There are a thousand Hamlets in a thousand hearts. What is the real embodiment of bitcoin?
What is bitcoin? Different people have different understandings. Some people are hopeless for bitcoin love, while others are suffering from hatred._DJMINER
The more official and accurate definition comes from Wikipedia's Description:
Bitcoin is a cryptocurrency as well as a global payment system. It is the first decentralized digital currency - the system works without a central repository or a single administrator.
Bitcoin networks are point-to-point, and transactions between users are conducted directly without middlemen. These transactions are validated by network nodes and recorded in a public distributed ledger called blockchain.
Bitcoin was invented by an unknown person or group of people in the name of Satoshi Nakamoto and released as open source software in 2009. "
Do you hate bitcoin or like it? Let's follow solx to see what celebrities and media think of bitcoin~
On December 28, 2013, the famous New York Times published the Nobel Prize winner Paul Krugman's comment on bitcoin: bitcoin is the devil!
Paul Krugman said: "I doubt bitcoin will succeed. If money is to succeed, it must be a medium of exchange with stable storage value. "
Paul Krugman: "when I ask smart technologists why bitcoin has stable storage value, they always explain to me that bitcoin is an excellent trading medium. I understand why bitcoin is an excellent trading tool, but what is the value of bitcoin itself is not an easy question to answer. "
One of the understandings mentioned in this article is that bitcoin itself has little value, but online speculators have a demand for this currency, which supports the value of bitcoin.
Five years later (2018), however, Paul Krugman's stance on bitcoin seems surprisingly relaxed.
At the chainxchange blockchain conference held in Las Vegas on August 13-15, Krugman, an economist once known as a doubter of bitcoin, even predicted that bitcoin might gain "value" as an entity in the future.
"Gold is rigid... Bitcoin is more useful than gold." At a panel discussion of leading bitcoin experts, he said the group included Tom Lee, a global adviser to fundstrat.
While some economists remain sceptical, Wall Street continues to send a stronger signal that it intends to get involved in bitcoin as a continuing asset.
"Bitcoin is a scam, it will be broken sooner or later. Only drug dealers and murderers use bitcoin. " On September 13, 2017, Knight's Daily published the comments of Jamie Dimon, JPMorgan's chief executive, at a meeting comparing the special currency.
Jamie Dimon said he would "fire every minute" any JPMorgan trader who was trading bitcoin, giving two reasons: "one is against our rules, the other is that they are stupid."
Ironically, though, Jamie Damon's daughter bought bitcoin. "Bitcoin has gone up. She thinks she's a genius now."
What's even more surprising is that JPMorgan Chase, Damon's own bank, is also said to have begun to experiment with electronic money based on the same technological basis as bitcoin (block chain) to reduce its transaction costs. This year, JPMorgan even used blockchain technology to issue its own JPM coin.
Block chain media Cointelegraph wrote in an article in November 28, 2017: "many people compare bitcoins to Internet bubbles, and they throw money into bitcoins like the Internet appeared, but bitcoin is not a company, it is a technology, it is like an e-mail in 1994.
E-mail was invented in 1972, but until 1994, only 0.25% of people in the world used e-mail. For a long time, e-mail has been the only killer app on the Internet, much like bitcoin. At first, bitcoin was just a toy for geeks and players. With the development momentum increasing, it has become the only "killer application" of blockchain, and has been the leader for a while._DJMINER
On November 29, 2017, CNBC quoted famous Wall Street strategic analyst Thomas J. Lee's comment: "we believe that in the next decade, the millennials will regard" trust "as gold, so bitcoin is the next generation of digital gold. If bitcoin is worth 5% of gold, its price will be $25000. 5% seems to be too small. If it can reach 10% or 15%, then bitcoin can easily reach US $100000. "
In 2018, because of the bear market in the encryption market, more and more companies no longer accept bitcoin payment, even a bitcoin conference held in Miami refused to accept the use of bitcoin to pay attendance fees.
There are two reasons why bitcoin can't be a "currency": technology and economy.
Technically, bitcoin is too slow to use; economically, a good investment cannot be a good currency. In the financial market, there will be fluctuations in the short term, which is not conducive to payment.
