Ian King and How Bitcoin Thrives
Muttcoin Goes to Market
Ian King shared recently in a Banyan Hill currency article three reasons why he believes it’s been possible for impossible to happen for Bitcoin. First, Ian created a scenario where he chose a random name for his own bitcoin (Muttcoin), since so many people just love their mutts. Them he gives a single coin to each of his friends and the permission to go out and spend these muttcoins anywhere they deem fit since it is backed up by Ian’ computer. Unfortunately, the local grocer or mega-chain store never has heard of Muttcoin before. No matter how much Ian told his friends it’s backed up by his word and his computer no one else seemed to care. Read more articles by Ian King at Investopedia.
Ian King makes it clear to his readers that as silly as the above example is, that is exactly what Bitcoin did when it first started. Muttcoin possessed the same three things as Bitcoin:
Muttcoin and Bitcoin
- Ledger-without centralized policy-makers
- Cryptography (uncrackable/decypherabel)
- Transactions (immutable)
Ian King goes on to make the point that he believes Bitcoin will continue to thrive is beccasue of all the impossible hurdles it has gone thru. At each turn of the ascending financial mountain(s) it has climbed it has been able to surmount the obstacles it faced.
The Hidden Value of Value Hidden
Ian King goes onto give an argument for the ongoing value of Bitcoin, which surged in only a few short years from $0.0001 to $10K. At its opening there were only a few digital wallets which held bitcoins, now there are an estimated 21M and could reach a 5B mark in the future. The miracle sauce suggested is people become silent or outspoken Evangelist of what they own or invest their lives in. And of course, the more value people place on something the more valuable ways they find of using these things.
The Value of Money
Ian King says the idea of the exchange between different cryptocurrencies is in finding enough people to believe that your form of money, say Bitcoin, is as equally valuable as their form of money, say Muttcoin, and that in exchanging these currencies with one another for what each agrees to be an “equal value” of goods by the other currency, makes these transactions meaningful for the two users of different currencies. Each party is willing to part with what they give equal value to in their currency, as the other is willing part with and held to be of equal value in thero own currency. Read this article at Hi-Tech Chronicle.