The Great Bitcoin Insurance Debate

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Evans on May 30, Little did I know the firestorm I would start. I wrote a short elaboration which seems to have gotten a number of people even more riled up. The stutter step of buying and selling BTC simply introduces inefficiency and friction into the exchange. And the consumer bears risks. This is a fundamental point. The consumer transfers dollars from their bank account to their wallet.

Between the time they the great bitcoin debates dollars and the time they use their bitcoins to pay they incur exchange risk in addition to any fees they pay the wallet provider. If they go buy something from Overstock they could pay with PayPal or any other payment method for free, probably get various protections against the merchant, and possibly get rewards.

These wallets make a lot of sense for early adopters who want to support bitcoin for a variety of reasons or for exchanging bitcoins with other early adopters. This is another important point and the one bitcoin backers would be well advised to worry about. Putting the inefficiencies of dealing with small payment schemes aside, this is a good deal for the merchant. Whether Coinbase can make money with this fee structure also remains to be seen. Overstock would get bitcoins. The great bitcoin debates would the great bitcoin debates the bitcoins to pay suppliers.

Those suppliers would either exchange them or possibly use them to pay other suppliers. This would set up a virtuous circle and get bitcoins in widespread circulation and use. That is in fact how currencies get established. The fact that that is not happening for bitcoin is a huge problem for it.

One of the things we know in B2B payments is that buyers, especially large ones, pretty much dictate how suppliers, especially small ones, are going to get paid. If Overstock told some of its smaller suppliers that they could either get paid in bitcoin, or go pound sand, my guess is the great bitcoin debates would take bitcoins.

They have been pretty flat for many months. Byrne for the great bitcoin debates comments.

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As the phenomenal growth of cryptocurrencies proceeds, and as fiat currencies in the centers of finance and around the world continue their long, slow slide into irrelevance, oblivion, and true worthlessness, RT hosted a short debate between Max Keiser and Steve Keen to discuss the merits of bitcoin.

Steve begins by stating that the price of bitcoin is rising only because people are rushing to jump on the bandwagon. Max believes that the price will eventually stabilize, once it reaches its true value in relation to fiat currencies.

He points out that cryptocurrencies are being adopted because they easily outperform fiat currencies in most aspects. Steve relies on the standard trope that blockchain technology is great, but cyrptocurrencies are flawed.

Like Jamie Dimon and others who are happy with the current mess of affairs, Keen wants to apply distributed ledger technology DLT, or blockchain to outdated and failed systems. Kinda like powering a horse with an internal combustion engine. It seems pointless and in fact foolish. Steve is right when he states that the current rate of growth cannot be maintained. But everyone involved with bitcoin or holding bitcoin realizes that.

All in all, this debate is between two very astute observers of the current trends. Keen has appeared on the Keiser Report many times, and he and Max have had great discussions about various subjects. In this debate, each held his own, each presented his argument effectively, and each raised several valid points.

He does NOT have a good track record. Thanks for that input. Keen may have some valid points, but his overall argument was rather weak. And as for his assertion that only "madmen" and "idiots" will spend bitcoin, there are many clever and astute people who spend bitcoin now.

They also earn bitcoin. Granted, many people hoard it, but they also hoard gold and silver. Keen famously lost a bet on Sydney property prices many years ago so not many people take him too seriously. I do agree to some extent that you would be mad for spending bitcoin in its appreciation phase, but it depends on what you are buying. Would I buy a coffee in bitcoin today?

Would I buy a Rolex watch off overstock. Same goes with property if I had enough in bitcoin and other assets that have the potential for appreciation. I spent a little bitcoin to purchase Steem, expecting Steem to double in price before bitcoin did. But I have no regrets Thanks, I appreciate the compliment. You may want to check out some earlier posts in my "Chaos Monitaur" series. If garbage bickers go on strike for days, federal government will declare martial law.

But look at the paycheck difference. You have completed some achievement on Steemit and have been rewarded with new badge s:. Award for the number of upvotes received. Click on any badge to view your own Board of Honor on SteemitBoard. For more information about SteemitBoard, click here.

If you no longer want to receive notifications, reply to this comment with the word STOP. By upvoting this notification, you can help all Steemit users. The fiat currency world is in a bubble. Stocks and bonds … are in a bubble. Authors get paid when people like you upvote their post. From my perspective, Mad Max came out ahead in this debate. He may be mad, but he aint stupid! And the Wall Street banksters make excessive amounts, too. You have completed some achievement on Steemit and have been rewarded with new badge s: Award for the number of upvotes received Click on any badge to view your own Board of Honor on SteemitBoard.

For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP By upvoting this notification, you can help all Steemit users. Really good post keep it up!