
Why I'm Putting All My Savings into Bitcoin (2011) - monort
https://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/
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eternalvision
While this is merely an anecdote, this past week I overheard a barber
discussing bitcoin and how "you have to get in on it".

Such discussion can be indicative of a bubble approaching maximum capacity.

~~~
lern_too_spel
This article is another indication. The author understands neither the
technical details of the blockchain (he believes transfers happen instantly
without any fees) nor the economics.

From an economic perspective, the more ransomware there is, the more the
demand curve for Bitcoin shifts right. In that respect, Bitcoin is a vehicle
to bet on the growth of black markets.

~~~
magma17
by then, transfers happened instantly without any fees. maybe you have to
learn before you can speak.

BTW, how many btc you bought in 2011? let me guess... zero.

~~~
lern_too_spel
The article was written on May 29, 2011. The average transaction fee in that
month was .02 BTC. The average block time was 10 minutes. Neither of your
claims is true.

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YourGrace
Bitcoin has been doing amazingly well. I definitely regret not investing, and
I justified it due to the threat of competing cryptocurriencies, specifically
ones that a government or company backs.

I was skeptical that if a country creates their CountryCoin
(AmeriCoin/AmericaCoin, RussiaCoin, ChinaCoin), wouldn't it effectively cause
bitcoin itself to go in freefall as people would convert to the coin
backed/sanctioned by a government.

Likewise, Apple can create iCoin. For those reasons I was skeptical.

Looks like it doesn't really matter as long as you get off the ride before it
starts to stop.

~~~
wellinever
Andreas Antonopoulos made a good point that a "countrycoin" would always have
a trusted key held by the country's monetary issuing authority which would
basically then provide an enormous honeypot to tempt attackers to target
it/steal it. OTOH, currencies like bitcoin with fixed monetary policy don't
have a backdoor mechanism for money creation (without overwhelming consensus
to fork).

Also, I see Political intervention in currency as a bug rather than a feature.

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Graziano_M
He has a recent update[1]. I think it's safe to say that he has done well for
himself.

[1]: [https://falkvinge.net/2017/06/11/right-money-bitcoin-
hits-30...](https://falkvinge.net/2017/06/11/right-money-bitcoin-
hits-3000-1000x-entry-point-six-years-ago/)

