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A year ago, the idea that Bitcoin and cryptocurrencies would change the world was becoming a consensual opinion. Today, not so much.
The digital currency & nbsp; it is now trading below $ 5000. E & # 39; & nbsp; The 77% discount is close to $ 20,000 in January. Even other scrambled are collapsing.
Blockchain technology, cryptocurrency mining. Server roomGetty
There is a catalyst. People who follow digital tokens accuse & nbsp;rigid fork& nbsp; of Bitcoin Cash. The smallest and homonymous cryptocurrency is itself a Bitcoin fork. But last week, its developers and miners did not agree on the future of the digital token. So they decided to split into two competing cryptos, Bitcoin ABC and Bitcoin Satoshi & # 39; s Vision (SV).
If this seems like an intrinsically bad idea, it is. Bitcoin is an open source project. Developers are free to duplicate the base code and create cryptocurrencies at will. And they have. As of November 2018, there are 2,502 cryptocurrencies, according to a & nbsp;list& nbsp; compiled on Investing.com. The cumulative market capitalization of these tokens is $ 142 billion, although it has been much higher.
Forgive me. I'm burying the damn. The problem with Bitcoin and cryptocurrency in general is not the bifurcation. Is that developers should not be able to & nbsp; create & nbsp; currency, at all.
I started writing in & nbsp;January& nbsp; that the cryptocurrencies were where the Internet was in the dot.com and in & nbsp;February& nbsp; that most of these thousands of scrambled were directed to zero. At that time, it was not a popular position. I introduced my point of view on two things that every potential investor must understand on digital coins "me too": there is no use case, and worse, they are unlikely to ever represent a store of value.
Keep in mind that many things can represent a store of value. Immediately I can think of collectables as art, baseball cards and signed memorabilia. Cryptocurrencies, at least the vast majority, will never be.
Bill Harris, former CEO of & nbsp;PayPal, made headlines in August when he wrote to & nbsp;recode: "OK, I'll say it: Bitcoin is a scam".
Harris claims that Bitcoin is a pump-and-dump scheme, in which the promoters push the value of dubious investments with exaggerated and relentless publicity upwards. As the price increases and enthusiasm is greater, they give up everything, leaving unsuspecting investors holding useless titles.
I must admit that I presented this case on the so-called alternative currencies. Investing in an initial money supply is like speculating in a highly promoted junior gold mining company where the prospect of finding real gold is zero. There will be price volatility and many promises made. But in the end, the investment is worthless. And it would always have been useless.
But Harris is melting Bitcoin with alternative coins. This is a mistake, I think.
A pure digital currency is a good idea. & Nbsp; It takes power from the central authority. The problem is oversupply. At the moment there are too many coins and too many charlatans.
This will pass. The Securities and Exchange Commission will summon the scammers. Their fake investment rooms will lead to a big showdown. Most ICOs will go to zero because they will not be able to pass the legitimate government supervision test.
This could leave Bitcoin as one of the last standing digital coins. When that happens, I suppose it will eventually be more precious than today. However, there is a lot of pain in the future when pump-and-dump schemes are discovered and most coins collapse, exacerbating the mood for all their peers.
The game for stock investors is blockchain, Bitcoin's cryptographic infrastructure …
Ultimately, this digital register system will make its way into global supply chains and financial services because it systematically removes the mediocre trusted agents for verification.
Blockchain will make superfluous legions of accountants, lawyers and back office personnel.
IDC, a global information technology research company, sees blockchain as part of a & nbsp;largest digital transformation. The turn could be worth $ 7 trillion by 2022.
Microsoft& nbsp; he was one of the first converts to the power of the blockchain. It & nbsp;he started working& nbsp; with financial services start-ups in 2016. More recently, software giant Redmond, Wash. has solicited the scalability of its Azure cloud computing platform for the execution of general accounting systems. The company is even working on a blockchain-as-a-service tool.
