12/23(Sat) Is bitcoin a bubble or a trend? (Host:Michael)

12/23(Sat) Is bitcoin a bubble or a trend? (Host:Michael)

文章Michael-liu » 週一 12月 18, 2017 2:29 pm

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Session 1
Why I Would Bet Against Bitcoin

1. Do you understand how bitcoin works? What are the advantages of a "decentralized" currency?
2. The author of this article says in his conclusion that " I 100% believe there is a fundamental value to cryptocurrencies. It's a very cool and potentially very important technology." What exactly is the "value" of a bitcoin?
3. Most bitcoin believers are young people. Would you want to buy some bitcoin to make yourself feel young again?

Session 2
John McAfee Bullish on Bitcoin Price Reaching $1 Million by 2020

1. Bitcoin believers regard Bitcoin as more of an "asset" (like Gold) than a currency, because the total number of bitcoins is limited to 21 million. Thus, if more and more people believe in bitcoin, will it be a better medium of store of value than gold?
2. What are the possible challenges Bitcoin may face?
3. McAfee bet the price of Bitcoin will soar to US$1 million (Please note he owns a bitcoin mining factory) Let's have our own bet! What is the highest price do you think Bitcoin can go up to? $30,000? $40,000? $50,000? $100,000? $500,000?

3:45 ~ 4:00pm Greetings & Free Talk / Ordering Beverage or Meal / Getting Newcomer’s Information
4:00 ~ 4:10pm Opening Remarks / Newcomer’s Self-introduction / Grouping
(Session I)
4:10 ~ 4:50pm Discussion Session (40 mins)
4:50 ~ 5:10pm Summarization (20 mins)
5:10 ~ 5:15pm Regrouping / Instruction Giving / Taking a 10 Minutes Break (Intermission)
(Session II)
5:15 ~ 5:55pm Discussion Session (40 mins)
6:00 ~ 6:20pm Summarization (20 mins)
6:20 ~ 6:30pm Concluding Remarks / Announcements
聚會時間:請準時 4:00 pm 到 ~ 約 6:30 pm 左右結束
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Re: 12/23(Sat) Is bitcoin a bubble or a trend? (Host:Michael

文章Iris Wu » 週六 12月 23, 2017 9:10 am

I think I need to take it easy for this topic. Many basic concepts need to be established before I can make a more objective judgment. One thing for sure is that I think this topic is a good exercise to practice using "mental model" to reason things out, instead of reasoning by analogy. We will chat more this afternoon.
Iris Wu
YOYO member
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註冊時間: 週二 5月 20, 2014 4:33 pm

Re: 12/23(Sat) Is bitcoin a bubble or a trend? (Host:Michael

文章Rock » 週六 12月 23, 2017 6:56 pm

Shoot, I missed the chance to learn bitcoin, mental model and analogy. What a loss! Maybe Iris can share something with us here? 8)
In matters of style, swim with the current; in matters of principle, stand like a rock.
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Re: 12/23(Sat) Is bitcoin a bubble or a trend? (Host:Michael

文章Kooper » 週六 1月 13, 2018 4:44 pm

Here is a good article that provides a new aspect to view Bitcoin and other digital coins.

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