I've always liked and respected Doug Casey. That's why I never could understand why he was negative about Bitcoin and other digital currencies. "They aren't backed by anything", he would say.
Well, I always knew he would come around. (I figured I might have to make a trip to his awesome Cafayate, Argentina to make the case, but he figured it out before I could get there.)
Here's the key quote:
"My original objection was that Bitcoin isn’t backed by anything. It’s really a private fiat currency. It’s very much like the Zambian Kwacha, the Argentine peso, the US dollar, or any of the other 150-plus currencies in today’s world. It’s a floating abstraction. Unlike state currencies, though, its acceptance isn’t enforced by laws. But, on the other hand, its quantity is limited. But would that be enough to get large amounts of people to use it as a currency?"
"I missed something when I said, back then, that it had no value. It’s a fiat currency, yes, but it has much more practical value than any other."
Here's the rest of his case, just like I would have written it myself!
Doug Casey: How I Learned to Love Bitcoin, Part I
Now, if someone would just tell him about Steemit and BitShares and HERO and EOS... (and about a dozen others that are about to explode on the scene.)
THAT's when he is going to learn what true value is!
UPDATE - Part 2
Funny how it just clicks in after a while and ppl finally realize what gives it value. Many people just need to to figure it out for themselves and no Amount of explaining it to them will help lol
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I agree. I usually tell them to download airbitz then I send them some coin and they are blown away. Sometimes it takes that to get them to convert
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Its just a matter of time before the rest of the world finally gets it, most will be too late to make anything close to the profits we early adptors will get!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good one Stan. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi @stan, You always keep educating with your excellent posts about crypto currencies. This is really helpful. You're rightly called the Bitshare leader. Thank You for being an inspiration. Keep sharing, caring and supporting more.
By the way, here is something for the Bitcoiners:
Steem On!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
To 'get it', I think a person needs to use it, the experience of wiring money abroad with banks is painful compared to bitcoin. A bit like how people 'get it' when you put a gold or silver coin in their hand and they feel the weight of it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I agree. Since 1971, when gold standard was removed, US Dollar is not backed by anything.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Great post friend @stan, is the ba
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yep, that's my reaction too when I hear people who say that Bitcoin is limited - there are others like Bitcoin, and some even better!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Its nice post . I learn from your post
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Well you r right sir
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I was surprised it took him this long to join the party. I wrote this article which is targeted to people still dragging their feet and feeling like they missed the boat and that it is too late to participate in the exploding crypto/blockchain sector. https://steemit.com/cryptocurrency/@motowngold/bitoin-crosses-7000-dollars-what-can-you-do-about-it-some-investing-ideas-including-crypto-related-stocks
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If you cant convince anyone @Stan, no one can. But time will tell.
~bluerocktalk🖖
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@stan we would love to get you on for an episode of Crypto Nights - discussing your life and the world of crypto!!
[email protected]
Hope you're well.
Alex
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit