I just watched a debate between a bitcoiner (Fred Krueger) and a shitcoiner (Henrik Zeberg)
Key Takeaways:
Shitcoiners don't understand bitcoin is money, and currently the 10th largest currency in the world, or that it is backed by energy/Proof-of-work. The energy/Proof-of-work consensus bind bitcoin to reality.
They don't understand the difference between bitcoin and shitcoins. Bitcoin is a currency that solves Triffin's dilemma. Shitcoins are technologies trying to expand the derivatives market/and further detach real asset from reality. Shitcoins are fiduciary media, bitcoin is money.
Another Takeaway, is that shitcoiners/economist bro's, think there is an everything bubble... there is a USD currency bubble, which makes everything priced in that, take more currency units. As they print more dollars, it inflates prices in that broken denominator. Bitcoin and stonks are not the bubble, the US dollar is.
Henrik also made a point that China is buying gold and not bitcoin. Historically, China's track record is not very good. They were buying silver, just before we went on the gold standard.
And lastly, Henrik suggested that we were going to get a Lehman type crash, and bitcoin would drip 95%.
If you dig a little deeper, I think that a pullback is possible... but 95% crash? I think a Lehman/Bear Sterns scenario is actually bullish for bitcoin. The banking troubles in 2023, led to bitcoin going up. Bitcoin is anti-fragile. It is not dependent on a bank.
My second example refuting that would be that gold went on a run from 2004-2011. Gold etf's were approved in 2004, and it had some pullbacks, but continued going up in price through the Great Financial Crisis in 2008, while everything else dumped. Bitcoin etf's were approved in 2024. There is a possibility that bitcoin could continue up through the next crash in 2027, or whenever it is... while everything else dumps.
Stay humble, stack sats.
Bitcoin is not the hurdle rate, it is the money. The future reserve currency asset, that solves Triffin's dilemma.
