information Why bitcoin may become virtually worthless: Finance professor

[lennco]

[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?

 

[Keith]

A kiosk for bitcoin?
Was it automated or staffed by a person?

Kiosks are generally automated, especially for financial transactions.

Assuming it was an atm, I’d never put my wallet address into it. If you loaded a CC with funds then it would work.

 

[~ The 34 Year Buzz!!]

... I’d never put my wallet address into it....

Just curious, "why" the public key ends up visible to everyone through the blockchain explorers?

 

[Kenny]

A kiosk for bitcoin?
Was it automated or staffed by a person?

As @Keith mentioned, it was automated..
And it appeared to be set up like an ATM.
I didn't take a very close look, just a glance as I was walking by, but I cant imagine anyone trusting their wallet info to a machine that could have been set up by unknown persons.
However hip whomever is in charge of leasing floor space is to the bitcoin world / process, I would bet they are not privy to the mechanics of the kiosk.

jmo

Peace,
Kenny

 

[Kenny]

Not advocating one way or the other, but I saw a bitcoin exchange kiosk by the main entrance of our local mall.

I was surprised.

Peace,
Kenny

Thinking about it, I don't get out much...
Are these things popular?

Peace,
Kenny

 

[poweredbyme]

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]

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.

 

[Ace3coiner]

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)...

 

[TestCase]

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

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

 

[Shahid7]

...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]

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