BITCOIN WILL ALWAYS BE LEGAL
BLUF (Bottom Line Up Front): Bitcoin is legal in many countries; Vietnam following Japan is allowing it to be used as payment; a form of digital currency. In addition, his organization Mauldin Economics tells why Bitcoin Matters in 2015. Alex Daley said Bitcoin is NOT going away. Enough said.
I came across this article written by Jared Dillian, an Investment Strategist at Mauldin Economics. Of course the first read through, I was like you are clueless; got defensive. Then I decided to read a second time emphatically.
He gave me a clue that I missed right off the bat. He’s playing devil’s advocate. He’s being the 10th man. He’s opening himself up to be ridiculed. Now with that understanding, I’d like to address some of his points. Why? Because if people just read his headline “Here’s why bitcoin could be illegal someday” (and that is all most people will read) it could dissuade people from looking more into Crypto Currency, primarily Bitcoin and miss an opportunity of a life time.
Point 1: Bitcoin Security. If you take the time and it’s not that difficult you can secure your Bitcoins in such a way that hackers can’t get to them. That said — this has nothing to do with the legality of Bitcoin.
Point 2: Venezuela and Cyprus and their monetary issues have nothing to do with the legality of Bitcoin. I heard a quote that says, “If ifs and buts were candy and nuts we’d all have a Merry Christmas.” Point is — however people decide to use Bitcoin to their advantage, use them. You have to be smart about this — it’s the same as cash in your hand. You control your money not some third party like a bank.
Point 3: “Bitcoin seems hard.” The internet seemed hard (1994), email seemed hard, mobile phones seemed hard, but they all are quite valuable and I’d say quite necessary in 2017; all legal.
Point 4: A hardware wallet defeats the purpose. Depends on what your purpose is. Storing your Bitcoins offline is a very smart and safe way to store your money. Bitcoin is a store of value and a great store of value looking at how much it’s appreciated over the past 8 years or so. Heck even the last few months if you held Bitcoin you’d be up $2000 or so. I’d recommend the Ledger Nano S or the Keepkey.
Point 5: Slim Shady. Bitcoin will become illegal because of the shady uses people will deploy with it? Really? Jared, you can do better than that. If that is the meat of your opposition then I hope people will disregard your points and buy buy buy a Jim Cramer would say.
You end by saying RUN and provide a link to the price of Bitcoin. Here is the bottom line. If you take the time (which is not a lot) and do some studying on how to buy bitcoin, you will be pleasantly surprised at the results when it reaches $100K, $500K or more. Don’t listen to me — check out these predictions by wise men.
Nice try Jared, you tried, like many before you; 153 to be exact. I can understand why you wrote what you wrote but I don’t think you really believe what you wrote; I think you are much smarter than that.
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Note: If I’ve misstated something I would love to correct it — let me know.
