Quote (Golden_Order @ Nov 28 2017 02:30pm)
Ill repost my post here, I didnt know this was already being discussed.
Bitcoin and the cryptocurrencies have become very strong this year and many big players are entering the Bitcoin market, rising the price of bitcoin even more and followed by other important cryptos such as Ethereum, Litecoin, Dash, Bitcoin Cash (which is trying to take down Bitcoin but failing), etc.
To those of you who dont know about this, I recommend you start reading about it, the world of cryptocurrencies is a whole new and interesting world that can help you make good money.
Not only that, we could be living in this moment, the beginning of the fall of the fiat currencies and the rise of the decentralized cryptocurrencies. If you think this is a pyramid ponzi scheme, then I recommend you read about the blockchain technology and how it works. Bitcoin and the cryptocurrencies are the real deal in my opinion.
http://www.youtube.com/watch?v=biQImJmvQPQ
I think John McAfee is right, Bitcoin is deflationary, there is a fixed amount of bitcoins that can be mined (21 million), there cant be any more bitcoins after that. According to the maths, the last bitcoin will be mined around the year 2138-2140, but 16 million bitcoins has already been mined, so the last 5 million will take a while, because the dificulty becomes harder to do. Its a way to emulate mining gold, it becomes harder and harder, but there is a finite amount (at least in this planet).
The technology is totally decentralyzed, it doesnt depend on a central government or a central bank, the especialyzed "machines that mine the bitcoins" act as "individual servers" themselves (to describe it in a simple way), in which the transactions go through, this way, there is no central building or server that can be taken down. The only way to kill bitcoins and the cryptos are to turn off the internet completely.
The big central banks are really scared because they cant find a way to stop this. Hence we see hypocritical comments, like JP Morgan chief and the Deutsche bank, both saying that Bitcoin is a bubble and a fraud, yet JP Morgan and Deutsche bank were a few months ago fined for fraud and money laundering, roflmao, and not only that, they tell the general public to not buy bitcoins, while at the same time they buy millions of dollars worth in bitcoins behind scenes.
I do believe the price of bitcoin will reach $100k or $500k someday in the following 5 to 10 years (many factors such as the devaluation of the fiat currencies and the value bitcoin is gaining yearly). Be aware that this market is very volatile, there can be ups and downs (many times in bitcoin's history since 2009, we have seen it go up and then down and people start panic-selling, only to realize that the correction level aka the new low level ends up being always above the previous correction/low level) but the general tendency is to continue going up.
John mcafee is a fraud and a liar, not credible in the slightest.