Bitcoin Is Like The Internet In 1995

Tyler Durden's picture

InternationalMan's Nick Giamburno is a strong advocate of international diversification - such as holding multiple passports and offshore assets. It frees you from absolute dependence on any one country. In short, international diversification minimizes the State’s power to coerce you. Bitcoin is an important part of this strategy. It’s an inherently international asset.

Bitcoin has incredible value as an international transfer mechanism. You can take any amount in and out of any country. You don’t need permission from any government.

 

You can send it across any border—or any number of borders—as often as you want. And there’s nothing anyone can do about it.

 

I’ve seen this firsthand in Latin America, where bitcoin helps people get around capital controls. (Governments use capital controls to trap money within their borders so they have more to steal.)

 

Bitcoin helps people bypass these restrictions. That’s because governments can’t freeze, seize, or block the transactions.

 

This is why bitcoin is such a disruptive and exciting technology, and why bitcoin should be a critical tool in your international diversification toolkit.

 

Bitcoin’s use is set to explode… and it could make you a fortune.

 

All the details are below in this must-read article from my friend and colleague Greg Wilson. I think you’ll enjoy it.

 

Greg is a true expert on all things bitcoin. He stays on top of all the breaking bitcoin news more than anyone else that I know of.

This Event Could Be Bitcoin’s “Mainstream Moment”

On August 9, 1995, the internet had its “mainstream” moment.

That’s when Netscape held its initial public offering (IPO) and released its web browser, Netscape Navigator, to the world.

At that point, the internet had already been around for 15 years.

Yet despite being one of the greatest inventions in history, the world was slow to adopt. In 1995, only 0.3% of the world’s population used the internet.

The internet needed a catalyst. And looking back, it was Netscape.

The numbers back it up.

In 1995, there were 16 million internet users. Then Netscape Navigator came along. By the end of 1996, the number of internet users had more than doubled to 36 million.

And five years later, we reached over a half-billion users. That’s growth of over 100% annually.

The success of the IPO inspired the term “Netscape moment.” Today, we use the term to describe an event that signals the dawn of a new industry.

I believe we’ve already had our Netscape moment for another technology: bitcoin.

Now, it’s incredibly difficult to make predictions, especially without the benefit of hindsight. And I might be wrong.

Nevertheless, today I’ll tell you which key event over the past two years was bitcoin’s Netscape moment.

Bitcoin Is Like the Internet in 1995

Today, there’s an estimated 15 million–35 million bitcoin users. We’ll split it in the middle and call it 25 million.

That’s 0.3% of the population… similar to the number of internet users before its Netscape moment.

Like the internet in 1995, bitcoin continues to gain popularity.

The chart below highlights the key events of the last two years.

To me, one event stands out as bitcoin’s Netscape moment. That’s when Japan legalized bitcoin.

Bitcoin’s Moment

Since bitcoin was legalized, here’s what has happened in Japan…

  • More than 260,000 stores in Japan are rolling out bitcoin as a payment method.

  • Stores at famed electronics marketplace Akihabara have started accepting bitcoin.

  • Japan is setting up a bitcoin “testing hub” for fintech companies.

  • Leading Japanese bitcoin exchanges have unveiled plans to accelerate adoption.

It’s all leading to increased usage of bitcoin in Japan.

Volume on LocalBitcoins has accelerated since the law went into effect. And it had its highest volume week of the year the last week of June, topping 4.7 million yen (about $42,000).

Tokyo’s Sushi-Bar Numazuko Ginza 1st is an example of the growing popularity of bitcoin in Japan. The restaurant was one of the first to accept bitcoin payments.

The restaurant’s manager said there were only a few bitcoin payments per month two years ago. By March 2017, that number increased to about 70.

This quote from the restaurant manager sums it up best: “Japanese customers are using bitcoin more than we expected.”

How to Profit From the “Bitcoin Moment”

I think we’ll look back at Japan’s legalization of bitcoin as its Netscape moment.

Every day, millions of people are working on bitcoin to make it better. And its acceptance will only rise from here.

And just recently, South Korea announced it will regulate and legalize bitcoin. The trend that started in Japan continues unabated.

The best way to profit from this trend is simply to buy bitcoin.

