
'Bitcoin will go to zero': Davos talks up the future of blockchain - prostoalex
https://www.cnbc.com/2019/01/23/bitcoin-price-going-to-zero-davos-future-of-blockchain-tech-.html
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shunders
> "I do believe it will go to zero. I think it's a great technology but I
> don't believe it's a currency. It's not based on anything," Jeff Schumacher,
> founder of BCG Digital Ventures, said during a CNBC-hosted panel in Davos,
> Switzerland.

I can't believe we are still arguing these incredibly rudimentary points. Let
alone that these quotes still get press coverage. Really, you're talking about
cryptocurrency on a panel at Davos and you still haven't taken the time to
reflect upon the nature of money?

What does "It's not based on anything" even mean? What is a dollar "based on"?

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randomsearch
What is a dollar based on?

The need for the citizens of the most powerful nation on earth to pay their
taxes in it; a legal and regulatory framework to support it; and the military
and diplomatic might of the US to support it.

~~~
celticninja
So it's based on a concept, a loosely defined one at that. Cryptocurrency is
based on a strictly defined mathematical concept. It isn't a huge leap between
the two.

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majewsky
All that math is not going to help you when your government puts you in jail
for not paying your taxes.

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timbit42
Who isn't paying their taxes? Bitcoin can be sold for fiat and taxes can be
paid.

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majewsky
Exactly. If I have to pay taxes in dollars, why should I accept anything but
dollars in the first place?

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WrtCdEvrydy
'Guy with investment firm that profits from buying low and selling high wants
asset to go to zero' \- In other news, water wet.

~~~
dare0505
This. When evaluating someone's claims, always take into consideration their
background, career to evaluate for bias. This is the reason if, for eg, Spain
plays against France in soccer finals, they won't put a world-class Spanish
judge, however good he/she may be.

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minimaxir
> This sign is a pretty good indication that no one has any idea about what
> they’re talking about in Davos.

> "Using Blockchain to build the next generation grid for electric vehicles.
> Business 4.0."

[https://twitter.com/RMac18/status/1087679473535860737](https://twitter.com/RMac18/status/1087679473535860737)

~~~
tapland
Did a quick online 'Company Values' training recently and sustainability and
environmental impact where I work will be solved by:

1\. Blockchain

2\. Using approved partners for travel

No mention of considering taking the train or bus instead of the approved
airlines.

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davebryand
So, a meeting of all of the most fiat-currency dependent people in the world
produces a message saying that a potential alternative is going to zero. Maybe
it will, but BTC is v0.1 crypto-currency and it's death will make way for
whatever crypto v1.0 looks like. Unfortunately for the establishment,
thoroughly represented at Davos, crypto-currency is here to stay.

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berbec
"On a long enough time line, the survival rate for everyone drops to zero."

Chuck Palahniuk, Fight Club

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dawhizkid
Has anyone studied the rate at which bitcoin is lost forever? I imagine daily
there's a wallet lost, HD destroyed, someone with private keys dying and btc
permanently lost. Point is there is a much smaller supply of usable btc than
what's actually reported in circulation. I wonder how that plays into the
longevity of the project over time...

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drcross
A bitcoin is divisible to 8 decimal places so what you are talking is not an
issue whatsoever.

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ckastner
Bitcoin has become quasi-irrelevant before, and it didn't go to zero even
then.

And as long as there are zealots around, it won't.

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TheOperator
Every currency will go to zero unless it has some sort of instrinsic value.
It's just a question of how quickly.

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justjonathan
"I am much less interested in investing around bitcoin as a currency unit or a
currency equivalent, or even the blockchain as an accounting ledger. I am
thinking much more about the protocols. In other words, what is the underlying
protocol going to do as a consequence of which, which tokens are valuable or
not," Hutchins said.

What nonsense.

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cjbenedikt
Methinks all this negative talk makes it look like a buying opportunity....

