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      "author": "steemitboard",
      "permlink": "steemitboard-notify-cahilla119-20190926t032918000z",
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      "body": "Congratulations @cahilla119! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@cahilla119/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@cahilla119) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=cahilla119)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemitboard-supports-the-steemfest-travel-reimbursement-fund\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmXDHs9xfx8ZZ3DESFUqHRUQAcQT5kUWobArsRoJg2Yz1F/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemitboard-supports-the-steemfest-travel-reimbursement-fund\">SteemitBoard supports the SteemFest⁴ Travel Reimbursement Fund.</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "title": "Crypto Meetup - 9 Takeaways",
      "body": "![](https://steemitimages.com/DQmd3pBjQDLafqmGre2MghThnMuns2bKmwY3poAZWqjZ2eA/image.png)1\n\n- Reliable information on currencies besides the major coins in the space (BTC, XRP, ETH) and a handful of others is hard to come across\n\nThe most popular sources for research on most alt-coins were reddit, youtube channels and a variety of internet forums. There are no 10K filings for cryptocurrencies. There is no earnings call. Getting good information on coins takes time and requires focused research.\n\n - More user friendly methods of investing would be incredibly valuable\n\n“ETF” was one of the most common words that I heard during the event. A bitcoin ETF, an ETF that tracks the value of “small cap” coins or really any type of product that allows investors to offload the risk of holding private keys would be a huge plus for the crypto investment landscape. Diversification is expensive. Maintaining a robust portfolio of crypto assets requires massive amounts of time to register on multiple exchanges, wait for money transfers, find a way to securely store coins, and track the value of the portfolio.\n\n - Regulatory threats are bigger than most people believe them to be\n\nThere was very little discussion on the potential for government intervention. Although US regulatory agencies have been relatively quiet over the past 6 months, more actions from regulators should be expected. Smart regulation that reduces the amount of money laundering and criminal activity being facilitated by cryptocurrencies can and should happen. Big dips can be expected when this occurs.\n\n - “It is definitely going up… But it could go to zero” was a common phrase.\n\n - No one has a comprehensive view of the space\n\nEvery person I spoke to had an opinion on a few coins (mostly the same ones). Just like no one can be expected to analyze each stock in the S&P 500, no one had deep knowledge on more than a handful of coins. Currently there are 1300 different coins listed on coinmarketcap.com.\n- There was limited discussion on block sizes, proof of work vs proof of stake, mining, or even blockchain apps.\nAll conversation centered on generating huge investment returns. #lambos\n\n![](https://steemitimages.com/DQmU4Cqr6SxefMnQhga43wW35B5gjymiKfk68EZTiSAKFDz/image.png)7. \n\n- Cryptocurrency could be killing productivity for a lot of 9–5ers\n\nNo one I met actually worked in the cryptocurrency space as a profession. Nevertheless, everyone was up to date on current news and the price of the coins they followed. IT administrators could ruin a lot of fun by blocking coinmarketcap.com.\n\n- Brand is huge\n\nI found myself asking “How is Ethereum classic (ETC) different from Ethereum (ETH)?. Why would I buy ETC if I can buy regular ETH ?” While most veterans found this to be a stupid question, brand will be a big factor in determining where the next waves of speculative investment flow.\n\n- Roger Ver’s freak out was hysterical and highlights the importance of brand\n\nNo one at the Meetup called it Bitcoin Cash. It is and forever will be Bcash after this video.\nhttps://www.youtube.com/watch?v=mB0mG7wMvM8",
