richard5za wrote: ↑Tue Jun 08, 2021 4:04 pm
What’s the BTC forecast Cool?
by Cool Breeze » Thu Jun 10, 2021 11:49 am
Yes, it will reach 200k for sure in the coming years, I think it still reaches it in the next year regardless of what has happened the past few months.
https://www.pymnts.com/blockchain/2022/ ... m-finance/Future of Money Author Eswar Prasad Says Blockchain Will Transform Finance
Posted on March 7, 2022
Given the dramatic changes in the world’s financial systems —cryptocurrencies, stablecoins, central bank digital currencies (CBDCs) and FinTechs — one could think it’s impossible to determine which one is more revolutionary.
But when we posed the question to Eswar Prasad, professor of international trade policy at Cornell University and author of “The Future of Money,” the answer came quickly.
“It’s blockchain technology, of course,” he told PYMNTS. “It’s the one truly fundamental innovation that is going to have a transformative effect in finance.”
“What bitcoin did in a very masterful way was to combine all these technological and conceptual innovations that really creates a bedrock for decentralized finance.”
Bitcoin was supposed to serve as an autonomous medium of exchange, Prasad said. That is, consumers could use their digital identities without a trusted third party, such as a central bank or a financial institution, serving as an intermediary. But that hasn’t happened, he added.
“It’s not worked very well in that function, so now we have a new breed of cryptocurrencies, stablecoins, which create stable value because they’re backed by fiat currencies, and other cryptocurrencies that generates stronger anonymity,” he said. “But whatever happens with this whole world of cryptocurrencies, and there are some crazy ones out there, I think the blockchain technology will really be the true legacy of bitcoin.”
As for bitcoin, it was intended as a decentralized way to pay for things. But it’s not working very well, Prasad said. “One of the key attributes of a medium of exchange is its relatively stable value,” he said. “The price of bitcoin is extreme volatility.”
As a result, he said, bitcoin has become something it was never intended to be, a pure speculative financial asset. If you consider assets such as an equity or a corporate bond, it has value because it is a claim on the future earnings. Bitcoin lacks any intrinsic value because it’s not serving well as a medium of exchange.
That brings up the obvious question: Why does bitcoin have any value given that it’s a purely digital object? Bitcoin proponents insist it has value because it is scarce. But some economists, like Prasad, say that’s a dubious proposition.
“Bitcoins largely seem to have value because of investors have faith in it. There seem to be a lot of investors who believe that its price will only go one way, which is up. But I think this is not a very durable source of value for an asset.”
For some, it raises the question of whether bitcoins are a Ponzi scheme. But Prasad disagrees. While bitcoin may not be a conventional pyramid scheme, Prasad said there are concerns that many people get into the space because they see friends and neighbors making easy money.
“But my fear is that a lot of relatively naive and unsophisticated investors are getting pulled in by the lure of easy riches and not knowing what they’re getting into,” he said. “So, in that sense bitcoins are a risky scheme.”
https://www.cnbc.com/2021/12/17/bitcoin ... warns.htmlBitcoin ‘may not last that much longer,’ academic warns
PUBLISHED FRI, DEC 17 20219:55 AM EST
UPDATED SAT, DEC 18 20211:04 AM EST
Sam Shead
Bitcoin ‘may not last that much longer,’ academic warns
The future of bitcoin is anyone’s guess, but one academic has warned that the world’s most popular cryptocurrency could fade out in the near future.
Eswar Prasad, senior professor of international trade policy at Cornell University, told CNBC’s “Squawk Box Europe” earlier this month: “Bitcoin itself may not last that much longer.”
Bitcoin’s price has been highly volatile over the last few years and in the last month the price of one coin has fallen from around $58,000 to less than $46,000. At 10:15 a.m. ET on Friday, the price of a bitcoin was $45,637.
While there used to be just a few cryptocurrencies, today there are hundreds and some of them are more useful and more environmentally-friendly than bitcoin.
Blockchain is the underlying technology behind most cryptocurrencies. It’s essentially a digital ledger of virtual currency transactions which is distributed across a global network of computers.
“Bitcoin’s use of the blockchain technology is not very efficient,” said Prasad, who is the author of ’“The Future of Money: How the Digital Revolution is Transforming Currencies and Finance.”
‘Bitcoin itself may not last that much longer,’ Cornell professor says
The cryptocurrency “uses a validation mechanism for transactions that is environmentally destructive” and “doesn’t scale up very well,” he explained. Indeed, bitcoin’s carbon footprint is bigger than the whole of New Zealand.
Prasad said some of the newer cryptocurrencies use blockchain technology far more efficiently than bitcoin does.
He believes blockchain technology will be “fundamentally transformative” in the way that finance is done and in the way we conduct our day-to-day transactions, like buying a house or buying a car.
“Given that bitcoin is not serving well as a medium of exchange, I don’t think it’s going to have any fundamental value other than whatever investor’s faith leads it to have,” Prasad said.
Cool Breeze wrote: ↑Sat Mar 20, 2021 9:22 pmThat's why people are so deceitful and hateful towards BTC; it's the only honest game in the world. The USD is manipulated, gold is manipulated, etc.
The professor has been right so far. Meanwhile, gold blasted off right after you declared the new age of BTC and mocked gold holders.Cool Breeze wrote: ↑Thu Mar 10, 2022 4:26 pmHaha, an academic talking about BTC - what an expert. We know how great all those "experts" are
Problem you think you have is you don't know anything about me. You can't slam me for being old, a Mormon, a Jew, a Muslim, a female, a professor, etc., so you have to make something up, as insulting people is your only retort, never facts.Cool Breeze wrote: ↑Thu Mar 10, 2022 11:41 pmNow he's on to weekly charts of gold, after it failed so long.
You are really a retard.
Do you at least trade stocks or commodities? Or do you just yell for your mom to bring you the meat loaf in the basement?
You did not properly prep for the crash.Navigator wrote: ↑Fri Nov 19, 2021 1:37 pmBitcoin has no underlying support other than it is worth what others are willing to give for it. There is no asset, no government backing, no income stream, nothing. So the only thing that gives it value is the belief (faith) that it is worth something.
IMHO, it is the same thing as the famous tulip mania, except without the tulips.
Guest wrote: ↑Thu Mar 10, 2022 9:39 amhttps://www.cnbc.com/2021/12/17/bitcoin ... warns.htmlWhile there used to be just a few cryptocurrencies, today there are hundreds and some of them are more useful and more environmentally-friendly than bitcoin.
You're the old fool. You're like an old guy saying Sears is still the cutting edge in retail instead of looking for the next big thing like Amazon before it got big. Navigator probably spotted that concept before bitcoin crashed, and I think he is quite a bit older than you.Cool Breeze wrote:It's a new age and old fools holding controlled gold are fossils.
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