RE: Bitcoin will go to $1M / Why other cryptos won't (part 1)
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Good article well here's my thoughts on this. If Bitcoin goes to a million it won't hold a million. Only way that happens and it holds a million is i think the dollar is on the verge of collapse. Then it can go to anything. Also we should be mindful its a big difference in the market cap of cryptos at $1 trillion and them at $21 trillion. So i don't expect btc to get anywhere near a million and if it does we're looking at apocalyptic conditions.
The other part i'd add is bitcoin is only going up because of its speculative gambling nature, lol. There is no other reason. There is no utilized reason why. It's complete baloney. Now the real value is in blockchain technology. That doesn't necessarily mean you own some crypto that goes to the moon. Nothing of value gets built on bitcoin or utilized this is why they have to designate it as a store of value as it doesn't do anything else lol. It can't do anything else which is a misunderstanding of the complete full encompassing development of store of value.
Yes gold is a store of value but that was based on it's ability over the ages as an effective money that was used in addition to that to other things. So it then had an accepted overall development. Bitcoin is not even close to that, lol. We mostly use bitcoin to buy altcoins. There is no real other use for btc because people think they going to get rich. It's laughable but everyone will try to get their money before the laughing stops.
i see you have a part 2.. i'll save the rest for that.
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Thanks for the feedback. While I disagree with a lot of your points, I do see how many still view it as a complete speculative bubble. Personally, I think bitcoin is a better form of money and a better store of value than gold for the reasons I laid out in the article. When you say nothing of value gets built on Bitcoin I don't necessarily disagree. I just disagree with your premise that it NEEDS it. The value of Bitcoin is the safe, secure, immutable, uncensorable, network they've built with a finite supply. Nothing like it has ever existed. Compared to our current financial system, it allows people to place assets inside that network without having to worry about them ever being inflated out of existence. You also say "apocalyptic conditions" as if that is a very far-fetched idea. I don't think it's as crazy as that. While it may not be armageddon, the complete meltdown of the current global financial system is not as far off as it may seem. With continued money printing it is not so difficult to see a point where that debt can never be repaid. We may have already reached that point. If and when that happens, owning something that has a finite supply with a global network and the ability to be moved at the speed of light could have an astronomical value. Time will tell....
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Hey i got a chance to comment on your part 2 as well. I would say i agree with you. I'd however change the statement to the idea of bitcoin being better than gold or money.. The "idea" which can be greatly different than what btc is. Many developers have this notion of bitcoin should never be improved. Now i don't know if thats what Satoshi wanted or not. I don't think even what Satoshi discussed about bitcoin is anything like the interpretation we get today.
However i would say btc doesn't seem to fit well in a good future narrative of a better money. Now please don't mistake that for saying a secure immutable censorship resistant product on the chain is not useful in our monetary systems. Absolutely they are. .Just not in the form of bitcoin. We're moving into a very interesting advanced future. Bitcoin is not only wasteful but its proving to be not much better than our standard monetary systems. We have institutions now and banks controlling vast amounts of bitcoin. This sets up the same scenario of what we got with our imbalanced economic systems today. We have millenials who will be the future determing factor of how well btc does. We have them saying well its too wasteful and it does'nt create true economic prosperity and we want green energy. We're finding out capitalism or atleast the form we practice isn't congruent with our thoughts and beliefs so we need some hybrid something or another. So the more this goes on products like btc goes further out of their scopes and thats whats happening. So i'm not saying btc wont remain relevant to some degree or valuable. However i would say there are many danger signs that suggest btc will not be the accepted crypto to this magnitude in the future.
Thanks for responding back.
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