Always intrigued by different perspectives... although it pains me to read some of what you say, I can't really disagree. I do believe in the longevity of bitcoin and to me it is a glimpse of hope against the potentially dystopian world we're heading towards but greed, price expectations and the sentiment cycles are definitely fuel for the fire which a few will capitalise on more than others, thanks for sharing.
Maybe, Maybe not. I respect your taking a hard stance on the issue. So many variables at play but I take the fact that Bitcoin strives on easy money. If the FED cant get inflation back near the 2-3% target long-term. I might agree with you. If I had too guess. Money printing will continue over the long-term as far as the eye can see and leave open a window for alternative investments. I do not believe Bitcoin has hit all-time highs.
I couldn't agree more with it from start to finish. I am a Bitcoin investor, but there is nothing here apart from speculation on sentiment. As soon as you understand that, you can hopefully take advantage.
You seem to have understood the article perfectly. Some may interpret this as contradictory to myself. Anti-Crypto or Bitcoin. A bear. But that is not true, I use and buy it, however I I also understand how it truly works, which is the key to my success. Being wrong about this would actually be wonderful for everyone, as it means more success for those in crypto. But being successful here shows you just how twisted and dirty the Bitcoin road is. One that many will never see be able to see.
This is indeed an interesting and very honest take.
I think the truth is somewhere in the middle. To understand the history of Money one of the best books imo is broken money from Lyn Alden where she goes through how money in different societies came into existence and what separates good money from bad money.
Bitcoin has all the traits of good money but that does not automatically mean it will come through as legal tender in many jurisdictions.
@cryptocon What's your opinion on gold then? Also a Ponzi scheme? It's just a shiny rock with a predictable stock to flow until humans find massive deposits that are easier to dig out of the ground.
While I appreciate the perspective you've shared, there are several aspects I disagree with, and I'd like to address them directly:
1. Historical Performance: You mentioned that Bitcoin didn't reach the 100k prediction. While this is true, many traditional stocks and investments also haven't reached certain projections. That doesn't necessarily deem them as scams. Investment is inherently speculative and unpredictable.
2. Inherent Value: You suggest Bitcoin has no intrinsic value compared to stocks in companies. However, value isn't only derived from physical products or services. Bitcoin's value stems from its decentralized nature, limited supply, and the fact that it's a solution to problems like double-spending. It costs real energy to produce it.
3. Emotion & Investment: While it's true that many investors in crypto are emotionally driven, the same can be said for any other asset class. It's not unique to Bitcoin or crypto. Remember the dot-com bubble or even housing bubbles?
4. Fiat & Bitcoin: The critique of fiat isn't necessarily about its immediate utility (like buying food), but more about its long-term store of value, which is eroded by inflation. Bitcoin seeks to address this. Lightning Network is already used, both on Nostr, you can send 1 sats to people. Or for example in El Salvador IRL.
5. Technology Aging: Technological relevance isn't solely about when it was created, but its continued adaptation and innovation. By your logic, the internet, which has been around for decades, would be "old" and not early, yet its evolution and relevance continue. I would argue, the very worth of Bitcoin is that it cannot be changed easily. It's good to have something that never can be more than 21 million. Every other crypto is centralized, meaning, governments can corrupt the owners and the coin.
6. Bitcoin's Purpose: The original purpose of Bitcoin, as per Satoshi's whitepaper, was a peer-to-peer electronic cash system. Its evolution into a store of value or "digital gold" isn't a deviation but an adaptation to market needs.
To conclude, while healthy skepticism is crucial in the world of investments, painting Bitcoin with a broad brush as a "lie" overlooks its nuances and the genuine belief many have in its potential.
For example, for every one-sided promotion of Putin as a bad guy in the western mainstream media, the fact is that Putin is at least a hero for saving the people of Eastern Ukraine.
For all the government publicity that vaccines are safe and effective, the fact is that vaccine deaths actually outweigh deaths from covid19.
I learned that what everyone is saying is often not true.
This issue has been very useful to me because it cools down my overconfidence in bitcoin.
Always intrigued by different perspectives... although it pains me to read some of what you say, I can't really disagree. I do believe in the longevity of bitcoin and to me it is a glimpse of hope against the potentially dystopian world we're heading towards but greed, price expectations and the sentiment cycles are definitely fuel for the fire which a few will capitalise on more than others, thanks for sharing.
