Why cryptos arent good and why im going to start saving in gold/silver with the intention of using the funds eventually for starting a business.
1 - Cryptos arent going to be useable any time soon. Where can you use bitcoin right now as a purchaser of goods or services? Almost nowhere. And bitcoin is by far the top crypto.
2 - Technical problems get worse as it becomes more adopted.
3 - As with all software projects, more bugs will come. And given the nature of crypto projects, one bug could cause complete carnage. This could be accidental or on purpose and then blamed on a "bug"
4 - open source means forks and civil wars within crypto governance causing headaches and lowering trust/stability.
5 - Internet outages and slowdowns are becoming more common. Of course this point is neutralized because debit card systems also rely on the internet.
6 - Intel ME/Amd PSP in every modern cpu gives bankers/govs essentially a backdoor to the CPUs generating public/private keys.
7 - At any time the U.S gov and other governments will come out with their own crypto currencies. That will drastically soak up market share from the big cryptos.
8 - In fact, all the government has to do is ban U.S. based companies from accepting any cryptos other than the U.S offical crypto. What's to stop them from doing this? Why wouldnt they do it?
9 - The powers that be arent going to just let cryptos they dont control take over. They'll create their own and force us to use them.
Am I missing something?
But I do believe it is the future of money. But what we need is a cryptocurrency that is:
1 - formally verified source code that is fixed and does not change. 2 - linked debit card system for point of sale buys at any store. 3 - faster transactions per second than visa's system
Until these things exist, gold is king.
David Moore
And what exactly does gold do? Because it sounds like you are just describing fiat. Because whatever problems you may have spending crypto gold is a thousand times harder to spend.
Michael Evans
OP, below is the Bitcoin average *DAILY* value change over the past 7 years: 2010: +0.82% 2011: +0.76% 2012: +0.26% 2013: +1.11% 2014: -0.25% 2015: +0.09% 2016: +0.22%
Please find me the same numbers for Gold, then we can compare and contrast.
Connor Jones
Most of these problems are in the ecosystem/ technology. Gold is gold. It doesnt rely on an external ecosystem to be valuable.
Noah Roberts
Theres a lot of money being pumped into cryptos. That doesnt prove its a good investment.
Isaac Barnes
Everything relies on the external ecosystem to be valuable you fucking mongoloid.
Angel Collins
So if the gold miners go out of business, gold isnt valuable?
If theres a fork within a crypto currency, the value will go down if only because of fear.
Justin Roberts
>1 - Cryptos arent going to be useable any time soon. Good luck buying your food with gold.
>2 - Technical problems get worse as it becomes more adopted. This could very well apply to anything technological.
>3 - As with all software projects, more bugs will come. And given the nature of crypto projects, one bug could cause complete carnage. This could be accidental or on purpose and then blamed on a "bug" This could very well apply to anything technological.
>4 - open source means forks and civil wars within crypto governance causing headaches and lowering trust/stability. Thats why BTC is established. It is the foundation of everything.
>5 - Internet outages and slowdowns are becoming more common. Of course this point is neutralized because debit card systems also rely on the internet. The internet coverage was never as big as it is today. The speed was never as fast as today.
>6 - Intel ME/Amd PSP in every modern cpu gives bankers/govs essentially a backdoor to the CPUs generating public/private keys. Most governments have problems covering the concept of "the interwebs". And you expect that they cover a backdoor via a GPU anytime soon?
>7 - At any time the U.S gov and other governments will come out with their own crypto currencies. That will drastically soak up market share from the big cryptos. See #6
>8 - In fact, all the government has to do is ban U.S. based companies from accepting any cryptos other than the U.S offical crypto. What's to stop them from doing this? Why wouldnt they do it? See #6
>9 - The powers that be arent going to just let cryptos they dont control take over. They'll create their own and force us to use them. See #6
Michael Anderson
The government is stupid, but they will adapt when it comes to money. They might be forced to given the economic conditions. You shouldnt rely on the govs stupidity to make an investment.
Wyatt Brown
...
Tyler Hughes
And yet there are other issues.
First, Crypto can be used to purchase stuff. Sure, it's an eccentric range, from pizza in one place to a ride in Virgin Galactic's ships (or a new model Tesla), but it can be used. Its treated more often as a speculative asset rather than a currency, which is the same as gold.
