PM Daily Market Commentary – 8/14/2017
Rabbit hole meaning one of your premises for not investing/buying/liking Bitcoin was internet outage. I present to you the next wave of technology, taking the blockchain into outer space via satellites and then you say those satellites will be disrupted..
When the next tech comes out allowing for blockchain transactions I will let you know. I'm sure you will say it can be stopped as well.. problem is it hasn't.
I only bring this up because we are on two different sides. I think BTC flourishes, definitely should be a part of any prudent persons portfolio, you don't, giving several reasons why. One of which, at least to me now seems to be debunked.
There are lots of asset classes out there. They all have problems depending on the various scenarios that could occur. BItcoin is one such asset class.
The government could confiscate gold.
They could also shut down bitcoin by severing the banking connection.
They could also make cash effectively illegal. (Cash is for criminals + civil asset forfeiture on steroids + getting rid of $100s & $50s + banks just don't have cash anymore)
They could seize our 401k accounts in a debt crisis.
They could bail-in our savings accounts after a banking crisis.
They could impose capital controls restricting our ability to send money overseas in a debt/currency crisis.
They could impose negative interest rates on all our digital money (see "making cash illegal") in the next recession.
So I have an IRA, a savings account, I have cash, I have gold, and – I also have ETH. The difference (I think) between you and I is that I like to remain conscious of what the downside looks like for each of the asset classes I have, and I keep my ear to the ground to see whether I need to act prior to that asset class starting to have problems.
You appear to believe that bitcoin & ETH are simply immune to government action and/or have no downside scenarios. I think you're wrong. I still own my ETH, but (as I like to think of it) I don't have my head in the sand as to what the bad things are that might happen.
I feel the same way about gold. And cash. And IRAs. And savings accounts. Etc.
Last point. Did you notice in this post, and in my last post, that I told you "I own ETH"? If you noticed this, and you still maintain that I am "against crypto", I have to wonder about your reading comprehension skills. How could I possibly be "against crypto" and be long?
Try applying nuance. Its more fun than simple black & white.