Ex-Fed Chair Ben Bernanke Warns Bitcoin (BTC) Faces Two Massive Risks That ‘Investors Should Be Aware Of’ BTC by dailyhodl.com
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Former Federal Reserve Chair Ben Bernanke is issuing a warning to Bitcoin (BTC) investors. In a new CNBC interview, Bernanke says Bitcoin faces two existential risks from lawmakers and governments. “One of the other risks that Bitcoin has is that it could, at some point, be subject to a lot more regulation. And the anonymity […]
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Polychromat He brings up valid criticisms, and you reply with ad hominem delusional cope. Your name is so fitting.
kr0n The validity is debatable.
"One of the other risks that Bitcoin has is that it could, at some point, be subject to a lot more regulation." - One could argue regulation would be net positive.
"And the anonymity is also at risk, I think, at some point." - It's not as anonymous many think. Not sure what he means with this, but at a glance it seems he thinks its fully anonymous. And physical cash has this same property as well.
"But, they were intended to be a substitute for fiat money. And I think, in that respect, they have not succeeded." - Has not succeeded, YET. Gold or gold-backed currency is also an substitute for FIAT money, just as any scarce, expensive-to-produce item could be and has been.
"Because if Bitcoin were a substitute for fiat money, you can use your Bitcoin to buy your groceries." - Not sure why the word FIAT is here, since to buy groceries the currency does not have to be FIAT money, could be anything. And also, the defining property of *physical* cash, which I think he refers in this context, is not that its stable value or convenient to use in daily life, but the fact that transactions do not need an intermediary like credit card company or bank to make sure no one is getting ripped off by double-spending.
All of these points seem very solvable with either laws, size or development. So all in all, nothing new from this dinosaur.
"One of the other risks that Bitcoin has is that it could, at some point, be subject to a lot more regulation." - One could argue regulation would be net positive.
"And the anonymity is also at risk, I think, at some point." - It's not as anonymous many think. Not sure what he means with this, but at a glance it seems he thinks its fully anonymous. And physical cash has this same property as well.
"But, they were intended to be a substitute for fiat money. And I think, in that respect, they have not succeeded." - Has not succeeded, YET. Gold or gold-backed currency is also an substitute for FIAT money, just as any scarce, expensive-to-produce item could be and has been.
"Because if Bitcoin were a substitute for fiat money, you can use your Bitcoin to buy your groceries." - Not sure why the word FIAT is here, since to buy groceries the currency does not have to be FIAT money, could be anything. And also, the defining property of *physical* cash, which I think he refers in this context, is not that its stable value or convenient to use in daily life, but the fact that transactions do not need an intermediary like credit card company or bank to make sure no one is getting ripped off by double-spending.
All of these points seem very solvable with either laws, size or development. So all in all, nothing new from this dinosaur.
QuantumInvestor420 Lol people saying BTC anonymous when all onboards require KYC. Very anonymous right?
Interstellar_Being Holy shit, he‘s so far away from reality…
But one thing is sure, I will buy food tomorrow, and I will pay it in BTC
But one thing is sure, I will buy food tomorrow, and I will pay it in BTC
stanislau_yarmaliuk And which type of currency is not speculative these days? FIAT money are not supported by colour metals anymore. For example, look at the Russia's rouble, about 63 for 1$, considering that they are at war and under huge bunch of sanctions from the western world. Your comment sounds right in relation not only to the BTC, but any other currency.
Sandsherew What's wrong people? He has right, as money is a nuisance to do the calculations every minute to pay for anything. Bitcoin is not money, it is an investment like the one that can be made in gold, nobody buys food with gold nuggets. I'm not saying it's a reserve of value, it's just an investment, neither reserve nor money. I LIKE bitcoin as it currently is.
mikejvoorhees An investment in what? You are investing in a con job or casino not a business not something that produces anything. On the contrary this investment all it does is consume resources for the sake of consuming resources.
Polychromat And what exactly is gold? The technological value of gold is but a fraction of it’s value. There must be some other reason gold is so valuable…
mikejvoorhees What got Bitcoin here, greed. It will also be its undoing. Make no mistake, it is not bears that cause market crashes, it’s delusional bulls that want everything to cost more and more day after day forcing people to live on less and less.
OvO "Groceries are too expensive". Exactly, and it is bernankes and the feds fault that everything is so expensive with their corrupt monetary policies. Thats why bitcoin was invented in the first place. Of course the biggest threat is from government and central banks themselves, i am sure they work very hard (while the people have to pay them) on how to destroy bitcoin. I am also sure that they will fail. Once such a level of corruption gets exposed as it did in the last years, it has to be cut out for humanity to continue
mikejvoorhees Bitcoin is the dinosaur it’s ancient in terms of age when it comes to software. It’s technically incapable of doing anything it promises it’s so expensive to use and maintain. It’s literally just a piece of p2p software that keeps track of 2,100,000,000,000,000 bits it unlocks to sell you to pay for itself to make more of itself. It is likely to be worthless as it’s not sustainable or sustainable as a network to support the economy of the world. It’s not money because it was created by an individual who wanted to take your actual cash for their “better” money. It’s not accessible in anyway unless you already have other money to buy it. It’s value subject to huge swings that make it impossible to carry out commercial activity. The only nation that made it legal tender that is to make it fiat and force you to take it. Every purchase or Bitcoin has been a loss for them. How can it do anything but enrich the people that already own all of it?
OvO Btc the dinosaur, lol. It's like a nerd calling the internet old tech in 1995.
It must be power expensive otherwise enough currency can buy the whole chain. PoS is easily corruptible by currency printers
Btc is base layer, it has to be robust. L2 will be able to support millions of tps
You can exchange it for goods and services, you don't need other currency necessarily
Volatility is going down as mkt cap is goin up
More countries will follow, nothing is a bigger loss for them than taking fiat (especially dollar) currency loans from US/IMF ()
It must be power expensive otherwise enough currency can buy the whole chain. PoS is easily corruptible by currency printers
Btc is base layer, it has to be robust. L2 will be able to support millions of tps
You can exchange it for goods and services, you don't need other currency necessarily
Volatility is going down as mkt cap is goin up
More countries will follow, nothing is a bigger loss for them than taking fiat (especially dollar) currency loans from US/IMF ()
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