Bitcoin as a protocol will probably stay around forever, but at this point its value is directly tied to fiat. The bigger challenge is this: how do you value bitcoin without tying it to the existing fiat system?
Unless this paradox is somehow resolved, bitcoin, or any other crypto for that matter, will not supplant the fiat system (the very thing the tech was designed to do).
Bitcoin is the underlying asset and the Alt coins are the derivatives market. You buy derivatives because they offer slightly unique value propositions from Bitcoin and track the price movement better than any non crypto assets. This way, alt coins should only be owned if your portfolio is built on a solid foundation with a substantial allocation to Bitcoin itself. For me its between 40-50% BTC inside my crypto portfolio. Thanks for the share and explaining the Lindy Effect!
Change is difficult to accept at the start but everyone has to at some point. Bitcoin is the big daddy of crypto and when you're the best you get a lot of haters.
Not sure that I believe in the Lindy effect per se as if tomorrow there was a digital currency that was better than BTC it would ultimately disrupt and displace BTC. The observation of a Lindy effect is down to the qualities and specification of BTC and the network effect that results . Despite the technical issues surrounding BTC which still need to be resolved IMHO it was carefully conceived and specified as a "utopian" digital currency / store of value . IMHO the same cannot be said of many of the BTC's alt-coins competitors that are technically inferior with respect to BTC & seem to be just vehicles for short term financial gain via speculation.
I have no doubts that this bitcoin and blockchain will show significant growth. I have no intention to test my nerves and don't want to trade. I am going to be in it very long time. And I will be successful. No, not just me. We will be successful. In my circles, almost everybody is saying that crypto world is, at best, a big bubble, and it would burst soon. At worst, it is the biggest Ponzi scheme ever created in the history of humanity. Every cryptocurrency has only one aim: To fool millions of people all over the world and take their money. I don't try to convince them, don't even start any discussions. I just smile and change the subject.
Bitcoin derives its unique value from the fact that despite its lack of official backing or wide acceptance, it has generated an ecosystem in which many people are willing to trade and accept it.
I type this comment even as I listen to the video.While the tulips did fail, the fools comparing them to bitcoin are not even considering the the vastly different parameters of these two complete different things. It is kind of taking an analogy too far.
PS: first time I herd about Lindy effect.....interesting.
Thanks for the video man!
It's no doubt that bitcoin is going to have a lot of competitors, but like you explain bitcoin have fought it's battle well for a decade now and is aging stronger with each blow. So, am pretty sure bitcoin is here to stay.
I understand what you're saying, but I think there's still a lot of unpredictability regarding the future of bitcoin.
I would rather say that cryptoassets and blockchain technology are here to stay - whether bitcoin will remain a major player or not in the long term remains to be seen.
Those who think it to ponzi will soon realise that they were making a mistake and that too a big mistake... When they realise it time would be far gone...
No doubt a lot of people that talk smack about bitcoin missed the party and are hoping to find 'the next bitcoin' in alts. A healthy bitcoin is pivotal for the growth of the market, I wish people were more supportive.
Some issues to be aware of with Bitcoin's lightening network:
Lighting is far away from being bulletproof. There are still many open issues which directly have an influence on user experience. For example, it requires you to lock funds in channels and stay online 24/7 to make sure you actually receive a payment. This is unacceptable in a world were most users will need a functioning mobile wallet or want to use a web based wallet.
When I look at the fundamentals of Bitcoin it does bother me. It might never be used as a true widespread currency. Instead its being treated as a commodity (like gold). Transactions slow, heavy power requirements and other cons are working against it as newer and improved cryptos step into the space. But bitcoin has generated one critical thing, some degree of widespread acceptance that it does have value. For that reason it is not going away anytime soon. But I hope I'm not still holding onto it when 2-3-10 other cryptocurrencies come along that achieve that same level of widespread acceptance and kick the king off the throne. Again, not because it's going to go away completely, but its perceived value may be dramatically altered. It's sorta like how Pound Sterling was the strategic reserve currency of the world at one time. When it lost that status to USD, it also saw a dramatic period in which it lost value. But in the foreseeable future that not's something I as a bitcoin investor am worried about.
