Response to Adam Hartung's column on Forbes - Bitcoin will never die @BlockRush

Bitcoin recently soared past $4,000 however not all financial analysts are impressed.

Adam Hartung is a world renown speaker on finance and economic development. In response to Bitcoin's price surge he wrote a post for Forbes stating why Bitcoin was worth nothing.

His piece is titled: A Bitcoin Is Worth $4,000--Why You Probably Should Not Own One.

In the said article, there are several inaccuracies which we will address in this post. If you have read the post and wanted to stay away fro Bitcoin or cryptocurrency, then this post will help you clear your doubts about cryptocurrencies.

@BlockRush published this post in direct response to his post hoping to address some of the confusion it spread, enjoy.

What did Adam Hartung say about Bitcoin?

... This is why almost none of us should own Bitcoins.  Bitcoin value has multiple weaknesses.  Someone could hack the blockchain, create more Bitcoins and manipulate the value, or sell the illegitimate Bitcoins and abscond with the buyers' dollars.  Or groups of users can place large buys and sells of Bitcoins, manipulating their value, because there are no controls.  Or Bitcoin users could simply start using other crypto-currencies or traditional government issued currencies and the market could fold completely, making Bitcoins worthless, as has happened to other crypto-currencies.  Any one, or all, of these things could happen at any moment.

According to Adam Hartung, Bitcoin's price is driven by speculations

Be an investor, not a speculator, and avoid Bitcoins. There are speculators and traders who make markets in things like Bitcoins.  They don't care about the underlying value of anything.  All they care about is the value right now, and the momentum of the pricing.  If something looks like it is going up they buy it, simply on the hope they can sell it for more than they paid and take a profit on the trade.  They don't see the things they trade as having stored value, because they intend to spin the transaction very quickly in order to make a fast buck.  Even if value falls they sell, taking a loss.  That's why they are speculators.

Unless you are a professional trader, or you simply want to gamble, stay away from Bitcoins.  They have no inherent value, because they are a currency which represents value rather than having value themselves.  The Bitcoin currency is not managed by any government agency, nor is it backed by any government.  Bitcoin values are purely dependent upon holders having faith they will continue to have value.  Right now the market looks a lot more like tulip mania than careful investing. 

What is the value of Bitcoin and Blockchain technology?

Will Bitcoin ever die?

1. Bitcoin is already dead

If you ask Wikipedia, Bitcoin has already been declared dead several by financial experts, Nobel price winning economic giants and even the world's wealthiest investor - Warren Buffet.

“Stay away from it. It’s a mirage, basically”, Warren Buffet, CEO of Berkshire Hathaway, Feb 14 2014 

“Bitcoin is evil.” Paul Krugman, Nobel-prize winning economist, Dec 28, 2013 

In 2016, Bitcoin Core developer Mike Hearn declared Bitcoins a failed project, quit and sold all his Bitcoin holdings.

Obviously all these people have one thing in common - they are speaking their minds. However life should have taught us that opinions are not facts.

The fact that you have a bad feeling about something or you believe it is wrong does not make it wrong. Bitcoin is built on maths and maths does not care about your opinions. Bitcoin is based in facts.

2. Bitcoin has resurrected

Yes, you will have to believe in resurrection to believe in Bitcoins. The original Bitcoin as founded by Satoshi Nakamoto was a cyberpunk currency died a slow death but the new one we have is resurrected to adapt the needs of its users.

3. Bitcoin is a symbol

Bitcoin is a symbol for financial freedom, liberation and autonomy. Bitcoin is the face of the Sharing Economy and voice of anarchism. Bitcoin stands for freedom, autonomy, privacy and decentralization(equality).

Bitcoin is an accolade for liberty!

4. Bitcoin is a platform

Bitcoin's Blockchain technology allows us bring decentralization, autonomy and transaprecny all digital systems, not just financial systems but health systems, data storage, cloud computing and every other aspect of life.

Bitcoin's Blockchain technology is a revolution which would never die; as long as Blockchain technology lives, there would be Bitcoins.

5. Bitcoin is a necessity

Despite all these arguments you may still be wondering, is Bitcoin a necessity at all? The answer to your question is yes.

With concerns for governments and corporations becoming too powerful to the point of being able to manipulate the life of people by denying them of their privacy, autonomy, equality and freedom, Bitcoin and its Blockchain technology are the most liberal innovation of the century.

Bitcoin's Blockchain technology provides us with the technology to create digital tokens which represent physical assets, create and program currencies as well as achieve distributed consensus among autonomous anonymous thirdparties.

Bitcoin and Blockchain are immortal

Bitcoin is father to cryptocurrencies so as long as there are crypto currencies there would be Bitcoins; Bitcoin is mother to Blockchain technology hence as long as there is Blockchain technology there would be Bitcoins.

Will crypto currencies go away? No, they are the future of money as they make money smart, open and programmable. Banks and governments are all developing cryptocurrencies.

Will Blockchain technology ever go away? No, Blockchain is the framework on which the future Internet of Things, smart cities and internet would be built on!

Bitcoin is an idea, and you cannot kill an idea. Bitcoin is an  open source voluntary crowd invention and not a one man invention. The only way to stop it is to stop everyone who believes in Bitcoin, cryptocurrency and Blockchain technology - that would be impossible.

To get a clear picture of how difficult it would be to stop Blockchain technology, just try to kill Steem/Steemit and the sheer magnitude of resistance you would get should be enough to drive the point home.

When you meet Adam Hartung, you might as well tell him that Bitcoin has value and will outlive every single person in this generation and the next. Share your thoughts on this post in the comment section.

[A report by @makafuigdzivenu for @BlockRush.]

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