Understanding Blockchain Freedom — Why So Many Smart People Are Wrong About the Value of Bitcoin

surfyogi (65) · 7 years ago (edited)

Watch the US Gov flailing, and watch RU and other gov get involved in mining...
Wow, things are changing quickly; because, there is a new sheriff in town.

This becomes a new arms race! FAST.
Great video, thanks!

There is a reason, a popular mathematician foresees 500K BTC...

I try to describe how Email replaced the US Post office and then take it from there; internet access to value, easily tradable outside of the banking system. Raises a few eyebrows, to say the least.

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o1123581321 (41) · 7 years ago

Thats True, it is the future

& who is this "a popular mathematician foresees 500K BTC..." About?

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https://steemit.com/bitcon/@oneness/lies-that-starry-eyed-bitcoin-advocates-tell-themselves

surfyogi (65) · 7 years ago (edited)

He says that ANY CENTRAL BANK can cause BTC to crash. He may very well be correct.. but there is still an arms race as well. RU vs US vs CH vs ?

I really do like the points raised by this person (link above) and I hope we can all expect this to happen. Central banks have unlimited resources to ruin this market; make no mistake, so it's best to diversify, whatever that means to you.

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2 votes

orionschariot (57) · 7 years ago

Incredibly informative video Luke!! I struggled with this antiquated way of thinking much to my detriment for years simply b/c I didn't understand the technology and didn't approach it with an open mind.

I think another reason it's taking so long for some to understand the value and utility of BTC and crypto is the MSM and many talking heads providing inaccurate information. The old adage "if you can't hold it, you don't own it" is something still prevalent in many minds today. What people need to understand is through paper or hardware wallets, you do indeed "hold" BTC. I think as educators like yourself continue to put good quality content out there in easy to understand terms, more and more people will awaken to the benefits of crypto. I think it will definitely be a battle though, for crypto represents a real threat to derail the monetary intermediary lotto that the banks now control. Time is our ally here, for as each new person unplugs them self from the matrix of fiat control, more monetary freedom will be realized each and every day.

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5 votes

thecryptosphere (39) · 7 years ago

Do you own Bitcoin? Learn which altcoins are giving away free money to Bitcoin holders.

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andybets (62) · 7 years ago

That's a great presentation! Thanks for sharing.

The point about fiat currency deriving value from it's ability to liquidate tax debt is really important, and often neglected.

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vm2904 (64) · 7 years ago (edited)

@lukestokes - The series and this episode, especially, is very helpful. I am an engineer - therefore, I could immediately relate to the statement in the video about Finance experts having a bias against Bitcoin whereas those who work with technology like it. The example of equating oil to bitcoin is wonderful. It was very easy to grasp that the value of anything is inherently dependent on the use to which it is put (like oil became suddenly valuable after the advent of IC engines).
The point people make that "Bitcoin has no intrinsic value because anyone can create it " also well refuted by citing an example of a duplicate 100$ bill having no value if it is instantly recognized as duplicate and social concious has decided not to accept that as currency.
Thanks. Though I have been doing some reading, getting this clear and concise picture of the underlying concepts does help in better understanding.

That does not mean I have suddenly become wise in the world of Bitcoin or Crypto though - Just lost some bitcoin value in a bad altcoin trade I tried. LOL. I will keep learning. Hopefully, aided by more such episodes in your series.
Thanks. Cheers. Upvoted.

Regards,

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adnanrabbani (70) · 7 years ago

Great presentation @lukestokes sir, now i understand the value of bitcoin and the value of blockchain.

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sevinwilson (65) · 7 years ago

This was so easy to understand! Thank you for sharing this. The comparison to fiat currency is a great one that maybe the pure CFA's can understand! I wonder if Bitcoin or Facebook will be replaced first! haha

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2 votes

invsw2016 (52) · 7 years ago

nice post thanks

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2 votes

world-travel-pro (76) · 7 years ago

Great insight into a world I know so little about. I have so much to learn and a person like you can teach me so much and already has. Thankfully I too have an area of expertise, just making the cross over into computer land has been a challenge for me. To the point where I almost threw in the towel last week.

But Instead of throw the towel in on Steemit. I lit a fire under my ass and I put up a bunch of great posts. Especially my new World Travel Report: Bali Indonesia. https://steemit.com/travel/@world-travel-pro/world-travel-report-bali-indonesia

I'm trying all I can to get this thing to blow up and put me on a new steemit level, that would really keep the flame burning! Anything you can do to help me would be GREATLY appreciated.