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I_rikey_lice's picture

Internet was awesome. Everyone knew it. 

Bitcoin has no use or purpose for 99.99999999% of the population.

When we travel we just take our credit cards and the security that comes with them.

Cryptos are for criminals and speculators ....

Cognitive dissonance is taking over the brains of all the crypto pumpers....

tmosley's picture

Replace "bitcoin" with "gold" and "crypto" with "PM", and something interesting happens.

Well, not that interesting. It turns out you are an idiot. That's what gets revealed.

Sorry for the lack of a spoiler warning.

TIMBEEER's picture

Here, for the slower ones to understand:

Internet was awesome. Everyone knew it.

Gold has no use or purpose for 99.99999999% of the population.

When we travel we just take our credit cards and the security that comes with them.

PMs are for criminals and speculators ....

Cognitive dissonance is taking over the brains of all the PM pumpers....

 

Soviet, Forward!

 

johngaltfla's picture

Fuck $BTC. AUD-USD rates exploded above 80.40 tonight. Impact is now incoming. Get in your bomb shelters now or prepare for a F5 shitstorm on impact.

And Another Ruh-Roh Scooby-Doo Moment Hits Tonight
Stackers's picture

What people like Ricky above don't understand is there is something called "the unbanked". They total about 3to 4 billion people that don't have access to credit cards or an electronic banking system like we enjoy. But they do have access to smart phones and the internet. It is they who are going to drive things like bitcoin into a global super transaction system

I_rikey_lice's picture

Pretty sure the "unbanked" are already hoarding gold and will never trust or accept cryptos.

Keep on dreaming..

BeanusCountus's picture

Excuse me Likey, but many of the world's richest people already hoard gold. That seems to be a fact.

Zero_Ledge's picture

A Netscape moment, eh?  Say, is anybody reading this with a Netscape browser? Oh, there's a whole bunch of browsers now, and they're all FREE ? Cool!

Now what were we talking about with those cryptos ???

 

fattail's picture

Ouch...  I prefer M-pesa as an electronic payment method.  WHO WOULD USE BITCOIN AS A METHOD OF PAYMENT WHEN IT IS APPRECIATING AS AN INVESTMENT?  Let me get this straight Japanese consumers are paying for dinner with a Bitcoin, and holding onto their YEN???  Are they insane?

HockeyFool's picture

My thoughts exactly. Where is Netscape now? And how many people here never heard of netscape?

shimmy's picture

Yeah, those 3-4 billion people who probably have limited cash are just going to be lining up to buy bitcoins (well, partial bitcoins since they probably won't even be able to afford a single coin) and dealing with the massive volatility it has. What a great transaction system where you could wake up one day and your currency is down 15+%. Stability!

Then you have at least with some of the other cryptos I have seen that get hacked. So massive volatility and the chance you get hacked and lose your money without any protection is going to be SUPER appealing to people.

Give me a break. 

I can only imagine the people who are hyping up this ridiculousness are people who got their bitcoins or whichever oother crypto super cheap and want some illogical sheeple to jump in and bump up the price so they can possibly sell and get money that actually has a use in the real world. Chances are though they'll hold onto it for too long and miss their window. Greed usually wins out. 

That or they take part in illegal activities and like this stuff for that but forget that the majority don't take part in illegal activties.

The funny thing as well is that all the bitcoin hypers go on about how it isn't regulated by the government yet for it to ever even become mainstream means it will be and then you will just be dealing with those problems.

Zero_Ledge's picture

As I've pointed out before, here's the policy of a very popular exchange for buying cryptos:

