information Why bitcoin may become virtually worthless: Finance professor

lennco · Dec 7, 2018

[Fox Business] Julia Limitone Fox BusinessDecember 6, 2018

The world’s largest cryptocurrency is beginning to wind down and is close to becoming worthless, according to a Santa Clara University finance professor.

Bitcoin soared above $19,000 at its peak a year ago, only to fall sharply. It’s currently hovering around $3,600 level, according to Coindesk.

“Fundamentally bitcoin has not lived up to its hype,” Atulya Sarin said to FOX Business’ Stuart Varney on Thursday. “Primarily if you look up all the activity around bitcoin it’s mostly around creating. It doesn’t seem to have too many use cases.”

Unlike paper money, which is backed by a central bank which decides when to print and distribute money, bitcoin is issued through mining which uses computational power to maintain a record of who owns the cryptocurrency. Without it, no transactions would be possible.

Sarin said right now the problem is that it costs more to mine bitcoin than to actually own it -- and “that’s not sustainable.”

“If there is no transaction happening and there’s no record of who owns what then all you have is a set of numbers and all those numbers are worthless,” he said.
https://finance.yahoo.com/news/why-bitcoin-virtually-worthless-finance-165126365.html

What do you guys think?
Are Crypto Domains still worth it?

Jonathan MacDermid · Dec 21, 2018

bmugford said:
There might not be a gold standard anymore, which is irrelevant anyway at this point. Gold is no different than any other asset where the value is perceived. The average person has no actual use for gold. It is not like food, water, medicine, shelter that are required things to actually survive.

The difference with Gold is that there are important uses for it. You look inside many mobile phones, computers, cables, scientific tools etc. and you wil find gold. Minute amounts of it but gold none the less. It is an important element and limited in quantity. That is why it will always have value.

poweredbyme · Dec 26, 2018

Every currency, including USD and BTC is already virtually worthless. Even gold is worthless if used as money/currency.
Only physical goods bear true value.

"Sarin said right now the problem is that it costs more to mine bitcoin than to actually own it -- and “that’s not sustainable.”

Bitcoin is the first crypto currency.
We still use telephone today. But we don't use the first telephone. We still watch TV but it's not the first TV. Think about first trains, cars, books (stone tablets) , schools, hospitals, theaters, everything and compare them with their current versions. Bitcoin is just the first crypto currency and will eventually die in the future. This will not stop crypto currency usage. Cyrpto currency is a part of human evolation. It will only improve but will never dissappear in the near future until something better than "money" is invented or until "money" is no longer needed. Cyrpto currency is the new form of money.

dotker · Dec 29, 2018

For him it is worthless for others it is valuable. He's a professor so he knows how the FREE market works so its very stupid for him to claim such a thing. The value(of any kind of asset tangible or not) is decided by the market/end user or buyer, its really that simple nothing more nothing less.

For the bitcoin and cryptocurrency, its never gonna pick up until merchants adopt it, its like windows phone, great product but no developers.

Really great concept though, not buying it until it does have a real world use case that everybody adopts. Accounting programs even has problems with it. And does this sound right to you? This domain for sale only .00000000000001 btc or 1000 satoshis but let the buyer convert on their brain how many decimal places is that why can't the computer do it? Guess still lots of problems in the world that needs solving.

Shahid7 · Jan 1, 2019

I personally think Bitcoin / Cryptocurrencies which has somewhat of a stableness in a day 5-10% (-/+) can be still used a good medium for selling anything to get your payment and you can use good exchanges like CEX.io to get your money to your Fiat Currency as many who have bitcoin tend to buy items and pay with BTC instead of Fiat currency because of ( Swiftness / Anonymity / 50% never paid the full price what is it worth today so they haven't really worked hard for it except believing in it which in itself is one of the biggest factors of a payout.

Keeping your 1-10% in bitcoin is good, borrowing money to buy crypto is a total disaster because you can be sure before it even comes to mainstream you will be bankrupt with bad credit rating.

My suggestion the rest it is all up to you,

1) do not underestimate the power of blockchain it here to stay for long term many business / Governments are trying to adopt it into their working procedure the reason behind it is the transparency rather than the hidden aspects we currently have.

2) Bitcoin/any other wallets might be anonymous but the transparency is so awesome that you can see any wallet that you have paid too without them denying they never received it

3) Should you not wish to use / invest in BTC / any other crypto don't but be aware of how it works and how to send or receive this thing is real and it is here to stay even if it is 1-10% of the global payments it is something that has started and it can't be stopped it has nothing to do with BTC's price but the more it is used the more the price goes up even if BTC was to hit 1000 ( based on the money inside it right now it is very hard it can touch zero given the fact the limitation of coins.

I might be wrong so excuse my lack of knowledge but I recently sold a domain name in .me with BTC quite higher then I would have for Fiat ( sorry can't reveal the name due to NDA ) and I have come to know how BTC can be utilized in the mainstream after having the experience with it personally don't underestimate it, if your buying it for luck and chance that is gambling if you in it to utilize it you will succeed as you will be the pioneer of your work.

I normally do not participate in long conversation

but I feel it is something too cool not to talk about.

If you like it great if you don't I apologize for wasting your 5 minutes

reading

Have a good day.

Shahid

Ace3coiner · Jan 2, 2019

Keith said:
Absolutely false. You can load Visa cards with crypto right now and buy gum, gas, or whatever you want. Monero is the creator and the buyers of crypto.com, now there new name.

