Mike Maloney On Bitcoin & Blockchain Technology. Cryptocurrency Future?

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90 thoughts on “Mike Maloney On Bitcoin & Blockchain Technology. Cryptocurrency Future?

  1. 1:28 “Blockchain technology running on a central bank’s computer..” – Mike,
    you clearly don’t understand what blockchain means. If it runs on a single
    computer, then it is, by definition, no longer a blockchain. The bitcoin
    blockchain is decentralized, otherwise it wouldn’t be a blockchain. So the
    “danger” you mentioned is completely irrelevant.

    1. Mike gets it, I’m sure. There’s nothing to stop a private organisation,
      like a bank, taking a blockchain and running it on a private network that
      they control. It’d still be a blockchain though, just a closed blockchain,
      not a decentralised, open one, and the bank would have the only say how
      it’s run, not the end-users. The bank could use it to add a layer of
      redundancy to their existing system which would benefit them from an
      internal standpoint, but it wouldn’t solve any of the problems regarding
      security or safety of funds for customers as the bank would be in complete
      control of all the data and transactions. The bank could turn off a
      blockchain like this. Open blockchains like Bitcoin cannot be turned off by
      any bank or government.

  2. Anything digital can be hacked, controlled or turned off. Bitcoins are
    okay for diversification, but cannot be totally relied upon as a sole
    source for transactions. What happens when the power goes off?

    1. Don’t be so pessimistic and afraid, even if the internet goes down, it will
      be only temporarily, and anyway bitcoin can be stored offline and
      transferred via radiofrequency/radiowaves, a peer-to-peer decentralised
      system is not going to disappear, the future systems will be decentralised
      and digital.

    2. Difference between Centralized vs Decentralized
      The Blockchain has been proven very stable and anti fragile, the more is
      attacked the stronger it gets. Governments can try to put barriers, but
      can’t ban mathematics, can’t kill decentralized systems, only can affect
      individual companies, but never bitcoin/blockchain itself. And it has been
      proven also very safe: Centralized companies/entities (Silk Road, MtGox,
      NeoBee, Butterfly, MyCoin, PayCoin/PayBase, etc) fail due to their own
      corruption and/or incompetence, and can be a scam or a ‘ponzi’, like in any
      other area. The Blockchain (the system/protocol/platform) remains untouched
      because it is decentralized and ‘antifragile’, evolving and becoming ever

    3. actually you can store it in a “paper wallet” or “cold storage” formats.
      They are completely removed from access to the internet, and unless someone
      gets access to these paper notes or your usb with bitcoin on it, it will be
      safe 😉

  3. are you still paying taxes on your purchase of goods and services with
    Bitcoin? If not then I don’t see that lasting too long without some govt
    intervention. I could see the govt allowing Bitcoin to mature then somehow
    make it the one world global currency. I mean wouldn’t that just be
    something they would do if it became a threat to their power?

    1. I think you’re overlooking the fact that bitcoin is completely
      decentralized. There is no ‘jar’ to have a hand in. There is no one in
      control of this thing. Even the core developers working on the code can’t
      change the entire network, there has to be a majority consensus of all
      network participants to make substantial changes to the protocol. This is
      by design so no one person or group is in control, it takes everyone.

      The point is, regardless of who invented the technology, it exists and
      works in a way irrespective of who originally released it. It simply
      doesn’t matter at this point, there are now hundreds of cryptocurrencies
      that could take bitcoin’s place if it ever became co-oped somehow. It’s the
      hydra of money.

    1. A smart person can use bitcoin in a way so that you can’t link them to
      the bitcoin.

      So tell me how you are going to link me to a bitcoin. A person has to have
      the private key (strings of characters) to use them. How can you prove I
      have such a key and it was me that used it? Good luck.

      BTW, you might have noticed that when the FBI took the silk roads down,
      none of the users that bought and sold things using bitcoin on the website
      got caught. Answer, the FBI couldn’t link the bitcoins directly to any of
      the users. Their only option was to go after the silk roads creator.

    1. +Link Knight instead of being ignorant why not try to understand the new
      technology. You are literally no different than someone making fun of
      people using computers or the internet in the 1990… You don’t have to
      worry about me, I’ll be fine.

  4. Now that bitcoin has hit historic highs in market cap ($15B) and will be
    the world’s best performing asset of 2016 by far, I really do hope you
    consider finishing that series on bitcoin Mike. Even Peter Schiff has
    changed his tone on bitcoin, though he still doesn’t see the long term
    potential that you seem to get.