2.2. Identity Verification. In order to use certain features of the Coinbase Services, including certain transfers of Digital Currency and/or government-issued currency ("Fiat Currency"), you may be required to provide Coinbase with certain personal information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth, taxpayer identification number, government identification number, and information regarding your bank account (e.g., financial institution, account type, routing number, and account number). In submitting this or any other personal information as may be required, you verify that the information is accurate and authentic, and you agree to update Coinbase if any information changes. You hereby authorize Coinbase to, directly or through third parties make any inquiries we consider necessary to verify your identity and/or protect against fraud, including to query identity information contained in public reports (e.g., your name, address, past addresses, or date of birth), to query account information associated with your linked bank account (e.g., name or account balance), and to take action we reasonably deem necessary based on the results of such inquiries and reports. You further authorize any and all third parties to which such inquiries or requests may be directed to fully respond to such inquiries or requests. This includes authorizing your wireless operator (AT&T, Sprint, T-Mobile, US Cellular, Verizon, or any other branded wireless operator) to use your mobile number, name, address, email, network status, customer type, customer role, billing type, mobile device identifiers (IMSI and IMEI) and other subscriber status details, if available, solely to allow verification of your identity and to compare information you have provided to Coinbase with your wireless operator account profile information for the duration of the business relationship. See our Privacy Policy to learn more about how we treat your data.

silvermail's picture

Let's say that I will invent a high-tech system for instantly teleporting shit between different countries.
Then, I'll send you a big piece of smelly shit on your dining table.
I used new high technologies? YES!
Shit from this use of high technology ceased to be shit and turned into gold? NO!

Similarly, Bitcoin and all the so-called crypto-currencies remain just financial shit, regardless of the technologies that you use to deliver them, to your dining table.

---

All Bitcoin fans are like members of a religious sect.
As soon as I start talking to them about the emptiness of the financial nature of Bitcoin, they start to object to me about the Bitcoin technologies.

You have to understand one simple thing:
Any technology is only a currency feature, but not the financial basis of the currency.

- The financial basis of Bitcoin is the Ponzi scheme. 
- Bitcoin's technology is only the masking shell of this Ponzi scheme.

All banks and funds that once went bankrupt had this or that technologys.
Any the technologys can not replace the void in the financial nature of the asset.
But you do not want to see and understand this.


silvermail's picture

Gold has no use or purpose for 99.99999999% of the population =

= Dollar has no use or purpose for 99.99999999% of the population =

= Bitcoin has no use or purpose for 99.99999999% of the population.

-----

What makes gold so special?

Aristotle (384 BC - 322 BC) was a Greek philosopher, a student of Plato and teacher of Alexander the Great. Aristotle discovered, formulated, and analyzed the problem of commensurability. He wondered how ratios for a fair exchange of heterogeneous things could be set. He searched for a principle that makes it possible to equate what is apparently unequal and non-comparable.

Aristotle says that money, as a common measure of everything, makes things commensurable and makes it possible to equalize them. He states that it is in the form of money, a substance that has a telos (purpose), that individuals have devised a unit that supplies a measure on the basis of which just exchange can take place. Aristotle thus maintains that everything can be expressed in the universal equivalent of money. He explains that money was introduced to satisfy the requirement that all items exchanged must be comparable in some way.

Within such frame work, Aristotle defined the characteristics of a good form of money:

Durable: A good money shouldn’t fall apart in your pocket nor evaporate when you aren’t looking. It should be indestructible. This is why we don’t use fruit for money. It can rot, be eaten by insects, and so on. It doesn’t last.

Divisible: A good money needs to be convertible into larger and smaller pieces without losing its value, to fit a transaction of any size. This is why we don’t use things like porcelain for money—half a Ming vase isn’t worth much.

Consistent: A good money is something that always looks the same, so that it’s easy to recognize, each piece identical to the next. This is why we don’t use things like oil paintings for money; each painting, even by the same artist, of the same size, and composed of the same materials is unique. It’s also why we don’t use real estate as money. One piece is always different from another piece.

Convenient: A good money packs a lot of value into a small package and is highly portable. This is why we don’t use water for money, as essential as it is—just imagine how much you’d have to deliver to pay for a new house, not to mention all the problems you’d have with the escrow. It’s also why we don’t use other metals like lead, or even copper. The coins would have to be too huge to handle easily to be of sufficient value.

Intrinsically valuable: A good money is something many people want or can use. This is critical to money functioning as a means of exchange; even if I’m not a jeweler, I know that someone, somewhere, wants gold and will take it in exchange for something else of value to me. This is why we don’t—or shouldn’t—use things like scraps of paper for money, no matter how impressive the inscriptions upon them might be.