Thank you so much!

Dan "World Travel pro!" Signing off from Koh Phe Ngan, Thailand!

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punzee (35) · 7 years ago

great post .. very relevant and must watch for actual investors of Crypto
here is my 2 cents ..

Bitcoin is trying to find its fair price... and no one knows its fair value is 400$ or $4000 or $40000

bitcoin(could be some other crypto .. could be ripple ether etc ) will be dominant universal currency . just like USD was needed when 2 different countries need to trade goods , sooner or later some crypto will replace the USD . i do have several supporting articles and proofs regarding this claim ( which i probably present in a new post.)

At this point no body can honestly say what is the fair value of such a universal currency. the Penetration of Crytocurrency world wide is less than 0.08% at this point we are at 135 billion Market cap even when this penetration increases to 1 percent you can do the maths of the Crypto market cap and accordingly.

More importantly as the video says its the rarity and finite existence of the currency that imparts more value to it.

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cryptoman01 (57) · 7 years ago

I believe the financial experts are now understanding the blockchain. Awesome times we are in.

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amirl (63) · 7 years ago

I think many bitcoin investor and believers also don't understand the mechanism.

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charles1 (68) · 7 years ago

Thanks for sharing this video buddy. Bitcoin is here to stay, steem too. Let us ignore the nay sayers and proceed with hardwork and optimism

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arckrai (62) · 7 years ago (edited)

All these financial and economic experts have said that bitcoin is in this bubble which sooner or later will pop and everything will start crashing died. They mocked bitcoin and its community and said, how does bitcoin have a future if the community can't decide what fork they want even though despite the FUD we had such a smooth transition.

Bitcoin and crypto have huge value. We can see the dollar is being slaughtered and the global economy is in shambles and already we have world leaders like Putin who are leading mass mining operations.

It seems like many people will cling to a system we have used for many years rather than changing to something new, faster and efficient as well. I'd rather have my money in a wallet rather than a bank as well as most of us use digital transactions every single day.

Thank you for sharing this great video @lukestokes.
Also I'm liking the look of your cover image
I tried making the center more visible and legible but I can't think of a practical way to make this happen haha

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wekkel (51) · 7 years ago

"Bitcoin and crypto have huge value. "

This.

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titotips (48) · 7 years ago

Thanks for sharing, it helped me a lot.

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bartcardi (57) · 7 years ago

Great video but comparing bitcoin to oil is not right, because the experts mean that some other blockchain with better technology will be the future and not bitcoin.

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caio.magalhaes (39) · 7 years ago (edited)

Cleared

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wavivinyl (34) · 7 years ago

wavi

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cryptick (56) · 7 years ago

Very Interesting and challenging post. Several great points are made but the jury is still out on this one. In 2007, there were lots of people who saw the housing bubble; they were scoffed at, derided and made fun of. Then the crash happened. Fiat currencies have come and gone many times. One could argue that the financial types approach this a different perspective. Remember when beanie babies were all the rage?

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yaquigrande (25) · 7 years ago

Love it. Clear and well thought out. Thank you for sharing this.

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javiervelaz (25) · 7 years ago

blockchaing going to save the world

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yahyaoa (43) · 7 years ago

very interesting, cheers for sharing dude

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kyriacos (71) · 7 years ago

this is fucking brilliant

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fingalenz (51) · 7 years ago

Can you kindly tell me more. Great post

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abue (45) · 7 years ago

👍👍👍👍

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janusface (68) · 7 years ago (edited)

I really like the video! I must confess it took a long time for me to grasp the value of BTC myself. What do you think about Steemit, the network effect on the Steem blockchain should be pretty potent now?

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voronoi (70) · 7 years ago

This is a great resource @lukestokes, thanks so much for sharing it!

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shencoin (55) · 7 years ago (edited)

nice sir its too right really very smart and many people are wrong but now i think i know about it @lukestokes sir

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matthewdavid (54) · 7 years ago

Excellent! I shared this on Twitter with the #blockchain and #bitcoin hashtags. The world would be a better place if more people understood this.