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      "body": "![](https://steemitimages.com/DQmeDeuzN6bzgZdHjn7pWNNyAQuUmEPvRrP16E2abTujUY4/image.png)\n\nOn November 16th, American Express (AMEX) joined the 100 or so banking partners already experimenting with the RippleNet payment protocol. Leveraging this network, AMEX will integrate with Santander UK to make payments between the US and U.K. faster, cheaper and more transparent: a win for both institutions and their customers.\n\nBut what Does this mean for holders of XRP?\n\nIf they bought right before this announcement, when XRP’s price was $.20 this could mean very big short term profits. With the currency hitting about $.26 within a few hours, they could have realized a 30% gain in matter of hours.\n\n![](https://steemitimages.com/DQmQLiHEqaXnbzym3FUGkoSJFD4y8zcSnRsSyEDZdJQhreS/image.png)\n\nBut most people did not buy and sell at this time. S\n\no what does this new relationship really mean for holders of XRP?\n\nIn one sense it means nothing.\n\nLike the other financial institutions on the RippleNet platform, AMEX has yet to touch XRP. The demand for XRP as a method to transfer wealth and source liquidity remains extremely low.\n\nLikewise, supply has not changed much. XRP in circulation remain around 38.5 billion. With no change in either supply or demand, the quick correction was warranted. If there is no change to supply or demand, there should be no change in price.\n\nIn another sense, the addition of American Express to the network is a strong signal:\n\nThe network is growing.\n\nRippleNet and XRP’s potential for success grow with the number of banks and payment providers on the platform. Think of joining RippleNet as a test run for these institutions.\n\nJoining RippleNet allows banks and payment providers to get a taste of the operational efficiencies that Ripple’s blockchain delivers without touching the risky and volatile XRP currency. Seeing as the growth of RippleNet increases likelihood of XRP adoption, a more sustained increase in price could very well have been warranted with the addition of AMEX.\n\nXRP and Settlement\n\nJoining RippleNet speeds up payment but not settlement. RippleNet is speeding up the process that results in the “transaction pending” entry in your bank account but is not reducing the amount of time until these transactions are finalized.\n\nInstantaneous settlement (the promise of XRP) would make payment and settlement essentially synonymous. With the use of XRP on the RippleNet platform, settlement would occur 4 seconds later rather than days later as it currently does. Nevertheless RippleNet can be successful without the use of and appreciation of the XRP currency. Given this growth of RippleNet,  the case for future XRP adoption continues to become stronger and stronger.",
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      "title": "Ripple: A Long Term Play in a Sea of Speculation",
      "body": "Ripple : A Long-Term Play in a Sea of Speculation\n\nWhat is Ripple?\n\nRipple is a privately funded, for profit company headquartered in San Francisco.\nRippleNet is a global payment network invented by Ripple\nXRP, also referred to as “Ripple” (yes, very confusing), is the native currency of RippleNet. It is currently valued at about $.21 per XRP.\n\nWhat is Ripple’s goal?\nAs the largest holder of the XRP currency (currently holding over 60% of the supply), Ripple’s long term goal is to increase the value of XRP.\n\nHow?\n\nBy creating a payment solution to problems plaguing the financial services industry in 2017:\nHigh Fees and Lengthy Settlement: To see where Ripple can add value, let’s see what our options are for sending $5,000 from the United States to Spain in 2017. Using Western Union (the most popular international money transfer agent) this is a lose lose situation.\n\n![](https://steemitimages.com/DQmfJrqXmYSfNUvPb5NPGgbEUhoHLVQ3GhrHnoEBxNUbSmr/image.png)\n\nWe have 4 options:\n\n- Wait 6 business days, pay no fee, and receive an awful exchange rate. (The current exchange rate of USD to Euro is 1 USD = .861 Euros. While this rate is subject to some volatility over the 1+ week transfer period, Western Union’s estimated rate of .7871 is an 8% markup over the current exchange rate).\n- Wait 3 business days, pay $140, and receive an awful exchange rate.\n- Wait a few seconds, pay $165, and receive an awful exchange rate.\n- Wait 4 business days, pay $50, and receive an awful exchange rate.\n\nUsing XRP we really only have 1 option:\n\nWait 4 seconds and pay a $.0004 transaction fee.\n\nSo clearly, this technology has the ability to deliver lower fees and faster settlement. But how quickly can consumers reap the benefits?\n\nIf they go onto the exchange and purchase XRP it will take about 1 week. A few days to clear the compliance checks and a few days to transfer money from their bank account to purchase their XRP. Once in possession of the XRP it will take 4 seconds to see the benefits.