BTC is not a hedge against an all-out nuclear war scenario. However, there are many scenarios in between where USD suffers multiple waves of inflation and drags on for decades, like many other sustained high inflation countries such as Argentina, Turkey, Lebanon, Zibabwe. Like most already know, it ultimately comes down to consensus. BTC has reached point I would argue the Lindy effect gives it a pretty good chance of consolidating consensus. Nobody predicts the future perfectly. You invest based on your Bayesian EV.
You cannot bring gold out of the country with you during a real crisis. They get confiscated. Under normal circumstances you get taxed when exiting one country and taxed when entering another, perhaps. Gold is not transactionally global. You just need to memorize 12 words to recover your Bitcoin anywhere, while denying to corrupt authorities that you hold any or claim that it is lost/stolen if they try to steal it from you while you are escaping war for instance. The value of gold is its status as a store of value, without which its value for industrial and jewelry use would be much lower. Value is decided upon by the market ultimately. Bitcoin is unconfiscatable, if handled properly (i.e. self-custody instead of holding it as an ETF or storing it on exchanges).
@@cyborggirl7528 Gold universally holds some level of value. It always has, and probably always will. Regarding boarders, there are ways of getting it out of a country, The Jews during the holocaust that were able to sneak gold out with them did. Most were not lucky enough to get out before things closed up. Your mileage with gold will vary depending on the circumstances, amount of gold, and the time you have to get it out.
@@green3488people used to claim that the internet was useless as well in its very early experimental/nascent stage when it was complicated, expensive and extremely slow to use, with lossa illegitimate things running on it.
You don't understand what money is. No money ever has inherent value, and that's kind of the point. Fiat currencies don't have any inherent value, precious metals have no inherent value (other than for jewelry and a few industrial applications).
I think that pegging a cryptocurrency to something practical and in demand is a nice idea but what would that thing be? And do we want to artificially force that asset to be scarce so that the currency stays in demand? Eg. If we peg it to electricity supply but then fusion makes electricity essentially free.
@@green3488 Its utility is small when you look at the actual demand for gold vs the supply it really does not have enough intrinsic value to justify its price point. That being said it still have more value than bitcoin which has zero real utility. I would argue gold is better than Bitcoin because it is not as easy to track, does not depend on a computer infrastructure, is harder to outlaw, and in general is a better store of wealth than Bitcoin.
When gold is used as currency, its industrial utility becomes irrelevant to its nominal value. The value of any currency is determined by market conditions and currency supply.
@@ToyMachine22122 It is a function of demand and supply. Taxes which are only payable in a given currency artificially induce additional demand for a currency.
"Bitcoin has no intrinsic value" originates from a widespread misunderstanding of what money is and what problem it solves. The concept of money and exchange was one of humanity's greatest inventions, enabling us to cooperate on scales unimaginable before, it is on par with the utility of language. Just as language allows us to store knowledge over time, money allows us to store energy over time in the form of a social contract. In its most fundamental form, money is simply a unit of exchange and a system of account. The value of Bitcoin is that it is the only technology that solves the problem of currency debasement. And if you think precious metals solve this problem, history proves you otherwise.
@@bayleybomber creating and propagating transaction to the entire Bitcoin network takes very little energy, what you are referring to is proof of work, where miners compete for the reward gained by mining the next block. Block is used to order transactions and store them in the blockchain. So the amount of energy used is what is securing the network and is a near constant regardless of the amount of transactions and imposes a cost on bad actors to decide which transactions will be included in the block (censorship) and which blocks are valid based on the longest chain (double spend). There are also different consensus algorithms which use proof of stake instead of proof of work to decide who will produce the next block and those algorithms do not use any extra energy to secure the network, they have different decentralization and security characteristics, but they still solve the problem of debasement, so what do you think about those systems of account?
""Bitcoin has no intrinsic value" originates from a widespread misunderstanding of what money is and what problem it solves. " Amen. People act as if the American dollar his intrinsic value. It's literally the same as BTC. It's something that has value....because people agree it has value. A dollar bill in your wallet has no actual "value", and neither does the 1's and 0's that make up your bank balance.
At roughly 7:00 - "there's nothing of value [in cryptocurrency] except what people believe the value is." This statement is true of ALL forms of currency. This is a definitive statement based on deductive reasoning, the proof is too long for a YT comment but I'd love to tell you more. Open to a live stream debate?
