Supply and demand is the mechanism of price discovery. The profit comes from buying low and selling high. This is known as speculation. There's no other way to profit from owning Bitcoin, aside from shitcoin forks and airdrops, that are rare and unpredictable.


Who said anything about Bitcoin use? It's a topic about the origins of Bitcoin's value.

If you could just "know about the charts" and successfully predict the price movements, everyone would be a trader. In reality it's not that easy. Studies show that amateur traders are overwhelmingly losing money. And those who make money are the whales, the manipulators, the insiders, the bots that react to market in fractions of a second.

Trying to find the absolute top or the absolute bottom can go wrong if you wait for to long and miss out on all opportunities. There's a saying "don't let the perfect be the enemy of good". It's enough to sell somewhere not too far from top and buy not too far from bottom to make a good profit with Bitcoin.

The term intrinsic value has two meanings - financial and numismatic. Financial meaning only applies to stocks and other financial instruments, it's basically an objective value of how profitable this instrument can be based on its economic performance. This is not applicable to Bitcoin, because Bitcoin generates profit purely from speculative trading. The second meaning, the numismatic one, applies to coins - it is the value of the metal a coin is made of. Bitcoin is digital, so it has no intrinsic value in this sense.

There's nothing wrong with not having intrinsic value. Gold doesn't have one, gems don't have one. In fact it's good that Bitcoin is money in pure form, just like fiat money, because other uses don't interfere with its supply and demand.

People should stop caring about these whale transactions. They don't indicate where the price would move next. And short-term price movements are irrelevant, unless you are a day trader, which no one should be, because day trading is a losers game.

Crypto journalists have nothing useful to report, because not much things happen in crypto daily, so they resort to tracking useless metrics.

You or me are not their target audience, this is the product for millionaire/billionaire Bitcoin bros.

I don't see how some expensive glowing shoes are relevant in the grand scheme of things. Some rich dude is going to wear them once to a party with other rich dudes, they may or may not laugh at him and that will be it.

What the heck is "I too know" habit ? 

And your case 2 is just a subcase of case 1 - if a person has another forum account and they have spent a lot of time on the forum, then obviously they got a lot of knowledge prior to starting their second account.

So, yeah, there's only one reason why someone is a "professional newbie" - they already have a knowledge about Bitcoin before creating that account.

Besides the exchanges using withdraw fees as their revenue, they also tend to not adopt or adopt very slowly any new changes to Bitcoin. It took them years to move to bech32, and some still did not. Also, according to developers Lightning is still not officially released, here's what they say in lnd's readme:


Exchanges would rather not take risks that could cost them a lot in case of failure.

Credit cards are all-around better for average user. If they lose their card or it gets stolen, they have a chance to save their money by reporting it to bank, getting the card blocked, reversing some transactions. It doesn't work in 100% of cases, but it's better than with Bitcoin where if someone gets your private keys, your coins are guaranteed to be stolen instantly and with zero chance of getting them back. And compared to non-LN Bitcoin, payment cards have much faster confirmation times and lower fees.

Sure, Bitcoin has advantages like control over your money, better privacy if you use it right, and so on; but from the point of view of regular people, those things aren't really important. Bitcoin is a solution to a problem that is not a problem to most people.

This is bad, we should be discouraging people from using any hot wallets for non-trivial amounts, but now there's a risk that lots of ETH fans would pick Metamask as their wallet of choice when they will deal with Bitcoin. Airgapped computer or a hardware wallet should be the default option for any beginner, it's critical that people begin their Bitcoin journey with good habits and will save them from catastrophic failures in the long run.

"Fiat bad, Bitcoin good" is such a simplistic view, it ignores all the nuisance and practicality of Bitcoin use. Inflation is not a secret to anyone, but crypto can't magically fix it. Imagine you are a worker, you get your monthly salary and convert it into BTC - and it solves nothing in short term. Bitcoin is not growing 1:1 in response to inflation. The price of goods grows, your salary does not and Bitcoin moves randomly in short term. Bitcoin offers nothing to people who live on a tight budget, because they can't afford to make any savings and benefit from the long-term growth. And people who can save money can put it into a wide variety of assets, so it's not like Bitcoin is a game changer. Gold has recently acted as a much better counter-inflation and counter-risk asset.

