A lot of good stuff here, but some things I didn’t know about gold, the paper gold market breaking in 2013, and government afraid of a rapid rise of gold prices breaking the financial system at 1:24:45
Bitcoin was $16k when Jani posted this video 2 years ago…now it’s $100k
He makes the same mistake of most NPCs - conflates bitcoin and cRyPto, and does not understand what money is
I can defeat any point in this video.
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None of the criticisms in the video have anything to do with the current trading price of Bitcoin or any other crypto.
Pick any timestamp and I will post a rebuttal
Not that interested. People can watch the video and come to their own conclusions.
That’s the problem…if you aren’t interested, stop cluttering the thread with noise.
Not your job to police my posting, or anyone else's for that matter.
As a midwit, I honestly have no idea who's right about BTC. I do hold some, have no idea what to do with it. I mean to say that I'm not as bullish on it as you are, but nowhere near as negative about it as scorpion. When I first got interested in BTC it seemed like a no brainer: basically digital gold, something sorely needed in a world economy based on fiat but also on electronic transactions that you can't do with physical gold. Perfect hedge against inflation, I thought. But then for some reason when inflation hit with COVID, BTC crashed. Now it's up again, I guess because Trump likes it now. So who knows.
Anyway, lest I ramble too long, I'd love to hear you address this if you feel like it (13:15 if the link doesn't work). Basically that everyone sees BTC as an investment, not a currency and that it's therefore essentially a Ponzi scheme.
Video featured in the 13:15 timestamp…dude says buy $1 worth of BTC in 2013…(BTC price was about $100 then)
Trump had a short term effect on BTC price, but it was going to happen anyway due to the halvening and the monetary debasement everyone knows is coming.
Many facets to this, so I will try to chunk it into paragraphs.
Bitcoin is not used (widely) as a currency, this is true. Fiat money works fairly well in developed countries, so there isn’t a need to transact in Bitcoin, unless you want to buy things or send money to people that the government doesn’t want you to (for example, ivermectin and other drugs during Covid, watches from Russia.). All things that would be harder for me to obtain with fiat money.
Calling Bitcoin a “cryptocurrency” is a failure of language. Calling it a currency traps your brain in a box, and that box is the world as it is now - government fiat currencies, that are a historical aberration of the last 100 years, and especially the last 50. A better term for Bitcoin is what was used in the book The Sovereign Individual: How to Survive and Thrive During the Collapse of the Welfare State. That term is “cyber money”. Bitcoin is money, now, the same way that gold, or stocks, or real estate, or bonds, are used as money. Eventually, I believe it will be the dominant money, and replace government currencies as a way to exchange value, and a measure of that value.
Ponzi scheme:
In many ways Bitcoin is quite similar to gold. It is scarce, a lot of it exists, relative to the new amount being created, and producing more is expensive. Is gold a Ponzi scheme? Is gold just a “greater fools” scam, where old investors steal from new ones? What about manhattan real estate? If you bought 1 block of manhattan in 1770 for $1000, and sold it to a developer in 1830 for $10,000, did the developer get scammed? The family who paid $10k in 1830 then sells the manhattan block for $10M in 1970 to another…today that block is worth billions …who got scammed? It just became more valuable over time, as a scarce thing became more useful to more people over time.
Scarcity vs abundance mindset:
Fiat money is abundant, and it makes everything else scarce - (healthy) food, housing, energy, healthcare - things that require human time and effort to produce.
Bitcoin is scarce, and people who use Bitcoin experience more abundance of human time - their own, and their claim on others’ time. Everything becomes more abundant on a Bitcoin standard.
In the current fiat world we live in, people tend to think of everything as zero-sum. In order for someone to gain, someone must lose. This is not how real money and trade work, but it is how the current debt slavery system works. Banks and governments win, you lose.
In a free market, with capital money (hard money, not debt based), everyone wins. If you have 2 lawnmowers at your house, and you only need 1, and I don’t have a lawnmower, I will pay you $100 for the lawnmower and benefit from using that for cutting my grass. You would rather have the money than the lawnmower. Not only that, but I paid you more money than the lawnmower was actually worth to you (or you would have kept it.). However, at the same time, the lawnmower is worth far more to me than the $100 I gave you. WE BOTH GAINED VALUE. In a free market transaction, there are no losers, only winners.
