wry Posted December 15, 2018 #1 Posted December 15, 2018 Given the long year 2018 has been with the constant price declines it is easy to lose sight of what Bitcoin really offers. The price declines in and of themselves do not bother me, though obviously I wish the price was going up. Rather what bothers me is that as the price drops all the financial professionals who thought Bitcoin was a scam or ponzi look correct. One of these most prominent critics, was Jamie Dimon who is the CEO of JP Morgan, one of the most well known banks in the United States. He was an very vocal critic of Bitcoin in 2017 before the big price spike made him look a bit silly. Sadly, now he's looking less silly. However, at the time Jamie Dimon was being critical Adam Ludwin wrote a very nice response to him. Whenever I start to get sad about the prospects of Bitcoin I remember his post and go back an re read it. You can find it here: https://blog.chain.com/a-letter-to-jamie-dimon-de89d417cb80 In this post Ludwin makes the case that Bitcoin is a decentralized payment system. That is where its value lies. This does replicate the function of massive payment processors like Visa and Mastercard, though obviously Bitcoin can't match their throughput. But Bitcoin does offer some real advantages. It's worth your time and always makes me feel better after reading it. It helps me keep the idea of the Bitcoin project, which I believe in, separate from the issue of Bitcoin's price, that is impossible to know. I also love the idea of a deflationary currency, but I think that attraction is dimming, and that's me speaking, not Mr. Ludwin. I know everyone will be busy making their own topics for the current challenge, but when all that has died down, I'd be interested to know what you think of this defense of Bitcoin and if there are any other good ones you've seen? Thanks and good luck!
nuuuitsjdragon Posted December 15, 2018 #2 Posted December 15, 2018 1 hour ago, wry said: Given the long year 2018 has been with the constant price declines it is easy to lose sight of what Bitcoin really offers. The price declines in and of themselves do not bother me, though obviously I wish the price was going up. Rather what bothers me is that as the price drops all the financial professionals who thought Bitcoin was a scam or ponzi look correct. One of these most prominent critics, was Jamie Dimon who is the CEO of JP Morgan, one of the most well known banks in the United States. He was an very vocal critic of Bitcoin in 2017 before the big price spike made him look a bit silly. Sadly, now he's looking less silly. However, at the time Jamie Dimon was being critical Adam Ludwin wrote a very nice response to him. Whenever I start to get sad about the prospects of Bitcoin I remember his post and go back an re read it. You can find it here: https://blog.chain.com/a-letter-to-jamie-dimon-de89d417cb80 In this post Ludwin makes the case that Bitcoin is a decentralized payment system. That is where its value lies. This does replicate the function of massive payment processors like Visa and Mastercard, though obviously Bitcoin can't match their throughput. But Bitcoin does offer some real advantages. It's worth your time and always makes me feel better after reading it. It helps me keep the idea of the Bitcoin project, which I believe in, separate from the issue of Bitcoin's price, that is impossible to know. I also love the idea of a deflationary currency, but I think that attraction is dimming, and that's me speaking, not Mr. Ludwin. I know everyone will be busy making their own topics for the current challenge, but when all that has died down, I'd be interested to know what you think of this defense of Bitcoin and if there are any other good ones you've seen? Thanks and good luck! Thank you for sharing this link. I read through the whole article and am impressed with not only the way he drafted his statement but also with how his opinions were more of a discussion with the readers. This gives me much perspective as compared to other articles which always over-focus on telling the reader that their said opinion is the right one. You don’t come across good articles written by masterful Writers Everyday. I’m Glad I learnt something new today and thank you again! 😁
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