\n\nIf they do not purchase XRP directly, it could take a very long time. While banks are beginning to adopt the technology, we’d be foolish to expect them to transfer the cost savings to consumers right away. Industry wide adoption would allow banks to reduce costs, keep fees high and reap big profits before consumers demand lower fees.\n\n\nInterbank Deposits: Just like customers hold deposits, banks hold deposits at other banks to settle transactions. Rather than sending cash payments each time someone at Bank A wants to transfer money to someone at Bank B, both banks just update their deposit balances with each other: Essentially maintaining a running ledger of IOUs.\n\nConsidering that no money actually changes hands in these scenarios, banks trust that their deposits with each other can easily be converted into cash. Which is fine when times are good but dangerous when times are bad. If Bank A goes bankrupt, there is a big chance that Bank B’s deposits at Bank A cannot be recovered for cash. In isolation, this is not the end of the world.\n\nBut what happens when Bank C wants to withdraw its deposits from Bank B? Having lost cash due to Bank A’s failure, there is a big possibility that Bank B won’t have cash on hand to deliver to Bank C and so on. Failure of one bank has direct effects on other banks.\n\nClearly this is problematic.\n\nThe Ripple network has the potential to eliminate the need for these deposits. Rather than maintaining running IOU’s with each other, banks could settle up in real time with a hard asset: XRP. By sending and receiving XRP in real time, banks would no longer need to hold risky deposits. This would not only limit bank’s risk exposure to other banks, but reduce systemic risk in the economy: A win for everyone.\n\nXRP as an Investment:\n\nWhile Ripple (the company) wants the price of XRP to go up, price will be determined the same way it always is.vSupply and demand.\n\nRipple Supply:\n\nThe total amount of XRP in existence is and will forever be 100 billion XRP. Like bitcoin’s total supply of 21 million, this number is set in stone and will never change.\nCurrently 38.5 billion XRP are in circulation and 61.5 billion XRP remain in the hands of Ripple (the company).\n\n![](https://steemitimages.com/DQmUPGRnpRdNMDrbtqpn6yfg2PB8oL5YvCu9P2q9FWwGHAz/image.png)\n\nClearly this is worrisome. One entity controlling 65% of anything sounds problematic. So how did Ripple reduce this uncertainty?\n\nBy leveraging the escrow feature of its network, the company committed to release 1 billion XRP for sale each month (with 55 billion total being released): removing a massive degree of uncertainty from the network.\n\n![](https://steemitimages.com/DQmTt1KjNY17iQhA6yHtXksooynzBBVnubh3PqK5ahjBN8r/image.png)\n\nThe main goal of this release schedule is price stability. XRP will only find their way into circulation (the secondary market) if someone is willing to buy them. If only 300 million XRP find buyers in the primary market, only 300 million XRP will be added into circulation. This eliminates the risk that the owners of Ripple will cash out and flood the market with all of their XRP at once.\n\nWhile price stability is not a major goal for most crypto investors. It is a big plus for Ripple’s target audience: Banks\n\nRipple Demand:\nWho will drive the demand for XRP?\n\nSpeculative investors: Like Bitcoin, investors are buying and holding XRP in hopes that its price will go up.\n\nBanks: If banks are going to use the RippleNet payment system, they will need to use XRP. Rather than holding deposits in fiat currency at other banks, banks using the network could stockpile of XRP to facilitate these 4 second transactions or go out into the market and purchase XRP each time they need to make a 4 second transaction While the network effect has yet to kick in, the incentives to adopt the RippleNet payment protocol and XRP are strong.\n\nConclusion:\n\nOverall, the XRP cryptocurrency is a fundamentally different investment when compared to bitcoin and other cryptocurrencies.\n\nRipple has:\nA company headquarters\nA long-term mission of growing the value of the XRP currency\nAn experienced compliance team that is working with regulators\nA realistic solution to some problems in the banking industry today\nScalability: RippleNet can handle the same transaction volume as Visa (50,000 transactions per second)\n\nWhile it may be a tough pill for crypto-enthusiasts to swallow, this pro-bank, profit seeking company could come to dominate a large portion of the payments industry: Making its owners and holders of XRP very happy along the way.",
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      "title": "Ripple: A Long Term Play in a Sea of Speculation",
