> There have been numerous Bitcoin theses over the years and they’re all broken.
Indeed.
Indeed.
It is true that the market can remain irrational longer than you can remain solvent, but it's also true that you can remain irrational longer than you can remain solvent.
Beyond that core value, do what you wish with it or not.
It's just a tech stack that has potential value, it is not the end all be all of value networking, or value-as-a-protocal but it's insanely useful in driving innovation in this space.
Forest from the trees and all that.
Yes, it will be around. But beyond the idea it represents, and the technological invention that is blockchain, there is no value. This is marketing and ideas you invest in.
Planned economies haven't worked. Market economies have some clear inefficiencies and potentials for destabilizations. Applying data transparency and tracking to a market economy using supply chain blockchains has the potential to enable more decentralized planning to build better options.
>Doesn't know what PoE is and the value it's provided to businesses already, thinks he is an expert on how it has no value.
You might want to look that up before you say silly things. I'm curious to see the goal post moving you are about to do.
As I said, use it or don't, just because you can't doesn't mean others are wrong lol
Bitcoin had a market cap of $1.2 trillion in November. That becomes harder to sustain when quantitative easing is slowing, when the fed funds rate is slowly rising with indications of it rising more in this year if inflation is where it is etc.
It's the problem of all successful Ponzi schemes - eventually they grow too big and implode.
And besides, twelve recession-free years doesn't mean a whole lot for a brand new class of currency. We'll see where money goes when there's nowhere good to invest it AND fiat currency is being inflated like crazy.
If you parked your money in Bitcoin on Jan 1 because you were worried about inflation that was coming, today that money would only have about 60% of the purchasing power.
We're literally seeing that now. The money is flowing out of BTC even faster than all the other investments losing value.
The original article is overstated and lacks nuance, but he's not wrong on that point.
Yes, but other than that, how did you enjoy the play, Mrs. Lincoln?
> We're literally seeing that now. The money is flowing out of BTC even faster than all the other investments losing value.
Yes, currently BTC apparently isn't becoming more valuable. But that's not all that relevant to people who're interested in it for the sake of inflation / store of value.
...that can collapse in value at any time, without regard to real-world economics.
Should I really park my retirement savings in Bitcoin, to ensure they don't get inflated away?
Rural land is a slightly different story, as there is some underlying productivity there (e.g. agricultural use, or maybe there's something to mine), but tundra real estate doesn't sound like a great buy.
Like… buy a piece of farmland instead. Buy oil or steel. Buy something that has some value.
It’s very likely Bitcoin randomly goes to 0. I can’t imagine a long term world in which a random plot of land in Nebraska goes to 0….