The reason that US currency is valuable is because you can get in your car in Miami and drive up to Seattle pop over to Hawaii then Alaska and see for yourself the ASSETS on the ground that are participants in that currency. Next... go to Dubai and book a flight to Bishkek. As you fly over Iran and Turkmenistan and Uzbekistan in broad daylight you will then understand why their currencies are nada, nothing, useless. You will see a wasteland of no industry, no roads, no airports, no lights, no agriculture, no infrastructure. They are out there! The above original statement STILL applies but the difference is the evidence on the ground. No. Bitcoin IS a scam. Criminals are using you -- unless you are a criminal. So the fact is you need me to participate --- and many, many more like me to participate to become valuable -- where can I go and see the assets on the ground that back up crypto being valuable?
The currency issued by a state is backed by the force or that state. The us demands that taxes be paid in us currency and they will do violence if you do not pay.
I think you should seperate Bitcoin and rest of the crypto industry Bitcoin is a crypto which is designed to solve only one problem i.e, "store of value" and found product market fit. Rest of the crypto industry is nothing but a solution in search of a problem
@@yono4633 It does demonstrate to the banking elite the level at which consumers are prepared to accept their CBDC as a means of common currency. Not that most will have a choice.
I agree with your analysis regarding bitcoin. I dont think it is safe to bet on, with the hopes that the publics perception changes to genuinely see it as a store of value. Seems flimsy. However, thats not to say that blockchain technology does not have real value. Projects like Ethereum and Chainlink could change the ways business is done between two parties, ensuring power is equally balanced through the use of smart contracts which are fulfilled automatically, through consensus of data feeds from multiple sources. Even NFTs could be an important technology as AI develops. For example, it could be used as a technology to verify whether something is a deep fake or not. The blockchain technology would allow users to detect whether a video has been tampered with or not, and whether it has a signature of the company or person it claims to portray.
you said it, it's a confidence game, but it looks like a consensus is emerging among a significant enough portion of the global population that BTC has currency-like-value. The value of crypto is in the social consensus of its value, which you might argue is ephemeral, but social consensus definitely exists so to speak in the real world, think religion, mannerisms, culture, language, etc
Yep. It’s a good point and I could certainly Ly see that point of view. IMO, this all works until there is crisis or pressure on that system. Let’s see how it goes. Thanks for the comment!
@@RichGilbertthe social consensus of which he speaks is how regular money works. I'm gonna assume you use that, right? :) Most of your criticisms also apply to dollars, only more so.
@@RichGilbert I would look at the US dollar as a currency. I would look at gold as a store of value. I would look at stocks and real estate as real investments. I would look at Bitcoin as no different that gambling, gambling that you can buy low and sell high before people realize they have no real value, before the consensus breaks. You might make money in the short term, but its not an investment, it is purely a speculative endeavor. It is not suitable as a buy and hold investment. I don't want to read ticker tape every morning, I want to buy shares of a good mutual fund or boring utility (natural monopoly) and walk away.
@@MrHarumakiSensei Negaitve sir, the US dollar is backed by the IRS, police, and Military. If you do not pay your taxes in Dollars you lose everything you own and or go to prison. If a nation decides to de-dollarize the US military kicks down the front door and gives them some freedom and democracy. The US dollar is backed by force, the supreme authority from which all other authorities are derived. The US dollar steadily loses value each year and has been for decades, but it is relatively stable and works well as a medium of exchange. Bitcoin has no backing and no intrinsic value, and its value is too volatile to use it as a proper medium of exchange.
Any crypto currency not tied to a government that requires taxes to be paid in it has a combination of no intrinsic value, and the disadvantage of depending on the internet infrastructure. Gold has worked as a non-fiat store of wealth for thousands of years. Gold is better for this purpose. I already have digital currency, a Master Card debit or credit card is more stable and accepted more places, it is digital. it is better than crypto for its purpose. If you want in investment get stocks, they are better for that purpose because they are backed by the real assets and income of corporations. Crypto has no real intrinsic value, is not backed by a government tax system, and just like Tulips they will eventually fall in value and recover. If you want something that cannot be tracked easily, something that you can bury, store in a shoe, that can survive a nuclear war, Gold will survive crypto will not.
