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by loceng 825 days ago
I just don't understand why anyone who "hodls" Bitcoin, and the similar, trust the price - as it's not grounded on anything?
3 comments

what is gold grounded it? its value for circuits? or because other people want gold?

youve been able to hold bitcoin in a retirement account for a decade now, depending on your start date ... could be a good or bad investment.

https://finance.yahoo.com/quote/GBTC/chart#eyJpbnRlcnZhbCI6I...

if you bought at any time besides in the year 2021, your investment held its value. at this point, its just a place to park value, until its not. unlike the other comment saying its not gold, it clearly is functioning as gold-like.

So it's grounded on encryption. Break the encryption and all is worthless tomorrow.
If someone were able to break Bitcoin's encryption we'd have much bigger problems to worry about - It would upend modern cryptography.
I think there is enough people who have brainwashed themselves that Bitcoin is the magical new super gold... Add to this cohort of grifters who peddle it and gold... Some "sound money" theorist in too.

I'm believe our current economic system entirely bonkers and going to crash, but that doesn't mean we won't build it on fiat again... But some people think we will go back to some type of hard money... For which bitcoin is the internet age grift...

Dropped yesterday: "Peter Schiff vs Raoul Pal Debate: Bitcoin Going To $0 or $1 Million & A Great Depression Coming?" - https://www.youtube.com/watch?v=xfHCly1ZCQ0

Where Raoul has refined his narrative but still ends with attempting to demonize, fear monger, and attempting to instil doubt that (or perhaps it's part of self-soothing) that maybe the other side ("anti-Bitcoiners") is simply too rigid in their logic - and why their logic, that seemingly "pro-Bitcoiners" are starting to understand - so they just need to be sure to loosen up some, in case their solid logic is too strict; the irony here is that thinking or advice here is projecting.