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Bitcoin Foundation Boss Urges Cautious Investment (bbc.com) 59

The head of the Bitcoin Foundation, Llew Claasen, has urged people to invest "no more than they can afford" in the crypto-currency. From a report: He was speaking at the TEDGlobal conference in Tanzania about the potential for Bitcoin in Africa. Billions lack access to formal banking, but the uptake of mobile money means many are willing to embrace alternatives. Bitcoin had been adopted in Nigeria, South Africa and Kenya, he said. The digital currency had particular resonance in countries with volatile economies, he said. "It offers people a chance to protect their savings from government abuse of monetary policy. A lot of people in Zimbabwe are interested in it as an alternative financial system, but that is not an easy thing to do formally as we don't want to be perceived as wanting to disrupt economies," he told the BBC. The Washington-based Bitcoin Foundation is a non-profit organisation that promotes the use of Bitcoin around the world.
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Bitcoin Foundation Boss Urges Cautious Investment

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  • by war4peace ( 1628283 ) on Tuesday August 29, 2017 @03:48PM (#55105815)

    Bitcoin isn't any less volatile than said countries' volatile economies. While I certainly hope it's going to become very stable, I doubt it.

    • Re:Note (Score:4, Insightful)

      by Howitzer86 ( 964585 ) on Tuesday August 29, 2017 @03:56PM (#55105863)
      It's not stable, it's inconvenient, and it's easy to steal. Sounds about right.
    • by gatfirls ( 1315141 ) on Tuesday August 29, 2017 @04:41PM (#55106107)

      Day Low 4,201.1899
      Day High 4,616.8999
      52 Week Low 571.6600
      52 Week High 4,616.8999

      I know some countries are *relatively* unstable when compared to Dollar/Euro/etc but compared to bitcoin they are relatively stable. They may take big hits on occasion and suffer unreasonable inflation but those are usually singular events or extend over months/years. With bitcoin your gas and grocery money could become just grocery money on the way from the bank to the grocery store.

      Not to mention all of the other issues surrounding bitcoin logistics in a 'developing economy'.

      • If I am going to have a currency that is unstable, I would rather have Bitcoin, which tends to be unstable in an upward direction, than in any government fiat currencies, which tend to be unstable in a downward direction. Since its introduction in 1973, this is the number of years that the Nigerian naira has risen in value: 0.

        • It's amazing to see how rapidly the price has risen. When BTC started, I mined 24 of them and promptly forgot about them. When the price hit $600, there was a story on this site and I donated them to EFF instead of realizing the asset and dealing with the tax issues. I don't regret donating them, but I do see that it would have been more valuable to have waited and donated the later. EFF doesn't really get the coins, as I understand it. They get the dollar value of the coins from a third party processor.

      • For a bit of historical context, Zimbabwe had 79.6 billion percent inflation in November 2008. That was AFTER declaring inflation illegal and arresting a bunch of people for raising prices. They abandoned their currency completely and use US$ now, but I wouldn't blame Zimbabweans for being a bit skittish of government controlled currencies since then. Bitcoin would have been an attractive alternative if it was available at the time.
  • by THE_WELL_HUNG_OYSTER ( 2473494 ) on Tuesday August 29, 2017 @03:53PM (#55105835)
    "we don't want to be perceived as wanting to disrupt economies" Who is this "we" that you speak of? Bitcoin had no central spokespeople.
  • The head of the Bitcoin Foundation, Llew Claasen, has urged people to invest "no more than they can afford" in the crypto-currency.

    Damn. Now you tell me? I just invested 2.38 MILLION Dogecoins to buy a single Bitcoin!

  • Don't hesitate. Cash in your 401k and buy BitCoin. Ask your parents to give you your inheritance in advance and buy BitCoin. Get a second mortgage and buy BitCoin. Do it now and you will be rich beyond dreams of avarice.

    And please don't sell any until at least the close of business a week from Friday. KTHX

    • Don't listen to him. I have a much better deal available.

      You've heard of Bitcoin, right? You know how expensive a Bitcoin is? It's now at USD$4600 for a single coin!

      You like dogs? Well, did you know there's a crypto-currency called Dogecoins? The mascot is a nice Shiba Inu dog! And here's my deal: unlike those expensive Bitcoins, my Dogecoins are really much cheaper! What if I told you that for a small investment of USD$1000 can give you 550 Dogecoins? Wouldn't you be interested? If you are, send me an emai

      • Don't listen to DontBeAMoran he's scamming you.

        I'll give you 1101 Dogecoins for your $1000.00 investment. That's two for each DogeCoin that scammer offered you plus one because I'm such a nice guy.

        Please email me at not_a_scam_like_the_other_guy@gmail.com
  • by eepok ( 545733 ) on Tuesday August 29, 2017 @04:12PM (#55105941) Homepage
    I always get annoyed when investment-prodders say "Never invest more than you can afford." It's impossible to do so anyway. If i have $100, I can't invest $10,000 in anything. What they need to say is, "Don't invest more than they can afford to lose," but they don't want to because that would make the product they're selling seem like a bit of a gamble. Which it is.
    • by ceoyoyo ( 59147 )

      You can borrow money to invest it. That practice was a contributor to the great depression and strict controls were put on it afterward. But you can buy bitcoin on your credit card, which is the same thing.

      If you've got $100 and you lose it you might have to go to the food bank this month. If you've got $100 and you lose $1000 you paid for with your credit card, you've got a problem that's at least a hundred times worse.

      • "$1000 divided by $100 equals a hundred times worse."

        Epic Pivot.

        • Re: (Score:2, Insightful)

          by Anonymous Coward

          Going from "I can't afford to eat today" to "I've had my possessions repossessed due to a debt I couldn't pay, and I still can't afford to eat today" is a lot more serious than just a numerical factor derived from $1000/$100.

    • people borrow money from banks, families, credit cards etc to bet on sure fire ways that can't possibly go wrong to make money, it happens every day all over the world.
    • "Never invest more than you can afford."

        "To lose"

    • by mikael ( 484 )

      Exchanging currency is a gamble too. Even stable currencies like the pound, dollar, euro and norwegian kronor can double or half relative to each other. Used to be £2 = 1$, now it is around £1 = $1.20. The pound and euro used to be £1 = 1.5 euros, now they are almost the same. The Kronor has bounced between £1 = 8 NOK and 12 NOK

    • by Gonoff ( 88518 )

      If i have $100, I can't invest $10,000 in anything

      Perhaps he is talking to banks? That is exactly what they do. For every $ they get, they invest many times. That is why, when banks fail, they do so big!

  • "It offers people a chance to protect their savings from government abuse of monetary policy"

    If the global economy fucks itself, what's your shitcoin going to buy?

    Not a goddamned thing.

    Investing in guns and ammunition is a better and smarter investment. That's how stupid fucking Bitcoin is, that implements of destruction are a better investment.

    • by Anonymous Coward

      Simple, buy guns with bitcoins after the local fiat goes into an inflation spiral.

  • ...arms dealers urge their customers to be nicer to their neighbours, credit card companies urge shoppers to only buy what they can afford, and drug cartels recommend not letting recreational drug use become habitual.

"Maintain an awareness for contribution -- to your schedule, your project, our company." -- A Group of Employees