      "body": "Ripple : A Long-Term Play in a Sea of Speculation\n\nWhat is Ripple?\n\nRipple is a privately funded, for profit company headquartered in San Francisco.\nRippleNet is a global payment network invented by Ripple\nXRP, also referred to as “Ripple” (yes, very confusing), is the native currency of RippleNet. It is currently valued at about $.21 per XRP.\n\nWhat is Ripple’s goal?\nAs the largest holder of the XRP currency (currently holding over 60% of the supply), Ripple’s long term goal is to increase the value of XRP.\n\nHow?\n\nBy creating a payment solution to problems plaguing the financial services industry in 2017:\nHigh Fees and Lengthy Settlement: To see where Ripple can add value, let’s see what our options are for sending $5,000 from the United States to Spain in 2017. Using Western Union (the most popular international money transfer agent) this is a lose lose situation.\n\n![](https://steemitimages.com/DQmfJrqXmYSfNUvPb5NPGgbEUhoHLVQ3GhrHnoEBxNUbSmr/image.png)\n\nWe have 4 options:\n\n- Wait 6 business days, pay no fee, and receive an awful exchange rate. (The current exchange rate of USD to Euro is 1 USD = .861 Euros. While this rate is subject to some volatility over the 1+ week transfer period, Western Union’s estimated rate of .7871 is an 8% markup over the current exchange rate).\n- Wait 3 business days, pay $140, and receive an awful exchange rate.\n- Wait a few seconds, pay $165, and receive an awful exchange rate.\n- Wait 4 business days, pay $50, and receive an awful exchange rate.\n\nUsing XRP we really only have 1 option:\n\nWait 4 seconds and pay a $.0004 transaction fee.\n\nSo clearly, this technology has the ability to deliver lower fees and faster settlement. But how quickly can consumers reap the benefits?\n\nIf they go onto the exchange and purchase XRP it will take about 1 week. A few days to clear the compliance checks and a few days to transfer money from their bank account to purchase their XRP. Once in possession of the XRP it will take 4 seconds to see the benefits.\n\nIf they do not purchase XRP directly, it could take a very long time. While banks are beginning to adopt the technology, we’d be foolish to expect them to transfer the cost savings to consumers right away. Industry wide adoption would allow banks to reduce costs, keep fees high and reap big profits before consumers demand lower fees.\n\n\nInterbank Deposits: Just like customers hold deposits, banks hold deposits at other banks to settle transactions. Rather than sending cash payments each time someone at Bank A wants to transfer money to someone at Bank B, both banks just update their deposit balances with each other: Essentially maintaining a running ledger of IOUs.\n\nConsidering that no money actually changes hands in these scenarios, banks trust that their deposits with each other can easily be converted into cash. Which is fine when times are good but dangerous when times are bad. If Bank A goes bankrupt, there is a big chance that Bank B’s deposits at Bank A cannot be recovered for cash. In isolation, this is not the end of the world.\n\nBut what happens when Bank C wants to withdraw its deposits from Bank B? Having lost cash due to Bank A’s failure, there is a big possibility that Bank B won’t have cash on hand to deliver to Bank C and so on. Failure of one bank has direct effects on other banks.\n\nClearly this is problematic.\n\nThe Ripple network has the potential to eliminate the need for these deposits. Rather than maintaining running IOU’s with each other, banks could settle up in real time with a hard asset: XRP. By sending and receiving XRP in real time, banks would no longer need to hold risky deposits. This would not only limit bank’s risk exposure to other banks, but reduce systemic risk in the economy: A win for everyone.\n\nXRP as an Investment:\n\nWhile Ripple (the company) wants the price of XRP to go up, price will be determined the same way it always is.vSupply and demand.\n\nRipple Supply:\n\nThe total amount of XRP in existence is and will forever be 100 billion XRP. Like bitcoin’s total supply of 21 million, this number is set in stone and will never change.\nCurrently 38.5 billion XRP are in circulation and 61.5 billion XRP remain in the hands of Ripple (the company).\n\n![](https://steemitimages.com/DQmUPGRnpRdNMDrbtqpn6yfg2PB8oL5YvCu9P2q9FWwGHAz/image.png)\n\nClearly this is worrisome. One entity controlling 65% of anything sounds problematic. So how did Ripple reduce this uncertainty?\n\nBy leveraging the escrow feature of its network, the company committed to release 1 billion XRP for sale each month (with 55 billion total being released): removing a massive degree of uncertainty from the network.