About: Trading Gold vs Bitcoin: Friend or Foe? (w/ Roy Sebag)
There are no promises. Who is making this promise of returns? The miners? They are not "issuing" equity in a corporation or profit making scheme when they sell the mined BTC. That's like saying gold miners are issuing securities when they release gold on the market. Roy is wrong here. When I own BTC, I have no claim or rights of ownership in the mining company or anything else. It is neither an equity stake or a debt ownership. I think this is a real stretch on Roy's part. ...this is my initial reaction, though. I'll give it more thought, but at first glance, Roy's argument seems way off. It sounds to me like he's wrapped himself around the axel.
Criminal cartels are using bitcoin for money laundering purposes. That's an easy excuse for the government to criminalise the use of digital currency except for their own of course. Bye,bye bitcoin.
I´m disappointed that someone from Goldmoney talks a fair bit of nonsense.
Conclusion @ 43:55
total waste of time.. this is the best response from gold bugs?
People also wear gold jewellery to signal that they are wealthy. Same reason they wear luxury clothing. This allows people to entice others to respect them, co-operate with them etc
This is a brilliant video! I’m a die hard crypto advocate but open minded to listen to other arguments. It’s amazing people down vote just because they want so badly to “get rich” and don’t hear “to the moooon”. Great jobs guys!
Using fiat seems to me to be the best way to run an economy but it requires truth and transparency. Of course there are greed factors. But even crypto and gold require honesty, truth and transparency. Democracy requires it too. The question is which requires less or which operates best at what levels of truth which also includes truth about making war. The problem we are seeing is this lack of truth. We need to get back to truth, honor, transparency with our people including our justice systems.
Bitcoin may be the best way to burn shit coin that is Fiat. It's like a sponge for shit money.
Am I missing something or is Roy one of the biggest hypocrites I have ever heard speak; owning a large stake in bitfarm and hence huge stakes in mining and in the same breath complaining about the waste of resources mining causes. Unbelievable !!
We are witnessing the crossing point where we transition from assigning value to physical assets like land, oil, and precious metals to a digital landscape that future generations moving forward will become more comfortable with as technology advances. As VR and blockchain technologies develop, new virtual worlds will be created for us to explore and eventually conduct commerce through. Digital assets such as virtual land, data, and digital currencies will underpin a new global economy without borders or central authorities, allowing a culture which spends more time in the online world than the physical to truly engage in an open world free market economy. I for one am fucking pumped to be able to participate in this paradigm shift.
2 yung gold buds of witch we will amuse in 10 years!
Bitcoin is massless to the individual, but
E = MC^2
And the Bitcoin entity begins to acquire a quantum of mass.
Generate grid power with oil and gas, and you start needing supertankers to ship it.
All money costs money, or at least effort and energy!
Even gold must be refined, forged and stamped, to make it effective, or else it would need to be continuously assayed for every transaction. But really, you need trusted goldsmiths to issue bills of exchange or promissory notes on the deposits they hold, or the modern equivalent, Goldmoney.
Amazing interview, thanks! Roy Sebag is always brilliant and very interesting to listen to.
I'm more than 6 minutes in and waiting for any substance from this viewing still.
Finally someone with brains on the “other side” !!!! Please debate Andreas
I mean. The whole mining cost too much and to many resources argument is a non issue for me. I would think the halving which they didn't talk about reduces overall cost(by cutting out the smaller miner players as the profitability of mining is reduced from what I understand)and would probably centralize mining more than it is already. Which I dont think is necessarily bad. But it could be should they decide to 51% attack the network, but mining wont be a forever thing. Once theres 21 million mined that's it. Your negative yielding bond issue goes down the drain? He needs to understand it's a digital age, and that bitcoin which is the heart and soul of blockchain technology just makes more sense given the time. Our four fathers knew a private bank that prints paper and loans it for interest would be a disaster but it happened anyway. Its does concern me that a very small percentage owns almost the bitcoin. I would assume it's like 10% owns 85% of the supply. But thats also probably a non issue as 1% owns all the money in the world already if anything bitcoin levels the playing field just a tad or just enough.. anyways the supply is centralized and so is the mining process. Can that stop it from success? Who knows. what if bitcoin wins because of its centrality and the ability to track down every single satoshi and monitor the monetary system on a global scale. Nonetheless looks like theres room for both.
As someone who would probably be considered a Bitcoin Evangelist it is always great to hear different opinions and this is one of the best.
so what happens when all the Bitcoins were "mined" who will sustain the network?