Gotta disagree with you slightly on NFTs. On the contrary I think it's one of the smartest applications of blockchain technology. Just a quick thought experiment, if Nintendo launched a blockchain and created digital pokemon cards as NFTs, there would be no question as to it's legitimacy vis a viz in real life where we'd have to question the authenticity of a physical pokemon card. In this instance the distributed ledger allows for everyone to agree that the token is legitimate. The irony here is that even though blockchain is supposed to be decentralised, the legitimacy still has to originate from a single centralised source.
Thanks for the comment and disagreeing civilly. Appreciate it. You make good points that I agree with. The minting process helps with authenticity and there are some good real world applications where that could be used. I was referring specifically to the hyped idea that the NFT market was some new legitimate asset class. It wasn’t IMO
The value in crypto is that you trust the code cant be hacked or broken like the dollar isnt anything but paper og digits. Btw. Why trust the dollar when the us government is overlevereged?
With all due respect, you don't understand bitcoin. Putting it in the same bag as the current state of NFT's is extremely ignorant. As is equating bitcoin with crypto.
Please do research on the fundamentals of bitcoin before distributing misinformation like the video you just made. Do research on Proof of work, absolute scarcity, an immutable permissionless ledger, difficulty adjustments. There are fair criticisms of bitcoin but you clearly don’t know what you’re talking about. Watch the RUclips channel Bitcoin University if you’re actually interested about bitcoin.
Thanks for the comment. Even with the things you’ve mentioned it doesn’t make crypto any less of a Ponzi scheme. There may be (and almost definitely will be) good uses for much of the tech, and it is amazing to see how much the price of crypto has increased. But to think that crypto somehow a long term currency solution or a threat to the global banking system is naïve. Probably stemming from people’s hope that this is their tricker out of normalcy
Bitcoin is different then “crypto”, there is no top of the pyramid. Satoshi would be one of the richest people on earth if he sold his Bitcoin, his original wallets haven’t moved since 2009. I definitely agree everything other than bitcoin is a centralized ponzi!!
@@jb7945the global economy is currently at approx 84 trillion $, lets suppose by the time all 21 m of the bitcoin is minted global economy reaches 100 trillion, then each bitcoin fragment (after fragmentation into 100 m) approxes to 47 $, how do you buy stuffs lower in value than 47$ ? What if everyone who owns bitcoins doesn't want to fragment it? How would normal life run then?
@@RichGilberthe Ponzi argument is stupid and can be easily debunked. No Ponzi eve crashed and returned for four times, every time stronger than before. So it's not a Ponzi. Now what?
@@RichGilbert By your definition, precious metals and every fiat currency is a Ponzi scheme, too. They are tokens which are only worth what people collectively decide they are worth. In fact, that is exactly what money is. So since all these things are Ponzi schemes, I bet you're purely invested in land and commodities, right?
Nego. The value of BTC doesn't lie in "what people think it could be worth in the future". The value lies in what people think of Bitcoin's objective properties, which are: 1. Scarcity: Only 21 Million. 2. Durability: Internet was down? Np. Back online, back BTC. 3. Acceptance: More and more are willing to get paid in it. 4. Portability: Flee out of your country with 12 words in your head. THAT's portability, goldbug! 5. Divisibility: 1BTC=100000000sats. 6. Fungibility: 1BTC=1BTC. 7. Decentralisation: Watch the governments fail in trying to shut down one node after another.
bitcoin is gambling and the whales can take your bitcoins whenever they want. your comment is a hate crime. starting with there only being 21 million btc. 1. why is that relevant when a bitcoin is made up of millions of satoshis? why would 2. be an advantage? 3. yes, and by this rate well be there summer 2089 4. very few people accept it 5."our water has the best h2o" 6.i bet you hoped noone would read this farm 7.bitcoin is cia controlled who do you think the whales are. in conclusion: respectfully, do the necessary
There is no need to know who the creator is, influencing its development. Bitcoin has no centralized authority running it, which is why it is decentralized. Market decides its value, and in the nascent stage of any technology (including the internet) its valuation is volatile. To understand the value of Bitcoin, ignore the majority get-rich-quick crowd who themselves do not understand Bitcoin, and just read the white paper and think deeply about how “money” works globally and historically till now, etc.
