The primary reason people believe in “assets” that protect their purchasing power is because they have never been able to store money in money.
#bitcoin changes this and everything else as a result.
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Bitcoin as is is not money, sorry Jeff.
It lacks base layer fungibility that is either granted by law or by mathematics.
Monero is the base layer money you are looking for. It's early stages which means it is visible (again) only for early Bitcoiners.
Bitcoin with KYC and custodians is unfortunately heading in the wrong direction.
The primary reason people believe in “assets” that protect their purchasing power is because they have never been able to store money in money.
#bitcoin changes this and everything else as a result.
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People storeed value in money for millennias. They used gold.
No one sets prices in Bitcoin. No one lends Bitcoin and gets Bitcoin back with interest. Bitcoin isn't use as money. It's an asset at best.
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🤯 Se a frase for "Dinheiro compra tudo o que não tiver um preço infinito no futuro mais distante imaginável.", a conclusão será que #Bitcoin é o único dinheiro. Porque tudo precificado em bitcoin tende a zero; e finito (maior que zero) divido por zero é igual a infinito.
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I love when people say it has no other utility.
Normies just don’t get it
This is unbearable, sorry. Let’s criticise fiat money but also make sense:
It is simply inaccurate that people have “never been able” to store “money in money”.
1. Gold used to be money. Great SoV, for millennia.
2. People also invest in land, equities. Both store value.
3. Bitcoin is down severely vs. gold. Has been for 4 years.
Nothing changes. Economic laws are what they are.
Fair point about gold being a SoV, but Bitcoin down against gold? What chart are you cherry picking from? 🍒
Not a cherry picking. You need to look at the price of it gold coins - Not the money illusion of fiat money.
Bitcoin cost 38 to 39 gold coins in 2021 when El Salvador announced legal tender.
Now it exchanges only into 30 gold coins. Too little progress with monetisation.
Lol, it appears you indeed tried to cherry pick a very specific date, but also that you're reading a chart upside down 😉
Gold has become significantly cheaper per ounce when measured in Bitcoin since June 2021 (0.052 BTC then vs 0.033 BTC now)
Try to be rational.
The goal is to find out what the REAL, the fundamental value of bitcoin may be.
Study up on tatonnement and then look again at a long term chart. Consider the fundamental news at the time of peaks. Consider past maxima which tested the top.
Expressed in a real money like gold not in useless fiat, of course.
#whybitcoin101
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As always 💯
Durability has been stripped away from the mediums of exchange, which we have been coerced into using.
What happens to 'assets' when people realise that there is another medium of exchange that has been discovered?
With perfect durability that you can hold allodial title of, and will transfer value across space and time?
Jeff knows.
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Well said
🔥🔥🔥
Exactly! I heard you say that in a podcast this week. Thanks Jeff. Love all your interviews 🧡🙏
Totally! Humanity has burned centuries of brainpower inventing assets just to survive broken money. Now that it’s fixed, what happens when that energy turns to building/fixing instead of hedging. The compounding of this will dwarf AI’s productivity. Bitcoin has liberated or shall we say unleashed a creative force we haven’t seen in millennia.