Bitcoin doesn't solve a problem with banking. In many ways it increases friction. It is an over-engineered solution to a problem that was fixed decades ago.If we are in a period of inflation, and Bitcoin is a great inflation hedge, why has its price collapsed as the greenback has risen?If Bitcoin is an asset, its volatility makes it terrible. If it's an inflation hedge, it's failed miserably at that task.It's not a store of value, unit of account, and it's certainly not a medium of exchange. If you insist on buying, take the advice of a dyed in the wool bull and keep exposure to 5% or less.In my view, Bitcoin (BTC-USD) should be avoided because it serves no financial purpose and solves no identifiable problem. If someone insists on buying it, I think they would be wise to follow the advice of a particular dyed in the wool Bitcoin bull, and place less than 5% of their capital in this or any other digital asset.Bitcoin is to global finance as Esperanto is to languagesFor those of you who may not be aware of it, Esperanto was formed in the late 19th century, in hopes that it would be a “universal second language.” Thus, it was a system that was designed to solve a non-problem, because the world already had a number of “second languages” that served various purposes well for centuries. Latin for medicine, French for diplomacy, and of course, English for commerce. This is why, as of 2017 there are between 30,000-180,000 L2 users of...
Binance Delisting 5 Altcoins on July 4