Except it's not. US dollar is backed by the productive labor of the entire US, the ability of the government to tax its people and pay on their obligations.
2:222:27 why do you need to know who created it? Who made up the word who? Do you still use the word even though we don't know that? It's open source software you can verify yourself and it enforces a consensus keeping the integrity of a denominator for its units… That's nothing you'll ever get from a fiat currency, or from gold, for that matter.
I think some people don’t realize Elon was being sarcastic. As is @4JamesJones here. Thank you sir. You must be a very intelligent and rational person. 😃
There is no real value in little green pieces of paper either except we all decide fo agree there is. So, you have to say the same thing about dollars then. If you come back to this video in 10 years i am willing to beat all money is digital in some form. You seem like a smart guy but dont think things will always be the same because they have always been one way. Look at China there is very little cash in their system now. The writing is on the wall. Also, this video is not aging well. Look at every politician being pro crypto now and legislation being present. You dont have to believe, but now that governments are pushing crypto it's coming whether agree or not.
Bitcoin is a shiny new version of an old Ponzi scheme that appeals to today's more tech-centric generation. Blockchain technology might find some use in a digital future.
@@RichGilbert Financially it is a modern version of a Dutch Tulip, buy tons of them they only go up in value! Until the music stops, and when it does they will be stuck with a bunch of tokens on a block chain that no one wants to buy.
@@lovepeacebliss Being on a block chain does not change that it has no intrinsic value making it a terrible long term investment, is too volatile to be a good medium of exchange, and is too dependent on internet, power, and computer infrastructure to be insurance against a general collapse. In short it does what cash, gold, and stocks do, but worse in almost every way.
I rather place my bet on bitcoin technology (blockchain) than on bitcoin itself. I never understood the valuation of it as an investment. The pricing is too volatile and based on speculation, not inflation or anything.
Agreed. NFTs are one thing. Crypto is another. I usually agree with most of the videos. Look at what the governments are now doing with crypto. This video is already not aging well
Bitcoin is the classical and timeless pyramid scheme, everyone who buys it only buys it only to sell it at a higher price. Once the penny drops to most it will be over in no time
Great career advice but isn't in bitcoin so probably should just leave it to those interested personally by working caring less listening to your advice but investing in crypto using that spare time regardless if crypto is a scam or not. I already am living my best life and have travelled lots and that wasn't the money I got from my job but from when investments. You can also make the argument for the Nasdaq being a scam as they pay no dividends and have no ownership of a company. All that matters is our buying power increases over time. Again you don't have to overthink whether it's a scam or less care less and just increase your buying power where you can.
I hear you. There’s an argument to be made that bitcoin is worth what people value it at. Sure. However, if there is no fundamental value then it becomes risky game. At least the Nasdaq is tied to company value. The lack of essential value didn’t exactly work out for NFTs. Thanks for the comment. 👍
@RichGilbert I believe there is and I think you are missing the point here. It takes resources to get the stuff that's finite. The next use case is that you can use this decentralisation to mine artificial intelligence safeguarding from Authorities like Google and Open Ai. We need this to safeguard our future just like we need bitcoin as a hedge against devaluation of currency. A good documentary is call Decentralized minds, The Bittensor Revolution so you can see the real fundamental value abd now how it could possibly evolve. As to Nasdaq its only partly tied to valuations but more to do with liquidity cycles which is why bitcoin does well during the liquidity cycle.
A decentralized network has no value? Its owned by no gov or company or any one person (supposedly). You sure theres no real value to this? Honestly i thought u were smarter than that. Come on man...
Holy crap! For a supposedly smart guy this is incredibly shallow and misleading about btc. I know enough about crypto and btc to know immediately his remarks reveal little in depth knowledge about them.
![Gunna - HIM ALL ALONG [Official Video]](http://i.ytimg.com/vi/w7Wf0h1Q8a4/mqdefault.jpg)
“The euro is manipulated”
So the dollar isnt ? 😂
BTC is not a hedge against an all-out nuclear war scenario. However, there are many scenarios in between where USD suffers multiple waves of inflation and drags on for decades, like many other sustained high inflation countries such as Argentina, Turkey, Lebanon, Zibabwe. Like most already know, it ultimately comes down to consensus. BTC has reached point I would argue the Lindy effect gives it a pretty good chance of consolidating consensus. Nobody predicts the future perfectly. You invest based on your Bayesian EV.
