I HATE BITCOIN SO MUCH but I'm bullish on it
Personally I think that Bitcoin is a collossal waste. It's been around for a decade and nobody uses it for anything but drugs and speculation, getting all the verification and depositing money is hard and frustrating (Binance rejected my address cause it was a PO Box, Kraken needs you to wire money) Transferring money takes hours and
But there are 4 reasons I'm still bullish about it. (Mix of Krugmans opinion piece and my own opinions)
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Technobabble: Crypto evangelists make Bitcoin seem like the future, they talk in sexy terms like blockchain, decentralized finance
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Libertarian Derp: People think the government money is going to fail any second now and they want security
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Getting rich quick: For a lot of people Bitcoin has been a get rich quick scheme that actually works, my cousin bought fake IDs with 1000$ of Bitcoin in 2013, if she hadn't spent the money she'd be very wealthy, everyone has a story like this
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Shaming: "Stay poor" is a strong phrase. It can really make people who worked all day bitter and jealous of those who got rich from fake coins so they eventually get into Bitcoin too. See the "Anyone else sick of Dogecoin" thread
Even though Bitcoin tanked from its ATHs, I feel like younger people in finance and tech will continue to apply pressure to their bosses and drive more institutional investment into Bitcoin
Islam considers commodities with intrinsic value as currency. The following are some examples of commodities that can be used as currency: gold (as Gold Dinar), silver (as Silver Dirham), dates, wheat, barley, and salt. Bitcoin has no intrinsic value and I hope Allah instills terror in Satoshi Nakamoto and smites him above his neck and smites all of his finger-tips off of him.
Bruh stop
dude fuck off.
People like you is why I left Islam.
I’m converting under his guidance
These weirdos shouldn't be allowed on WSO, only a matter of time before they get us all on a watch list.
I don’t understand how people like you exist
It be like that sometimes
Just get Coinbase, buy Bitcoin on there from your bank and then send the Bitcoin to Kraken.
Slightly lower fees ($10 maybe) if you buy lite coin instead of BTC, and on Coinbase pro instead of regular Coinbase before sending it over
Nice
In general, I think it's fair to be bullish on crypto due to recent history but the question about speculative markets is who's left picking up the pieces when the music stops. Below are just my thoughts on your points:
You're bullish because you're impressed by meaningless technobabble?
The notion that crypto is safer than fiat currency is retarded as hell as gold is more scarce and, more importantly, tangible and has not seen nearly the same run-up as crypto so I don't think this is a good reason to be bullish on crypto.
I agree with this. The only reason to be bullish on crypto is if you believe that there's a greater fool out there and recent history would support such an opinion
I think this is the same sentiment as number 3 as it's an extension of the FOMO of seeing others get rich quick, nothing new (meme stocks etc.)
I'm not impressed by technobabble nor libertarian derp, but others are. They aren't normal investors, when they buy Bitcoin they think they're getting a world changing technology, better monetary policy, and a ticket to a comfortable life all in one. That's why Bitcoin has survived so many bubbles
I don't think bitcoin has "survived many bubbles" as the bubble never really popped since 2017. Perhaps retail investors are impressed with the meaningless rhetoric surrounding crypto but I think that's mostly due to the fact that they believe their own bullshit and will buy into whatever view supports their buying into a get rich quick scheme.
As aspiring quant...ms in comp sci. Please tell me you have at least read the white paper?
Read up on strike network?
Why would you ever use the strike network for Bitcoin in particular?
Why not just do a similar thing for USDT or USDC? I don't think people will ever sell things for a specific amount of Bitcoin due to price fluctuations, every time I've heard it, it's "50 dollars in Bitcoin"?
Totally fair. That is a major debate still among miners / exchanges / community. First will be when BTC moves to a “pos” style system and then if upgrades in tech make it easier to use. So seems you are not questioning the greater decentralization/fintch uses but more so why BTC (coin in particular) needs underlying value which yes is a tougher argument.
The reason BTC won the 2017-2018 “crypto wars” that it became a direct brand for those who wanted to grow crypto awareness, no one focused on usability/stability of it at the time was solely we need to grow BTC to grow “cyrpto awareness” that said ETH was still very infancy stage back then and far from going to “pos” and no where near defi expansions we saw come in last 8 months (NFTs was a mere series or white papers).
Truly think satoshi wanted BTC to end being digital gold and the whales are leading us there. Companies like SQ will hold BTC on their balance sheet but use as you mentioned other coins to in everyday use. BTC just may reach a “too big to fail” following by the time it hits “pos”.
I always thought ETH is way more useful than BTC and its various functions showing now. But people still trade gold/silver these days.
Jim Rogers in a recent interview actually said he likes “gold” cause it lets him buy food if the world end, but “btc is on my phone and if power is out in texas cant use it...”. Was rather laughable comment by him. But you gotta think the next generation of Jim Rogers out there think the same way.
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