\n\n![](https://steemitimages.com/DQmTt1KjNY17iQhA6yHtXksooynzBBVnubh3PqK5ahjBN8r/image.png)\n\nThe main goal of this release schedule is price stability. XRP will only find their way into circulation (the secondary market) if someone is willing to buy them. If only 300 million XRP find buyers in the primary market, only 300 million XRP will be added into circulation. This eliminates the risk that the owners of Ripple will cash out and flood the market with all of their XRP at once.\n\nWhile price stability is not a major goal for most crypto investors. It is a big plus for Ripple’s target audience: Banks\n\nRipple Demand:\nWho will drive the demand for XRP?\n\nSpeculative investors: Like Bitcoin, investors are buying and holding XRP in hopes that its price will go up.\n\nBanks: If banks are going to use the RippleNet payment system, they will need to use XRP. Rather than holding deposits in fiat currency at other banks, banks using the network could stockpile of XRP to facilitate these 4 second transactions or go out into the market and purchase XRP each time they need to make a 4 second transaction While the network effect has yet to kick in, the incentives to adopt the RippleNet payment protocol and XRP are strong.\n\nConclusion:\n\nOverall, the XRP cryptocurrency is a fundamentally different investment when compared to bitcoin and other cryptocurrencies.\n\nRipple has:\nA company headquarters\nA long-term mission of growing the value of the XRP currency\nAn experienced compliance team that is working with regulators\nA realistic solution to some problems in the banking industry today\nScalability: RippleNet can handle the same transaction volume as Visa (50,000 transactions per second)\n\nWhile it may be a tough pill for crypto-enthusiasts to swallow, this pro-bank, profit seeking company could come to dominate a large portion of the payments industry: Making its owners and holders of XRP very happy along the way.",
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      "title": "Bitcoin: A Global Currency, Digital Gold, or Neither?",
      "body": "Bitcoin as a global currency:\n\nOn May 17 2010, bitcoin enthusiast Laszlo Hanyecz posted on bitcointalk.org: “I’ll pay 10,000 bitcoins for a couple of pizzas… Like maybe 2 large ones so I have some left over for the next day”. Five days later he found a taker and received two large Papa John’s pizzas in exchange for 10,000 BTC; worth about $40 at the time. While leftover Papa John’s sounds nasty and $40 seems a bit pricey, Laszlo made a far worse exchange than he could have imagined.\nIn 2017, 10,000 bitcoin would buy Lazlo 2.75 million large Papa John’s pizzas. In hindsight, Laszlo essentially chose 2 pizzas in 2010 over 2.75 million pizzas in 2017 (or $55 million in cash): a regrettable trade. Instead of making the purchase in bitcoin, let’s assume that Laszlo paid for the pizzas with USD. With an inflation rate in the United States of about 1.9% over the past 7 years, Lazlo’s $40 should theoretically buy him about 1.75 Papa John’s Pizzas in 2017. Had he paid using USD, Laszlo would have effectively chosen 2 pizzas in 2010 over 1.75 pizzas in 2017: an excellent trade. While this example is extreme, it highlights the most overlooked difference between USD and bitcoin: inflation.\nWhile many bitcoin enthusiasts will rant about how the Federal Reserve is defrauding us by “printing” money and creating inflation, clearly, printing money serves a purpose: it encourages us to buy things with USD today. Implicit in each transaction we make in USD is a belief that the USD we spend will not appreciate in value and afford us more goods or services in the future. The same cannot be said for bitcoin. Given the currency’s fixed supply, the more popular bitcoin becomes, the more goods and services each bitcoin will likely buy. As Laszlo’s purchase demonstrates, falling prices reduce people’s willingness to spend bitcoin: destroying any hopes of it becoming a global currency.\n\nBitcoin as “digital gold”:\nSo if bitcoin will not be used extensively for daily transactions, what will it be used for? Among other uses bitcoin could potentially be used as a store of wealth or “digital gold”. Despite gold being a physical asset and bitcoin a digital asset the two are comparable across multiple facets:\n- Limited Supply — A maximum of 21 million bitcoins will be created or “mined”. Further limiting this supply are the millions of bitcoins which have been and will continue to be lost. Current estimates for the total amount of bitcoin already permanently lost are as high as 4 million. Estimates for the total quantity of mine-able gold range from about 171,000 metric tons to 2.5 million metric tons. While estimates of gold’s supply cover a much wider range, both gold and bitcoin come with a degree of certainty that neither will be devalued due to the creation of more units.