Actually, there’s a sixth reason Aristotle should have mentioned, but it wasn’t relevant in his age, because nobody would have thought of it… It can’t be created out of thin air.
http://investmentwatchblog.com/aristotles-5-reasons-gold-is-money/

jimbos world's picture

Allow me to pile the fuck on.

The internet is alive and well.  You just ain't on it appearently.  (Hint: AOL ain't the internet.)

 

Criminals and speculators are using crypto for sure, but isn't that what always happens when new technology is ahead of TPTB.  Think printing press.  Once people could actually read the "rules" they had questions.  And that's why it was the death penalty for untold regular folks over the course of history that died violently because of the major paradigm shift.  

 

"Well now, the little people can read all about our scams (BIBLE) so let's just make it illegal to have a book." "If you are not Kingly, Bishoply, Monied, etc. and have a book or read a book or listend to some jerky read a book aloud, well, we'll kill ya!"  

 

Bitcoin = de-centralization of the internet.  While you can't get your head around that now (or maybe ever) the internet is not soley comprised of websites that you can make a profile on and spuot off. Blockchain tech and online security is a solution to a problem, not a problem looking for a soultion. It is exactly as the article reads to me, paradigm shift.  Coming soon to a web browser near you... unless maybe it's a browser that is proprietary. (you are probably not going to catch this realease, but worry not, there will be plenty of sequels.) 

 

Listen up fight club, this is not about Bitcoin, speculation, criminals or even rules and laws. (Although that's pretty much all you've probably seen thus far.) Chew on this graphic and try to notice how much thought or effort is given to "government". It's happening, you just can't see it.  Yet.  This tech will replace .gov if people adopt it. It's still hard to do for regular Joe, just like the internet was in 1995. Most won't put in the effort beacuse it doesn't have a memorable jingle, or a logo recognized like the nike "swoosh" or they are using unwired devices exclusively, which severly limits what you can access at this point.   https://emercoin.com/images/Emer-Technologies-and-Solutions.png

 

Disclaimer: I own 100 Emercoin. I paid about $1 each. The information contained in my link is why I installed the EMC client and synced it on my desktop, which takes a couple of days on a slow connection like 50MBPS. (Comcast) Then I opened an account at Coinbase, because I live in the land of the free, purchased some Litecoin on my Visa card and sent them to an exchange to trade for Emercoin. I had the order filled, and sent the Emercoin to my desktop encrypted wallet (the one I spent a week performing due dilligence on, studying some concepts online that I was not square on, and making sure my rig is 100% bulletproof (I'm not saying I know it is because I'm not stupid) to intrusion and my back up plan even thicker than that.  If you rely on mobile devices (WIFI only) you are fucked. (in every way)

 

Ask yourself, why would a regular Joe go through all of that? Answer: Maybe I'm a lefty who lives in my Mom's basement, maybe I'm a rightie who served honorably and got fucked, maybe I'm an Independant hippie and a dreamer, or maybe I'm just a fucking guy who happend to show up on the planet under the same or different circumstances than everyone else, but ended up being someone who doesn't watch "shows" on TV.

If you rail against what you don't understand but don't know you don't understand, the real fucking criminals win.

swamp's picture

Criminals like Obama et al use pricate planes of USD

jimbos world's picture

Allow me to pile the fuck on. 

The internet is alive and well.  You just ain't on it appearently.  (Hint: AOL ain't the internet.)

Criminals and speculators are using crypto for sure, but isn't that what always happens when new technology is ahead of TPTB.  Think printing press.  Once people could actually read the "rules" they had questions.  And that's why it was the death penalty for untold regular folks over the course of history that died violently because of the major paradigm shift.  

"Well now, the little people can read all about our scams (BIBLE) so let's just make it illegal to have a book." "If you are not Kingly, Bishoply, Monied, etc. and have a book or read a book or listend to some jerky read a book aloud, well, we'll kill ya!"  

Bitcoin = de-centralization of the internet.  While you can't get your head around that now (or maybe ever) the internet is not soley comprised of websites that you can make a profile on and spuot off. Blockchain tech and online security is a solution to a problem, not a problem looking for a soultion. It is exactly as the article reads to me, paradigm shift.  Coming soon to a web browser near you... unless maybe it's a browser that is proprietary. (you are probably not going to catch this realease, but worry not, there will be plenty of sequels.) 

