Bitcoin and Crypto Thread

scorpion said:
Bitcoin is not really a cult or a religion, it's more of a mind virus, very similar to social justice, transgenderism, COVID hysteria, climate change, and other contagious social belief systems. Maxis literally talk about getting "orange pilled" and seeing the world entirely different after that, as if the scales have been lifted from their eyes. And just like a climate change zealot comes to view everything in the world through the lens of climate change, so the Bitcoin zealot views the world through the lens of Bitcoin. Our own @chance vought is the perfect example of this phenomenon, where an intelligent and otherwise normal person becomes completely obsessed with an idea and it radically alters their perception of the world.

What's more interesting to me is the question of what makes individuals susceptible to various types of mind viruses, and whether there are different avenues of susceptibility. Bitcoin, for example, seems to prey on idealism and greed. If you have a high amount of one or the other in your personality, you are probably more susceptible to the Bitcoin mind virus. There also seems to be a strong undercurrent of arrogance and a burning desire to, essentially, revenge themselves upon the non-believers among Bitcoin maxis (their revenge, in this case, will be executed by becoming fabulously wealthy and lording themselves over the non-HODLers in the future). These types are clearly visible in this thread, with chance vought expressing idealism, @Australia Sucks representing pragmatic greed, and @Blade Runner voicing a sort of vindictive fury coupled with extreme arrogance and a desire to punish those he views as wrong/evil. All have different psychologies and motivations for HODLing Bitcoin, but all fell victim to the same mind virus.

Bitcoin is really the ultimate memecoin, in the sense that it is just an idea shared by those who own it. The idea, or meme, in this case, is that there is something special about Bitcoin that makes it valuable. That's it. That's all Bitcoin is: a shared idea, a shared delusion, really, because even maxis must admit that at root the Bitcoin network is just a decentralized ledger. But they believe that there is something extremely valuable in that, in just the same way that many insane people believe that men can become women, or that the Earth is soon going to become uninhabitable due to climate change. And these beliefs can become so intense that they dictate behavior. A transgender zealot will happily remove his own genitals, a climate change zealot will sell his car and ride a bike everywhere, and a Bitcoin zealot will trade his life savings for entries on a distributed spreadsheet. And so it goes.
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Preposterous, the difference between Bitcoin and fiat currency is that Bitcoin is finite. Fiat currency is constantly devalued to one extent other by the issuing of debt. Fiat (American) currency is expected to be devalued by 2% at very least on a continual basis.
 
Uzisuicide said:
Preposterous, the difference between Bitcoin and fiat currency is that Bitcoin is finite. Fiat currency is constantly devalued to one extent other by the issuing of debt. Fiat (American) currency is expected to be devalued by 2% at very least on a continual basis
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the real rate of inflation is reflected in the S&P 500 7-10% annually. Prices of scarce goods that cannot easily be increased in production double every 10 years, and soon will at an increasing rate.
 
Uzisuicide said:
Preposterous, the difference between Bitcoin and fiat currency is that Bitcoin is finite. Fiat currency is constantly devalued to one extent other by the issuing of debt. Fiat (American) currency is expected to be devalued by 2% at very least on a continual basis.
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The fact that something is finite does not automatically confer it value. Further, the fact that fiat currency is able to expand along with the economy is a feature, not a bug. Currency is not meant to be saved or hoarded long term, it is meant to be spent (facilitate economic exchange) or invested (facilitate future economic development).

Currency is tool, not an end in and of itself. A currency is not valuable because it doesn't inflate, it is valuable to the extent that it facilitates the growth and sustenance of a strong economy. A currency is necessarily tied to the economy itself; money is an abstraction, and all forms of currency (dollars and Bitcoin included) are worthless if not tethered to economic engines (the sum total of productive workers and goods and services available). This seems to be the major thing that Bitcoin maxis don't understand. They think that because Bitcoin possesses scarcity that it must be inherently valuable and thus must function as the perfect currency. But there is seemingly no understanding of the fact that scarcity in the money supply poses serious structural economic problems. In short, they recognize all the flaws of fiat currency, but none of the virtues. And they recognize all the virtues of Bitcoin, but none of the flaws.
 
chance vought said:
the real rate of inflation is reflected in the S&P 500 7-10% annually. Prices of scarce goods that cannot easily be increased in production double every 10 years, and soon will at an increasing rate.
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This is the funnier part of the argument they keep making, but are unaware of them contradicting themselves.

"I need a cash producing asset" - suggesting that BTC is not.

Well, if the companies in the indices are just "cash producing" to the extent that the money supply expands, are they really producing anything? The question answers itself. So the value of BTC, which outdoes the S&P greatly, shows you that people also value it more.

You can't have it both ways: BTC is "outproducing" the stock market indices they choose, overcoming the monetary expansion. Hmm, how's that happening? The people must believe it is more valuable then all these "service and cash producing" companies. That's odd ... why is that?
 
“Calling bitcoin an investment, is like calling the Underground Railroad a ‘career move’”.

Haha

 
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scorpion said:
The fact that something is finite does not automatically confer it value. Further, the fact that fiat currency is able to expand along with the economy is a feature, not a bug. Currency is not meant to be saved or hoarded long term, it is meant to be spent (facilitate economic exchange) or invested (facilitate future economic development).

Currency is tool, not an end in and of itself. A currency is not valuable because it doesn't inflate, it is valuable to the extent that it facilitates the growth and sustenance of a strong economy. A currency is necessarily tied to the economy itself; money is an abstraction, and all forms of currency (dollars and Bitcoin included) are worthless if not tethered to economic engines (the sum total of productive workers and goods and services available). This seems to be the major thing that Bitcoin maxis don't understand. They think that because Bitcoin possesses scarcity that it must be inherently valuable and thus must function as the perfect currency. But there is seemingly no understanding of the fact that scarcity in the money supply poses serious structural economic problems. In short, they recognize all the flaws of fiat currency, but none of the virtues. And they recognize all the virtues of Bitcoin, but none of the flaws.
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Why is counterfeiting necessary for economic growth? Zimbabwe and Venezuela should be booming!

And yes it is counterfeiting - no matter what the government calls it, quantitative easing or BTFP. Just like it’s called mass murder when an individual blows up a building, but collateral damage when governments do it.
 
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