I'm not sure "good statistical estimate" paints the right picture; my understanding is that this kind of estimation is basically the weakest kind you can do, and it has many ways of failing (e.g. one of the grounding assumptions is that there's nothing particularly special about the current point in time - something which which is difficult to be sure of). So, it's perhaps better than nothing, but not necessarily "good"
hellow
my dear sir @louisthomas
in present world bitcoin is greatly important,,,its play a good role
but at the increase of time it become high rate of valuable,,,no dout that its importantness,thanks a lot for your posting ,,thanks for support all of us
This simple argument is the best I have heard for the viability of BItcoin. One of your best videos.
Of course, by this argument, gold will be with us for another 2000 years at least !
Interesting. Anyone who panic sells what could potentially turn into a handsome profit in just a few years really needs to calm their tits and stop expecting miracles. I'm of the opinion that you should HODL, but in the meantime simply forget about Bitcoin/cryptos...remind yourself of your investments in a few months and see if you feel you've made the right decision.
Good video, Louis. Have you considered moving over to BitChute yet?
Bitcoin as a protocol will probably stay around forever, but at this point its value is directly tied to fiat. The bigger challenge is this: how do you value bitcoin without tying it to the existing fiat system?
Unless this paradox is somehow resolved, bitcoin, or any other crypto for that matter, will not supplant the fiat system (the very thing the tech was designed to do).
Hey Louis I totally agree with you! BTC is something worth holding, period.
Bitcoin is the underlying asset and the Alt coins are the derivatives market. You buy derivatives because they offer slightly unique value propositions from Bitcoin and track the price movement better than any non crypto assets. This way, alt coins should only be owned if your portfolio is built on a solid foundation with a substantial allocation to Bitcoin itself. For me its between 40-50% BTC inside my crypto portfolio. Thanks for the share and explaining the Lindy Effect!
At the very least BTC is always gonna be the cult classic of the crypto world, and anyone who is into crypto will want to have some.
Moon is coming soon :)
Bitcoin is the gold and alt coins is less valuable metals. if I can put it that way.
Change is difficult to accept at the start but everyone has to at some point. Bitcoin is the big daddy of crypto and when you're the best you get a lot of haters.
many people are afraid to buy bitcoin when they hear that they have to pay 10 000 dollar for a single coin. thats why they think is a possibly scam
Bit coin is the only crypto going to last long
There are a lot of others as well . Steem is one for example
Not sure that I believe in the Lindy effect per se as if tomorrow there was a digital currency that was better than BTC it would ultimately disrupt and displace BTC. The observation of a Lindy effect is down to the qualities and specification of BTC and the network effect that results . Despite the technical issues surrounding BTC which still need to be resolved IMHO it was carefully conceived and specified as a "utopian" digital currency / store of value . IMHO the same cannot be said of many of the BTC's alt-coins competitors that are technically inferior with respect to BTC & seem to be just vehicles for short term financial gain via speculation.
Bitquin is one of the most powerful currencies and is the basis of all currencies
But hatred is the result of jealousy of some
I have no doubts that this bitcoin and blockchain will show significant growth. I have no intention to test my nerves and don't want to trade. I am going to be in it very long time. And I will be successful. No, not just me. We will be successful. In my circles, almost everybody is saying that crypto world is, at best, a big bubble, and it would burst soon. At worst, it is the biggest Ponzi scheme ever created in the history of humanity. Every cryptocurrency has only one aim: To fool millions of people all over the world and take their money. I don't try to convince them, don't even start any discussions. I just smile and change the subject.