Listen up fight club, this is not about Bitcoin, speculation, criminals or even rules and laws. (Although that's pretty much all you've probably seen thus far.) Chew on this graphic and try to notice how much thought or effort is given to "government". It's happening, you just can't see it.  Yet.  This tech could peacefully replace .gov if people adopt it and stand up for their abilty to access it. It's still hard to do for regular Joe, just like the internet was in 1995. Most won't put in the effort beacuse it doesn't have a memorable jingle, or a logo recognized like the nike "swoosh" or they are using unwired devices exclusively, which severly limits what you can accomplish at this point.   https://emercoin.com/images/Emer-Technologies-and-Solutions.png

Disclaimer: I own 100 Emercoin. I paid about $1 each. The information contained in my link is why I installed the EMC client and synced it on my desktop, which takes a couple of days on a slow connection like 50MBPS. (Comcast) Then I opened an account at Coinbase, because I live in the land of the free, purchased some Litecoin on my Visa card and sent them to an exchange to trade for Emercoin. I had the order filled, and sent the Emercoin to my desktop encrypted wallet (the one I spent a week performing due dilligence on, studying some concepts online that I was not square on, and endeavoring to ensure my rig is 100% bulletproof (I'm not saying I know it is because I'm not stupid) to intrusion and my back up plan even thicker than that.  If you rely on mobile devices (WIFI only) you are fucked. (in every way)

Ask yourself, why would a regular Joe go through all of that? Answer: Maybe I'm a lefty who lives in my Mom's basement, maybe I'm a rightie who served honorably and got fucked, maybe I'm an Independant hippie and a dreamer, maybe I'm a nigger stealing Comcast, or maybe I'm just a fucking guy who happend to show up on the planet under the same or different circumstances than everyone else, but ended up being someone who doesn't watch "shows" on TV.

If you rail against what you don't understand but don't know you don't understand, the real fucking criminals win.  I wrote everything above for the sock puppet.  Not you @tmosley. LOL!

ReasonForLife's picture

Do you think when credit cards just started out that everyone was using them right away?

I_rikey_lice's picture

Why the fuck would anyone want to go through the bullshit of "adapting" to cryptos when they don't have a need?

You crypto fuckers are nutz. 

You want to send money to someone? Use a fucking e tranfser. It is cheaper and a fuck of alot faster and more secure than using shitcoin.

This is a greater fool investment and nothing else.

You fuckers suffer from cognitive dissonance..

wulf's picture

But Goldman said buttcoiners will make lots of money.

Nothing can go wrong... LOL

 

TIMBEEER's picture

Actually, you can write that in past tense as well - Bitcoiners made huge amounts. But like any 'commodity', can you be sure that you will make profit in oil, gold, USD (net inflation), stocks? It is possible for Bitcoiners to make a lot of money, or as you predict, to become Buttcoiners.

 

silvermail's picture

The rapid growth of the asset at the initial stage is an integral part of any Ponzi scheme.
When the value of an asset grows only due to the inflow of cash into this asset from new depositors, this is a 100% Ponzi scheme.

tmosley's picture

You're right, the current banking and central banking system is perfect and will never collapse!

Long USDX!!!!

I_rikey_lice's picture

Who the fuck mentioned USD? or gold?

My money is all in equities and other investments. 

Cash is used to pay bills. Nothing else.

Cryptos will collapse long before the central banking system does..... I can guaranfuckentee you!

tmosley's picture

>Equities

HAHAHAHAHAHAHA!!!!

This is the face of your ally, oldbugs. Do you like what you see?

I_rikey_lice's picture

Yeah, safe secure and going up each year ...with dividends.

Pretty stupid.

stitch-rock's picture

What a useless troll retard fuckface

Go back to [insert the moron shit-heel place that fucktwats exist - more then likely a pedophile parents basement], where you obviously came from.

Sincerely,
-Everyone

I_rikey_lice's picture

Calm down snowflake. Go find your safe-space..

eclectic syncretist's picture

Don't waste your time with the CC fools that have been so debauched as Fonestar. They all have been blinded with El Dorado eidolons that will make them easy prey for the banksters.

