Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,207
Very interesting NYTimes/Dealbook article on Bitcoin written by Marc Andreessen, a co-founder of the venture capital firm Andreessen Horowitz who have invested just under $50 million in Bitcoin-related start-ups. Obviously very pro-Bitcoin but still very interesting.
International payments by migrant workers. Nuff said.
When you consider that smartphone penetration will be approaching 50% of the global population in five years, at up to 4 billion handsets, all of which should be capable of making Bitcoin transactions, this should be a great economic boost to people in the third world.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,207
I thought it was a decent article that raised some very good positives of a currency that isn't controlled by a select few.
Where I struggle with Bitcoin is the supply of lack of supply. I know that one of the 'selling points' of Bitcoin is that it can't be printed like modern government's seem to do with their current currencies but the lack of supply makes it appear (at least to me) as a ponzi style scheme. For example lets assume that a country decides to replace their current currency with Bitcoin. The value of Bitcoin suddenly becomes a function of supply and demand and how much Bitcoin said country wants to acquire. Hence long term, if Bitcoin becomes successful, the value will have to escalate purely based upon demand. Hence the first people in profit, hence a ponzi like scheme.
I saw a few cyber hostage cases, where the ransom was denominated in bitcoins, not sure we need a financial instrument that makes it more easy to organize criminal activity without being able to trace the financial flow.
In my opinion, you only have to look as far as Greece to see that using a single currency doesn't work.
European countries are close enough for the experiment to try out (an experiment which is obviously failing) but if you try to use it across all countries it won't even get off the ground.
Additionally as @SMCJB mentioned, there is a supply issues and it will become a ponzi.
Countries also need to be able to print and have monetary control to balance their economies, not everything is that simple.
This reminds me of when I use to frequent gold forums, every tin foil wearing doomsday guy there thinks they can solve the worlds problems by going to a gold backed currency - it's not that simple.
Not sure what you mean there but both @SMCJB and myself have the view that bitcoin is a ponzi, not cash - which seems to be agreeing with your statement.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,207
Just to clarify, I'm not saying it's a Ponzi scheme in that it is people's intent to defraud others, I'm saying that it's cap on how much Bitcoin can be in circulation makes it Ponzi-scheme like, or will eventually have a Ponzi scheme effect.