Pal, you meant to say Monaco (now crypto.com) not Monero (which is a privacy coin)...

~ The 34 Year Buzz!! · Jan 2, 2019

Shahid7 said:
I personally think Bitcoin / Cryptocurrencies which has somewhat of a stableness in a day 5-10% (-/+) can be still used a good medium for selling anything to get your payment and you can use good exchanges like CEX.io to get your money to your Fiat Currency as many who have bitcoin tend to buy items and pay with BTC instead of Fiat currency because of ( Swiftness / Anonymity / 50% never paid the full price what is it worth today so they haven't really worked hard for it except believing in it which in itself is one of the biggest factors of a payout.

Keeping your 1-10% in bitcoin is good, borrowing money to buy crypto is a total disaster because you can be sure before it even comes to mainstream you will be bankrupt with bad credit rating.

My suggestion the rest it is all up to you,

1) do not underestimate the power of blockchain it here to stay for long term many business / Governments are trying to adopt it into their working procedure the reason behind it is the transparency rather than the hidden aspects we currently have.

2) Bitcoin/any other wallets might be anonymous but the transparency is so awesome that you can see any wallet that you have paid too without them denying they never received it

3) Should you not wish to use / invest in BTC / any other crypto don't but be aware of how it works and how to send or receive this thing is real and it is here to stay even if it is 1-10% of the global payments it is something that has started and it can't be stopped it has nothing to do with BTC's price but the more it is used the more the price goes up even if BTC was to hit 1000 ( based on the money inside it right now it is very hard it can touch zero given the fact the limitation of coins.

I might be wrong so excuse my lack of knowledge but I recently sold a domain name in .me with BTC quite higher then I would have for Fiat ( sorry can't reveal the name due to NDA ) and I have come to know how BTC can be utilized in the mainstream after having the experience with it personally don't underestimate it, if your buying it for luck and chance that is gambling if you in it to utilize it you will succeed as you will be the pioneer of your work.

I normally do not participate in long conversation but I feel it is something too cool not to talk about.

If you like it great if you don't I apologize for wasting your 5 minutes reading

Have a good day.

Shahid

...I recently sold a domain name in .me with BTC quite higher than I would have for Fiat...

Have a great new year.

TestCase · Jan 2, 2019

https://timesdirect.tv/remember-bitcoin-some-investors-might-want-to-forget/

This article appeared in last Friday's New York Times as well.

Shahid7 · Jan 4, 2019

~ The 34 Year Buzz!! said:
...I recently sold a domain name in .me with BTC quite higher than I would have for Fiat...

Have a great new year.

Thank you, Happy New Year to you as well.

Levi_charlz · Jan 12, 2019

The Yellow Vests movement and their bank run plan

https://cointelegraph.com/news/what-we-know-about-yellow-vests-bank-run-and-how-crypto-could-help-it

larryscott2559 · Jan 12, 2019

lennco said:
[Fox Business] Julia Limitone Fox BusinessDecember 6, 2018

The world’s largest cryptocurrency is beginning to wind down and is close to becoming worthless, according to a Santa Clara University finance professor.

Bitcoin soared above $19,000 at its peak a year ago, only to fall sharply. It’s currently hovering around $3,600 level, according to Coindesk.

“Fundamentally bitcoin has not lived up to its hype,” Atulya Sarin said to FOX Business’ Stuart Varney on Thursday. “Primarily if you look up all the activity around bitcoin it’s mostly around creating. It doesn’t seem to have too many use cases.”

Unlike paper money, which is backed by a central bank which decides when to print and distribute money, bitcoin is issued through mining which uses computational power to maintain a record of who owns the cryptocurrency. Without it, no transactions would be possible.

Sarin said right now the problem is that it costs more to mine bitcoin than to actually own it -- and “that’s not sustainable.”

“If there is no transaction happening and there’s no record of who owns what then all you have is a set of numbers and all those numbers are worthless,” he said.
https://finance.yahoo.com/news/why-bitcoin-virtually-worthless-finance-165126365.html

What do you guys think?
Are Crypto Domains still worth it?

I would say that is one mans opinion. Bitcoin isn't magic it needs time to grow. Most skeptics keep looking at the $19,000 it grew and how it fell and make a judgement based on that. I don't see bitcoin as an investment for me, however I see it as my everyday currency to purchase things.

I haven't started yet but I am going to put $800 in bitcoin in a week. Also NYC just launched a Bitcoin Exchange Center (in Manhattan) and Russia is in the talks of trying out $10 billion dollar investment in bitcoins possibly $400 billion dollars. I think those who are skeptical are short term investors. I look at the bigger picture which is independence from the bank and government, That's enough for me to get on board.

information Why bitcoin may become virtually worthless: Finance professor

More options

lennco

Top Member

Go to page

Jonathan MacDermid

Socially CorporateEstablished Member

poweredbyme

Top Member

dotker

Established Member

Shahid7

Established Member

Ace3coiner

Top Member

~ The 34 Year Buzz!!

Top Member

TestCase

Note: Doesn't play well with others.Top Member

Shahid7

Established Member

Levi_charlz

Account Closed (Requested)

larryscott2559

Restricted (Market)

Go to page

Similar threads

We're social

New posts

Auction activity

What non .com extensions have you sold in 2024?

Polls of interest

Popular this week

Community favorite

Popular this month

Blog favorites

Pinned

Appreciation

Agreement