\n- Costly extraction: The average cost to extract one ounce of gold is estimated to be about $1,000. Similar to how gold must be extracted from the earth, bitcoins must be digitally “mined”. Bitcoin miners are taxed with the massive responsibility of verifying all transactions on the bitcoin network in return for modest fees and, more importantly, a chance at getting newly created bitcoin. The amount of electricity used to mine one bitcoin is roughly equal to the amount of electricity needed to power 3 American households for an entire year. With 657,000 thousand bitcoin being created in 2017, the electricity used to extract bitcoin in 2017 could power over 2 million homes for an entire year.\n- Security: Gold holds a distinct advantage over bitcoin when it comes to security: the ETF. With the introduction of the ETF, investors in gold can easily offload the risks associated with holding physical gold to a custodian bank. While many uncompromising investors still prefer to hold physical gold out of distrust for the custodian, for most of us, the ETF represents a cheap way to reduce the risks originally associated with holding gold. For bitcoin, security is dependent on measures taken by individual bitcoin holders. Abstracting from the risk of hackers stealing bitcoin off of phones or computers, physical security poses a major risk to bitcoin holders. Anyone who has opened a bitcoin wallet should remember writing 12 or so obscure “wallet words” on a sheet of paper and stashing it somewhere in their house. While these words serve as a backup password, whoever finds these “wallet words” can immediately steal your bitcoin. Serious investors would be wise to take more reliable measures when it comes to storing their “wallet words” such as putting them in a safety deposit box at the local bank: An action that would demoralize the pioneers of the anti-establishment bitcoin revolution.\nWhile bitcoin and gold share a number of characteristics, the growth of bitcoin as “digital gold” is dependent on people continuing to arbitrarily assign value to it. Begging the question of whether there is more intrinsic value in a few numbers on a digital ledger than in a lump of gold: a question which remains to be answered.\n\nNeither:\nWhile Bitcoin’s use as an alternative to gold seems more plausible than its rise as a global currency, it could be neither. Actions taken by governments could force bitcoin onto the black market. Excessive speculation could cause downward spirals in prices. Attempts by hackers to steal large quantities of bitcoin off of exchanges could be successful. Alternative currencies could dethrone bitcoin as the leading cryptocurrency.\nNevertheless, the innovative block chain technology underlying the bitcoin payment system is here to stay. While the risks posed with investing in cryptocurrencies run abound, the only way to learn about cryptocurrencies is to go out into the market, buy some, and make a transaction.",
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      "body": "Bitcoin as a global currency:\n\nOn May 17 2010, bitcoin enthusiast Laszlo Hanyecz posted on bitcointalk.org: “I’ll pay 10,000 bitcoins for a couple of pizzas… Like maybe 2 large ones so I have some left over for the next day”. Five days later he found a taker and received two large Papa John’s pizzas in exchange for 10,000 BTC; worth about $40 at the time. While leftover Papa John’s sounds nasty and $40 seems a bit pricey, Laszlo made a far worse exchange than he could have imagined.\nIn 2017, 10,000 bitcoin would buy Lazlo 2.75 million large Papa John’s pizzas. In hindsight, Laszlo essentially chose 2 pizzas in 2010 over 2.75 million pizzas in 2017 (or $55 million in cash): a regrettable trade. Instead of making the purchase in bitcoin, let’s assume that Laszlo paid for the pizzas with USD. With an inflation rate in the United States of about 1.9% over the past 7 years, Lazlo’s $40 should theoretically buy him about 1.75 Papa John’s Pizzas in 2017. Had he paid using USD, Laszlo would have effectively chosen 2 pizzas in 2010 over 1.75 pizzas in 2017: an excellent trade. While this example is extreme, it highlights the most overlooked difference between USD and bitcoin: inflation.