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Related: About this forumKeiser Report: Bitcoin vs Banksters
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the elbowed dreams and broken markets that continue to apparently thrive while a hedge fund managers advice for young people is 'get a job' (in a hollowed-out wasteland of an economy) and 'save for retirement' (with the same banks that have stolen trillions from the global investor). In the second half of the show, Max Keiser talks to entrepreneur and inventor, William Mook, about a near future when bitcoin means banks will not even be needed and 3D printing makes factories obsolete but a present day in which financial wise guys have stopped investing in the economy because there is no fuel supply to support the growth.
Taitertots
(7,745 posts)How could anyone claim it is anything other than a pathetic failure as a currency?
TampaAnimusVortex
(785 posts)If you define failure as something not immediately adopted by everyone on the planet 30 minutes after its invented, then yes... its a failure.
If you define it as a success if it is eventually used to trade value between a fairly significant number of entities, then it may be a success in the future.
Technology S-Curve adoption rates are very rarely predictable events. It could languish for years and then suddenly explode and gain wide market adoption without any apparent reason. Expecting a brand new technology such as Bitcoin to have a perfectly smooth market ramp up and valuation isn't rational. One can expect oscillations within the initial ramp up in valuation, and even after (just like normally traded currencies!). The "hyper" aspect is only there because of the small market adoption. As soon as larger masses of people adopt Bitcoin, the hills and dips should smooth out much like other currencies - probably even more-so, as it doesn't have the deliberate political manipulation behind it pushing and pulling it back and forth.
Taitertots
(7,745 posts)And I would define failure as suffering hyperinflation and hyperdeflation.
Do you define success as the slim chance of having price stability at some point in the future?
TampaAnimusVortex
(785 posts)My point being that you currently cant tell the different in an upslope between a "bubble" where it goes up and crashes, and a upslope where it ramps up to it's near average correct valuation... and then minor fluctuations set in from there.
They look absolutely the same on the upslope - it's only once you reach the peak that you can see if it drops or continues to keep it's value. Even if historically bitcoin produced a bubble and crashed doesnt imply that it would do the same this time even. As a matter of fact, the current charts already show what looks like a stabilizing trend instead of a crashing one at the time I am writing this.
Could it go up? down? stabilize? Sure... any of those... I dont know the answer and neither do you. No one does.