Skip to main content

Why I wouldn't buy into bitcoins?

There's been a lot of hypes about bitcoins lately and personally I don't think it's for me and I will explain why.

The first time I heard about bitcoin, it was intriguing but the first thing that popped in my mind was : 1) How can anything digital be worth anything at all?
2) Why would merchants or anybody take bitcoins as payments when the prices is so volatile? (It can go from $200 to $50, so if you sold something on ebay this morning by accepting bitcoins by night time that same bitcoin can be worth one third as much??)
3) Security.  Although bitcoin claims to be very secure by its encryption method but after all it is digital.  One thing I've learned as a IT person of many years that is : "nothing digital is ever secure!"
Some examples would be :
a. file corruption
b. device failure (what if your computer were to crash or the backup device get stolen or destroyed?)
c. worse case, if we get hit by electromagnetic pulse?(this is unlikely but I thought I would throw it in here for your amusement)

4) There's no intrinsic value for bitcoins.


I am sure there will be a lot of people that disagree, but those are my general arguments of why I wouldn't touch bitcoins.

Comments

Popular posts from this blog

Scammer Alert!??? Jsnip4

There's been flocks of "alternative" media followers on youtube selling doom and gloom to mislead the herd for personal gain.   A youtuber called himself "jsnip4" is at such.  Jsnip4 has been on youtube preaching economic collapse and to survive it you must put all your money on silver bullion or you won't survive the collapse.  This I believe con-man Jsnip4 aka "Joe" has been misleading people solely for personal gains from affiliates program from jmbullion and adsense.  Jsnip4 is very methodical about how he approaches his subscribers to do what he wants them to do.  Jsnip4's strategy has always been selling you the doom blah blah blah in the beginning and towards the end he will say things like "I don't know about you, but I am putting all my money in silver". I agree with Jsnip4 on buying silver bullion but he goes overboard by trying to sensationalize the idea and make people think that if they invest in silver bullion they...

Ted Cruz is Ineligible to be US president!

I don't know why there aren't enough people out there to raise the very question about Ted Cruz's eligibility to be US president. Ted Cruz is Canadian Cuban natural born and Per US constitution you need to be : The Constitution imposes three eligibility requirements on the Presidency—based on the officeholder's age, residency, and citizenship—that must be satisfied at the time of taking office. By virtue of the Twelfth Amendment, the qualifications for Vice President are the same. The Framers established these qualifications in order to increase the chances of electing a person of patriotism, judgment, and civic virtue. First, Presidents must be thirty-five years of age or older. In contrast, Senators must be at least thirty years old, and Representatives no less than twenty-five years old. As Justice Joseph Story has noted, the "character and talent" of a man in the middle age of life is "fully developed," and he has had the opportunity "for ...

My List of Suspected Con-mans on Youtube

Here's a list I've compiled about potential con-man that you might see on youtube: 1) Jsnip4 aka Joe 2) Max Keiser at keiser report. 3) Alex Jones 4) sgtbull07 These are some of the ones I can think of at the moment, I will add more to the list as I remember or find more.   These people on the list will preach end of the world till end of the world so beware of what you watch/hear.  These people all follow the same format, they will preach doom and gloom and then somehow sneak items to buy in the video, (never fails) One thing I've learned in life is : "nothing is free" These people aren't there to help you, they are there to sell you a product. To prevent scams, you always need to ask "one" fundamental question.  What is this person's motive? By asking this question will usually lead to your answer and will help you filter out "real" or "fake" Another way to tell is to check their...