A Quote by Steve Hanke
In 2008, Bitcoin was mysteriously introduced to the world in an obscure, technical paper written under the pseudonym Satoshi Nakamoto. By late 2013, the financial press was filled with reportage on Bitcoin and its dramatic price increase.
Related Quotes
Because the supply of Bitcoin is limited, the price of Bitcoin is going to have to increase and increase very substantially over time. My advice is that if you're interested in Bitcoin and excited by Bitcoin, then buy some Bitcoin and hold onto them, and you're likely to do very well over time.
In January 2013, one could buy a Bitcoin for about $13. By late November, one Bitcoin would have set a buyer back over $1100.
I think the technology will get bigger and the price of Bitcoin will go up, so I'm speculating to increase my purchasing power. But I don't intend to sell the Bitcoin. I intend to hold it until there's a day where I can just use Bitcoin completely.
Isn't the purpose of bitcoin mining simply to get rich - or not, as the case may be? Well, at 21, we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol - and particularly in the industrial uses of bitcoin enabled by embedded mining.
The bitcoin protocol is about mining bitcoin, not pricing bitcoin. There is nothing in the protocol about establishing a market price for bitcoin; you need a market for that, but what if all the exchange markets are shut down?
We are very excited about the use of blockchain, whether it's Bitcoin or not, but we are as enthusiastic as ever about Bitcoin as a global currency and, really more importantly, Bitcoin as a global financial rail.
The narrative behind bitcoin has been dominated by bad behavior. The reality is bitcoin is filled with tons of talented developers building infrastructure.
Well, bitcoin is a currency. Bitcoin has no underlying rate of return. You know, bonds have an interest coupon. Stocks have earnings and dividends. Gold has nothing, and bitcoin has nothing. There is nothing to support the bitcoin except the hope that you will sell it to somebody for more than you paid for it.
Bitcoin was created with security in mind. The Blockchain is Bitcoin's public ledger that records every transaction in the Bitcoin economy.
The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program.
It's completely reasonable, even if some Bitcoin currency purists wouldn't like it, to have credit and debit card payments denominated in Bitcoin rather than dollars, and net settled on Bitcoin instead of on Fedwire.
The gulf between what the press and many regular people believe Bitcoin is, and what a growing critical mass of technologists believe Bitcoin is, remains enormous.
Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
I'm investing. I'm taking a lot of bitcoin, selling it as the price goes up, and putting it into real estate. Because then if bitcoin goes to zero - which, it's an experiment, it could - I won't be on the street.
In the future, I expect to see bitcoin mining in places where electricity is free or cheap. You could put solar array in the Arizona desert attached to bitcoin miners, and instead of trying to ship that electricity all over world, you could ship Bitcoin all over the world.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist