One issue with cryptocurrencies that pretty much everyone has a vested interest and you can't separate out the bullshit.
And it's not just vested interest though, there's vested delusion. If you read enough comments on /r/bitcoin, for example, you'll find people who seriously think their 0.001 BTC will buy them a Lambo one day. Completely rational people must have trouble resisting the temptation of just quick-plugging their pet cryptocurrency here and there because they own some and they're super enthusiastic.
And, on the other side, there are people who overreact to that, unable to separate the community from the tech when they are just talking about the tech. But I also think a lot of people dump on it because they are bitter that they missed out. I think the latter group explains more than we realize. Read patio11's bitcoin rants on twitter and tell me you don't see a flare of that.
It all creates a scenario where it's hard to really trust what anyone says about anything.
Some people just really dislike the shitty economics theories that are basis for cryptocurrencies. Hating on something you dislike is not too bad way to procrastinate.
The great thing about Bitcoin is that people with "shitty economic theories" are not able to influence the money printers.
Hating on it is wasting your time, because you can't change the fact. No matter how much you dislike it, or your bankers dislike it, or your politicians dislike it. It is immune to dislike. You can either chose to live with it and use it, or live with it and ignore it (at your own peril). It's not going away.
Well, if you only look at a 12 month period, then it might look like "bitcoin is dying", but when you look at the overall picture of bitcoin over the past 10 years, it tells the complete opposite story. Bitcoin is only trending in one direction over the long term, and it isn't downwards.
It's certainly fun watching TAs try to predict the price of Bitcoin based on a few graphs. Both those who are bullish and those who are bearish about its price in USD. None of this matters.
Bitcoin is not about how much of it you can obtain with USD. It's about sound money and financial autonomy. Demand for these is only going to continue to increase, particularly when far-left fintech companies are actively pushing people towards it, by refusing to conduct trade with people who have "wrong" political opinions.
> Well, if you only look at a 12 month period, then it might look like "bitcoin is dying" ...
Not dying yet (I wonder whether it will ever die), but "fading away". Which seems obvious, but hey, let's hope for another bubble!
> It's about sound money and financial autonomy. Demand for these is only going to continue to increase, particularly when far-left fintech companies are actively pushing people towards it, by refusing to conduct trade with people who have "wrong" political opinions.
And here comes the "economics theory" behind btc. Especially "sound money" is always fun to hear ... Nothing sounder than wildly fluctuating speculative asset! And people will demand it for sure! (or someone is paying for anything legal with btc again?)
I am not sure why some people keep believing in this. I-cannot-be-wrong syndrome?
And it's not just vested interest though, there's vested delusion. If you read enough comments on /r/bitcoin, for example, you'll find people who seriously think their 0.001 BTC will buy them a Lambo one day. Completely rational people must have trouble resisting the temptation of just quick-plugging their pet cryptocurrency here and there because they own some and they're super enthusiastic.
And, on the other side, there are people who overreact to that, unable to separate the community from the tech when they are just talking about the tech. But I also think a lot of people dump on it because they are bitter that they missed out. I think the latter group explains more than we realize. Read patio11's bitcoin rants on twitter and tell me you don't see a flare of that.
It all creates a scenario where it's hard to really trust what anyone says about anything.