| It was a good idea, in hindsight, to buy Bitcoin 10 years ago. Would buying bitcoin today be an equally good move 10 years from now? We'll know in 10 years. Some people have a concern that if the government prints too much money it will cause inflation. Circa 1980 we got 'globalization', 'Reaganism', 'Thatcherism' because people were sick and tired of inflation under the 'New Deal' regime. (e.g. in 1932 people saw deflation as a 'Raw Deal'.) This will change (everything changes) but in this regime excess money flows into financial investments (stocks, bonds, ...) as opposed to physical investments (e.g. spend your $ to build housing, warehouses or internet infrastructure) and makes mischief like the 1999 internet bubble, 2008 financial crisis, crazy high housing prices in British Vancouver, crazy high Alpaca prices on the "stock" market. Bitcoin attracts that kind of money and moves it around in a way that concentrates it and that is dangerous in that the world system already concentrates wealth and power dangerously. Bitcoin competes with gold for those who don't trust government, there is something appealing about gold. Romans liked gold (people got paid a few pounds a year so we know gold was worth about the same then!), ancient Chinese liked gold, hobbits like gold, it will be sad if space colonists don't like gold. People in India use gold as a store of value so the price of gold is anchored to some extent by what they (and maybe an equal number of people who think similarly elsewhere) think it is worth, being willing to liquidate it, etc. It promises stability not explosive future growth. |