I started writing software in 1984. Over the years I worked with many languages, technologies, and tools. I have been in leadership positions since the early 2000s, and in executive roles since 2014.
I think that Bitcoin is definitely at risk. What we are observing now is a crazy emotional increase of a price for something that has absolutely no value behind it. BitCoin is not a company that produces some great product; it is a crypto-currency, with no value proposition other than being a cool experiment. Historically, these kinds of things imploded suddenly.
It is amazing how much the price grew quickly, but you have to keep in mind that it could drop even faster. When it starts, it won't be a bank run, it will be a massive mob breaking down the doors and ripping the place to shreds to cash-in an inflated value.
I've been speaking with a number of folks over the last 24 hours. I've been surprised to learn about a number of instances where BitCoin (somewhat counter-intuitively) represented a safer store of value than a Fiat currency. Of course, this claim is only true in extreme scenarios where the local currency is highly unstable and/or corrupt.
It did open my eyes to the fact that there are legitimate actors benefiting from the distributed nature of Bitcoin, and the ability to temporarily store value in that asset.
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I think that Bitcoin is definitely at risk. What we are observing now is a crazy emotional increase of a price for something that has absolutely no value behind it. BitCoin is not a company that produces some great product; it is a crypto-currency, with no value proposition other than being a cool experiment. Historically, these kinds of things imploded suddenly.
It is amazing how much the price grew quickly, but you have to keep in mind that it could drop even faster. When it starts, it won't be a bank run, it will be a massive mob breaking down the doors and ripping the place to shreds to cash-in an inflated value.
I've been speaking with a number of folks over the last 24 hours. I've been surprised to learn about a number of instances where BitCoin (somewhat counter-intuitively) represented a safer store of value than a Fiat currency. Of course, this claim is only true in extreme scenarios where the local currency is highly unstable and/or corrupt.
It did open my eyes to the fact that there are legitimate actors benefiting from the distributed nature of Bitcoin, and the ability to temporarily store value in that asset.