Shares exchanged at 20x direct revenue. The market capitalization has fallen to $ 780 billion in the last part of the technological sinking. The stock would be a great pick-up in the low $ 90.
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A year ago, the idea that Bitcoin and cryptocurrencies would change the world was becoming a consensual opinion. Today, not so much.
Digital currency now sells under $ 5000. The 77% discount is close to $ 20,000 in January. Even other scrambled are collapsing.
Blockchain technology, cryptocurrency mining. Server roomGetty
There is a catalyst. People who follow digital tokens blame Bitcoin Cash's hard bet. The smallest and homonymous cryptocurrency is itself a Bitcoin fork. But last week, its developers and miners did not agree on the future of the digital token. So they decided to split into two competing cryptos, Bitcoin ABC and Bitcoin Satoshi & # 39; s Vision (SV).
If this seems like an intrinsically bad idea, it is. Bitcoin is an open source project. Developers are free to duplicate the base code and create cryptocurrencies at will. And they have. As of November 2018, there are 2,502 cryptocurrencies, according to a list compiled on Investing.com. The cumulative market capitalization of these tokens is $ 142 billion, although it has been much higher.
Forgive me. I'm burying the damn. The problem with Bitcoin and cryptocurrency in general is not the bifurcation. It's that developers should not be able to create currency, at all.
I started writing in January that the cryptocurrencies were where the Internet was in dot.com and that in February most of these thousands of scrambles were destined for zero. At that time, it was not a popular position. I introduced my point of view on two things that every potential investor must understand on digital coins "me too": there is no use case, and worse, they are unlikely to ever represent a store of value.
Keep in mind that many things can represent a store of value. Immediately I can think of collectables as art, baseball cards and signed memorabilia. Cryptocurrencies, at least the vast majority, will never be.
Bill Harris, former CEO of PayPal, he made headlines in August when he wrote to Recode: "OK, I'll say it: Bitcoin is a scam".
Harris claims that Bitcoin is a pump-and-dump scheme, in which the promoters push the value of dubious investments with exaggerated and relentless publicity upwards. As the price increases and enthusiasm is greater, they give up everything, leaving unsuspecting investors holding useless titles.
I must admit that I presented this case on the so-called alternative currencies. Investing in an initial money supply is like speculating in a highly promoted junior gold mining company where the prospect of finding real gold is zero. There will be price volatility and many promises made. But in the end, the investment is worthless. And it would always have been useless.
But Harris is melting Bitcoin with alternative coins. This is a mistake, I think.
A pure digital currency is a good idea. It takes power from the central authority. The problem is oversupply. At the moment there are too many coins and too many charlatans.
This will pass. The Securities and Exchange Commission will summon the scammers. Their fake investment rooms will lead to a big showdown. Most ICOs will go to zero because they will not be able to pass the legitimate government supervision test.
This could leave Bitcoin as one of the last standing digital coins. When that happens, I suppose it will eventually be more precious than today. However, there is a lot of pain in the future when pump-and-dump schemes are discovered and most coins collapse, exacerbating the mood for all their peers.
The game for stock investors is blockchain, Bitcoin's cryptographic infrastructure …
Ultimately, this digital register system will make its way into global supply chains and financial services because it systematically removes the mediocre trusted agents for verification.
Blockchain will make superfluous legions of accountants, lawyers and back office personnel.
IDC, a global information technology research company, sees blockchain as part of a larger digital transformation. The turn could be worth $ 7 trillion by 2022.
Microsoft he was an early convert to the power of the blockchain. He started collaborating with financial services start-ups in 2016. More recently, software giant Redmond, Wash, promoted the scalability of its Azure cloud computing platform for accounting systems. The company is even working on a blockchain-as-a-service tool.
Shares exchanged at 20x direct revenue. The market capitalization has fallen to $ 780 billion in the last part of the technological sinking. The stock would be a great pick-up in the low $ 90.
