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)

  1. Technobabble: Crypto evangelists make Bitcoin seem like the future, they talk in sexy terms like blockchain, decentralized finance

  2. Libertarian Derp: People think the government money is going to fail any second now and they want security

  3. 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

  4. 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

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Comments (19)

Controversial
May 23, 2021 - 4:04pm

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.

أمنيتي الوحيدة: جنسي مثلي الجنس العربدة وقذف القضيب

I bear witness that there is no deity but Allah, and I bear witness that Muhammad is the messenger of Allah.

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May 23, 2021 - 8:03pm

Salafi-Jihadi Sheikh Abu Muhammad al-Maqdisi

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.

These weirdos shouldn't be allowed on WSO, only a matter of time before they get us all on a watch list. 

May 23, 2021 - 4:45pm

Drumpfy

Kraken needs you to wire money

Just get Coinbase, buy Bitcoin on there from your bank and then send the Bitcoin to Kraken. 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

May 23, 2021 - 6:28pm

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 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

May 23, 2021 - 5:34pm

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: 

  1. You're bullish because you're impressed by meaningless technobabble?

  2. 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. 

  3. 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

  4. 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.)

To live is to suffer, to survive is to find some meaning in the suffering.

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May 23, 2021 - 7:06pm

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

May 23, 2021 - 8:04pm

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. 

To live is to suffer, to survive is to find some meaning in the suffering.

May 23, 2021 - 10:06pm

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"?

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May 23, 2021 - 10:22pm

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