RE: Bitcoin May be Rising as Safe Haven Investment
In my opinion Bitcoin will fail. Can you trust a currency that is reliant on vulnerable technology?? With the creation of a number of new competing cryptocurrencies being developed and eventually diluting the market. If a cyber attack occurred would your Bitcoin be safe. Would you intrust thousands of dollars to the system? How long before Government infiltrate this technology and causes it to fail? Why would Government do that? Because central banks will not tolerate a currency that they do not have complete control over, thats why. If they cause a failure in the system, then people will lose confidence in them, unless of course the federal government comes to the rescue and offers to insure the currency FDICA baby. Look what they did to Precious metals. The feds found a way to manipulate it and fix it. The banks simply print and sell enough paper contracts to dilute the market. Some say that there are up to 200 hundred paper contracts per ounce of gold. The silver and gold markets are easily moved by the simple push of a computer key. They must regulate it in order to keep the value of the dollar intact. The same is true with cryto. If they let the market run, paper currencies would diminish in value. Is it possible that the cryptocurrency was ordained by the central banks as a trail to see if people would buy into this type of monetary system? But for now enjoy the wealth it has created, just don't think they will let the party continue.
I see where you are coming from but I just feel that there is a growing need for online transactions as we move forward in this technologically savvy world. Bitcoin will ease the exchange between businesses interacting overseas and will make the flow of money easier on a universal level. I will agree that there are still many issues with the technology that bitcoin relies upon we are in the perfect era to update and work out the bugs as technology is advancing daily to new heights. The jump in usage also supports the fact that the currency has created a movement around itself which seems promising.
Good luck. I have to say I am impressed with BC and I love the fact that it is not regulated. Big brother always kicks over the blocks after you stacked them so neatly .
All good points to keep in mind @wct.
I'm very sure they will not let the party continue and hard they will try. On the flip side, I think bitcoin is only the locomotive for the cryptocurrency concept in general and blockchain technology, with all the hopes for better times they both bring.
Cheers!
Good luck. I have to say I am impressed with BC and I love the fact that it is not regulated. Big brother always kicks over the blocks after you stacked them so neatly .