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James altucher on bitcoin

james altucher on bitcoin

true of shares in Bitzumi, an upcoming Reg A+ IPO company co-founded by self-proclaimed “Crypto-Wizard” and “Eccentric Millionaire” James Altucher. James Altucher's 10 predictions about where bitcoin and cryptocurrencies are headed · At least one country's currency is likely to fail soon —. We're Holding A LIVE Q&A With Bitcoin Legend James Altucher On Wednesday Dec 15th At 2pm -- And We Want YOUR Questions! METRO IVRY PLACE GAMBETTA

He distributes free content on Facebook, podcasts and other outlets, and charges for subscriptions to services that offer stock picks and other financial advice. I asked Altucher how much he spent marketing his crypto services, and what percent of his marketing spend went to Facebook, and what his plans are now. He didn't answer those questions, but did praise Facebook for "trying to clean up all of the garbage out there. There are many scams and illegitimate services out there.

I turned it down in order to create a solid research service in the cryptocurrency space. I hired people, wrote a book, created a class, and send out reports every week to subscribers. I wanted an opportunity to help many people instead of just a few I've been there, done that in the hedge fund space. Why does bitcoin even exist? Why do cryptocurrencies even exist?

His pale face, framed by crooked, rimless glasses and topped by a fluffy mop of curls, is instantly recognizable from the banner ads that have stalked me around the web for the last couple of months. Never mind criticisms that he directs his followers to invest in risky small-cap stocks and cryptocurrencies, leading to a temporary bump in their prices followed by a sell-off. And no one knows this better than James Altucher.

An ad for James Altucher's crypto advice. He relishes in celebrating his failures and counterintuitive rejections of things like college and k s.

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Despite the optimism, there will be a massive wipeout, and 95 percent of the alt-coins out there will go away — just like the dot-com bust. The surviving coins will go up a ton. This will happen within next four-six months. The U. This has already started happening but will really start to ramp up in China will invest heavily in another cryptocurrency, but probably not bitcoin. China will want to have a cryptocurrency that is competitive with bitcoin, but under its centralized control.

This will, in general, provide legitimacy to all cryptocurrencies. One big problem with cryptocurrencies now is their volatility. At least one — basecoin — will likely dramatically reduce that in More companies will pay freelancers with crypto, which will lead to calls for tax reform. There will need to be greater regressive sales taxes, which will ultimately require government cuts and eventually less power for national governments. This is a long-term prediction.

In the same way the internet changed the monopolistic phone industry, crypto will change the monopolization of government-backed money. You only have as much paper money in a country as there is gold in that country. So you can trust the government to not go crazy printing money that is not backed by gold like German in the s when trillions of Marks were printed and Germany went into an inflationary death spiral that was at least one cause for World War II.

BUT, why benefit the countries where gold is easy to mine and punish the countries where gold is hard to mine. The US went off of gold in the early 70s in order to fund the financial needs of both the Vietnam War and the social improvement programs of Lyndon Johnson. This created inflation. Paper money will often lead to this situation. Someone will say: why do we need the gold part? Again, might be good or bad. Did money printing save the US in and ?

Or will there be future problems caused by this? Nevertheless, there are other problems with paper money that need to be solved: a. No privacy. So that means your bank knows. Other banks know the bank you are sending money to, the Federal Reserve, the local Reserve bank, etc. Potentially sites like Google and Amazon know depending on what payment services you use and what you are buying.

So you have no privacy on your transactions with paper money. If I send a friend in Korea money, I go through my bank fee , local reserve bank fee , Federal Reserve fee , International wiring system fee , their central bank fee , their local reserve bank fee , their local bank fee.

Those fees help create inflation because every transaction needs to have a profit on top of those fees. Human error. There are so many opportunities for human error. When you transfer money, they can send to the wrong account. Or, most importantly, the Federal Reserve in the US can decide to print another trillion Like and, without your permission, the value of your dollar has gone down.

Russia in was wiped out. The United States has been lucky. For now. But this is a HUGE error we risk every day. These are the basic problems. There are more theft, for instance. What is backing paper money? Only our trust. But the reality is: a dollar is a piece of paper. Just like gold is just a rock. How do they make us trust that the money has value? They put George Washington. And, for the weirdos, they even put a pyramid with an eye on it.

Bitcoin solves the problems above. Human error: there is no printing of money. There is a fixed supply of 21,, coins. How do I know this? So I read the software behind Bitcoin. I read it over and over until I could figure it out. Like with every other form of currency, an exchange like a bank that stores your Bitcoin can be hacked and money stolen. BUT, I only keep a small amount of money in an exchange.

You can get a storage drive, store your money, and put it in a safety deposit box. So even if the exchange is attacked, you still have your money. ALL theft can be prevented this way with Bitcoin. Ditto for gold.

I can send you a Bitcoin and nobody knows who is sending it, who is receiving it, and no government institutions are aware of it. Some bitcoin transactions have small fees. And ALL of logistics will be replaced by Bitcoin e. UPS is replacing all of their internal logistics tracking millions of packages every day going from millions of locations to millions of other locations by Bitcoin technology.

Now…Bitcoin has problems also. Hence the need for other cryptocurrencies. Suffice to say, Bitcoin solves all the basic problems of paper money, which solves the problems of gold, which solves the problems of barter. Not only species but ideas.

A known fact is that, on average, the moment when a doctor is most effective is his or her first year out of medical school. After that, statistically downhill. Dataism: Now when if you go to a doctor, you get tests. We even get genetic testing to see if our illness is in our chromosomes. In the Bible, whosever God was stronger Baal versus Yahweh being a notable Hebrew battle , that group would win the war.

Humanism: For the past years, whoever had the most humans on the ground, the most bullets, then the most planes, then the most bombs. Dataism: War is being fought every day now. Every day, some country tries to bring down the electric grid of Poland. All of the employees were top Phds who were the experts in their fields. Where do they come from? They come from everywhere. They are just smarter than us.

Elections are rigged. Companies are attacked. Information is stolen. Dataism has taken over war. A picture of Independence Hall. Or the White House. Anything at all so that we trust humans with what we are given in exchange for the hard labor we do every single day. Do we trust humans? I tend to trust humans. But that is maybe not so smart all of the time. Dataism: Bitcoin and now other cryptocurrencies. Data-ism prevents forgery, keeps privacy, re-creates all contract law, avoids fees, avoids theft.

And this is just a small sample of what data does for money. But it works. The natural evolution of money has arrived. FAQ: Why do we need other cryptocurrencies? Why do we need more than one currency at all? Why is there a US dollar and a Canadian dollar. Just an artificial border created in and we have two different currencies. One coin is better than Bitcoin for making contracts Ethereum. Another coin is better for privacy Zcash.

A problem with Bitcoin is that although there are no names on a transaction, I can see the size and the time. So privacy is still a slight problem. Another coin might be better for solving a problem of decentralized storage as opposed to storing all of your photos on one centralizes spot that can be hacked like Google Drive. Problem Borders create new currencies. Is it too late to invest in Bitcoin and other cryptocurrencies? Right now, this reminds me of the Internet in —6. Prices are going crazy.

There will be a massive pullback. BUT, the legitimate coins are here to stay and will keep going. Amazon, of course, pulled back, when the Internet pulled back. Now it will eventually be a trillion dollar company. Many companies that started in the 90s have survived and thrived and were great long-term investments that have paid off.

We are only in inning one of the cryptocurrency shift in our money.

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Bitcoin explained by Andreas Antonopoulos \u0026 James Altucher james altucher on bitcoin


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@James Altucher on Problem Solving, Investing, Bitcoin \u0026 more!

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