SoilMyselfRotten's picture

 I can guaranfuckentee you!

 

You can't guarantee shit. One thing is for certain to me, cash will not be part of the system in the not so distant future.  I can guaranfuckentee you! Anyone can play that stupid game. Aaron Russo was tipped off by one of the Rockefellers as to their goal for the future and cash ain't in it!

silvermail's picture

Gold has its own intrinsic value.
Shares - have the value of companies of issuers.
The so-called crypto-currencies have only imaginary value.

Why? Because the basket of world national currencies is the equivalent value of all existing in the world real assets and benefits.

This means that in the world there are no real values that provide so-called crypto-currencies.

Bitcoin is NOT a currency.

If Bitokin it is a crypto-currency from the point of view of the community of cryptomaniacs, then vodka is exactly the same alcohol-currency, from the community point of view of alcoholics.

Gold can fall in price from excess supply. But gold can never fall to zero.
Because gold has an intrinsic value. Unlike currencies and the more derivatives of currencies, in the form of a different kind of crypto currency.

You just answer yourself to 3 simple questions:
1. What is the promise of what is the crypto currency?
2. Crypto currency is a promise of some kind of national currency or is it a promise of some real assets and benefits?
3. Where will the currency or real goods take to ensure the promise in the form of a crypto currency?

We are adults, we should not believe in miracles and tales of wealth for the whole society from the outlet, without difficulty.

silvermail's picture

Myths about Bitcoin:

1. Satoshi Nakamoto is a myth. Like Santa Claus, whom no one saw, but naive children believe that he exists.
2. Decentralization is a myth. Because in a decentralized system, no one can send out centralized messages to all participants.
3. The lack of control over the authorities because of encryption is a myth. Because the authorities will find and arrest any Bitcoin user whom they will want to find and arrest.
4. Bitcoin is a currency - a myth. Because currencies are only those assets that are included in the ISO 4217 currency list.
5. Deflationary nature Bitcoin, like gold, is a myth. Because Bitcoin, like any other shitcoin, is inflationary pseudo currencies. The inflationary nature of any shitcoin arises from their infinite fragmentation into smaller and smaller parts.

secretargentman's picture

The thing I like about crypto currencies is that they take power away from government and give it back to the people. That one fact alone is worth whatever growing pains they have. Once government can't track money anymore, they'll shrink back to normal levels of control... Where someone could live most of their life and never have any contact with a government agent. "King of the who??"

silvermail's picture

Gold is both a commodity, and money and currency at the same time.
Gold currency code - XAU. This currency code is recorded in the international interbank list (Currency codes - ISO 4217).

Bitcoin, Monero or Vodka will become universally recognized currencies only when they are also be incuding listed on the ISO 4217 currency list.

But as soon as bitcoin or vodka be incuding on the list of ISO 4217, they will automatically be under the full control of the Fed, governments and banks.

secretargentman's picture

The fact that governments can't track crypto currencies isn't a matter of legal code. Its a matter of fact. 

silvermail's picture

The fact that governments can't track crypto currencies - it's not a fact, it's just a myth. Exactly the same myth as the myth about Satoshi Nakamoto or about Santa Claus.

silvermail's picture

In the world there is only one form of money - gold. All the rest, including the US dollar, is the Ponzi schemes.

It does not matter what you call Bitcoin and it does not matter what you think about Bitcoin. It is important only that Bitcoin's value grows solely due to the inflow of new currency, from the new participants the system.
There is no other reason for the growth of Bitcoin's value. So, Bitcoin is a 100% financial pyramid - the Ponzi scheme.
But Bitcoin is a Ponzi scheme of a much lower level than the Ponzi scheme called the "US dollar".

TIMBEEER's picture

'fuckers', 'fucking', 'fuck' Is that you, Cartman? If nobody listens to you, swearing is surely not helping the cause.

Cryptos are a great tool for net tax payers to rescue some of the personal property and income earmarked for the Military Industrial Complex or the sex change for the local wannabie-trannies paid by your taxes.

I_rikey_lice's picture

Sorry snowflake. ZeroHedge isn't a safe-space. Sometimes adults say/type bad words. 

