Problems with his understanding:
It’s crashing oh no! Cherry pick a short time period to show that bitcoin is crashing.
1. Conflates bitcoin with crypto, repeatedly.
2. Does not understand money. “Bitcoin can be copied, look at all the other cryptos”. Yes the technology can be copied, so does that mean Zimbabwe dollars are worth as much as US Dollars? It’s the same technology…he has no concept of network effects or decentralization…or what makes one money different from another money.
3. “No utility.” OK - so an asset that can’t be taken by greedy governments, or ex-wives, and can be transported anywhere and given to anyone I want that can’t be stopped has no utility? Seriously? Not to mention it holds its value into the future?
4. Doesn’t understand MSTR - cash reserves for dividends. That was done to pay lower interest rates and become investment grade…as the lack of a fiat cash reserve cost them a higher credit rating. The goal is to open up larger pools of capital and lower dividend rates. $2 billion in fiat isn’t much when you have 740,000 BTC
5. “There’s no earnings, no dividends! It’s a pyramid scheme!” OK…what about gold?
6. Clearly does not understand the difference between currency and money.
I get annoyed with Boyle, because he has such a midwit normie take on economics and has an incomplete understanding of a lot of things. It seems like he is getting fed this stuff from somewhere.
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Given that 95% of Bitcoin has already been mined, and no actual economic value was produced in exchange for any of it (just electricity wasted), why should anyone in the future voluntarily exchange their goods/labor for Bitcoin?
Can you guys at least be honest about your fantasy of becoming neo-feudal lords via owning Bitcoin, and stop pretending that you are advocating for some sort of perfectly fair economic system? If you were actually interested in fairness and honest value exchange, you would advocate for some sort of distribution mechanism to redistribute Bitcoin out of the hands of whales (where the vast majority of it is currently hoarded) and into the hands of people who would at least theoretically use it for exchange. But literally no one in the Bitcoin space is advocating for this. They're all just trying to pump their bags.
And to be clear, I don't fault them (or you guys) for wanting to pump your bags. It's only natural. But it's just one more reason why Bitcoin will never be what you think it will be: because past a certain point, there is simply no incentive for any new players to join the game.
In a free market rising prices causes redistribution which is what will happen with Bitcoin over time whales will sell down some of their holdings to buy mansions, Ferraris, yachts, private islands etc or to diversify into other assets and other people will buy up some of those coins that the whales sell.
The only valid point in his video in my humble opinion is that the skyrocketing increase in price was due to new participants. ETFs bringing in new money (increasing demand in the hundreds of bookings).
I have bitcoin in a Wasabi wallet (mixed) sitting there “collecting dust”. But now and then (thanks to ETFs) I can now gamble the ups and downs with my IRA account (no capital gain taxes).
In a simple supply/demand view, what would be the catalyst to push Bitcoin above the $125k ATH?
Exactly...couldn't have said it better myself.
If you don't value bitcoin @scorpion why should anyone give it to you?
As far as mining creating economic value: its not the new bitcoins created that is the value provided: it is the network security. The block subsidy and fees are simply the transfer of value from the users of bitcoin, to the security providers of bitcoin.
Great idea! Like most things about bitcoin, its already been done and thought of...Enter a captcha, get 5 bitcoins!
The people that valued bitcoin...why should they give it to people who don't value it? How is that fair?
Maybe from a feminine point of view, where in the game of life, men have to run the race, while women just wait at the finish line to pick the winner...
@scorpion I'm sure you can still afford a share of the bitcoin network: If 8 billion people each had an equal share of the 21 million bitcoins, they would each have 242,000 satoshis, or about $140 in todays cuckbucks. See, you could afford an equal share of the network, if you truly valued it, but you don't, so you won't.
None of us are pumping our bags...that's the old world, the fiat world. I don't do this to try to benefit myself, I do it for the benefit of others (hard to imagine, from a fiat lens, I know)
OK I do it to benefit myself, in that it helps me test my ideas about bitcoin, and that's something I enjoy doing
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