That's why people's wages are in French dollars, and that's why no one uses Apple stock to buy food or pay rent, Bloomberg wrote in its January 31, 2018 article. At the end of the paper, it is concluded that cryptocurrency will not become real currency, but bitcoin can be regarded as a new type of gold.
Michael Novogratz, a former fortress hedge fund manager, predicted on CNBC that bitcoin would "easily" reach $40000 by the end of 2018. But this prediction didn't come true at last. We don't know how high bitcoin will finally reach.
On November 30, 2017, the famous Atlantic Monthly published that "bitcoin is a fantasy that may conquer the world".
The article points out that there are two forms of money in history: one is the physical object, such as gold; the other is the legal currency, endorsed by the state. Bitcoin brings a third form: digital currency based on game theory, economics and cryptography.
In many people's eyes, there are many problems with legal currency such as the US dollar. For example, it is strictly controlled by an all-around federal government. Many people worry that it will indiscriminately issue currency, leading to inflation.
For decades, tech punks have dreamed of a decentralized electronic payment system. Bitcoin implemented this idea through blockchain technology, which not only prevented centralization, but also prevented inflation by limiting supply.
The article mentioned that blockchain is an original and potentially transformative technology. It could be an economic booster, like the Internet. But the article also points out that bitcoin is not worth mentioning compared with Google, Netflix or even PayPal at present, because the use of bitcoin is still troublesome and the price fluctuates greatly._DJMINER
On December 1, 2017, coindesk wrote that "bitcoin brings about an emerging systemic risk".
According to the article, many new people bought bitcoin in 2017, and they may not know what they are in. Cyberpunks don't care about money, so price rises and falls have no effect on them, but the only reason these new people buy bitcoin is money.
As early as November 30, 2017, at the Ross School of business at the University of Michigan, Charlie Munger, a famous value investor, expressed his views on cryptocurrency.
As a bitcoin skeptic. Munger said: "I think investing bitcoin is a stupid idea. This is a crazy bubble. There is no constructive idea to lure people into the illusion of getting rich overnight. It shouldn't be something you should consider. There are many things that don't automatically work for you, find them, and then avoid any contact with them. Bitcoin is one of them that you should avoid.
Charlie Munger is famously "not interested" in new technology. According to Charlie Munger, bitcoin's lack of Fundamentals - no company, no responsible board of directors, no big regulators and so on - shows that bitcoin is doomed._DJMINER
At the 2018 Berkshire shareholders' meeting, Buffett also criticized bitcoin: "these assets of bitcoin do not create anything by themselves. When you buy unproductive assets, all you expect is that the person who receives the offer will pay more for it. "
"Bitcoin doesn't have any unique value at all, it's basically an illusion," Buffett told CNBC this year. Bitcoin attracts a bunch of crooks. If you go to the street to sell something and cheat, generally no one will buy it, but if you go to Wall Street, you will have a lot of money. "
UBS chairman Axel Weber also warned that bitcoin is clearly a speculative investment and I can't classify it as currency. Retail investors do not fully understand these products, so they should be protected from the market.
We Chinese Professor Lang Xianping once said publicly in the program that we should not send him 100 bitcoins, but we should cheer for the digital currency on Weibo.
For bitcoin, Anthony pompliano, co-founder of Morgan Creek digital assets, a crypto asset management company, said in an interview with bloxlive that by the end of 2021, the value of bitcoin (BTC) will reach $100000.
This year, "the godfather of emerging markets" McPherson also quickly expressed his attitude: I am not a bitcoin buyer without buying bitcoin. But it is estimated to avoid "face fighting" in the future, maples said immediately. Although there is no bitcoin at present, buying may be considered in the future, and digital currency will increase global liquidity._DJMINER
Written in the end
Since its birth, bitcoin has gone through its first 10 years. In the past 10 years, bitcoin has thrived in stumbling, and the blockchain technology behind it has attracted the attention of many countries.
However, we can also see that in the past 10 years, there have been various comments and controversies on the comparison of the special coins. There are those who are optimistic about it, as well as those who are fierce. These comments are actually part of the development process of the whole industry.
Bitcoin is a God or a devil. There is no unified conclusion at present. But at least one thing is certain, it's true to burn money!
As the wheels roll forward, we'll see what bitcoin will look like in the future!_DJMINER
The more official and accurate definition comes from Wikipedia's Description:
Bitcoin is a cryptocurrency as well as a global payment system. It is the first decentralized digital currency - the system works without a central repository or a single administrator.