\nWhile many bitcoin enthusiasts will rant about how the Federal Reserve is defrauding us by “printing” money and creating inflation, clearly, printing money serves a purpose: it encourages us to buy things with USD today. Implicit in each transaction we make in USD is a belief that the USD we spend will not appreciate in value and afford us more goods or services in the future. The same cannot be said for bitcoin. Given the currency’s fixed supply, the more popular bitcoin becomes, the more goods and services each bitcoin will likely buy. As Laszlo’s purchase demonstrates, falling prices reduce people’s willingness to spend bitcoin: destroying any hopes of it becoming a global currency.\n\nBitcoin as “digital gold”:\nSo if bitcoin will not be used extensively for daily transactions, what will it be used for? Among other uses bitcoin could potentially be used as a store of wealth or “digital gold”. Despite gold being a physical asset and bitcoin a digital asset the two are comparable across multiple facets:\n- Limited Supply — A maximum of 21 million bitcoins will be created or “mined”. Further limiting this supply are the millions of bitcoins which have been and will continue to be lost. Current estimates for the total amount of bitcoin already permanently lost are as high as 4 million. Estimates for the total quantity of mine-able gold range from about 171,000 metric tons to 2.5 million metric tons. While estimates of gold’s supply cover a much wider range, both gold and bitcoin come with a degree of certainty that neither will be devalued due to the creation of more units.\n- Costly extraction: The average cost to extract one ounce of gold is estimated to be about $1,000. Similar to how gold must be extracted from the earth, bitcoins must be digitally “mined”. Bitcoin miners are taxed with the massive responsibility of verifying all transactions on the bitcoin network in return for modest fees and, more importantly, a chance at getting newly created bitcoin. The amount of electricity used to mine one bitcoin is roughly equal to the amount of electricity needed to power 3 American households for an entire year. With 657,000 thousand bitcoin being created in 2017, the electricity used to extract bitcoin in 2017 could power over 2 million homes for an entire year.\n- Security: Gold holds a distinct advantage over bitcoin when it comes to security: the ETF. With the introduction of the ETF, investors in gold can easily offload the risks associated with holding physical gold to a custodian bank. While many uncompromising investors still prefer to hold physical gold out of distrust for the custodian, for most of us, the ETF represents a cheap way to reduce the risks originally associated with holding gold. For bitcoin, security is dependent on measures taken by individual bitcoin holders. Abstracting from the risk of hackers stealing bitcoin off of phones or computers, physical security poses a major risk to bitcoin holders. Anyone who has opened a bitcoin wallet should remember writing 12 or so obscure “wallet words” on a sheet of paper and stashing it somewhere in their house. While these words serve as a backup password, whoever finds these “wallet words” can immediately steal your bitcoin. Serious investors would be wise to take more reliable measures when it comes to storing their “wallet words” such as putting them in a safety deposit box at the local bank: An action that would demoralize the pioneers of the anti-establishment bitcoin revolution.\nWhile bitcoin and gold share a number of characteristics, the growth of bitcoin as “digital gold” is dependent on people continuing to arbitrarily assign value to it. Begging the question of whether there is more intrinsic value in a few numbers on a digital ledger than in a lump of gold: a question which remains to be answered.\n\nNeither:\nWhile Bitcoin’s use as an alternative to gold seems more plausible than its rise as a global currency, it could be neither. Actions taken by governments could force bitcoin onto the black market. Excessive speculation could cause downward spirals in prices. Attempts by hackers to steal large quantities of bitcoin off of exchanges could be successful. Alternative currencies could dethrone bitcoin as the leading cryptocurrency.\nNevertheless, the innovative block chain technology underlying the bitcoin payment system is here to stay. While the risks posed with investing in cryptocurrencies run abound, the only way to learn about cryptocurrencies is to go out into the market, buy some, and make a transaction.",
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