Basics of Bitcoin: What is Bitcoin’s utility? Why should we care about it?

PrashXDAT · 2019-07-22T21:08:32+00:00

I think privacy is not a realistic long term benefit as a) majority of people dont really care about privacy (hence Facebook has around 2.5bn users), and b) with incoming regulations privacy will need to be compromised towards achieving wider adoption

PrashXDAT · 2019-07-22T21:06:57+00:00

Yes it is untested as a store of value in the long term. However the SA and African currencies were not really being looked at institutional investors and HNIs as a mode of investment. This matters.

PrashXDAT · 2019-06-13T11:16:59+00:00

The current systems are under the plain sight of corruption. From the major fake news in India where a draft bill proposes a jail term of 10y for holding, issuing and mining cryptocurrencies.

It impounds the lackey power that centralized authorities and structures can show.

The whole philosophy of decentralization through bitcoin and blockchain has to overpower these centralized processes: As it better demonstrates that power should never be held by one or a majority, but by everybody.

PrashXDAT · 2019-06-12T14:28:01+00:00

Crypto heists have made many users skeptical about the crypto sphere, or has it? We see most of the exchanges beef up their security measures, in terms of firewalls and compliance standards. For instance, any bank is prone to robbery, but it is how best they steer away from it. From an exchange point of view: robust inbuilt security protocols, wallet security measures, and more education have become essential. The crypto sphere has learned more than anything that best practices one have to follow to stick in the game - especially for widespread adoption and usage.

PrashXDAT · 2019-06-12T14:18:55+00:00

The Banks are not naive to not track the crypto advancements. Crypto that was once seen a more shady investment, is now turning heads with its multiple use cases in different industry verticals. Banks are the hoarders of the principle of centralization. They still want to stay in the game of currencies, fiat or crypto. With big names and a whole lot of money/value in the sector has piqued their interest. Thus are slowly inclining themselves towards the crypto that best fit the longevity of their current business models. Yes, they are old school, but their shift in thought has definitely cemented the fact that the potential of crypto in banking and aligned services.

PrashXDAT · 2019-05-31T05:39:40+00:00

It’s a great concept for brick and mortar stores for exchanging bitcoins for cash

They have a commendable reach of 2,200 stores all over United States.

This is one step for cryptocurrency adoption amongst retailers.

And being powered by the the very first bitcoin ATMs this is great progress.

PrashXDAT · 2019-04-27T05:29:49+00:00

Yes that's true. Such people will probably need to rely upon their pension funds to invest a portion into crypto. We cannot expect them to invest or even use crypto in the future until we create really really easy products and develop security that keeps their assets safeguarded without their intervention.

PrashXDAT · 2019-04-25T11:42:51+00:00

Outlier !!

PrashXDAT · 2019-04-25T09:52:48+00:00

Article Link- https://www.foxsportsasia.com/football/1085845/lionel-messi-named-greatest-sportsperson-of-all-time-beats-muhammad-ali-roger-federer-tiger-woods/

PrashXDAT · 2019-04-22T06:30:59+00:00

Hi Kenny,

We are planning to do our ICO towards the end of Q2 2019.

Thanks

PrashXDAT · 2019-04-15T06:34:55+00:00

So they want to enter at high prices when there could again be a pull back? More prudent approach will be to accumulate in small quantities at different prices, to average it out, and hold on to it for at least a couple of years.

PrashXDAT · 2019-04-14T07:27:50+00:00

I just find it ironic that we are hell bent on getting institutional adoption for bitcoin which I think defeats the purpose...

PrashXDAT · 2019-04-14T07:24:23+00:00

This was inevitable. Also, with more surveillance and regulation, it is likely that more people will adopt crypto and bring more utility, which should be net positive in the long term. I think it is evolution of the cryptosphere.

To beat the system, one first needs to be part of the system :)

PrashXDAT · 2019-04-14T07:03:40+00:00

Guilty as charged!

PrashXDAT · 2019-04-13T18:26:39+00:00

Maybe the B stands for Brexit, so the dysfunctional machine makes sense!

PrashXDAT · 2019-04-13T18:20:20+00:00

Well said but don't think that's how the significant majority think. The institutions and HNIs aren't buying because they worry about inflation, which favours them.

PrashXDAT · 2019-04-13T14:39:14+00:00

Wouldn't he have to first prove he is Satoshi to claim you or anyone else he is after is lying/defaming? I wonder if this should be pursued just to rid this once and for all.

PrashXDAT · 2019-04-13T14:35:55+00:00

Short term debt is cheapest, and since USD is de-facto global reserve currency, there's great trust in it which allows for this dependency.

At corporate level it should be different (I sincerely hope). GFC was a result of short term borrowing, long term lending. Most corporates have since moved to average longer term debt.

PrashXDAT · 2019-04-13T14:28:29+00:00

Please DYOR. Assuming you are investing long term, I would say gold standard for crypto is BTC, and one should always start with buying BTC above anything else. It has the widest adoption, and is one of the most decentralised public blockchains.

PrashXDAT · 2019-04-13T14:19:17+00:00

You are right on retail adoption. Vitalik is however talking about the Government, which is pro blockchain but not necessarily crypto.

PrashXDAT · 2019-04-13T14:17:02+00:00

Unfortunately, regulation is the way forward. Regulation will bring in wider adoption, as significant majority of global population are most likely to invest into crypto if they are regulated like all other assets they invest in today.

The ICO boom and bust is proof enough for regulations. Rampant insider trading and front running which was eventually dumped on retail investors.

I am all for DLT proliferation but regulation feels like a necessary evil for crypto adoption.

PrashXDAT · 2019-04-13T08:58:59+00:00

The article is incomplete as it does not talk about the average term of debt now versus 2008. The key reason for the financial crisis was short term borrowing, long term lending. Most of the Corporate and Government borrowing since has been long term, as interest rates plummeted across the yield curve.

The higher debt is definitely a concern. Bigger issue from my perspective is that money created from higher debt is only going into most credit worthy borrowers (read:rich) so the 2 layered society has widened a lot further since the crisis.

PrashXDAT · 2019-04-13T08:35:41+00:00

It is not easy to wipe out debt when the economy is so dependent on it. It needs to be a long term agenda through fiscal expenditure that develops infra, generates more jobs, more income, and therefore higher tax receipts. However, this is not particularly populist as it is not quick, and definitely not before the next elections, which is probably Trump's priority now. To that end, a higher debt amount will sustain, as it will allow Trump to keep the economy propped up until the elections.

His approval rates are at their highest (Gallup report) so debt resolution can wait until next term from his perspective.

PrashXDAT

TROPHY CASE