Understanding Blockchain Freedom — Why So Many Smart People Are Wrong About the Value of Bitcoin
Why So Many Smart People Are Wrong About the Value of Bitcoin
Have you heard financial analysts say bitcoin has no "real" value or the blockchain has value but the tokens themselves do not? This video explains what they often get wrong.
The content of this presentation comes from this excellent post by @sean-king Why So Many Smart People Have Been Wrong About Bitcoin and was used with Sean's permission.
To support this work via donations:
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Ethereum: lukestokes.eth
Previous Episodes:
- Episode 001: Introduction
- Episode 002: What Is Cryptocurrency?
- Episode 003: Safety and Security
- Episode 004: Get Your Bitcoin Off of Coinbase
Follow @ubf where I'll be resteeming these videos.
Thank you for supporting this project. I hope it's useful to you, your friends, and your family. I appreciate you resteeming these episodes as well as sharing understandingblockchainfreedom.com on your social media outlets so we can educate more people about the decentralized future.
As a programmer and Steemit witness, I want to help bridge the gap between technology and understanding. I'm constantly working to improve my communication skills to help others. If you have a witness vote available, I would certainly appreciate a vote for @lukestokes.mhth
Watch the US Gov flailing, and watch RU and other gov get involved in mining...
Wow, things are changing quickly; because, there is a new sheriff in town.
This becomes a new arms race! FAST.
Great video, thanks!
There is a reason, a popular mathematician foresees 500K BTC...
I try to describe how Email replaced the US Post office and then take it from there; internet access to value, easily tradable outside of the banking system. Raises a few eyebrows, to say the least.
Thats True, it is the future
& who is this "a popular mathematician foresees 500K BTC..." About?
https://steemit.com/bitcon/@oneness/lies-that-starry-eyed-bitcoin-advocates-tell-themselves
He says that ANY CENTRAL BANK can cause BTC to crash. He may very well be correct.. but there is still an arms race as well. RU vs US vs CH vs ?
I really do like the points raised by this person (link above) and I hope we can all expect this to happen. Central banks have unlimited resources to ruin this market; make no mistake, so it's best to diversify, whatever that means to you.
Incredibly informative video Luke!! I struggled with this antiquated way of thinking much to my detriment for years simply b/c I didn't understand the technology and didn't approach it with an open mind.
I think another reason it's taking so long for some to understand the value and utility of BTC and crypto is the MSM and many talking heads providing inaccurate information. The old adage "if you can't hold it, you don't own it" is something still prevalent in many minds today. What people need to understand is through paper or hardware wallets, you do indeed "hold" BTC. I think as educators like yourself continue to put good quality content out there in easy to understand terms, more and more people will awaken to the benefits of crypto. I think it will definitely be a battle though, for crypto represents a real threat to derail the monetary intermediary lotto that the banks now control. Time is our ally here, for as each new person unplugs them self from the matrix of fiat control, more monetary freedom will be realized each and every day.
Do you own Bitcoin? Learn which altcoins are giving away free money to Bitcoin holders.
They need to keep in mind fiat has no real value either. Its also a checks and balanced system. Only difference is fiat is the old outdated one?
That's a great presentation! Thanks for sharing.
The point about fiat currency deriving value from it's ability to liquidate tax debt is really important, and often neglected.
@lukestokes - The series and this episode, especially, is very helpful. I am an engineer - therefore, I could immediately relate to the statement in the video about Finance experts having a bias against Bitcoin whereas those who work with technology like it. The example of equating oil to bitcoin is wonderful. It was very easy to grasp that the value of anything is inherently dependent on the use to which it is put (like oil became suddenly valuable after the advent of IC engines).
The point people make that "Bitcoin has no intrinsic value because anyone can create it " also well refuted by citing an example of a duplicate 100$ bill having no value if it is instantly recognized as duplicate and social concious has decided not to accept that as currency.
Thanks. Though I have been doing some reading, getting this clear and concise picture of the underlying concepts does help in better understanding.
That does not mean I have suddenly become wise in the world of Bitcoin or Crypto though - Just lost some bitcoin value in a bad altcoin trade I tried. LOL. I will keep learning. Hopefully, aided by more such episodes in your series.
Thanks. Cheers. Upvoted.
Regards,
This was so easy to understand! Thank you for sharing this. The comparison to fiat currency is a great one that maybe the pure CFA's can understand! I wonder if Bitcoin or Facebook will be replaced first! haha
Great presentation @lukestokes sir, now i understand the value of bitcoin and the value of blockchain.
nice post thanks
Great insight into a world I know so little about. I have so much to learn and a person like you can teach me so much and already has. Thankfully I too have an area of expertise, just making the cross over into computer land has been a challenge for me. To the point where I almost threw in the towel last week.
But Instead of throw the towel in on Steemit. I lit a fire under my ass and I put up a bunch of great posts. Especially my new World Travel Report: Bali Indonesia. https://steemit.com/travel/@world-travel-pro/world-travel-report-bali-indonesia
I'm trying all I can to get this thing to blow up and put me on a new steemit level, that would really keep the flame burning! Anything you can do to help me would be GREATLY appreciated.
Thank you so much!
Dan "World Travel pro!" Signing off from Koh Phe Ngan, Thailand!
great post .. very relevant and must watch for actual investors of Crypto
here is my 2 cents ..
Bitcoin is trying to find its fair price... and no one knows its fair value is 400$ or $4000 or $40000
bitcoin(could be some other crypto .. could be ripple ether etc ) will be dominant universal currency . just like USD was needed when 2 different countries need to trade goods , sooner or later some crypto will replace the USD . i do have several supporting articles and proofs regarding this claim ( which i probably present in a new post.)
At this point no body can honestly say what is the fair value of such a universal currency. the Penetration of Crytocurrency world wide is less than 0.08% at this point we are at 135 billion Market cap even when this penetration increases to 1 percent you can do the maths of the Crypto market cap and accordingly.
More importantly as the video says its the rarity and finite existence of the currency that imparts more value to it.