Bitcoin Nears Parity With Gold -- Peter Schiff
Ordinary people like me like both gold and bitcoin. They are complementary, both add good diversification. My suggestion [for ordinary people like me] is to own perhaps 10 - 20 times as much gold (or other PMs, but prefer gold) vs. BTC. BTC will be a great speculation, and just a little will likely go a long way. But, bitcoin requires constant monitoring, for me anyway. * * * Also, the remarks I see about a solar flare or other SHTF moment seem to me as unlikely at any given time. Sure BTC would be affected, but it is not a likely scenario. Besides, the OTHER problems we would have in a SHTF would be far more serious.
BTC is great, until its not. I does everything you claim, and more. Problem is, there is an infinite number of alt coins that will do everything that BTC will do. So its greatest virtue is it first adoption and acceptability. However, this is also it downfall. When the cost of entry exceeds the benefits afforded by that entry, alternative will be adopted. Its that simple. Lets say that BTC continuse to rise, for which I don't doubt it will. Now, at a point when the cost of entry is simply too great for someone to enter, in a normal world they simply will accept less of it. However, in the world of crypto, they will seek out one with a lower cost of entry, but that has all of the same atributes of BTC, for which there are many. Its simply substitution. If it looks like real Kraft American cheese, and it tastes like real Kraft American cheese, and it has all the exact attributes of real Kraft American chese, but at a fraction of the cost... well, its virtually the same, just with a different name. Im sure there are those that will say, yes, name alone will take it all the way, and there will be no other. BTC was first to be adopted and has the name reconition. To that I say history is replete with example of where that simply made no difference... look at mastercharge to all the other credit cards that were adopted. Look at all the premier brades of goods that were first to market and adoption, yet are gone, replaced by another that is exactly like the former, i.e., Luckystrike etc. I'm not saying there is no place for crypto or that BTC won't continue to go up to some point, but I for one would, at some point see a bar to entry that simply does not exist with other alt coins of the same standing in every way as BTC, less the name and adoption... which can change in very short order.
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