Bitcoin networks are point-to-point, and transactions between users are conducted directly without middlemen. These transactions are validated by network nodes and recorded in a public distributed ledger called blockchain.
Bitcoin was invented by an unknown person or group of people in the name of Satoshi Nakamoto and released as open source software in 2009. "
Do you hate bitcoin or like it? Let's follow solx to see what celebrities and media think of bitcoin~
Two different views of Nobel Prize winners
On December 28, 2013, the famous New York Times published the Nobel Prize winner Paul Krugman's comment on bitcoin: bitcoin is the devil!
Paul Krugman said: "I doubt bitcoin will succeed. If money is to succeed, it must be a medium of exchange with stable storage value. "
Paul Krugman: "when I ask smart technologists why bitcoin has stable storage value, they always explain to me that bitcoin is an excellent trading medium. I understand why bitcoin is an excellent trading tool, but what is the value of bitcoin itself is not an easy question to answer. "
One of the understandings mentioned in this article is that bitcoin itself has little value, but online speculators have a demand for this currency, which supports the value of bitcoin.
Five years later (2018), however, Paul Krugman's stance on bitcoin seems surprisingly relaxed.
At the chainxchange blockchain conference held in Las Vegas on August 13-15, Krugman, an economist once known as a doubter of bitcoin, even predicted that bitcoin might gain "value" as an entity in the future.
"Gold is rigid... Bitcoin is more useful than gold." At a panel discussion of leading bitcoin experts, he said the group included Tom Lee, a global adviser to fundstrat.
While some economists remain sceptical, Wall Street continues to send a stronger signal that it intends to get involved in bitcoin as a continuing asset.
"Worse scam than tulip bulb speculation"
"Bitcoin is a scam, it will be broken sooner or later. Only drug dealers and murderers use bitcoin. " On September 13, 2017, Knight's Daily published the comments of Jamie Dimon, JPMorgan's chief executive, at a meeting comparing the special currency.
Jamie Dimon said he would "fire every minute" any JPMorgan trader who was trading bitcoin, giving two reasons: "one is against our rules, the other is that they are stupid."
Ironically, though, Jamie Damon's daughter bought bitcoin. "Bitcoin has gone up. She thinks she's a genius now."
What's even more surprising is that JPMorgan Chase, Damon's own bank, is also said to have begun to experiment with electronic money based on the same technological basis as bitcoin (block chain) to reduce its transaction costs. This year, JPMorgan even used blockchain technology to issue its own JPM coin.
"Bitcoin was e-mail in the '90s"
Block chain media Cointelegraph wrote in an article in November 28, 2017: "many people compare bitcoins to Internet bubbles, and they throw money into bitcoins like the Internet appeared, but bitcoin is not a company, it is a technology, it is like an e-mail in 1994.
E-mail was invented in 1972, but until 1994, only 0.25% of people in the world used e-mail. For a long time, e-mail has been the only killer app on the Internet, much like bitcoin. At first, bitcoin was just a toy for geeks and players. With the development momentum increasing, it has become the only "killer application" of blockchain, and has been the leader for a while._DJMINER
"Bitcoin is the next generation of digital gold"
On November 29, 2017, CNBC quoted famous Wall Street strategic analyst Thomas J. Lee's comment: "we believe that in the next decade, the millennials will regard" trust "as gold, so bitcoin is the next generation of digital gold. If bitcoin is worth 5% of gold, its price will be $25000. 5% seems to be too small. If it can reach 10% or 15%, then bitcoin can easily reach US $100000. "
In 2018, because of the bear market in the encryption market, more and more companies no longer accept bitcoin payment, even a bitcoin conference held in Miami refused to accept the use of bitcoin to pay attendance fees.
There are two reasons why bitcoin can't be a "currency": technology and economy.
Technically, bitcoin is too slow to use; economically, a good investment cannot be a good currency. In the financial market, there will be fluctuations in the short term, which is not conducive to payment.
That's why people's wages are in French dollars, and that's why no one uses Apple stock to buy food or pay rent, Bloomberg wrote in its January 31, 2018 article. At the end of the paper, it is concluded that cryptocurrency will not become real currency, but bitcoin can be regarded as a new type of gold.
