The views are numerous and interesting.
1. Bitcoin is rather like amazon when it first started to sell books. A nice idea but it will never go anywhere. It ended up causing a step change in spending. Look at the share price and compare to woolworths. I never said it was good or bad, just a change in mode.
2. It is a random thing being called a currency and due to the lack of legislation is being used to trade money where money would be controlled better. This is a real side issue of all of the crypto-currencies. This is a real risk to organised society. Then again the layers of legislation on banking makes them somewhat envious of the new noddy-notes as one person called them.
3. They could be the emperors new clothes. Just another silicon valley scam as they will never break out of toy status due to the legislative impact.
The GBP is linked to the UK and Bank of England and so has some knickers under its fur coat. A noddy-note is worth what people think it is worth at any given moment. First time someone gets the bad PR moment (blood diamond situation, run on security issue as it is a BIG target) then the value has no meat so it will be interesting to watch.
As they are not linked to a country it would be fairer to consider them as a simple commodity like copper or gas perhaps.
I used to use my spare computing to do bit-mining when it first started. It was the video board raw number crunching that had most pull.
The new blockchain technologies that underpin it are getting great traction in the VC community in California right now. They could underpin a lot of other payment models and transaction processes and bring great value as I see it.
I do worry about the unregulated aspects of these being the bermuda triangle of blood money. I do however believe that option 1 is waiting to happen.
Legislation in the banking sector has always been both a millstone and a requirement so I am guessing this will bring it to a head.
Many of the older banks will end up taking an interest in newer blockchain/bitcoin banks or opening competitors aligned to the main bank to soak up the activity.
High stakes.
Sorry but this is a load of rubbish talk
I disagree. I wouldnt have put it quite that way but he is right. We dont know whether its going to turn out to be a scam/ bubble and yes the unregulated nature , not to mention the virtual nature, of the system is a worry. Particularly for governments.
I believe the blockchain system is being used increasingly for other purposes in other areas. Look at
https://www.forbes.com/sites/quora/2017/...n/#322400c3446e
