Test - Click Image Link to onlycoloringbooks for Adults.

Is Bitcoin in a Bubble - If so What kind?

image credit dailyforex.com

An excellent Bitcoin article by Adam Lemon in dailyforex.com

My short summary.

First the Hmm! could be ok, view

My assumption from the article is that provided Bitcoin survives in its present uncontrolled and fixed state, it will inevitably appreciate against all present fiat ( from the Latin fiat ("let it become", "it will become" - paper and metal have become.) currencies, with the only discounting arising from the question of whether it will become fully accepted as a convenient, usable legal tender.

A factor within this is whether other crypto-currencies could eventually usurp Bitcoin’s leading role: it is worth noting that the capitalization of other crypto-currencies has begun to exceed Bitcoin’s capitalization.

If you believe that Bitcoin will maintain its dominance over other individual crypto-currencies and eventually become widely accepted, then there is every reason to believe that a Bitcoin is worth at least $1,600 right now.

If this is true, then Bitcoin might be overbought and due a substantial correction, but it could not be said to be in a bubble comparable to Tulip Mania or the first British joint stock companies of the 17th century. This case also supports Bitcoin as an attractive medium to long-term investment.

On the Other Hand

Unfortunately, (Adam Lemon) sees a dangerous overreach in assuming that Bitcoin is going to be a freely convertible,fungible(exchangeable or replaceable)currency, i.e. that it will be available to everyone who wants it and will be generally acepted as payment.

This is far from assured, and with governments finding considerable value in maintaining present fiat currency systems which may be inflated to write off debt, why would they sit back and allow bitcoin to usurp national currencies as a medium of exchange?

If Bitcoin is going to remain the preserve of bohemian tech enthusiasts, much as it is today with less than 6 million individual users, then it is in a bubble and is enormously overvalued.

link to article in full -http://www.dailyforex.com/forex-articles/2017/06/is-bitcoin-in-a-bubble/80966


The best place to learn about the currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.
Visit – http://onlydrones.net

How long before you see the - Bitcoin Accepted Here - sign?

There are 2 Schools of thought about Bitcoin and the copycat Cryptocurrencies like Ethereum,Dash,Monero,and the one I have an account with - Steemit/Steem.

But as Bitcoin was the first and best known I will refer to it alone, but comments and opinions will relate to all Cryptos that use the   blockchain technology.

There are those with radical views who are ecstatic in the belief that the days of government and banks controlling their lives and activities are numbered.

They claim Bitcoin technology is untouchable. It is  a decentralized system operating on a Blockchain.(Video explaining Blockchain here - https://youtu.be/k53LUZxUF50) - It doesn't need the current central controlling agency of banks or government.

The revolutionaries subscribe to an outcome as predicted below -

Will the Bitcoin revolution bring Anarchy?

Anarchy, State, and Utopia is a 1974 book by the American political philosopher Robert Nozick.

Nozick argues in favor of a minimal state, "limited to the narrow functions of protection against force, theft, fraud, enforcement of contracts, and so on." When a state takes on more responsibilities than these, Nozick argues, rights will be violated. 

To support the idea of the minimal state, Nozick presents an argument that illustrates how the minimalist state arises naturally from anarchy and how any expansion of state power past this minimalist threshold is unjustified.

Many of the current radicals consider Bitcoin technology will eventually lead to anarchy and bring about the reduction of state power to that imagined by Robert Nozick in his book.

Bitcoin is making world headline news. It is established and accepted in many countries, but it’s full power and latent forces for disruption and anarchy are not fully understood

In short, Bitcoin could be the trigger for a coming digital rebellion – “a catalyst for change that creates a new and different world,” to quote Jeff Garzik, one of Bitcoin’s most prolific developers.

The Deniers

I said at the start that there are two sides to the story,but it is difficult to find very much counter information from threatened government and banks.

Either they are complacent,believe that it's a bubble that will soon burst,or confident they have a strategy to defeat it.

There are smatterings of news that some countries are cracking down by legislating against it's use, but I copy below in italics some of the views on sidestepping government interference.

Realistically, the chances of every government on Earth all outlawing bitcoin is pretty slim. It’s already been accepted and used by too many people. There’d be at least a minor uproar if the government came in with their guns and started kidnapping and extorting everyone involved in bitcoin.

And, if there was even ONE country that didn’t, that country would all of a sudden find itself receiving billions of dollars of investment into the country and thousands of very intelligent people would be moving there.

Perhaps this is why Theresa May, Angela Merkel and globalist Donald Trump all want to make “global rules” for the internet!

And this is not to mention that the more governments try to outlaw bitcoin the more the demand for bitcoin will likely increase as anyone who can still buy it will be running to get it before it is too late.

And, not to mention, it’s not very easy to track who actually owns bitcoin. If you are smart it is impossible. And there is no way to confiscate it without your keys. This is probably why Morgan Stanley recently said they want the “master keys” to bitcoin!

