By Nathaniel Popper
- Release Date: 2015-05-19
- Genre: Industries & Professions
Digital Gold Nathaniel Popper Book Review Score: ★★★★★ 5/5 stars
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User reviews about this book
Just finished this book.
While overall positive of the blockchain principle to revolutionize banking, it does expose the weakness in the "structural support beams" of bitcoin.
There are many good reasons bitcoins value fluctuates wildly. Unfortunately, it's buying power is about as effective as gold's which is to say not great. When was the last time anyone bought or paid for anything in gold?
To transact with bitcoin still requires conversion to fiat currency. Thus bitcoin is traded like a commodity, which it is not.
Instead, bitcoin (because of the limited supply) is deflationary and downright dangerous to the global economy. It's value, which is increasing daily is working on the "bigger fool" principle...sort of like gold, but worse.
Gold at least has applications in electronics and jewelry which largely drives the price because of its limited supply...despite what goldbugs will tell you. (Gold is not the standard by which fiat currency is judged. Rather, gold measures itself against fiat currency...ignore the TV commercials.)
I have no doubt that blockchain will eventually become the digital standard of banking, but it will be as a supplement to fiat currency, not to replace it.
I feel sorry for those that loose big when those with more information (i.e. the elite) of the global banking industry start to pull the fiat out of bitcoin.
Until then, good luck! It's like playing the slots! Not saying you can't win, just saying you better know when to walk away.
By Guy Arm
Cracking read especially the first three quarters. Whimpered out a little in the end.