Of course! Even if it turns out to be wrong it will be better for everyone! But I do believe it is the truth. Time will tell, thank you for reading!
Maybe, Maybe not. I respect your taking a hard stance on the issue. So many variables at play but I take the fact that Bitcoin strives on easy money. If the FED cant get inflation back near the 2-3% target long-term. I might agree with you. If I had too guess. Money printing will continue over the long-term as far as the eye can see and leave open a window for alternative investments. I do not believe Bitcoin has hit all-time highs.
I couldn't agree more with it from start to finish. I am a Bitcoin investor, but there is nothing here apart from speculation on sentiment. As soon as you understand that, you can hopefully take advantage.
You seem to have understood the article perfectly. Some may interpret this as contradictory to myself. Anti-Crypto or Bitcoin. A bear. But that is not true, I use and buy it, however I I also understand how it truly works, which is the key to my success. Being wrong about this would actually be wonderful for everyone, as it means more success for those in crypto. But being successful here shows you just how twisted and dirty the Bitcoin road is. One that many will never see be able to see.
Great insight brother
Thanks so much Alireza!
This is indeed an interesting and very honest take.
I think the truth is somewhere in the middle. To understand the history of Money one of the best books imo is broken money from Lyn Alden where she goes through how money in different societies came into existence and what separates good money from bad money.
Bitcoin has all the traits of good money but that does not automatically mean it will come through as legal tender in many jurisdictions.
@cryptocon What's your opinion on gold then? Also a Ponzi scheme? It's just a shiny rock with a predictable stock to flow until humans find massive deposits that are easier to dig out of the ground.
Since writing this article, I would actually start to agree with you.
I think most things are more grey than they are black or white.
Whether Bitcoin is valuable or not is determined solely by those who use it, as it is all relative, same as gold.
Although, Gold does have some tangible value like decoration and its conductive qualities.
While I appreciate the perspective you've shared, there are several aspects I disagree with, and I'd like to address them directly:
1. Historical Performance: You mentioned that Bitcoin didn't reach the 100k prediction. While this is true, many traditional stocks and investments also haven't reached certain projections. That doesn't necessarily deem them as scams. Investment is inherently speculative and unpredictable.
2. Inherent Value: You suggest Bitcoin has no intrinsic value compared to stocks in companies. However, value isn't only derived from physical products or services. Bitcoin's value stems from its decentralized nature, limited supply, and the fact that it's a solution to problems like double-spending. It costs real energy to produce it.
3. Emotion & Investment: While it's true that many investors in crypto are emotionally driven, the same can be said for any other asset class. It's not unique to Bitcoin or crypto. Remember the dot-com bubble or even housing bubbles?
4. Fiat & Bitcoin: The critique of fiat isn't necessarily about its immediate utility (like buying food), but more about its long-term store of value, which is eroded by inflation. Bitcoin seeks to address this. Lightning Network is already used, both on Nostr, you can send 1 sats to people. Or for example in El Salvador IRL.
5. Technology Aging: Technological relevance isn't solely about when it was created, but its continued adaptation and innovation. By your logic, the internet, which has been around for decades, would be "old" and not early, yet its evolution and relevance continue. I would argue, the very worth of Bitcoin is that it cannot be changed easily. It's good to have something that never can be more than 21 million. Every other crypto is centralized, meaning, governments can corrupt the owners and the coin.
6. Bitcoin's Purpose: The original purpose of Bitcoin, as per Satoshi's whitepaper, was a peer-to-peer electronic cash system. Its evolution into a store of value or "digital gold" isn't a deviation but an adaptation to market needs.
To conclude, while healthy skepticism is crucial in the world of investments, painting Bitcoin with a broad brush as a "lie" overlooks its nuances and the genuine belief many have in its potential.
Regards,
Mattias
Things must always be seen from both sides.
I always try to get contrary information as well.
For example, for every one-sided promotion of Putin as a bad guy in the western mainstream media, the fact is that Putin is at least a hero for saving the people of Eastern Ukraine.
For all the government publicity that vaccines are safe and effective, the fact is that vaccine deaths actually outweigh deaths from covid19.
I learned that what everyone is saying is often not true.
This issue has been very useful to me because it cools down my overconfidence in bitcoin.