenty. Managing and storing/handling/operating cryptocoins is not for the feint of heart. At best, the most disruption you might see would be the Coinbases of the world having a bigger role in some of the global financial market and traditional financial giants having some slightly smaller role to make room. Holding bitcoin on your own is better than putting money in your mattress, but it's way, way, way less safe than an insured deposit in a bank. The volatility will decrease but it will at best be subject to the same 0.5-1% intradaily swings that a foreign currency goes through. It would take a substantial amount of time and money for it to settle down that much, though.

stinky613 9y ago

Why and how will they cause a shit storm in finance?

deadmetheny 9y ago

The financial shitstorm that it's gonna cause is when the world comes to its fucking senses and realizes that burning electricity to move around Internet Fun Bucks is a massive waste, the bottom falls out entirely, and this whole thing is finally behind us. I'm gonna feel vaguely sorry for everyone who put their life's savings into Dunning-Krugerrands to get a handful of lucky nerds who got out at the right time rich.

harrumph 9y ago
>Managing and storing/handling/operating cryptocoins is not for the feint of heart. Given the body count of exchanges and coins that have collapsed due to unauthorized access, your spelling error is actually a beautiful thing.
pessimizer 9y ago
> everyone who put their life's savings into Dunning-Krugerrands I'm pretty sure that's going to turn out to be pension, mutual funds, and banks, just like last time, and everyone is going to be screwed. The question as bitcoin rises is how much has been borrowed against bitcoin holdings in how many ass-backward, half-fraudulent, made-legal-by-obscure-clauses-in-amendments-written-by-lobbyists-and-attached-to-unrelated-bills-with-bipartisan-support ways.