More importantly is that applications are being built on it. For example, Abra uses Bitcoin to facilitate remittance transfers around the world at a fraction of the cost that it costs with traditional services (I could talk all day about this issue). And this isn't even touching upon RSK, which will enable the development of dapps and smart contracts on the Bitcoin blockchain. Ethereum will eventually be consumed. The Bitcoin ecosystem will be worth more than gold because of the services built on top of it.
Next is price. Now yes, Gold is going to grow over time due to scarcity (made worse if we keep on shoving it into electronics without recycling), but Bitcoin also has built-in scarcity with a hard 21 million limit. Moreover, unlike gold, Bitcoin is stupidly easy to move in large amounts. You can finish a trade involving Bitcoin far faster than you can with X amount of gold. Oh, let's not forget that its a safe store of value that is accessible to anyone with an Internet connection. So if your shitty third world country's monetary policy is killing your savings (think Cyprus 2013, India demonitzation 2016, Venezuela the past 2 years), you can save by moving over to Bitcoin. Even if your savings are very little. They can't do that with gold; less accessibility.
(cont).
Luke Rodriguez
As for a government response, while government-controlled sovereign blockchains will likely occur in the far future (once they wrap their heads around this), they're still a ways off. And even then, crypto adoption is too deep for them to really crack down on the entire concept. You really think Congress will sign something against Bitcoin when Wall St. and Silicon Valley are in love with it and the tech behind it being rapidly hailed as "the next big thing since the Internet, with applications in all walks of life, including government?"
At most, what they WILL do (and my own friends at the Financial Integrity Network keep on hinting at this) is crackdown on crypto that is 100% anonymous (ie, can't be tracked for security reasons or easily taxed) and often used for money laundering/drug trade. So you can bet your sweet ass they'll go to the exchanges and tell them to drop Monero and Zcash. Bitcoin though? It'll pass because its pseudonymous, they can get data on users through the exchanges/service providers, and so forth.
Gold may be powerful, and it will always have a place regardless of where things go, but Bitcoin is the gold of the modern age in my view.
Michael Jones
If they can shut down anonymous cryptos they can shut down all cryptos other than the US govs crypto. You are holding on to the idea that the government is stupid. The bankers that control the gov arent going to go down without a fight.
And they have yet to hit back. A US. based crypto is coming. And when it does all other cryptos will be pushed to the sideline.
Jackson Lee
Oh look, a precious metals thread. Let's everyone shit all over it and shill for your ponzi coins.
Nathan Foster
You only need one reason:
Gold is real and supply is limited for real.
Crypto is fake money and supply can easily be made limitless.
Kevin Morales
>they will adapt when it comes to money
While the market itself is not regulated, the earnings from cryptos are already taxed in many countries (or treated similar like already existing taxable events).
We are talking about a roughly 100 billion market right now. While it is a ridiculus sum for all of us as individuals, it is a extremely small sum on a economical level. To put this in perspective: the state of germany alone earns 50 billion per year in insurance tax alone.
For a couple of million taxable earnings, a state is usually not willing to start the process of finding a good way to regulate a market or even apply a seperate way of taxing it. Lets talk about this if the crypto market is actually: - heavily centralized and not moveable - 5 times as big as it is today (at least) - the general public is involved
If you want to say that the public is already involved: they are not, stop deluding yourself. I talk about when the regular retirement funds starts having a small share of cryptos in their portfolio. When the daily ticker in the news features the price of the top 5 established cryptos and no one bats an eye about it. When the volatility of today is gone. When P&Ds are not a everyday joke no one bats an eye about, as the authorities kick your ass for it. Then you see that the general public is here.
Elijah Adams
ITT Salty nocoiners
Adrian Clark
>trumps never bet on one thing user, do both
Gavin Gray
Autistic wagecuck spotted
The only thing stopping you from being a cuck is not having ever or will ever have any kind of female interaction to begin with. So you'll never be a cuckold. You are definitely cucked by life though.
Camden Parker
Yes but in the case of precious metals, the external ecosystem is the physical universe. Everything heavier than iron was made in a star and distributed by supernovae. How do they make a cryptocurrency again?
Aaron Bell
I see 9 reasons OP is a faggot.
Why dont you own, Gold, Silver AND Crypto. Its called Diversification. Go suck some more dicks, faggot.
