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February 08, 2014, 02:35:45 AM |
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They just want the price to go down so they can get in. They missed the one in a lifetime opportunity and look back with jealousy.
Equally annoying are the anarchists that post that any trust of our financial system shouldn't be made, that we have to be in bitcoins because our fiat currencies will 'collapse at any minute' .. an argument that is just as ignorant in my opinion. Fractional reserve debt based central banking has proven itself to be stable enough... anyone intelligent enough to even understand what the term fractional reserve banking means, or how compound interest factors into the equation, is intelligent enough to protect themselves with a broad array of investments, from stocks, to precious metals, or bitcoin.. whatever happens to be cheap at the time.
However to be some extremist to say bitcoin is worthless, or on the other end of the spectrum, to distrust all fiat, both are ignorant viewpoints. Somewhere in the middle there is a happy medium of logical, distanced planning by a person who has the capacity to put their emotional rhetoric to the side and look at things objectively.
One would would also be foolish to not recognize the fact that a bitcoin 'bank run' is entirely possible in even the largest, most trusted exchanges. If someone sold 10,000 bitcoins to a major exchange like coinbase and demanded payment in fiat, it would be interesting to see what happens. 10,000 bitcoins is just a drop in the bucket, the largest 2% hold much more then that. In essence bitcoin at this point is very much the wild west, and requires internal policing of it's users to prevent a potential catastrophic situation. Once the kinks are worked out I'm very enthusiastic about it though.
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