The bottom line is, Bitcoin is still a high risk high reward investment and not a reliable financial tool for harsh times.

It's already unfeasible for a lot of people to own metal detectors, especially at the times of crisis, but low-grade consumer metal detectors won't cut it, they won't tell the exact content of gold, which leaves a lot of room for fraud.

Switching to precious metals creates more problems than it solves. Currencies don't lose all their value overnight, so on practice people keep most of their wealth in some store of value and have a small portion of their wealth in fiat currency for daily spendings and small emergencies.

I think it all started with Saylor. The guy rose from one of many no-name multi-millionares/billionaires to #1 Bitcoin celebrity/influencer/guru. Then a lot of other people realized that proclaiming support for Bitcoin is an easy way to boost their following and get attention. And I have no doubts that Bitcoiners would support Hitler, or shall I say Putin, if he flirted with an idea of making Bitcoin a legal tender, and would defend him against any criticism. That's because a large portion of Bitcoiners seeks validation and recognition from the mainstream, while simultaneously proclaiming how they are against the mainstream.

Also, SegWit2x was the first major attempt to hijack Bitcoin and turn it into a business managed by a conglomerate of companies like BitMain, Coinbase, BitPay.

The guy said that at the beginning the food wasn't healthy. So saving thousands of dollars in the short term could cost him thousands of dollars later, especially with the insane costs of American healthcare.



There's not enough of such opportunities for all the struggling people in any given country. They shouldn't be used to dismiss the concerns of poor people.

Governments around the globe are very-very strict about their citizens creating their own currencies. If someone tried to mass-produce precious metal coins, or any coins really, they would very quickly get visited by law enforcement.

And why would any government want to implement a gold and silver standard in case of war or natural disaster? It takes away their ability to print money to cover the immediate spendings.

Now I'm curious about the stats of percentage of Bitcoin donations in various organizations. Wikipedia is a very big and very mainstream organization, so it makes sense that Bitcoin donations are just 0.08%. I would assume that percentage is higher in situations when it's harder to deliver money, like donating to political dissidents in Russia, China, Belarus. Bitcoin shines when other options are hard to use, and such cases are rare in stable, free and peaceful parts of the world.

There is no difference between a bank and a crypto exchange with a payment card and an ATM. Both are custodians that see all your transactions that you conduct with them, have your KYC information, potentially sell your private information to third parties, can freeze your account or transactions, and will work with government agencies against you. Exchanges are becoming more and more like "crypto banks". And stablecoins are the new bank notes.

It's something that I have noticed in Bitcoin community a long time ago is that many members are looking at the world through the prism of Bitcoin. They are ready to support any politician who makes some positive comments on Bitcoin, even if that politician is rotten to the core or is a criminal. And the knee-jerk "this is good for Bitcoin" reaction to any crisis in the world is a legitimate example of lack of empathy, which is by definition psychopathy.

And the love for vague conspiracy theories about "the global rich elites" is also a pretty negative trait, as it is often used to reject everything mainstream without any arguments.

And the tendency towards accelerationism that you have mentioned is also a negative and psychopatic trait, nothing good ever came out of accelerationism.

I'd say, context can change a lot of things. On its own using this pattern is technically a plagiarism, but no harm or deception is done. But if there was some competition to create a signature or some promotional material, and you just posted these characters as your own, that would clearly be unethical.

While Bitcoin itself is 13 years old, it only started entering mainstream in 2017, and 2021 bull run was a large jump in terms of institutional awareness.  So, it will take another 10-15 years before Bitcoin solidifies its position as mainstream asset, and since halvenings will have less and less effect, Bitcoin market could become less volatile and will be viewed as less risky.

I personally don't worry that Bitcoin adoption is not as high as we might have wanted, or that it's not universally perceived as a safe haven, because it will be a very-very long process.

It would generate some short-term hype and that would be it. 99% of transactions will still be done with fiat. Lets go back to history and look what happened when Steam was allowing gamers to pay with Bitcoin - Bitcoin payments were just a tiny amount of all purchases, Steam dropped Bitcoin and absolutely nothing bad happened to their business. Like it or not, Bitcoin is mostly used as an investment/store of value/asset for trading. Even Bitcoiners don't hurry to pay with Bitcoin when they can.