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So I was at a happy hour and a couple of colleagues brought up the subject of Bitcoin out of the blue. It was all I could do to bite my tongue, none of them know I own any bitcoin and never will.
So one of them brings up the old, tired Peter Schiff argument of "Well at least Gold has intrinsic value. You can make jewelry out of it. Bitcoin has no intrinsic value."
So I look at him and casually say, "So you can make jewelry out of gold. Fair enough. So what then, gives jewelry value?"
That look on his face when his brain seemed to completely lock up for about a minute was priceless.
And then when his brain started processing again, of course comes the requisite reply, "Um, what do you mean? Because jewelry...has gold in it?"
People simply don't understand the philosophical basis for human's valuing anything. Everything is just taken for granted.
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Prints walls of text (worse that JJG) either directly or indirectly bashing Bitcoin, or promoting and pumping BCash. Or both. On a BITCOIN subforum thread called WO. Where people don't talk about BCH much (an altcoin!!) because they don't fucking care. But you not only want to passingly mention BCH, you want to ARGUE and shill for it ad nauseam. In fact, you don't ever discuss or debate anything in an unbiased/agnostic fashion, or even in a pro-Bitcoin fashion. You have a VERY CLEAR anti-Bitcoin agenda. Everything with you is anti-Bitcoin, anti-Core, anti-small block, anti-LN, and BCash is da greatest shit evar! You are just constantly spewing anti-Bitcoin propaganda in every post. And yet the troll wonders why his posts are getting culled from the Bitcoin WO thread? Really?  And now you create a separate thread to whine about it like a little girl? You're a known troll and a BCH shill, jbreher, and everyone knows it. Get a life, man. Go back to the BCH forum or subsection.  |
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There's a difference. Even Wu won't claim BCH is Bitcoin. He says it's something different. At least he's honest about it.
I wonder. Can you even coherently and without contradiction use the terms "honest" and Wu in the same sentence? I will concede that you are likely only referring to Wu's rhetoric in regards to BCH NOT being bitcoin, but still, he seems to be such a sneaky destructive slime ball in so many other regards, that it causes me to believe that you may have by giving him too much credit in suggesting that he is "honest" some regard, because I tend to think of honesty as a more deeper character description rather than just some words that are used in a narrow context that happen to be truthful (this time). Like Trump blasting Sen. Franken-groper, but not Moore, his buddies nor himself, the Groper-In-Chief. Now...back to our regularly scheduled Moon shot.... Sen. Franken-groper didn't blast himself either all that time and that photo of him kidding on he is about to grope a sleeping soldier to me is creepy and just totally wacko for a man in his position. If the media made a fuss over the Trump audio tape they should surely roast Franken more than they are doing and demand an apology too. Agreed. All these creepos need to be outed. Sexual harassment has no place in politics or anywhere else. But let's clarify one thing.... that woman was neither a soldier, nor very demure. https://www.google.com/search?q=leeann+tweeden&client=firefox-b-1&source=lnms&tbm=isch&sa=X&ved=0ahUKEwi-pMil8sbXAhXIQiYKHbOxBugQ_AUICigB&biw=1093&bih=503 |
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So a thought occurs. Many of us were eager to tell everyone about bitcoin when we first got into it, but over time have transitioned to a kind of... "meh" stage, where we let people come to us and only deal out information sparingly. Which is completely normal and reasonable, given how humans operate.
But how far does that reach? When the collapse eventually happens and we become some of the few people who are still doing alright, will we still have the same indifferent attitude to people? How will things go?
Eh, after seeing the backlash online years ago from people telling their friends, family, colleagues, etc. about Bitcoin and getting nothing but shit and ridicule, my attitude remains to keep it to myself and not discuss with anyone. You can lead a horse to water and all that. I'm not sure what "coming out of the darkweb closet" moment Bitcoin will finally have when it is legitimized in the public eye and people can discuss their involvement openly and freely without fear of ridicule or condescension. When Bitcoin is finally seen as solid, financial game-changer and a force to be reckoned with. Going to $50K in a year? Amazon adopting it? Apple endorsing it? Google? A whole country? Buffett? The market crashes but Bitcoin goes up? Who knows what it will be, or when. |
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Belief is not what gives value to gold or anything else.
And with that idiotic failure of recognition at the heart of the argument, I'm out. TheQuin summarized it beautifully: The value a market gives to something is the sum of the opinions of all of that market's participants [which is belief on a mass collective scale!]. Individual opinions will vary. Whether you or I think it is justified is irrelevant on its own. It is what the market as a whole thinks is justified that matters.
