Volatile bitcoin has limited usefulness, profs say
Bitcoin's value is likely to remain volatile, which will limit the digital currency's usefulness, according to a select group of economics professors across the US. The IGM Economic Experts Panel -- 38 academics from Harvard, Yale, Stanford, Princeton, the University of Chicago, the University of California-Berkeley and the Massachusetts Institute of Technology -- tackles a different public policy issue in a weekly email poll. In this latest poll, they were asked the following question about bitcoin: "A bitcoin's value derives solely from the belief that others will want to use it for....
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The American publishing executive, Steve Forbes, recently published a video concerning his thoughts on bitcoin and told viewers that the popular crypto asset is “not yet” the new gold. The business magazine’s editor-in-chief says that bitcoin’s value “remains too volatile,” and he believes the supply cap of 21 million will someday “severely hinder its future usefulness.” There still remains a number of skeptical people in the finance world that believe cryptocurrencies have a long way to go from here. Just recently, Malcolm Stevenson....
Bitcoin Core contributor, Peter Todd, was recently interviewed on Bitcoin Uncensored by co-hosts Chris DeRose and Joshua Unseth. Ethereum, The DAO, private blockchains and many other topics were discussed but DeRose turned the conversation toward an often-discussed concept (at least on Bitcoin Uncensored) near the end of the show: The idea that governments essentially subsidize the usefulness of Bitcoin and the bitcoin price through their various regulations. Bitcoin Fulfills a Need in the Market. There are many types of applications that people want to build with blockchain technology but....
Bitcoin's value is a perceived regard for its benefits and usefulness. The term value, as used here, is not to be confused with price, which is the monetary cost of a bitcoin. The usefulness and consequent value of Bitcoin is a result of many aspects of its innovation, its network, and its features. This guide discusses the most important factors that lead its users to consider Bitcoin to be valuable. Scientific Value. To the general field of Science, the Bitcoin innovation is valuable for having solved the long-standing Two Generals Problem (or Byzantine Generals' Problem). Satoshi....
Fidelity Digital Assets president Tom Jessop says that bitcoin is not a true store of value just yet because the digital asset is still too volatile, Reuters reported. However, investors are optimistic bitcoin will attain this status. “We use the word ‘potential store of value’ as bitcoin is still extremely volatile, and by any standard perhaps would not achieve the mantle of a true store of value,” Jessop told Reuters’ Global Investment Outlook Summit 2020 on Thursday. “But aspirationally it is, and that’s one of the reasons why so many investors....
Warren Buffet’s most recent critique about Bitcoin is its lack of “producing” anything, which actually proves its monetary properties and usefulness as money.