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Why Bitcoin?submitted by CryptigoVespucci to Bitcoin [link] [comments]
Central bank driven monetary debasement will boost institutional demand for store of value assets like gold and silver. But why Bitcoin? What makes it different from other politically neutral, scarce monetary stores of value?
The answer lies in Bitcoin’s sovereignty, its secular tailwinds, and its upside.
Kings and Queens used to be sovereign, then nation states became sovereign and now, for the first time, a humble computer platform has the aspiration to be sovereign. That is potentially revolutionary. - Wences Casares
Bitcoin is the first computing platform with the sovereignty of a nation-state. It’s the only monetary asset in the world with absolute scarcity. This scarcity is assured by a massive, global ecosystem of independent and diverse participants who run the Bitcoin protocol. While there are many clones that promise limited supplies, Bitcoin is the only that does so credibly.
No one can be prevented from using the Bitcoin blockchain to store and transfer value. In times of rising geopolitical tension, this is especially important and can’t be said for national currencies held in banks, which can and have historically been restricted and/or expropriated.
Unlike monetary metals, bitcoin can be sent across the world in just hours and securely stored with just a seed phrase. This can be done in amounts large or small, providing a massive upgrade over metals.
Bitcoin is the first digital, politically neutral store-of-value the world has ever seen and its arrival couldn’t be more perfectly timed.
Money is going fully digital.
China’a Digital Currency Electronic Payment (DCEP) began testing this year and despite initial regulatory headwinds, Facebook’s Libra is moving forward with a full head of steam. When these projects launch, they will expose billions of people to cryptocurrency related technologies.
These projects will get people comfortable with using cryptocurrency wallets and create massive on-ramps into more decentralized cryptocurrencies like Bitcoin. Combine this with a younger generation who’s expressed more openness toward cryptocurrencies and you have a recipe for mass adoption.
While the macroeconomic conditions create a positive outlook for precious metals, investors will be drawn to bitcoin because there is simply more upside.
Bitcoin is not a company. It is a money. Monies are valued in trillions, not billions.
The total value of above-ground gold, which has limited industrial use, is valued at more than $10 trillion. The total value of all the base fiat money in the world is worth nearly $20 trillion dollars. Add in the total value of the global narrow money supply (demand deposits and checking accounts) and that number is $40 trillion.
Investors will be drawn to Bitcoin because there are few opportunities with as much asymmetric upside. To reach gold’s current market cap alone, Bitcoin would need to rise 63x from its current levels.
The truth remains that no one really knows what lies ahead for Bitcoin. With that said, its strong fundamentals, resilience in the face of economic uncertainty, and growing importance in today’s macroeconomic climate merits a look from all investors. What they do from there is anyone's guess.
Wences Casares, Bitcoin Quarterly Update Call - Needham & Co, November 15th 2016.There's a permeating sense of entitlement amongst certain Bitcoin entrepreneurs that leads them to try to make the Bitcoin network liable for the profitability of their business models.
After 8 years of comparable organic growth, how has the cost of using the Bitcoin network fared and what are the implications for the future? To answer this we ought to take a step backward and consider what constituency supports the network infrastructure and enables the services built on top of it.
While it's not clear to what extent we have succeeded at that, the state of the network indicates we should also accept the costs of validating nodes staying decentralized or else we risk losing the ability to offset the effects of a more centralized mining environment.
The cost of doing business A lot of analysis has been done to try to evaluate how to properly assess the decentralization of the network, more specifically of its validating peers.
Traditional payment service businesses have stitched themselves on top of Bitcoin in an attempt to externalize their operation costs to the network, irrespective of the fact that the latter is a public good provided by voluntary participants.
If users give up on their ability to coordinate through a fixed block size limit, they invite transaction providers to further increase the load externalized to the network until diversity is lost and validating services become specialized and prohibitive.
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Wences Casares, founder of bitcoin security company Xapo and serial entrepreneur is “obsessed” with bitcoin. “I truly believe that it may change the world more than the Internet did. Wences Casares: a los 19 años fundó la primera fintech, le sacó US$ 528 millones a Santander y hoy es el rey de Bitcoin. La carrera de Wences Casares se hizo viral en Twitter: un usuario contó toda su historia en un hilo. Wences Casares, founder of bitcoin wallet startup Xapo, joined Tuesday’s “The Glenn Beck Radio Program” to explain what makes bitcoin unique and why the average person doesn’t need to struggle with understanding it. The important thing to remember is that you can use and understand bitcoin without truly understanding all of its mechanics. Casares compared bitcoin to the internet ... I am Wences Casares, co-founder & CEO of Xapo, Ask Me Anything. Tue Nov 03, 2015 4:16 pm . I am a fintech entrepreneur. I learned about Bitcoin in 2011 and I think that it has the potential to have more impact than the Internet itself. I decided to dedicate the rest of my career to help Bitcoin succeed. I think a world in which Bitcoin succeeds is a much better world. rogerver Founder Posts ... Wences Casares Der Bitcoin-Banker von Südamerika Seite 2/2 "Ich fühle mich bei Bitcoin an die Anfangszeiten des Internets erinnert" Weniger bekannt ist, dass seine Karriere mit einem ...
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Xapo's Wences Casares will convince you that Bitcoin is the most important social experiment of our time. 5,000 years after the birth of the old gold standar... Xapo's CEO, Wences Casares, explains how confused many people are about the relationship between Blockchain and Bitcoin. THIS IS AN EXTRACT FROM ORIGINAL VID... Xapo's Wences Casares on Block Size and Bitcoin's Future - Duration: 10:04. ReasonTV 12,891 views. 10:04. Bitcoin: The New Gold Standard - Duration: 14:05. Chicago Ideas 39,927 views. 14:05 . Xapo ... Why Bitcoin is Better Than Gold, with Wences Casares Watch the newest video from Big Think: https://bigth.ink/NewVideo Join Big Think Edge for exclusive videos: https://bigth.ink/Edge Xapo CEO and ...