Gold is better.
You cannot bring gold out of the country with you during a real crisis. They get confiscated. Under normal circumstances you get taxed when exiting one country and taxed when entering another, perhaps. Gold is not transactionally global. You just need to memorize 12 words to recover your Bitcoin anywhere, while denying to corrupt authorities that you hold any or claim that it is lost/stolen if they try to steal it from you while you are escaping war for instance. The value of gold is its status as a store of value, without which its value for industrial and jewelry use would be much lower. Value is decided upon by the market ultimately. Bitcoin is unconfiscatable, if handled properly (i.e. self-custody instead of holding it as an ETF or storing it on exchanges).
@@cyborggirl7528 Gold universally holds some level of value. It always has, and probably always will. Regarding boarders, there are ways of getting it out of a country, The Jews during the holocaust that were able to sneak gold out with them did. Most were not lucky enough to get out before things closed up. Your mileage with gold will vary depending on the circumstances, amount of gold, and the time you have to get it out.
@@user-nu8in3ey8c you just answered your own question. it's better in certain cases and worse in certain others.
BTC is technically flawed as a potential currency mass market transactions. If everyone starts using it, transactions would take ages to complete.
“BTC has no value” then goes on to explain why it has value
I would say all but BTC is a scam
BTC is a protocol
Is HTTP a scam because some scammers use the protocol?
BTC is a useless protocol.
Bitcoin is rat poison squared.
@@green3488😅 yeah sure it is.
@@green3488people used to claim that the internet was useless as well in its very early experimental/nascent stage when it was complicated, expensive and extremely slow to use, with lossa illegitimate things running on it.
@@green3488 seems to be the one that is most used in crypto, where are you getting your stats?
You don't understand what money is. No money ever has inherent value, and that's kind of the point. Fiat currencies don't have any inherent value, precious metals have no inherent value (other than for jewelry and a few industrial applications).
I think that pegging a cryptocurrency to something practical and in demand is a nice idea but what would that thing be? And do we want to artificially force that asset to be scarce so that the currency stays in demand?
Eg. If we peg it to electricity supply but then fusion makes electricity essentially free.
NFT is no different than buying canned human waste. But I wouldn’t be shocked if people actually buy canned human waste.
Same can be said of gold. Value is relative.
No, because gold has utility.
@@green3488 Gold's price is far in excess of its industrial value, and even in excess of its jewelry value.
@@green3488 Its utility is small when you look at the actual demand for gold vs the supply it really does not have enough intrinsic value to justify its price point. That being said it still have more value than bitcoin which has zero real utility.
I would argue gold is better than Bitcoin because it is not as easy to track, does not depend on a computer infrastructure, is harder to outlaw, and in general is a better store of wealth than Bitcoin.
When gold is used as currency, its industrial utility becomes irrelevant to its nominal value.
The value of any currency is determined by market conditions and currency supply.
@@ToyMachine22122 It is a function of demand and supply. Taxes which are only payable in a given currency artificially induce additional demand for a currency.
"Bitcoin has no intrinsic value" originates from a widespread misunderstanding of what money is and what problem it solves. The concept of money and exchange was one of humanity's greatest inventions, enabling us to cooperate on scales unimaginable before, it is on par with the utility of language. Just as language allows us to store knowledge over time, money allows us to store energy over time in the form of a social contract. In its most fundamental form, money is simply a unit of exchange and a system of account.
The value of Bitcoin is that it is the only technology that solves the problem of currency debasement. And if you think precious metals solve this problem, history proves you otherwise.
People will figure it out eventually.... they sure are slow though (even most "Crypto" people don't understand this)
Nonsense.
Trading a single Bitcoin uses more electricity than what it takes to roast a chicken.
You're deluded.
@@bayleybomber creating and propagating transaction to the entire Bitcoin network takes very little energy, what you are referring to is proof of work, where miners compete for the reward gained by mining the next block. Block is used to order transactions and store them in the blockchain. So the amount of energy used is what is securing the network and is a near constant regardless of the amount of transactions and imposes a cost on bad actors to decide which transactions will be included in the block (censorship) and which blocks are valid based on the longest chain (double spend).