    I think it only makes sense to include this in your series because
    blockchain technology has unleashed Pandora’s box with respect to
    decentralized digital currencies as an alternative means to transfer value
    outside traditional financial systems. We’re seeing how various countries
    going through hyperinflation right now are responding and turning to
    bitcoin/cryptocurrency as their safe haven asset or to flee capitol

    1. Gabe Higgins is correct. BTW, logans run, i understood Gabe’s ($15B) to
      mean 15 Billion USD which is correct.
      Just to keep things clear, the market cap, in USD, at the current price
      (about US$954.__) is US$ 15,345,307,xxx.00. That is more than 15 Billion
      USD. Available supply of BTC is slightly more than 16 million.

  5. Bitcoin is nothing more than imaginary money. You own digits in a data
    system. Poof! It can be gone in a nanosecond.
    Physical gold or silver under your own personal ownership and control
    cannot go poof. It exists. It is real.

    1. You’re talking about something more like the “Swish” payment network in
      Sweden. Please explain how you think Bitcoin is a “single power structure
      which has control of the data base”? It’s actually an open source project
      governed by the consensus of the participants. Please show me where this
      “switch” is that can be shut off with a “single flick” that enables that to
      be turned off.

    2. +Spiritus The “Switch”.
      Internet access denial. It occurs with increasing frequency, used by
      differing governmental systems around the world.
      Nothing prevents TPTB’s from shutting down internet access to it’s
      citizens. No internet? No bitcoin access.

    1. +logans run I clearly did not say that. Because Bitcoin has no true origin
      and the method in which the currency is generated in the form of algorithms
      and is deeply involved with the black market and the silk market.

      Gold and silver are more traditional and are based on good faith,has it’s
      origins and is accepted around the world and are not affected by inflation.

    1. Bitcoin is peer-to-peer, I can make a Bitcoin transaction directly with a
      friend of mine and he can give me cash for it and the government would have
      no clue. No middleman is needed to transact in Bitcoin. Same counts for
      Gold if you transact that peer-to-peer, but if you go through some business
      that’s government regulated to make a gold transaction then the government
      could confiscate it or tax it any time. You can track the Bitcoin
      transactions on the blockchain, but you do not automatically know which
      address belongs to who. There are multiple ways to keep your Bitcoin
      addresses anonymous.

    2. +xNAPOLEONx
      Isn’t that the idea, on how to make profit? If everyone knew then you would
      not make the gains. I think you just like to play devil’s advocate. That’s
      okay with me. 🙂

  6. The way gold/silver bugs dismissing Bitcoin is analogous to the sheeple
    dismissing gold and silver – because they don’t fully understand what it
    (fill in the blank here) is and what it can do to protect them in times of
    financial crises. Educate yourself and then decide for yourself if bitcoin
    should be part of your protection portfolio.

    1. +Austacker
      The bitcoin public ledger technology is not bad so it could turn into
      something good like peer v.s peer trade without the middle man or something
      like that..

      Also launching a crypto back by gold and silver (like at least 20% or
      something) would make sense but it’s diff story need to think about that
      idea lol…

      The value of bitcoin is it’s security so if it gets hacked goes to zero but
      if it doesn’t it has some value so if you are bit holder hacking is your
      number one concern.

      of course you can’t hack gold lol so bitcoin can never be as safe as gold –
      you can steal both or take them by force. with bitcoin you can loose key
      and loose money supply forever so that sucks and this is why could never be
      used as global money it would deflate consantly so people would have no
      money/bitcoin to buy food etc

      This is still nothing compared to the mining=energy equation which is crazy
      in the midst of global warming omg lol and stupid bitcoin code doesn’t know
      the difference between clean and dirty energy. so if you make bitcoin
      global then you destroy the planet with it lool.

      mining=energy is a very simplified equation
      it’s energy+work+luck+location+technology etc lots of things you can find
      gold anywhere you can go to space mine asteroids lol..
      pre 1913 gold standard would bring huge technology jump and at least triple
      the stadard of living for most people..

    2. It is true that Bitcoin gets dismissed, but it does have many flaws. One
      being the quantity produced will eventually stop which means unlike silver
      and gold, whose production increases when their value increases, the
      quantity of Bitcoin produced does not respond to changes in its price. Also
      the pseudonimity is bad because you can always add layers to identify
      people, but in order to be anonymous with Bitcoin you have to do work.
      Finally there is no reversibility in transactions, this could somewhat be
      fixed, but in order to perfect crypto-currency we need an upgrade.

      I’m not saying don’t buy Bitcoin, I’m just saying I’d be surprised if it
      were still around in 200 years, and yes I mean two centuries. Bitcoin is
      here to stay for quite awhile, but is it the crypto-currency of the future?
      I doubt it.

    3. +NamekianPrince Neither of those are major problems imo because the
      production end is far away 2100 or something…but the deflationary nature
      is a problem yeah..and with gold standard it’s different lot of gold can
      come out of hiding/scraping etc they started mining gold around 4k BC lol
      so hard to imitate that same for silver but other comoditties no good for
      money they lack proper supply.