Have fun trolling. /ignore |
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https://twitter.com/pierre_rochard/status/931543204687765504it's proven itself to be a miserable goddamn failure and it would've been a true danger to bitcoin's functionality, not that anyone in their right mind was ever gonna make the switch anyway. it's incredible it got as far as it did. it ain't going any further for now. Epic failure, i have to agree  |
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Elon Musk is going to end up the Tucker or DeLorean of our generation. History repeats.... sigh.
Sadly, I fear you may not be too far off with that comparison. TBH, I'm really holding out for the Porsche EV's due out around the next halvening  Yeah, Tesla is quickly running out of other people's money, and the bail outs are going to end at some point soon. Not to mention that every major car manufacturer will quickly close the gap on the All-EV market within 2-3 years. Chevy just launched their Bolt EV. It looks like it could be a winner for the mid-range market. Still a little pricey for what it is though. But the govt fed tax credit helps. |
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What makes bitcoin so much better than all other alt coins that it warrants a 100+ billion market cap? Why can’t I just create a new coin any one I want, that has all the good qualities that make bitcoin useful?
Belief. Belief (on a collective, mass scale) is what separates one thing of value from another similar thing that has less or none of that same value. What separates Gold's value from that of "fools gold"? Belief, further reinforced by it's attributes. That eventually becomes a self-reinforcing feedback loop that grows to a mass scale. That's it. How did Gold get it's value as money and store of value in the first place? The first 100 people that started using Gold as a barter/money first believed in it, when no one else around them did. And then the discovery of Gold's attributes further validated that belief. And then the belief spread to 1000, then 10,000, then 100,000 people. Then around the world. |
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Pretty sweet. Faster acceleration than how quick Roger Ver can swap his Bitcoins to Bitcoin Cash and back again. Tesla? Pfffft. Elon Musk is going to end up the Tucker or DeLorean of our generation. History repeats.... sigh. |
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You got everything right in the first paragraph. Yes, I am saying that the value of the underlying asset is not there. Bitcoin has the POTENTIAL to be valuable because of its properties as a currency
That's not the only thing that gives Bitcoin its value. Its potential as a deflationary store of value is another. Doesn't have to be completely stable for that function to work either, look at Gold and Silver. Look at real estate, collectables, art, etc. Also, Bitcoin is decentralized, permissionless, trustless, borderless, censorship-resistant, no-middleman transactions, etc. the list of other attributes that give it value goes on and on. People paid crazy amounts for tulips
This ignorant myth needs to die. Seriously. READ: https://www.reddit.com/r/Bitcoin/comments/76fg7j/bitcoin_aint_tulips_in_fact_tulips_aint_tulips/More reading: https://stratechery.com/2017/tulips-myths-and-cryptocurrencies/ |
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If you believe your post headline... ..then can we at least get to the 'Derivatives will be GREAT for Bitcoin' part first, before talk about destruction? Or are you deliberately trying to jump past that part?  |
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I heard a great quote the other day on a podcast, made me laugh. The speaker said that the world current social events unfolding was "You know, like in that movie 'They Live'.... but instead of just the protagonist having the sunglasses, suddenly everyone has a pair."  Lest We Forget... 'Rowdy' Roddy Piper He Showed Us The Way "I have come here to chew bubblegum and kick ass.... and I'm all out of bubblegum." |
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I heard a great quote the other day on a podcast, made me laugh. The speaker said that the world current social events unfolding was "You know, like in that movie 'They Live'.... but instead of just the protagonist having the sunglasses, suddenly everyone has a pair." |
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The BCH crew were very stupid to attempt to kill BTC while it's been on a pretty much unbroken months-long bull run, even more so with all the institutional talk swirling around.
Actually in light of all the institutional talk lately, their attack is starting to make more sense to me now. They knew that they had one final last ditch effort to win over some 'hearts and minds' to a BCH or 2X version of Bitcoin, before the CME group started firing up on 12/14 and trading Bitcoin TM futures next year. I don't think it worked, it looks like a massive fail to me. They have lost a lot of believers to their scam. And next year if Bitcoin TM's price continues to climb, winning over even more new people and more institutional investors, then it will remain more profitable to mine. |
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methinks this next breakout is going to be epic
I can't say anything more about this year, but I have a funny feeling that next year might be even more epic than what we saw this year. Probably more than most of us expect will happen. And it could go very fast. I mean if my pitiful 2017 prediction was any indication. I thought we'd end this year ~$1600-1800/btc. Pffft. And by all measures that still would have been a good year. |
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