Gentle counter view (Thread) (1/13)
China has ‘banned’ Bitcoin a zillion times. Recently they banned physical infrastructure including Bitcoin mining . Since then mining has moved to other countries including US. All the China ‘ban’ had to show was a temporary drop in hashrate and a 30% correction in BTC (2/13)
Countries that have taken a positive stance on Bitcoin include US, Canada, Australia, EU, El Salvador. Cities like Miami are proposing to pay workers in Bitcoin. Countries that have taken a -ve stance include Bolivia, Columbia, Ecuador, Saudi, Russia. 🙄 (3/13)
Internet didn’t ask permission from telcos to enable phone calls. Neither did telecos ‘hand it over’. We already have ‘National crypto currencies’. It’s called net banking and UPI. Venezuela under Nicolas Maduro launched ‘govt backed’ crypto called Petro. Bombed! (4/13)
Regarding volatility: A comparison of BTC’s sharpe ratio with Indian equities and gold. (5/13)
Because there is no one single definition for bitcoin. It means different things to different people. Why?… read this thread.. Could explain why it’s volatile. (6/13)
It’s this giant global consensus that’s giving the value of $57,000 for a Bitcoin. Problem happens when we think in binary. FIAT currency or Bitcoin. Both can co-exist (7/13)
What is the underlying for the $ or the €? State backing? Crypto value in a way is an index of faith in state backed currencies. Higher the value of crypto lower the faith and vice versa. (8/13)
This is so 2015. Bubbles don’t make all time highs every few years. And certainly not the ‘bubbles’ mentioned here. (9/13)
Bitcoin’s energy consumption is trivial compared to legacy financial systems. As measured by electricity costs alone, Bitcoin is much more efficient than traditional banking and gold mining on a global scale.(10/13)
Renewables account for the largest % of bitcoin and other proof of work coins’ energy mix. In the search for the cheapest form of electricity, miners flock to regions offering a glut of renewable electricity, unlocking stranded energy assets. (11/13)
Humbly disagree. This is akin to saying ‘Stay away from equities’ after 1992 Harshad Mehta. ‘Read more, experiment, tread carefully’ would’ve been better advice. (12/13)
No abuse, no anger, nothing personal. I am sure you will agree with me on this one Monika. :) (13/13)
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