And, furthermore, many other altcoins like Dash and Monero are built with extreme privacy in mind. If they really manage to hamstring bitcoin then watch cryptos like Dash and Monero skyrocket in value… and there will be nothing the globalists can do.

So, all those expecting that big government will put its boot down on cryptocurrency don’t understand cryptocurrencies. It’s just math. There’s nowhere for the government boot to smash.

And here's a lone voice for the status quo

The Government is light years ahead, I feel sorry for the guy who thinks they're smarter than the Government. And of course (government) they could destroy it, all they would have to do is put a $5,000 dollar penalty for using it. The price would go to $0.

To sum up

I am intrigued by this new currency and the claims made for it.One of the reasons I joined Steemit - which is the social media site of the crypto currency Steem - was to learn and ask questions.

I am no fan of government or politicians but they have the responsibility of providing public services,such as police,education, and health and social care,which are the foundations of stable civilisation.

I've asked on Steemit how will taxes to pay for public services be assessed and collected in this decentralized independant financial utopia,but not received a serious answer.

I can understand the euphoric atmosphere evident on the platform.Many have been on Steemit and in Steem since its beginning in July 2016 and will have made life changing gains in their accounts.Consequently they are in denial that it could end

I joined in January this year and am excited to see my $70 in Steem grow to over $1000  in a couple of months riding on the Bitcoin bandwagon.(See my Blogger post - How my Steemit account is benefiting from the price rise of Bitcoin)  at this link -

http://bit.ly/2tIzi2V


But country's have to be run and paid for,and how that is going to happen is the 64,000 Crypto question that needs answering.

The best place to learn about the currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.
Visit – http://onlydrones.net

Forbes advising Buy Bitcoin despite it's price being ....

My good friend John Duncan of Bit-Talk has tweeted -

Forbes advising Buy Bitcoin despite it's price being close to an all time high.This appears to me to be based on a contrarian approach.

Mainstream reporting of Bitcoin price surges and fallback have been around good or bad news involving Bitcoin.The price hit when it was associated with drug dealing and money laundering,then rising when citizens of Cyprus stashed capital into Bitcoin away from a Cypriot government confiscation austerity measure.

The article covers further events that had the currency see sawing,and explains its reasoning for a Buy now.

Article link here -

http://bit-talk.info/forbes-encourages-readers-to-buy-bitcoin-at-all-time-highs/

he best place to learn about the new currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.

Visit – http://onlydrones.net

Video - 'The Blockchain Massively Simplified'.

I enjoyed this Video - The speaker Richie Etwaru is accomplished and commands attention.

Demonstrating in an interesting way with slides and comparisons the basic idea of the Blockchain and how it will play a dominant role in the future.

Impacting more aspects of peoples lives than just money transactions.It doesn't mean that everyone will need to learn Blockchain. It is one of those things that we don't have to know how it works,just that it does and will.

The fact that the intermediaries or middlemen we are accustomed to today to verify trust in transactions (Principally Banks) will be redundant, is not glorified, or put forward as the reason for the search for an alternative way of verifying trust that saw the invention of the Blockchain. They will be just a casualty of progress.

The Video. Should be open. But you may have to click link.Sorry.

https://youtu.be/k53LUZxUF50

He is being polite, I think,not wishing to be controversial.Just happy that the invention exists and excited by it's potential.However,I think it is too much of a coincidence that it's first appearance in 2008 followed the banking crisis in 2007.

It also leaves many questions unanswered.He doesn't mention the miners using special hardware on their computes to mine for Bitcoin. Where do they fit in ?.I have subscribed to his channel so it will be for another time.

The best place to learn about the new currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.

Visit – http://onlydrones.net

 http://bitcoin-in.net

The 2017 Drone Racing League Season is Here.

Fastest Drones. Greatest Courses. Best Pilots. One World Champ.
The 2017 #DroneRacingLeague season is here. Watch:… https://t.co/TtNYR4cjNc

Did you know that there's a Drone Racing League and
SKY Sports has invested millions and signed the rights
to air drone racing on their networks.

As drone racing becomes more popular as a sport (with
people racing mini drones around obstacle courses
at speeds up to 120mph), the number of crashes is
high

81,215 shares For this drone race Video  

Drone users can be divided into FOUR categories:
Beginners
Hobbyists
Advanced Users
Professionals

Not only are they fun to fly and observe but you
can use them to take great videos and photographs.
You can also use your drone when you want to take
photos of or record anything where it might not
be as safe for you to get closer to the event.

Something like this would be things like monitoring
a weather event such as a wildfire or a tornado.
Your drone can safely capture images from a distance.
You can also use a drone to experience wildlife up
close and personal without having to get so close
that you’re at risk.

To See a Wide Selection of Drones.Accessories.Books.Hardware.

Visit – http://onlydrones.net

Bitcoin is it a Money or Spaghetti Tree?

