re: Why bitcoin is worse than a Madoff-style Ponzi scheme

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I just ignore people who use “crypto” and “bitcoin” interchangeably.

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I'm starting to get that mindset. I've always tried to point out their ignorance in the past, while trying to educate a little. I've noticed most of the time when someone does this, they are not interested in learning.

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I've noticed most of the time when someone does this, they are not interested in learning.

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certainly seems this way. I’ve also noticed people throw the word intrinsic value around without really understanding what that means. Do they really think that golds value in semiconductor wire bonding or as a foil in scientific application justifies its market cap? Not even close, it gets its market cap because it’s a vague representation of “store of value”. Yet I always hear how gold is superior to Bitcoin because it has “intrinsic value”.
Personally, I’ll be shocked if the majority of this money doesn’t find its way into the Bitcoin network over the next decade.

I bet they are the same people that struggled to see the value proposition of the internet, or later, avenues like social media. This is why I keep harping on network effects: networks have intrinsic value and it’s fairly plain to see.

If you have a network with properties that are attractive for more users to interact with over time, your network has a higher and higher value proposition as more people adopt it. This isn’t really that crazy if a concept, we’ve seen it play out time and time again. And the fundamentals of Bitcoin have very clear reasons why they are increasingly attractive in a MMT environment (scarce and the supply is out of the control of any governmental entity, cannot be easily confiscated, can be sent peer to peer, most security of any network in existence) and it’s why the network will only continue to attract new users over time and more and more money will pour in to avoid debasement. It’s also why shitcoins fail: their networks have nothing attractive about them and so people don’t interact with them for long.

Can I have some examples of what Bitcoin owners spend their Bitcoin on? If I buy some, where can I use it?

Are their other "denominations" besides satoshis?

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If I buy some, where can I use it?

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The same place that ppl use their stocks, real estate, bonds, silver, etc. to buy things.

I don’t think the investment pitch is that it’s useful for a currency, at least not right now. It might never be the pitch.

The investment pitch is that it has everything gold has without the flaws gold presents historically for a “store of value”. It’s pitch is that it is digital gold.

not a problem, friend. Hope you all have a great Christmas

For all: are any of you still buying Bitcoin? If so/not, why/why not?

I see the discussion on other coins didn’t know if you all routinely accumulate btc.

Does it hold a place in the game 5-10 years out?

Bitcoin is great in theory but it misses the mark on one crucial point:

The federal government will never allow crypto to become the new fiat currency. Once they dip their toes into the crypto currency, it will end badly.

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The federal government will never allow crypto to become the new fiat currency. Once they dip their toes into the crypto currency, it will end badly.

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This is where game theory comes into play. I don't think the end game is Bitcoin overtaking the USD, but I do see it replacing lots of weak currencies that are tired of being bent over by the USD.

Eventually, the Federal Reserve will need BTC on the books to keep the dollar stable.

I too thought this was all nonsense when I first heard it but when you start studying this history of money, fiat, forms of trade, it becomes obvious where this goes.

The world is in desperate need of a currency that can't be manipulated. A currency that is 100% decentralized.