Time is Running Out for Mark Williams Prediction of a $10 Bitcoin – Bitcoin Magazine

In a recent Bitcoin Magazine opinion piece, IT Writer Mark Rees slams college professor Mark Williams for dissing Bitcoin.

Bitcoin Magazine - Time Running Out for Mark Williams - Mark Rees

Bitcoin Magazine – Time Running Out for Mark Williams – Mark Rees

While Mark Rees makes some poignant points about how wrong anti-Bitcoin Mark Williams is, Rees is wasting his breath with such a lengthy article about a lowly finance teacher.  Rees has a strong grasp of the big Bitcoin picture, while Williams embarrassingly does not understand the technology or economics of Bitcoin.

I understand Bitcoin thoroughly only because of my experience in computer programming, payment processing, economics and business.  The real total cost of using credit cards and western union is a very high 5% to 10% or more.  The cost of using Bitcoin can very easily stay under 1%.  It does not take much brain power to figure out the value of Bitcoin.  Bitcoin has already changed the lives of many thousands of individuals.  When you begin add all of the other amazing international payment transmission, tracking, authentication and complex multi-layer programmable transaction capability of Bitcoin’s cryptographic ledger technology, the extreme value of Bitcoin becomes world-changing.

And by the way, with all this wonderfulness, given enough time, Bitcoin can and will eventually be worthless. But so will the U.S. dollar.  The trick is to know when and what the signals will be.

Corey Chambers, The Bitcoin Blogs

 

 

Advertisements

Mark T. Williams recently wrote a negative article about Bitcoin called “Bitcoin is Not Yet Ready for the Real World” at http://dealbook.nytimes.com/2014/01/24/bitcoin-is-not-yet-ready-for-the-real-world/?_php=true&_type=blogs&_r=0

Bitcoin Not Yet Ready for Prime Time?

Bitcoin Not Yet Ready for Prime Time?

It is downright odd that an academic like Mark T. Williams would write an article about the real world.  It’s a bit low quality for The New York Times to allow such a contradiction.  Eventually, the NY Times will get wise and realize that the Bitcoin articles written by journalists and academics who lack technical knowledge are writing articles that are less than helpful.

First of all, Bitcoin is already being used in the real world, with more and more users and merchants beginning to work with the digital currency every day.  Today there are more than 12 million Bitcoins in circulation worldwide, with a market capitalization of $11 billion.  More than 50,000 transactions occur each day.

Bitcoin has the best reputation of all digital currencies.  It’s reputation was improved after the FBI’s takedown of Silk Road proved that Bitcoin does not protect illegal operations.  In fact, the permanent public ledger can be used to help deter crime.  The U.S. dollar still reigns supreme for use in worldwide money laundering and other crime.  Bitcoin is hardly a blip on the radar regarding crime.  News reports continue almost daily about Bitcoin’s adoption by sellers of luxury cars, space flights, online retail and, this week, Las Vegas casinos.

After the enormous security breach by Target that released millions of personal records, credit cards are the object of increased scrutiny and doubt.  Unlike credit cards, Bitcoin prevents the unwanted release of personal data because it contains none.

Bitcoin has risen top in use because it is the first digital currency that really works.  It is more valuable than nearly every currency in the world because it is useful and rare.  It’s rarity makes it extra valuable, and a tremendously successful store of value.  It has proven to be an amazing asset, and one of the best performing investments in history, averaging a gain of around 2% per day for four years.  That payoff helped lead to huge adoption rates and superior network effect.

Bitcoin transactions are permanent and irrevocable.  They do not offer the consumer protection of credit cards, but Bitcoin offers superior value for consumers who wish to conduct transactions that are not controlled or charged by a third party.  Bitcoin is therefore cheaper to use, more cost effective for merchants, and allow for cheaper products and services for consumers.  Bitcoin will allow for instant electronic purchase of countless items not possible today, such as real estate transactions and other transactions where inconvenient cashiers checks and costly wire transfers were once necessary.

