One more: if you want to buy a house in the Netherlands and you own Euros, you're doomed. Bitcoin is the best to edge this housing bubble. You fight speculation with speculation.
I don't know how much money you have and how many houses you own, but putting all of it in a place thats not safe is not a good idea. Gold works way better as a hedge than bitcoin. it has proven itself of 1000s of years.
That course of action has definitely already had an effect, but it is also worth noting the countries where prohibition and enforcement are strongest demand has only increased.
Reposted comment from Luuk: Hi Arno, this is very unlikely, the European Union does not have the same power and control over its citizens or the member countries as China. Like in China you can prohibit centralized exchanges, but it doesn't help, connected and clever Chinese are buying and trading through Hong Kong. Moreover, there are already decentralized exchanges you could go to. There is a Bitcoin satellite project, and there are Bitcoin radio broadcasting experiments. Soon Bitcoin does not even require internet to function. Indeed, speculation is normal for a new digital asset class, relative to other markets the capitalization is still very small, thus the price is volatile. It is a part of the development of Bitcoin and the first network effect. Also, Wall Street seems to like Bitcoin (check out the ETF proposals, Bakkt etc), although they say the opposite, the infra is being build so they can add Bitcoin to their portfolio.... it seems they think ok, if you can beat them, join them.
The language barrier in Europe not only affects employment but also access to privileged information that is published in Swedish, Dutch, German, etc, and is not able to be consumed by the whole European population. And with the UK leaving, Germans will most surely try to impose more their language, French will push back, etc. I liked the presentation but I must admit that I've cringed a bit each time he said "these Greek people". They are called "Greeks" btw.
"Intrinsic value" has a special, technical meaning the way someone like Arno Wellens uses it. From that perspective, can you explain from what you think Bitcoin derives its intrinsic value?
I wouldn't disagree with your answer at all, @Mark Ford. However, to many people those are technology- and information-centric services, not tangible assets from the perspective of "intrinsic value". Therefore, it proves that Bitcoin is more than just money.
@@BitcoinWednesday All value is subjective, if humans find something to be useful for something that thing has subjective value for us and the market will then tell us exactly how valuable they think it is. Nothing has value in and of itself, it has to be valuable in relation to us humans. And sometimes humans can't immediately recognize the value in something, especially if it has to do with technology and things that are not tangible and seem complicated. How many people saw the value in the internet in the early 90s? Bitcoin has enormous value, due to its provably digital scarcity, security, immutability and its other sound money properties. With Bitcoin we can escape the moral hazard of too big to fail banks, and the corrupt centralized control of our money.
Using intrinsic value as a reason for anything is a way to escape from presenting the questioner with a solid answer. _Intrinsic value can mean many things_. In the case of Arno I think he means: Bitcoin is not part of my understanding of true economic value, and if it might manage to threaten my notion, then governments will become more totalitarian than they already are, and they will back it by the defensive and offensive means they have at their disposal.
Arno!
One more: if you want to buy a house in the Netherlands and you own Euros, you're doomed. Bitcoin is the best to edge this housing bubble. You fight speculation with speculation.
I don't know how much money you have and how many houses you own, but putting all of it in a place thats not safe is not a good idea. Gold works way better as a hedge than bitcoin. it has proven itself of 1000s of years.
@@bm5907 Bitcoin had proven itself the last decade. A better invest than gold.
Shame he didn’t get the time to explain how he thinks ‘they’ will be able to crush Bitcoin. Interesting presentation though.
We'll ask him. Stay tuned.
By simply prohibiting it and using the powers available to enforce is. One monopoly protects the other.
That course of action has definitely already had an effect, but it is also worth noting the countries where prohibition and enforcement are strongest demand has only increased.
Reposted comment from Luuk:
Hi Arno, this is very unlikely, the European Union does not have the same power and control over its citizens or the member countries as China. Like in China you can prohibit centralized exchanges, but it doesn't help, connected and clever Chinese are buying and trading through Hong Kong. Moreover, there are already decentralized exchanges you could go to. There is a Bitcoin satellite project, and there are Bitcoin radio broadcasting experiments. Soon Bitcoin does not even require internet to function. Indeed, speculation is normal for a new digital asset class, relative to other markets the capitalization is still very small, thus the price is volatile. It is a part of the development of Bitcoin and the first network effect. Also, Wall Street seems to like Bitcoin (check out the ETF proposals, Bakkt etc), although they say the opposite, the infra is being build so they can add Bitcoin to their portfolio.... it seems they think ok, if you can beat them, join them.
If Macron &Merkel want to crush it, they can.
The language barrier in Europe not only affects employment but also access to privileged information that is published in Swedish, Dutch, German, etc, and is not able to be consumed by the whole European population. And with the UK leaving, Germans will most surely try to impose more their language, French will push back, etc. I liked the presentation but I must admit that I've cringed a bit each time he said "these Greek people". They are called "Greeks" btw.
Good presentation but crypto is here and there's no going back, ever.
Sorry, but to say bitcoin has no intrinsic value is to demonstrate ignorance.
"Intrinsic value" has a special, technical meaning the way someone like Arno Wellens uses it. From that perspective, can you explain from what you think Bitcoin derives its intrinsic value?
@@BitcoinWednesday Security and immutability. To cryptographically sign and verify messages, proving dates and ownership.
I wouldn't disagree with your answer at all, @Mark Ford. However, to many people those are technology- and information-centric services, not tangible assets from the perspective of "intrinsic value". Therefore, it proves that Bitcoin is more than just money.
@@BitcoinWednesday All value is subjective, if humans find something to be useful for something that thing has subjective value for us and the market will then tell us exactly how valuable they think it is. Nothing has value in and of itself, it has to be valuable in relation to us humans. And sometimes humans can't immediately recognize the value in something, especially if it has to do with technology and things that are not tangible and seem complicated. How many people saw the value in the internet in the early 90s? Bitcoin has enormous value, due to its provably digital scarcity, security, immutability and its other sound money properties. With Bitcoin we can escape the moral hazard of too big to fail banks, and the corrupt centralized control of our money.
Using intrinsic value as a reason for anything is a way to escape from presenting the questioner with a solid answer. _Intrinsic value can mean many things_. In the case of Arno I think he means: Bitcoin is not part of my understanding of true economic value, and if it might manage to threaten my notion, then governments will become more totalitarian than they already are, and they will back it by the defensive and offensive means they have at their disposal.