There are also different consensus algorithms which use proof of stake instead of proof of work to decide who will produce the next block and those algorithms do not use any extra energy to secure the network, they have different decentralization and security characteristics, but they still solve the problem of debasement, so what do you think about those systems of account?
@@bayleybomberit's also slow, especially if more people were to use it for transactions
""Bitcoin has no intrinsic value" originates from a widespread misunderstanding of what money is and what problem it solves. "
Amen. People act as if the American dollar his intrinsic value. It's literally the same as BTC. It's something that has value....because people agree it has value. A dollar bill in your wallet has no actual "value", and neither does the 1's and 0's that make up your bank balance.
At roughly 7:00 - "there's nothing of value [in cryptocurrency] except what people believe the value is."
This statement is true of ALL forms of currency. This is a definitive statement based on deductive reasoning, the proof is too long for a YT comment but I'd love to tell you more.
Open to a live stream debate?
The reason that US currency is valuable is because you can get in your car in Miami and drive up to Seattle pop over to Hawaii then Alaska and see for yourself the ASSETS on the ground that are participants in that currency.
Next... go to Dubai and book a flight to Bishkek. As you fly over Iran and Turkmenistan and Uzbekistan in broad daylight you will then understand why their currencies are nada, nothing, useless. You will see a wasteland of no industry, no roads, no airports, no lights, no agriculture, no infrastructure. They are out there!
The above original statement STILL applies but the difference is the evidence on the ground. No. Bitcoin IS a scam. Criminals are using you -- unless you are a criminal.
So the fact is you need me to participate --- and many, many more like me to participate to become valuable -- where can I go and see the assets on the ground that back up crypto being valuable?
The currency issued by a state is backed by the force or that state. The us demands that taxes be paid in us currency and they will do violence if you do not pay.
@@Capitanvolumespot on
I think you should seperate Bitcoin and rest of the crypto industry
Bitcoin is a crypto which is designed to solve only one problem i.e, "store of value" and found product market fit.
Rest of the crypto industry is nothing but a solution in search of a problem
Thanks for the comment. I don’t understand how they are different?
@@RichGilbert the rest is trying to solve problems but there is no problems to be solved.....
@@yono4633 It does demonstrate to the banking elite the level at which consumers are prepared to accept their CBDC as a means of common currency. Not that most will have a choice.
Wrong. Bitcoin was designed to be peer to peer electronic cash, meaning secure micropayments.
@@green3488 It is too volatile to serve that purpose, so it is a failure if that is what it is supposed to do. It also fails as in investment.
I agree with your analysis regarding bitcoin. I dont think it is safe to bet on, with the hopes that the publics perception changes to genuinely see it as a store of value. Seems flimsy. However, thats not to say that blockchain technology does not have real value. Projects like Ethereum and Chainlink could change the ways business is done between two parties, ensuring power is equally balanced through the use of smart contracts which are fulfilled automatically, through consensus of data feeds from multiple sources.
Even NFTs could be an important technology as AI develops. For example, it could be used as a technology to verify whether something is a deep fake or not. The blockchain technology would allow users to detect whether a video has been tampered with or not, and whether it has a signature of the company or person it claims to portray.
you said it, it's a confidence game, but it looks like a consensus is emerging among a significant enough portion of the global population that BTC has currency-like-value. The value of crypto is in the social consensus of its value, which you might argue is ephemeral, but social consensus definitely exists so to speak in the real world, think religion, mannerisms, culture, language, etc
Yep. It’s a good point and I could certainly Ly see that point of view. IMO, this all works until there is crisis or pressure on that system. Let’s see how it goes.
Thanks for the comment!
@@RichGilbertthe social consensus of which he speaks is how regular money works. I'm gonna assume you use that, right? :)
Most of your criticisms also apply to dollars, only more so.
BTC can't be used.
@@RichGilbert I would look at the US dollar as a currency. I would look at gold as a store of value. I would look at stocks and real estate as real investments. I would look at Bitcoin as no different that gambling, gambling that you can buy low and sell high before people realize they have no real value, before the consensus breaks.
You might make money in the short term, but its not an investment, it is purely a speculative endeavor. It is not suitable as a buy and hold investment. I don't want to read ticker tape every morning, I want to buy shares of a good mutual fund or boring utility (natural monopoly) and walk away.