BeanusCountus's picture

There's not much I can predict about the future, but this is something I can: cryptos will not escape taxation for very long.

Advoc8tr's picture

That is a patently false statement.  I could send you 10K within 5 minutes from now for a few dollars using Bitcoin.  Your Swift transfer will cost $35 and take days, Western Union same cost but you have to go find an agent, withdraw the cash (assuming your bank will allow 10K in cash per day) ... I could just charge your credit card but that will cost you 2% plus 21% annually on the "cash advance" which is $200+ 

.. and let's not forget that the bank can reverse the credit card payment so it is not "final"  

I do however agree that Crypto holders should be currently using a credit card for daily purchases .. rack up the fiat unsecured debt while sitting on your appreciating crypto asset which they have no claim over.

Adapting to cryptos as you put it simply involves installing an App on your phone in its simplest form. You can then scan and pay with your phone just like you do with your standard banking App.  Setting it up from scratch is waaay easier than opening a bank account, providing ID, ordering cards and internet banking access etc..

Greater fools indeed.

I_rikey_lice's picture

You could send 10k in bitcoin within 5 minutes, ok fine.

How long for the recipient to convert the 10k worth of bitcoin to cash in hand?

 

 

"appreciating crypto asset"

Exactly, it is appreciating as long as  greater fools keep buying.

Greater fools indeed.

 

 

silvermail's picture

Do you think when Tulips scheme Ponzi just started out that everyone was using them right away?

1. It's not my fault if you can not distinguish between the "technological feature of the currency" and the "financial basis of the currency."

2. In the world there is only one form of money - gold. All the rest, including the US dollar, is the Ponzi schemes.

3. It does not matter what you call Bitcoin and it does not matter what you think about Bitcoin. It is important only that Bitcoin's value grows solely due to the inflow of new currency, from the new participants the system.
There is no other reason for the growth of Bitcoin's value. So, Bitcoin is a 100% financial pyramid - the Ponzi scheme.
But Bitcoin is a Ponzi scheme of a much lower level than the Ponzi scheme called the "US dollar".

4. The blockchain technology has long been not new. Probably you are behind the times if you think that in the field of IT, can be considered as a "new" technology of 2009.

5. Lehman Brothers had any advanced technology. But it burst like a soap bubble. Because any technologies in themselves are only "auxiliary features" of financial assets, but not in themselves "financial assets".

I hope that you can distinguish the concepts of "financial assets" from the notion of "auxiliary technical features of financial assets".

Semi-employed White Guy's picture

Don't you have a silver bar to polish?

I_rikey_lice's picture

I don't own any silver or gold. Why would you assume I do?

BeanusCountus's picture

One might have said the same thing about the internet in 1995. Think about that. Also think about the wonderful "security" of your credit cards. Doesn't exist. Not saying cryptos are going anywhere, but your logic is the same as I might have proffered in 1995 on "why the internet isn't going anywhere".

I_rikey_lice's picture

My credit cards aren't secure. When my info gets stolen, it is the credit card company that takes the hit, not me.

I have never lost a dime from using credit cards and use them for every purchase I make, online or in store.

zebra77a's picture

The $64000 question is define 'criminal..' 

When the US Government seizes your home in 2019 because you missed your Obamacare opt-out payment and you are trying to survive by moving the what remains out through bitcoin type criminal?

The Central Banks are finished and they know it. Crypto-currencies give escape velocity to the little guy from watching his standard of living drain to zero from corersive coordinated G9 deficit economies. Fiat dilution is their only game and its OVER.

When Amazon takes bitcoin will be the pucker-factor event horizon..  If they do not make the move the first equivalent will replace them and wipe Amazon out..

Governments world over can watch their GDP taxation bases implode in MONTHS as GDP goes encrypted and offshore, and bitcoin does exactly that. 

Go ahead and try to regulate it watch the altcoins see massive capital flow. For every regulated bitcoin exchange 5 more untracked offshore exchanges will pop up

'Banks' will evaporate with the fiat's fall which is now an inevitability..

So their last path of control to keep pushing their watered down fiat as a mechanism of exchange is to ignite WWIII, knock the internet offline  declare martial law and force people to use it. 

Which will only last a blink in time before they are no more than footnotes in history books..