      Btw I am bullish on bitcoin and few other cryptos but until like 10k price
      target maximum or something not sure exactly because of energy use etc so
      can’t scale it larger than that these cryptos can’t grow too large they all
      hit a limit at some point so they kinda suck as money. I look at them as
      commodities not money like gold and silver rest are credit or commodities…

      Also with gold and silver dissapearing the system with the coming bond
      collapse will help bitcoin grow fast so big money will flow into these like
      some think bitcoin is a good hedge against gold confiscation etc
      I doubt that because goverments/bankers only chance is not to mention gold
      ever lol if people realize we could go back to gold standard and fix the
      global economy in expense of the global financial/polticial elite they are
      fucked lol…it’s over they can not feed the gold monster with paper b.s.
      anylonger so instead they will blame Trump or somebody that’s what I would
      do lol..and say that gold is high because people are scared or troll some
      b.s. not because the central bank manipulation of interest rates etc lol..

    1. To RR. You are So ignorant.
      Gold is way worse than bitcoin in so many aspects. You cannot transport
      gold easily. It can be easily seized/confiscated (check India). Price is so
      controlled and much of it is owned by govs and elites.. All these problems
      do not exist with bitcoin. And bitcoin is not possible to shutdown in any
      way other than completely shutdown GLOBAL electricity and internet. This
      means that not even one city with electricity. I think you will have way
      more problems in this scenario so it is very idiotic to compare bitcoin and
      gold in an event of “no electricity globally”.
      Bitcoin wins every time and it is best to diversify with buying some.
      Remember, your gold is subject to confiscation and it is so easy, just
      check India, the largest consumers of gold jewelry. And no one can
      confiscate your bitcoin unless you give it willingly or at gun point.

      Before you comment on bitcoin, first get to know it, because it seems you
      have absolutely no idea what it is. So ignorant.

    2. +rixcho If the internet and electricity shuts down I can still live. I grow
      my own food (chicken, beef, goat and vegetables) get water from several
      springs and streams on my land (200 acres) and have a pond filled with
      fish. Own tractors and have a large supply of diesel. If they come and
      confiscate my wealth (sliver, gold, food, water and a lot
      more……..)there will be a lot of LEAD waiting for them……..I will die
      fighting for what I have worked for all my life.This is how ignorant I am.
      I cannot eat the Bitcoin either but everything else I produce and sell.

  7. No matter the reasons you tell yourself why you are not buying bitcoin,
    when you see it’s going up and going up fast. not even buying for the short
    term. Wow… you can’t even recognize an uptrend if it hit you in the face.

  8. It also forced all people, great and small, rich and poor, free and slave,
    to receive a mark on their right hands or on their foreheads, so that they
    could not buy or sell unless they had the mark, which is the name of the
    beast or the number of its name.
    Revelation 13:16-17

    1. Nice Bible quote but it has very little to do with Bitcoin which forces
      nobody and also doesn’t require a mark on your right hand or forehead.
      Maybe you are referring to the future central banks’ corrupted version of
      digital currency they will try to force on us?

    2. +Patatmetmayo
      no it is a scam, it is called scarcity manipulation. it takes something
      inherently worthless and then limit its quantity to make it appear valuable.

      But as I have explained to so many before, rarity does not equal
      If something with value becomes less rare, everyone becomes richer.

  9. I swear these Gold Bugs really are Married to their Paradigm. If you have
    1-3% of your portfolio in Bitcoin somehow its the end of the world. I like
    Maloney but much like Peter Schiff their Austrian Religion is keeping them
    from profiting.

    1. Bitcoin is borderless money with a limited supply, which you can send
      peer-to-peer from person A to B instantly anywhere in the world without
      permission or the need for a bank or middleman. That’s its value right
      there, and it’s huge once you understand what this really means.

    2. +M. Hfm. It is a safe Globally integrated payment system. The volatility is
      decreasing as the network grows. The “economic output” is the same as net
      increase from things such as Facebook from my perspective. I may morally
      not like Facebook but is it a value creator and enhancing yes.

  10. Bitcoin is FIAT money just like any other currency so as soon as public
    confidence in it is lost then it will tend to zero. It is NOT REAL money
    like Gold and Silver, that should tell you all you need to know. One day it
    is sure to crash just like ALL fiat currency crashes eventually so I
    wouldn’t touch it with a bargepole!

    1. Gold and silver are good for a store of your wealth or even for trading in
      person, but not for buying things over the internet, like dollars or
      bitcoin can. Best is to have some of each. I don’t know anyone who ever
      bought anything with gold coins.

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