Most people know me as pomp. Oh man. Lets do that one more time.
Pomp. Pomp. Its like Kobe.
I feel like Im about to take a test. Bitcoin is antifragile. You cant kill it. No I dont think Bitcoin is a bubble. Theres pretty periodic drawbacks in terms of price but ultimately the Bitcoins advantage is the technology and its ability to be transferred peer to peer and a decentralized public ledger.
The price changes based on what people want to pay for it. So when the market is rising people are willing to pay more per bitcoin and when the markets crash and people are willing to pay less for the same bitcoin Bitcoins definitely legal. Both states and different countries have decided whether its property is a currency thats no longer a question of Is it legal or not legal its just which regulation organizations get to oversee it. Bitcoins definitely safe why wouldnt it be?
Bitcoin mining can be really profitable. Or you can lose money it depends on the price of bitcoin. Difficulty in the mining algorithm and then how much youre paying for for your power. Theres obviously really big businesses that been built. So do your homework.
Bitcoin itself cannot be hacked but the different wallets can be hacked and your Bitcoin can be stolen. But the beauty of bitcoin is its one of the most secure networks if not the most secure network in the world. Bitcoin actually can be traced. Bitcoin itself is actually on a public transparent ledger and so the only criminals are using bitcoin are idiots. So still today the currency of choice of criminals around the world is the US dollar.
Bitcoin can definitely crash. Bitcoins Favorite thing is the run up really fast and then crash really hard. The only people who actually care about down are all the people who are speculating but for the people who actually understand the technology and really believe in the differences in the kind of change that bitcoin can bring that will get faced when it crashes people deep in the crypto community like to just say its on sale.
Theres a saying thats called buy the dip. So when it crashes just buy the dip. Theres a lot of people who are going to try to shut down bitcoin.
But as I like to say its really really hard to kill an idea. Bitcoin is a decentralized network thats on a global scale and so I dont think that anyone at this points going to be able to shut it down. Bitcoin can definitely be regulated it already is in a lot of markets. Some people think its a piece of property some people think its a commodity some think its a currency and others think that it is security.
And so weve probably never seen anything in the world before where different people think its for separate types of ownership but Bitcoin has somehow achieved that as well. So Bitcoin is going to the moon no matter what you want to call it Definitely taxable every time that you sell it. Youre gonna get taxed and so you should pay taxes because the IRS man is definitely coming Bitcoin could definitely hit 100k. I think the bitcoin in 2018 is going to hit fifty thousand dollars by the end of December and Ive seen estimates that bitcoin will be at a hundred thousand dollars by the end of 2020.p