Yes, I get the reasoning, fiat is going down and I agree gold will appreciate in time compared to it. I have a good enough stack and I will only be glad if it doubles. But I believe BTC will vastly outperform it like it did for the past decade.
Bitcoin is more risky in my opinion, but that could be due to my lack of understanding.
For example there seems to be lots of controversy over the Bitcoin Core 30 release. And listening to discussions, it turns out that bitcoin does still have vulnerabilities.
As soon as someone corrupts the blockchain, hacks it, or inserts some sort of malware then the thing falls apart. Also it seems more like a pyramid scheme to me than a real way to transact. Perhaps my criticism or hesitation is misplace.
Gold is outperforming bitcoin this year. Why aren't central banks buying up bitcoin instead of gold? Because bitcoin isn't a tier one asset according to the BASEL III rules banks comply with?
As soon as someone corrupts the blockchain, hacks it, or inserts some sort of malware then the thing falls apart.
It's not hosted centrally. There are thousands of instances (nodes) of the blockchain globally. If one node is corrupted it would have no effect on the rest. You'd have to simultaneously infect all nodes that run the blockchain.
Why aren't central banks buying up bitcoin instead of gold? Because bitcoin isn't a tier one asset according to the BASEL III rules banks comply with?
Blackrock and other financial corporations sure think otherwise. I predict that BTC is about to go on a bull run and will break 200k by the end of the year. The more one knows what BTC is the more one becomes more confident about its future. There's a good book The Bitcoin Standard - it's basically a short history of banking and where BTC fits in the big picture.
How could i cash out my bitcoin without the irs finding out? Seems the KYS Know Your Customer requirements mean that i will always have a tax reportable event, even if i buy something online with bitcoin in an attempt to leave the government out of it. Bitcoin may have been valuable on the silk road for anonymous transactions but isn't valuable if my identity and amount of transaction is reported to IRS every time i try to buy something with bitcoins. I might as well just cheer for the CBDC when i'm giving up that much privacy in my personal financial transactions.
You can sell BTC for cash anonymously with another person who has a wallet. So it's the same as gold. But unlike gold, you can trade anonymously virtually, whereas with gold you have to make physical contact with the other party.
If gold was more secure and anonymous, criminals would prefer it over BTC but that's not the case. This should be proof enough.
Yes, I get the reasoning, fiat is going down and I agree gold will appreciate in time compared to it. I have a good enough stack and I will only be glad if it doubles. But I believe BTC will vastly outperform it like it did for the past decade.
Bitcoin is more risky in my opinion, but that could be due to my lack of understanding.
For example there seems to be lots of controversy over the Bitcoin Core 30 release. And listening to discussions, it turns out that bitcoin does still have vulnerabilities.
As soon as someone corrupts the blockchain, hacks it, or inserts some sort of malware then the thing falls apart. Also it seems more like a pyramid scheme to me than a real way to transact. Perhaps my criticism or hesitation is misplace.
Gold is outperforming bitcoin this year. Why aren't central banks buying up bitcoin instead of gold? Because bitcoin isn't a tier one asset according to the BASEL III rules banks comply with?
It's not hosted centrally. There are thousands of instances (nodes) of the blockchain globally. If one node is corrupted it would have no effect on the rest. You'd have to simultaneously infect all nodes that run the blockchain.
Blackrock and other financial corporations sure think otherwise. I predict that BTC is about to go on a bull run and will break 200k by the end of the year. The more one knows what BTC is the more one becomes more confident about its future. There's a good book The Bitcoin Standard - it's basically a short history of banking and where BTC fits in the big picture.
How could i cash out my bitcoin without the irs finding out? Seems the KYS Know Your Customer requirements mean that i will always have a tax reportable event, even if i buy something online with bitcoin in an attempt to leave the government out of it. Bitcoin may have been valuable on the silk road for anonymous transactions but isn't valuable if my identity and amount of transaction is reported to IRS every time i try to buy something with bitcoins. I might as well just cheer for the CBDC when i'm giving up that much privacy in my personal financial transactions.
You can sell BTC for cash anonymously with another person who has a wallet. So it's the same as gold. But unlike gold, you can trade anonymously virtually, whereas with gold you have to make physical contact with the other party.
If gold was more secure and anonymous, criminals would prefer it over BTC but that's not the case. This should be proof enough.