Bitcoin transactions fall under much of the same regulation as fiat money transactions.  Bitcoin’s programming provides superior regulation in many ways, making Bitcoin a more egalitarian currency.

As the world’s largest distributed computational network, Bitcoin is based on a ledger that can be used for verification/authentication of countless items from college transcripts to real estate titles, legal documents to gold bullion.  With the power to create more complex programmed transactions, Wall Street will find digital currencies to be indispensable.  The future of Bitcoin involves far more than money.

Bitcoin is indeed ready for the real world.  It’s use increases every day.  The future of Bitcoin is extremely bright.

Bitcoin does have down sides.  Read TheBitcoinBlogs.com to learn how to get the most out of Bitcoin while protecting yourself.

Corey Chambers, The Bitcoin Blogs

The Bitcoin Blogs

The Bitcoin Blogs – Bitcoin Mining, Buy and Sell Bitcoin

I’m a Downtown Los Angeles real estate professional, entrepreneur, Libertarian and economics buff. I have been investing in Bitcoin, and recently started mining. I’ve seen exciting results, and want to help others get started with Bitcoin.

Besides being a superior currency based on today’s digital technologies, Bitcoin is also an exciting new investment opportunity, and the future of payments and currencies.

I first hear about Bitcoin on CNBC television in 2008.  They mentioned it for just a few seconds, and I did not even hear or remember the name Bitcoin.  When they discussed it again nearly 4 years later, I heard, remembered and bought some Bitcoin.

I have had the opportunity to meet others who are interested in Bitcoin, economics and investments.  I’ve met some very impressive people such as Andreas M. Antonopoulos and other Bitcoin innovators.

Today as I write this blog, Bitcoin exchange Mt. Gox is scaring everyone with their Bitcoin lockdown.

Mt Gox will probably never again be able to regain its title as top Bitcoin exchange, but it will survive and and swim out of its current drowning state.  Mt Gox’s whirlpool of death started a long time ago. Other Bitcoin exchanges and merchants are doing better than ever. Take every opportunity to buy low now and then start to sell high after Bitcoin begins to be mature. There is one simple word to watch for to determine when to sell. I will mention that one important word soon in my blogs.

Corey Chambers, The Bitcoin Blogs

The Bitcoin Blogs Presents The Bitcoin Books – Coming Soon

We already know that the Bitcoin Blogs are the best information resources about making money from Bitcoin.  Could there be a “get rich quick” book that really works?  If there were such a thing, it would definately need to be based on something that has actually made people rich recently.  For it to be real, it would  need to be based on something that involves hard work, or risk, probably both.  For the get-rich scheme to be believeable, it needs to involve a new technology of some kind.  It should be a disruptive, black swan technology — a truely unique once-in-a-lifetime thing that changes some important things as we know them.   Previous black swans in history, for example, would have been:  fire, the wheel, the arrowhead, bronze, steam engine, electricity, telephone, nuclear power, the internet, email etc.   Bitcoin has created more millionaires in the past 3 years than nearly any other industry.

bitcoins

Bitcoins

The trick to remember about Black swans (new, disruptive technologies) is that they are never accepted until they are accepted.  They are always ignored, rejected, rideculed and attacked until society as a whole has finally adopted them.

Today’s Black Swan is Bitcoin.

Look for the new Bitcoin book in Summer 2014.  It will tell you three different ways to get rich from Bitcoin, and will have the most up-to-date information on Bitcoin, the technology and it’s many uses.  The book will dispell the myths, tell you what are the real inherent values of Bitcoin, and what are the real pitfalls of Bitcoin.  It will tell you when to mine, when to buy and when to sell.

Bitcoin vs Other Investments – If you have $1,000 to spend, what would you buy?

The Bitcoin Blogs presents:

CNBC.com recently asked this question:

If you have $1,000 to spend, what would you buy?

Here are the poll answers:
5.5 shares of the S&P 500 ETF
51%
1.2 bitcoin
12%
8/10ths of ounce of gold
24%
1 bottle of wine at $1,000
13%
Total Votes: 1259

Not a Scientific Survey. Results may not total 100% due to rounding.