Bitcoin and Drones may not appear to sit well with each other on the same blog,but stay with it because they are going to feature big from here on in.

Both have the potential to transform the world as we know it,but will have to surmount much controversy and opposition to do so.

Drones,because of the concerns of them straying into passenger aircraft lanes,and invasion of citizens privacy in homes and gardens.

Cryptocurrency because of the threat to the established financial systems.

We can follow and be gripped by their bumpy but fascinating ride  to fulfilling their potential..

Money Doesn't Grow on Trees

Is another of mother's sayings that appears to be untrue according to some reports lately

Money Trees have been in the news recently,but what is a money tree ?. Is it another leg pull like the Spagetti Tree?

Image credit keywordpictures.com

No according to many of the Bitcoin radicals. it's  just like any other tree except instead of leaves there are bank notes.Allelulia.You don't have to go a bank when you want money.You just pop out into the garden and pick the denominations that you need.Simples!

These money trees are Cryptocurrencies according to the radicals.They are revolutionizing the world by decentralizing the creation of fiat money.(Fiat money is a currency established as money by government regulation or law.The term derives from the Latin fiat ("let it become", "it will become") Trust in paper and metal as money and it will become.As it has.

They go on to say - The recent rise of Steem and the record highs of Bitcoin is down-right thrilling!

Especially for those who’ve hedged their bets by buying and holding these crypto when they were at their lower ends. Huge dividends can now be collected for those who wish to cash out and convert their BTC’s,(Bitcoin) SBD’s (Steem Dollars) and Steem (Coin) to the official currencies of their country.

Learn and Earn with Steemit

I don't go along with the more extreme claims  above but I think cryptocurrency is now established and will have a part to play as a financial instrument. Whether it will enjoy the privacy and immunity from Central Control by government and banks as claimed, is a fascination to follow - Which is why I joined Steemit.

It is the facebook type social media arm of the crypto Steem (Coin) . A platform to exchange views on  this new financial system, and where they pay you for posting.The rewards are made according to the votes received for your content.

And like Facebook there are all the popular categories as well - travel,art,photography.Go here to see all the categories and browse a few posts on your interests - http://steemit.com

Above is a screen shot of my blog and the rewards and vote count.You can see that 'She Kissed What' earned $18.55 My earnings per post have been poor recently.It can be a lottery in getting your posts seen as so many posts are being published,but the icing on the cake is that earnings can be kept as Cryptocurrency Steem (SBD) and I've shown how that has grown my $70.

You won't be alone.People are joining in droves.Where else do you get paid to post?

I joined in January this year and at the beginning of April my account stood at about $70 earned from the posts I'd written.

But then a lot of publicity and excitement arose about Bitcoin which saw it rocket in value on the Crypto Exchange.Other cryptocurrencies like Steem Dollars (SBD) benefited so much that my $70 dollars has risen to over $1100 as I looked today.Tuesday 13th June 2017. Screenshot of my account -

Yes it does yo yo as with any investment,and it could disappear altogether,but it hasn't cost me anything except my labour in writing posts.

I'm sure cryptocurrencies have a part to play as a  financial tool,but there is much contradiction surrounding them.Generally the view expressed on Steemit is that because the Blockchain on which the currencies are created or (Mined is the term) enables private, what they call Peer to Peer, financial or other transactions,then it is decentralized. Centralized Control, (Meaning loss of privacy to government or bank), is therefore avoided.

Perhaps I am too brain washed by the 'Money doesn't grow on Trees' belief,but I can't see governments or banks threatened with the loss of what they've enjoyed for hundreds of years just shrugging their shoulders and accepting it.

Governments either aren't aware of the privacy shielding technology of Cryptocurrencies, or complacent ,or think that they can legislate  to easily maintain control.The belief of the cryptocurrency  radicals is that the internet enables transactions  to be made in countries without controls and that there will always be countries competing for that business.

You also earn from commenting. I wrote the following on Steemit to the Money Tree post -

'I like your money tree story,and I can see what you mean about money growing as if on a tree from the investment view,because my rewards from the $70 earned from my Steemit posts since joining in January this year,now stand at over $1000 this morning, thanks to the investment surge.That can wither on the tree overnight in a frost of bad news.

More difficult to understand is the confusion around the day to day use of crypto currency. I read one minute that it is Peer to Peer transacting.Individual to individual or company.No bank,government or other interference or control.

But then I read the transaction charges for Bitcoin are steadily increasing,because demand is slowing the process of mining the transactions.Miners on their computers are choosing to prioritize transactions that pay more for speedier attention.

Supply and Demand governs prices. Nothing changes then ? So we think we've found a way to keep government and bank snouts out of our trough,but the new middlemen will be the miners, mining on their computers The old saying is true isn't it - The more things change, the more they stay as they are.

The best place to learn about the new currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.
Visit – http://onlydrones.net