Old but true saying -
There are none so blind as those who will not see
Recently Warren Buffet’s investment chief Charles Munger referred to bitcoin as “noxious poison”.
He’s not the only top financial expert to rubbish Bitcoin & Cryptocurrencies of course.
It really is astonishing, it cannot be seen that a currency universal to all countries,must be a quicker,less costly way to move money between nations.
Instead of this -
In November we heard the same sort of thing from Josef Stiglitz. A Nobel Prize winning economist, no less.
Here’s what he had to say about bitcoin:
“It ought to be outlawed. It doesn’t serve any socially useful function.”
“Bitcoin is successful only because of its potential for circumvention, lack of oversight.”
Cambridge English Dictionary definition of circumvention - 'To avoid something, especially cleverly or illegally:
So… bitcoin has no useful function... except the rather obvious function of allowing people to escape or avoid the financial system.
Thanks for that Top Economists !
What they make abundantly clear is that they simply do not understand this new money revolution.
The very point of bitcoin is to provide a viable alternative to the financial system that simply does not work for everyone anymore.
Its rise has been brought about by its independence from financial authorities that have abused their monopoly position. - example - 2007 Banking Crisis.
And as much as they might want it to go away… it will not.
Nor has it come anywhere near its full potential.
For there are many more equally expert financial experts than the naysayers, who see cryptoocurrencies not only staying, but achieving massive price increases in the leading coins.
Billionaire hedge fund legend Mike Novogratz believes it will “easily reach” a price of $40,000 per Bitcoin in 2018. Was as high as $20,000 per Bitcoin 2 months ago.Today Wednesday 21st Feb. - $10,724.70
Paypal director Wences Casares is even bolder, stating that “bitcoin could hit $1m in 5-10 years.”
Internet security pioneer John McAfee agrees, stating his belief that bitcoin will hit $1m by 2020.
Way back in 2013, McAfee was quoted saying “you can’t stop things like bitcoin… it’s like trying to stop gunpowder.”
And here’s the thing you really must wake up to… bitcoin is just the beginning.
If you’re not into bitcoin yet – stop faffing about! invest what you can afford to lose. That is the wisest strategy always.
It should be every investor's first port of call. If it goes to $100k this year – as it well could – you will be over the moon you finally picked some up.
Yes this is a risky and volatile market. That’s real. And so too is the enormous potential to increase your investment in it. That’s why only stake a small amount of funds you won't miss.
Approach this opportunity with caution but ambition and you have a real shot at a huge pay off.
And here’s the thing most people can’t fathom…
Cryptocurrencies are evolving into their own specialist fields. Bitcoin for spending in the shops and personal foreign travel.- Ripple for Business Foreign Exchange Transacting. - Ethereum for Contracts i.e Business Contracts.Mortgage Contracts. Dogecoin for pet lovers.They pronounce it dogeecoin,and use it in pet shops.
A downside to cryptocurrencies is they cannot give loans. But I'm hearing that Dashcoin is looking at that area.
Bank Loans have driven and are driving the major world economies.We would not enjoy the standard of living we have without loan facilities.But control must be more rigidly enforced to avoid adding to debt crises
You could get into cryptocurrencies with no risk at all.Write articles,poems,put photos,artwork on Steemit,and be paid in Steem Dollars (SBD) a cryptocurrency.
Post on Facebook - Mr Billionaire Zuckerburg benefits.Post on Steemit - You benefit.
I don't agree with the Anarchist views that this is a financial revolution with the potential to bring down governments.
We do not want that chaos.Many of them write on Steemit,and I follow a few just to get an alternative view point.
Most were gathered at their annual conference last Sunday & Monday in Acapulco.Mexico. https://anarchapulco.com/
I see a combination of the existing and the new financial instruments.
To bring real competition and efficiency.
Some banks have already started a charm offensive. As an example you may have seen this bank advert -
" Our policy is to profit with our Customers - not from our Customers."
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