11–20 of 57 posts
From back in June, a prediction that Bitcoin would catch up with the S&P 500 based on the historical correlation:
https://cointelegraph.com/news/bitcoin-sp-500-correlation-me...
People are getting tired of banks and money printing
Here is the easiest way I can explain it: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin…
Here is the easiest way I can explain it: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin…
This is a really good interview by Michael Saylor who was an early investor in FANG companies on what his thinking was for investing his companies reserve cash of $400mil in Bitcoin https://youtu.be/Cg10yYZjK94 His conclusion is that Bitcoin is a disruptive currency. It is equivalent to how Facebook disrupted and captured social, Amazon disrupted retail, Google disrupted info. Bitcoin is disrupting centralized contro…
Here is the easiest way I can explain it: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin…
The only reason anything has value is if people value it...value itself is a social phenomena, and this includes any type of monetary vehicle, whether a government backs it or not. And maybe I have been living in a fantasy world, but your comment about literally all other commodities on earth not being constrained is literally wrong. The study of economics and wealth is rooted in scarcity and the ability or inability…
On commodities, if there is strong demand for gold, uranium, corn, etc. the market can respond and invest more capital into creating them. Bitcoin - not so. No matter how much more capital is invested in mining, the rate of inflation is fixed, and the pie is just split differently. But there cannot be an influx of new Bitcoin above what is specified in the protocol.
Here is the easiest way I can explain it: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin…
The only reason anything has value is if people value it...value itself is a social phenomena, and this includes any type of monetary vehicle, whether a government backs it or not. And maybe I have been living in a fantasy world, but your comment about literally all other commodities on earth not being constrained is literally wrong. The study of economics and wealth is rooted in scarcity and the ability or inability…
That's not totally true, certain things have a more fundamental value in that if you don't get them you die, such as food and shelter. If we were ethereal economic agents living on a free and infinite compute substrate you could say that, in the meantime the Maslow hierarchy makes certains things have intrasical value that other things don't have.
Earlier quoted context omitted.
This is a really good interview by Michael Saylor who was an early investor in FANG companies on what his thinking was for investing his companies reserve cash of $400mil in Bitcoin https://youtu.be/Cg10yYZjK94 His conclusion is that Bitcoin is a disruptive currency. It is equivalent to how Facebook disrupted and captured social, Amazon disrupted retail, Google disrupted info. Bitcoin is disrupting centralized contro…
Then why hasn't it done any of those yet? Bitcoin came out in 2009, Facebook opened its doors to the public in 2006. One achieved world dominance, the other still can't get out of being darknet money.
Aside from extortion and ransoms which are still bitcorns, you're unlikely to use anything but monero, zcash or maybe eth for illicit purchases these days.
Earlier quoted context omitted.
This is a really good interview by Michael Saylor who was an early investor in FANG companies on what his thinking was for investing his companies reserve cash of $400mil in Bitcoin https://youtu.be/Cg10yYZjK94 His conclusion is that Bitcoin is a disruptive currency. It is equivalent to how Facebook disrupted and captured social, Amazon disrupted retail, Google disrupted info. Bitcoin is disrupting centralized contro…
Then why hasn't it done any of those yet? Bitcoin came out in 2009, Facebook opened its doors to the public in 2006. One achieved world dominance, the other still can't get out of being darknet money.
The bitcoin github and subreddit were taken over by a group of people that just wanted to make a centralized second layer that they could sell. They used (and still use) lies, propaganda and heavy censorship to keep the transaction capacity at only a few per second. Floods of incoming people that had no in depth understanding were and still are unaware that /r/bitcoin was like /r/thedonald - anything (even questions) against the (technically ridiculous) propaganda message that more than a few kilobytes per second in transactions would be a disaster was deleted and the user was banned or shadow banned.
This is not controversial, you can still check out /r/bitcoin
Cryptocurrency in general is an idea whose time has come. Electronic currency that can be used without permission from a third party has many enormous advantages. The original bitcoin chain is nonsense and has been a disaster for the last 7 years.
Here is the easiest way I can explain it: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin…
>unlike literally all other commodities on earth, the supply of bitcoin is truly constrained
BTC is not a commodity, so there's no point comparing it to "other" commodities, of which in fact there are true constraints.
> cannot be anymore made in response to demand above the normal rate of inflation.
above? BTC does not track "normal" rate of inflation.
the only reason BTC has value is because it can be swapped for fiat currency. it will never be its own "thing".
> Bitcoin is a social phenomena - no government or company backs it.
This is almost correct. China controls >50% of mining resources, much more in fact. 65%. If and when it suits them, they can ruin it.