Monday, November 26, 2018

If Bitcoin does moon to 1 million dollar, Why would I want it?

Let's say, for a moment, we ignore every fundamental rule of economics and nature , and Bitcoin suddenly reach 1 million dollar or more per token.

Now we reinstate the laws of supply and demand, and evaluate the situation. If these coins does reach such value, that means they should be in extreme scarcity, and that the supply of tokens to exist will be under the control of a few people.

Why on Earth would 99% of the population just lay down and accept cryptocurrency as replacement for all of their fiat? Why would they surrender over their possession, life and perhaps dignity to earn such a scarce token?

What kind of resource, goods or service does the owner of Bitcoin offer, that justify the demand for me to obtain the currency from them?

While we await an answer, let's ask the same questions for the US dollars. Why would I want to obtain dollars?

"But Fiat is worthless" is a completely bullshit statement. Simple example: A Chinese man own a business exporting good to the US. He earn US dollars from his venture, and use that dollar to buy property and business in the US, that allow him and his immediate family to earn a residency card and move to the States with it (search up EB-5 program). The Dollar give him access to the US market, its resources, goods and services. This is why the dollar has worth, and not simply because "the government tells you that it has worth".

Maybe spend more than 5 seconds researching into money creation process, than relying on the Google definition of fiat. I'm not gonna deny that inflation and uncontrolled money printing is a big problem. But for most sane people, it's not big enough of a problem to justify switching to a completely new currency system under the control of pedophilic crackheads and shit-eating perverts. (to hedge against inflation, buy bonds, stocks or real estates, put them in 401k etc., most people do not "hodl" large sums of dollars)

BTW, Venezuela and Zimbabwe are exceptions, and not the norm. Don't expect the world market to crash in the same way, unless some apocalyptic event happens. In which case you should be more worried about obtaining water, food, ammo and maybe electricity. (and don't expect reliable internet access haha)

Even if , IF blockchain the the future of currency, then it will created, distributed and regulated by some sort of central authority; one that has the backing of some kind of armed force protecting a physical economy with productive capability; and preferably, Democratically elected to some degree.

I do admit to drinking a bit of the bitkoolaid, and do see the value of a non replicable token with limited supply used as an asset class, just not as a currency controlled by petulant techbros.

Tl,DR: No one want to suck some fuccboi's cock for .00001 Shitcoin.


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