Michael Novogratz, a former fortress hedge fund manager, predicted on CNBC that bitcoin would "easily" reach $40000 by the end of 2018. But this prediction didn't come true at last. We don't know how high bitcoin will finally reach.
"Bitcoin may be the fantasy of conquering the world"
On November 30, 2017, the famous Atlantic Monthly published that "bitcoin is a fantasy that may conquer the world".
The article points out that there are two forms of money in history: one is the physical object, such as gold; the other is the legal currency, endorsed by the state. Bitcoin brings a third form: digital currency based on game theory, economics and cryptography.
In many people's eyes, there are many problems with legal currency such as the US dollar. For example, it is strictly controlled by an all-around federal government. Many people worry that it will indiscriminately issue currency, leading to inflation.
For decades, tech punks have dreamed of a decentralized electronic payment system. Bitcoin implemented this idea through blockchain technology, which not only prevented centralization, but also prevented inflation by limiting supply.
The article mentioned that blockchain is an original and potentially transformative technology. It could be an economic booster, like the Internet. But the article also points out that bitcoin is not worth mentioning compared with Google, Netflix or even PayPal at present, because the use of bitcoin is still troublesome and the price fluctuates greatly._DJMINER
"Bitcoin brings a new systemic risk"
On December 1, 2017, coindesk wrote that "bitcoin brings about an emerging systemic risk".
According to the article, many new people bought bitcoin in 2017, and they may not know what they are in. Cyberpunks don't care about money, so price rises and falls have no effect on them, but the only reason these new people buy bitcoin is money.
"Bitcoin is a crazy bubble."
As early as November 30, 2017, at the Ross School of business at the University of Michigan, Charlie Munger, a famous value investor, expressed his views on cryptocurrency.
As a bitcoin skeptic. Munger said: "I think investing bitcoin is a stupid idea. This is a crazy bubble. There is no constructive idea to lure people into the illusion of getting rich overnight. It shouldn't be something you should consider. There are many things that don't automatically work for you, find them, and then avoid any contact with them. Bitcoin is one of them that you should avoid.
Charlie Munger is famously "not interested" in new technology. According to Charlie Munger, bitcoin's lack of Fundamentals - no company, no responsible board of directors, no big regulators and so on - shows that bitcoin is doomed._DJMINER
"Bitcoin attracts a bunch of crooks"
At the 2018 Berkshire shareholders' meeting, Buffett also criticized bitcoin: "these assets of bitcoin do not create anything by themselves. When you buy unproductive assets, all you expect is that the person who receives the offer will pay more for it. "
"Bitcoin doesn't have any unique value at all, it's basically an illusion," Buffett told CNBC this year. Bitcoin attracts a bunch of crooks. If you go to the street to sell something and cheat, generally no one will buy it, but if you go to Wall Street, you will have a lot of money. "
UBS chairman Axel Weber also warned that bitcoin is clearly a speculative investment and I can't classify it as currency. Retail investors do not fully understand these products, so they should be protected from the market.
Bitcoin - "true fragrance"
We Chinese Professor Lang Xianping once said publicly in the program that we should not send him 100 bitcoins, but we should cheer for the digital currency on Weibo.
For bitcoin, Anthony pompliano, co-founder of Morgan Creek digital assets, a crypto asset management company, said in an interview with bloxlive that by the end of 2021, the value of bitcoin (BTC) will reach $100000.
This year, "the godfather of emerging markets" McPherson also quickly expressed his attitude: I am not a bitcoin buyer without buying bitcoin. But it is estimated to avoid "face fighting" in the future, maples said immediately. Although there is no bitcoin at present, buying may be considered in the future, and digital currency will increase global liquidity._DJMINER
Written in the end
Since its birth, bitcoin has gone through its first 10 years. In the past 10 years, bitcoin has thrived in stumbling, and the blockchain technology behind it has attracted the attention of many countries.
However, we can also see that in the past 10 years, there have been various comments and controversies on the comparison of the special coins. There are those who are optimistic about it, as well as those who are fierce. These comments are actually part of the development process of the whole industry.
Bitcoin is a God or a devil. There is no unified conclusion at present. But at least one thing is certain, it's true to burn money!
As the wheels roll forward, we'll see what bitcoin will look like in the future!_DJMINER
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