Bitcoin and steem are the best. You are right about it. I hope it gets better.
many people are jealous of bitcoin. where we are the ones who say bitcoin is a fraud. but. I do not think so. bitcoin remains bright for the future
Bitcoin derives its unique value from the fact that despite its lack of official backing or wide acceptance, it has generated an ecosystem in which many people are willing to trade and accept it.
I type this comment even as I listen to the video.While the tulips did fail, the fools comparing them to bitcoin are not even considering the the vastly different parameters of these two complete different things. It is kind of taking an analogy too far.
PS: first time I herd about Lindy effect.....interesting.
Thanks for the video man!
It's no doubt that bitcoin is going to have a lot of competitors, but like you explain bitcoin have fought it's battle well for a decade now and is aging stronger with each blow. So, am pretty sure bitcoin is here to stay.
I understand what you're saying, but I think there's still a lot of unpredictability regarding the future of bitcoin.
I would rather say that cryptoassets and blockchain technology are here to stay - whether bitcoin will remain a major player or not in the long term remains to be seen.
Bitcoin has a lot of development potential and money behind it.
Those who think it to ponzi will soon realise that they were making a mistake and that too a big mistake... When they realise it time would be far gone...
No doubt a lot of people that talk smack about bitcoin missed the party and are hoping to find 'the next bitcoin' in alts. A healthy bitcoin is pivotal for the growth of the market, I wish people were more supportive.
Some issues to be aware of with Bitcoin's lightening network:
Lighting is far away from being bulletproof. There are still many open issues which directly have an influence on user experience. For example, it requires you to lock funds in channels and stay online 24/7 to make sure you actually receive a payment. This is unacceptable in a world were most users will need a functioning mobile wallet or want to use a web based wallet.
When I look at the fundamentals of Bitcoin it does bother me. It might never be used as a true widespread currency. Instead its being treated as a commodity (like gold). Transactions slow, heavy power requirements and other cons are working against it as newer and improved cryptos step into the space. But bitcoin has generated one critical thing, some degree of widespread acceptance that it does have value. For that reason it is not going away anytime soon. But I hope I'm not still holding onto it when 2-3-10 other cryptocurrencies come along that achieve that same level of widespread acceptance and kick the king off the throne. Again, not because it's going to go away completely, but its perceived value may be dramatically altered. It's sorta like how Pound Sterling was the strategic reserve currency of the world at one time. When it lost that status to USD, it also saw a dramatic period in which it lost value. But in the foreseeable future that not's something I as a bitcoin investor am worried about.
This video is definatly gonna slap those who think bitcoin is ponzi scheme Great share @louisthomas
I'm not sure "good statistical estimate" paints the right picture; my understanding is that this kind of estimation is basically the weakest kind you can do, and it has many ways of failing (e.g. one of the grounding assumptions is that there's nothing particularly special about the current point in time - something which which is difficult to be sure of). So, it's perhaps better than nothing, but not necessarily "good"
hellow
my dear sir
@louisthomas
in present world bitcoin is greatly important,,,its play a good role
but at the increase of time it become high rate of valuable,,,no dout that its importantness,thanks a lot for your posting ,,thanks for support all of us
the worth of bitcoin is raising day by day
dear sir ,,
bitcoin is great like gold,thanks for share
thank you so much brother to share good quality post.
Bitcoin still the number! and will be for a long timer!
This simple argument is the best I have heard for the viability of BItcoin. One of your best videos.
Of course, by this argument, gold will be with us for another 2000 years at least !
Because Blockchain is the solution for most of the World´s problems and yes Bitcoin is here to Change it!!
you channel is cool always with good content
Interesting. Anyone who panic sells what could potentially turn into a handsome profit in just a few years really needs to calm their tits and stop expecting miracles. I'm of the opinion that you should HODL, but in the meantime simply forget about Bitcoin/cryptos...remind yourself of your investments in a few months and see if you feel you've made the right decision.
Good video, Louis. Have you considered moving over to BitChute yet?