@@MrHarumakiSensei Negaitve sir, the US dollar is backed by the IRS, police, and Military. If you do not pay your taxes in Dollars you lose everything you own and or go to prison. If a nation decides to de-dollarize the US military kicks down the front door and gives them some freedom and democracy. The US dollar is backed by force, the supreme authority from which all other authorities are derived. The US dollar steadily loses value each year and has been for decades, but it is relatively stable and works well as a medium of exchange.
Bitcoin has no backing and no intrinsic value, and its value is too volatile to use it as a proper medium of exchange.
bitcoin /=/ crypto
You're not very intelligent if you lump Bitcoin and Crypto in the same group.
Any crypto currency not tied to a government that requires taxes to be paid in it has a combination of no intrinsic value, and the disadvantage of depending on the internet infrastructure. Gold has worked as a non-fiat store of wealth for thousands of years. Gold is better for this purpose. I already have digital currency, a Master Card debit or credit card is more stable and accepted more places, it is digital. it is better than crypto for its purpose.
If you want in investment get stocks, they are better for that purpose because they are backed by the real assets and income of corporations. Crypto has no real intrinsic value, is not backed by a government tax system, and just like Tulips they will eventually fall in value and recover.
If you want something that cannot be tracked easily, something that you can bury, store in a shoe, that can survive a nuclear war, Gold will survive crypto will not.
Gotta disagree with you slightly on NFTs. On the contrary I think it's one of the smartest applications of blockchain technology. Just a quick thought experiment, if Nintendo launched a blockchain and created digital pokemon cards as NFTs, there would be no question as to it's legitimacy vis a viz in real life where we'd have to question the authenticity of a physical pokemon card. In this instance the distributed ledger allows for everyone to agree that the token is legitimate. The irony here is that even though blockchain is supposed to be decentralised, the legitimacy still has to originate from a single centralised source.
Thanks for the comment and disagreeing civilly. Appreciate it. You make good points that I agree with. The minting process helps with authenticity and there are some good real world applications where that could be used. I was referring specifically to the hyped idea that the NFT market was some new legitimate asset class. It wasn’t IMO
A year later - How are NFTs doing now?
The value in crypto is that you trust the code cant be hacked or broken like the dollar isnt anything but paper og digits.
Btw. Why trust the dollar when the us government is overlevereged?
The only currency that can't be tracked is CASH dollar bills YO
With all due respect, you don't understand bitcoin. Putting it in the same bag as the current state of NFT's is extremely ignorant. As is equating bitcoin with crypto.
Agree 100%
Please do research on the fundamentals of bitcoin before distributing misinformation like the video you just made. Do research on Proof of work, absolute scarcity, an immutable permissionless ledger, difficulty adjustments. There are fair criticisms of bitcoin but you clearly don’t know what you’re talking about. Watch the RUclips channel Bitcoin University if you’re actually interested about bitcoin.
Thanks for the comment. Even with the things you’ve mentioned it doesn’t make crypto any less of a Ponzi scheme. There may be (and almost definitely will be) good uses for much of the tech, and it is amazing to see how much the price of crypto has increased. But to think that crypto somehow a long term currency solution or a threat to the global banking system is naïve. Probably stemming from people’s hope that this is their tricker out of normalcy
Bitcoin is different then “crypto”, there is no top of the pyramid. Satoshi would be one of the richest people on earth if he sold his Bitcoin, his original wallets haven’t moved since 2009. I definitely agree everything other than bitcoin is a centralized ponzi!!
@@jb7945the global economy is currently at approx 84 trillion $, lets suppose by the time all 21 m of the bitcoin is minted global economy reaches 100 trillion, then each bitcoin fragment (after fragmentation into 100 m) approxes to 47 $, how do you buy stuffs lower in value than 47$ ? What if everyone who owns bitcoins doesn't want to fragment it? How would normal life run then?
@@RichGilberthe Ponzi argument is stupid and can be easily debunked. No Ponzi eve crashed and returned for four times, every time stronger than before. So it's not a Ponzi. Now what?
@@RichGilbert By your definition, precious metals and every fiat currency is a Ponzi scheme, too. They are tokens which are only worth what people collectively decide they are worth. In fact, that is exactly what money is. So since all these things are Ponzi schemes, I bet you're purely invested in land and commodities, right?