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gikitiki (60) · 7 years ago

@lukestokes,

You should also post this on dtube.

https://dtube.video

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lewy (38) · 7 years ago

OMG! I thought it was an aweful article. Words and terms like blockchain and bitcoin and intrinsic value seem to me as being conflated.

I'm all for the blockchain technology as a leger. Bitcoin is fine for being a fiat currency. And I use the term currency loosely . At least it isnì't issued bearing interst. And I certainly love seeing the two combined to drive central banking into obsolescence. But to say, or imply, bitcoin's intrinsic value is its network strength that it currently has amongst users and observers of cryptocurrentcies is hog wash.

I can take a piece of gold, whether it is coined or not, place it on a stye that might form on my eye or yours and it will begin rapid healing and become significantly smaller in a relatively short period of tme. Hours to a day or two. This is usefulness or value that gold contains, although not its only one.

Outside of a group keeping score on a leger of who has the encoded result of a machine generated equation, what can a bitcoin do? Remove any logs you might see in my eye?

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cloudspyder (59) · 7 years ago

In order to become successful in crypto world. You need some more trust and learn to love FUD. Learn from the past, take sometimes to look at the BTC history.

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oneray (72) · 7 years ago

This information is very importan for me, because I'm new in the crypto's world. The economy venezuelan is bad right now, and I have could find that I can change this situation investing in cryto and in Steemit, principally. I have learned all of you in this post.
Thanks a lot.

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stillwater (61) · 7 years ago

I'm still of the belief that when the masses get on board so to speak and billions start trying to buy only roughly 22 million BTC in the form of micro bits, it's price will only go through the roof.

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dariachuiko (32) · 7 years ago

For a long time I couldn't understand why nothing could cost money. You put all needed information on the shelves in my head. Great presentation! Thank you!

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cryptonfused (46) · 7 years ago

valuable information

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catchfire (37) · 7 years ago

Just subscribed to your YouTube channel....very educational.

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lightingmacsteem (54) · 7 years ago

Thanks for the upvote, I am now in my fifth post hope you can also pass by.........

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allmonitors (74) · 7 years ago

I am not smart but I know Bitcoin will reach the moon.

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aqbayli (45) · 7 years ago

great post
bitcoin is the future and and it will remain like that

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zzulhas (36) · 7 years ago

Good presentation @lukestokes pack, now I understand the value of bitcoin and blockchain value.

Thanks you for post @lukestokes
😎😎

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emanuel.tanasa (48) · 7 years ago

Thanks for sharing :)

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pandorasbox (59) · 7 years ago

I watched the video, and it is a good explanation. But I feel everybody is talking too much about Bitcoin and forget to mention that Bitcoin is 1st generation. I feel like many altcoins are much easier to explain in terms of value to people. Once they understand how SC has value because it represents online storage, they will get a better grasp of what the technology can do. Then after I explain how things like LBRY and Basic Attention Token works, these have easily understandable business cases. And from thereon I extrapolate towards Ethereum and NEO platforms. Then at the end I tell them one important valuable thing you can do with Bitcoin: To buy other crypto, and they will finally see that Bitcoin can be used to purchase useful things, and is basically the only way to buy many of the useful other crypto's.

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kyriacos (71) · 7 years ago (edited)

Here is the thing though. Engines/blockchain can only use fossil fuel... now. Blockchain projects like Cosmos, Wanchain, Chainlink, Kyber, EOS etc will make the engine burn all kinds of fuel from solar, hydro, nuclear..anything really. Fossil/bitcoin will only serve as a romantic antique.

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lukestokes (75) · 7 years ago

I like the analogy you're going with, but again, don't underestimate the power of open source technology. ETH is moving to proof of stake, as an example I've already used. All of these technologies have conversion kits they could choose to implement (if they had the will power to do so) to use any type of fuel. If Bitcoin's value was ever truly threatened, I don't think the huge bag holder maximalists will just throw up their hands and say, "Oh well, it was fun while it lasted." When the pressure really hits, they will make changes as needed. This past April/May might have been an example of that. Nothing going on for years and then the alts start taking market share and now we have Segwit and Segwit2x and who knows what else. I agree, to make it more functional like a scripting language would take even more work, but it's all potentially possible. My hunch is bitcoin will be the big, slow, dependable, store of value while the other chains will be for experimentation and innovation. Let's not forget the DAO attack ETH had. Sometimes moving slow has advantages.

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