Economics being framed as a zero-sum game of tricking people into spending their money is more Keynesian brainwashing, designed to excuse money printing.
In the same way, Bitcoin is not zero-sum. Everyone who has ever bought bitcoin, EVER, is winning. The people who SOLD their bitcoin to supposed “greater fools” are the actual fools. Think about this from first principles. If you bought bitcoin at any time in its 15 year history, it will buy more today for you than it did when you bought it. The losers are every person who ever traded their bitcoin for fiat money - because the actual scam is fiat.
Bitcoin makes all time highs every 4 years, it will continue doing so, every 4 years, forever. What “bubble” ever did that?
There is nothing wrong with trading Bitcoin to upgrade your life…if I had sent Laszlo 2 papa John’s pizzas for 10,000 BTC in 2010, I would spend a few bitcoin to buy myself a nice piece of land and a house, maybe an airplane. Those things would have more use to me than the 50 BTC out of my 10,000 BTC stack. If I only had 1 BTC, and I’m trading it for $100k federal reserve notes, I’m the fool.
Fiat money is abundant, and it makes everything else scarce - (healthy) food, housing, energy, healthcare - things that require human time and effort to produce.
Bitcoin is scarce, and people who use Bitcoin experience more abundance of human time - their own, and their claim on others’ time. Everything becomes more abundant on a Bitcoin standard.
In the current fiat world we live in, people tend to think of everything as zero-sum. In order for someone to gain, someone must lose. This is not how real money and trade work, but it is how the current debt slavery system works. Banks and governments win, you lose.
In a free market, with capital money (hard money, not debt based), everyone wins. If you have 2 lawnmowers at your house, and you only need 1, and I don’t have a lawnmower, I will pay you $100 for the lawnmower and benefit from using that for cutting my grass. You would rather have the money than the lawnmower. Not only that, but I paid you more money than the lawnmower was actually worth to you (or you would have kept it.). However, at the same time, the lawnmower is worth far more to me than the $100 I gave you. WE BOTH GAINED VALUE. In a free market transaction, there are no losers, only winners.
Economics being framed as a zero-sum game of tricking people into spending their money is more Keynesian brainwashing, designed to excuse money printing.
In the same way, Bitcoin is not zero-sum. Everyone who has ever bought bitcoin, EVER, is winning. The people who SOLD their bitcoin to supposed “greater fools” are the actual fools. Think about this from first principles. If you bought bitcoin at any time in its 15 year history, it will buy more today for you than it did when you bought it. The losers are every person who ever traded their bitcoin for fiat money - because the actual scam is fiat.
Bitcoin makes all time highs every 4 years, it will continue doing so, every 4 years, forever. What “bubble” ever did that?
There is nothing wrong with trading Bitcoin to upgrade your life…if I had sent Laszlo 2 papa John’s pizzas for 10,000 BTC in 2010, I would spend a few bitcoin to buy myself a nice piece of land and a house, maybe an airplane. Those things would have more use to me than the 50 BTC out of my 10,000 BTC stack. If I only had 1 BTC, and I’m trading it for $100k federal reserve notes, I’m the fool.
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@scary_robot_music
I suggest watching this for a very well thought out explanation of how bitcoin changes the current system
I suggest watching this for a very well thought out explanation of how bitcoin changes the current system
Interesting video on network effects, growth, and how price is proportional to number of network connections in Bitcoin.
You sell in the bull market, buy back in the bear market and hold for another 3.5 years
For example if you see Bitcoin get to maybe 120000 you sell half. You see it make another big pump you sell half of what’s left. If you see it make another big pump you sell half of what’s left. At some point in the next 18 months it dumps back to 40-60000 and you buy back.
Repeat every 4 years except each time will be higher highs and higher lows .
Bitcoin is the one coin it’s ok to be a maxi for (you buy no other coins)
I know there are xrp maxis and kaspa maxis out there and they are insane. They insist kaspa is the next big crypto. It could be but maybe not
I’ve Also seen guys say xrp is going to $1000 per coin which would also be insane
Not financial advice. Buy what you want. Go all in on Kas or Xrp if you want but I wouldn’t recommend it
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