20 Things Most People Get Wrong about Bitcoin – Miyagi Mornings Epi-153 — 7 Comments

  1. Can you expound a bit more (in laymens terms/ break down further) on how Bitcoin is backed by “security, technology & energy”?) This is very hard for me to grasp in that i am a concrete minded individual, know very little about the technical aspects
    of economics & its terminology.

    • Jack, nevermind…i just explored and found your other miagi morning episodes where you did just that…explaiing how its backed, etc.

  2. If the central banks will have moved completely to digital currency and cash will not be accepted any longer – how do you think one can by bitcoin or other crypto currency with cash?
    Whoever would sell you crypto would be stupid to take your cash in exchange.

    • Well I never said at that point you would be able to. I said you can do that now, of course no one would take cash if it was no longer usable, you would however have a window to dispose of it. They’d have to allow that, just for themselves if nothing else.

      Again right now this moment less than 3% of USD even exists as cash. Honestly that number is from 2011 so by now I bet it is well under 1.5.

  3. What will happen to the network in many many years when all bitcoins are mined?
    Will it break down or will miners continue to maintain it and be paid then with existing bitcoin?

    • Right now miners make most of their money from fees already. The more valuable BTC becomes the more value there is in fees.

      Here is a decent write up on it

      I think this would be a lot like saying but what happens when the last ounce of gold is mined as though that would be bad for those holding gold. Difference is we know exactly when new BTC runs out, 2040. Conversely there is a shit ton of gold left to be mined.