Doug Casey Comes Around At Last
I've always liked and respected Doug Casey. That's why I never could understand why he was negative about Bitcoin and other digital currencies. "They aren't backed by anything", he would say.
Well, I always knew he would come around. (I figured I might have to make a trip to his awesome Cafayate, Argentina to make the case, but he figured it out before I could get there.)
Here's the key quote:
"My original objection was that Bitcoin isn’t backed by anything. It’s really a private fiat currency. It’s very much like the Zambian Kwacha, the Argentine peso, the US dollar, or any of the other 150-plus currencies in today’s world. It’s a floating abstraction. Unlike state currencies, though, its acceptance isn’t enforced by laws. But, on the other hand, its quantity is limited. But would that be enough to get large amounts of people to use it as a currency?"
"I missed something when I said, back then, that it had no value. It’s a fiat currency, yes, but it has much more practical value than any other."
Here's the rest of his case, just like I would have written it myself!
Doug Casey: How I Learned to Love Bitcoin, Part I
Now, if someone would just tell him about Steemit and BitShares and HERO and EOS... (and about a dozen others that are about to explode on the scene.)
THAT's when he is going to learn what true value is!
UPDATE - Part 2
Funny how it just clicks in after a while and ppl finally realize what gives it value. Many people just need to to figure it out for themselves and no Amount of explaining it to them will help lol
I agree. I usually tell them to download airbitz then I send them some coin and they are blown away. Sometimes it takes that to get them to convert
Its just a matter of time before the rest of the world finally gets it, most will be too late to make anything close to the profits we early adptors will get!!
Good one Stan. :)
Hi @stan, You always keep educating with your excellent posts about crypto currencies. This is really helpful. You're rightly called the Bitshare leader. Thank You for being an inspiration. Keep sharing, caring and supporting more.
By the way, here is something for the Bitcoiners:
Steem On!
To 'get it', I think a person needs to use it, the experience of wiring money abroad with banks is painful compared to bitcoin. A bit like how people 'get it' when you put a gold or silver coin in their hand and they feel the weight of it.
I agree. Since 1971, when gold standard was removed, US Dollar is not backed by anything.
Great post friend @stan, is the ba
Yep, that's my reaction too when I hear people who say that Bitcoin is limited - there are others like Bitcoin, and some even better!
Its nice post . I learn from your post
Well you r right sir