Nego. The value of BTC doesn't lie in "what people think it could be worth in the future". The value lies in what people think of Bitcoin's objective properties, which are: 1. Scarcity: Only 21 Million. 2. Durability: Internet was down? Np. Back online, back BTC. 3. Acceptance: More and more are willing to get paid in it. 4. Portability: Flee out of your country with 12 words in your head. THAT's portability, goldbug! 5. Divisibility: 1BTC=100000000sats. 6. Fungibility: 1BTC=1BTC. 7. Decentralisation: Watch the governments fail in trying to shut down one node after another.
bitcoin is gambling and the whales can take your bitcoins whenever they want.
your comment is a hate crime. starting with there only being 21 million btc. 1. why is that relevant when a bitcoin is made up of millions of satoshis? why would 2. be an advantage? 3. yes, and by this rate well be there summer 2089 4. very few people accept it 5."our water has the best h2o" 6.i bet you hoped noone would read this farm 7.bitcoin is cia controlled who do you think the whales are. in conclusion: respectfully, do the necessary
There is no need to know who the creator is, influencing its development. Bitcoin has no centralized authority running it, which is why it is decentralized. Market decides its value, and in the nascent stage of any technology (including the internet) its valuation is volatile. To understand the value of Bitcoin, ignore the majority get-rich-quick crowd who themselves do not understand Bitcoin, and just read the white paper and think deeply about how “money” works globally and historically till now, etc.
the creator is anonymous because financial elites would have just killed him if they knew who he was
US dollar is also based on the trust of people in the power of United States. I don’t see a big difference btw crypto and usd
Except it's not. US dollar is backed by the productive labor of the entire US, the ability of the government to tax its people and pay on their obligations.
You need to pay taxes in US dollar, that's for sure.
2:22 2:27 why do you need to know who created it? Who made up the word who? Do you still use the word even though we don't know that? It's open source software you can verify yourself and it enforces a consensus keeping the integrity of a denominator for its units… That's nothing you'll ever get from a fiat currency, or from gold, for that matter.
3:05 3:07 cipher punks were criminals?
8:26 8:33 there's no other place to put money because other currencies are manipulated? Just listen to yourself here
DYOR
I'm goin' bananas over here 😂
Doge to the mooooooooon
I think some people don’t realize Elon was being sarcastic. As is @4JamesJones here. Thank you sir. You must be a very intelligent and rational person. 😃
There is no real value in little green pieces of paper either except we all decide fo agree there is. So, you have to say the same thing about dollars then.
If you come back to this video in 10 years i am willing to beat all money is digital in some form.
You seem like a smart guy but dont think things will always be the same because they have always been one way.
Look at China there is very little cash in their system now. The writing is on the wall.
Also, this video is not aging well. Look at every politician being pro crypto now and legislation being present. You dont have to believe, but now that governments are pushing crypto it's coming whether agree or not.
Bitcoin is a shiny new version of an old Ponzi scheme that appeals to today's more tech-centric generation. Blockchain technology might find some use in a digital future.
I fully agree. It’s a farce.
@@RichGilbert I love Charlie Munger's reaction he is asked about Bitcoin. Priceless is worth more than any Crypto Coin.
@@RichGilbert Financially it is a modern version of a Dutch Tulip, buy tons of them they only go up in value! Until the music stops, and when it does they will be stuck with a bunch of tokens on a block chain that no one wants to buy.
Bitcoin is blockchain technology.
@@lovepeacebliss Being on a block chain does not change that it has no intrinsic value making it a terrible long term investment, is too volatile to be a good medium of exchange, and is too dependent on internet, power, and computer infrastructure to be insurance against a general collapse. In short it does what cash, gold, and stocks do, but worse in almost every way.
This didn’t age well, your other videos did just well, but you are dead wrong about crypto especially Bitcoin.
I rather place my bet on bitcoin technology (blockchain) than on bitcoin itself. I never understood the valuation of it as an investment. The pricing is too volatile and based on speculation, not inflation or anything.
You're gonna regret this video.
You're gonna regret Bitcoin in 10 yrs.
Agreed. NFTs are one thing. Crypto is another. I usually agree with most of the videos. Look at what the governments are now doing with crypto.
This video is already not aging well
Bitcoin is the classical and timeless pyramid scheme, everyone who buys it only buys it only to sell it at a higher price. Once the penny drops to most it will be over in no time
@@azeez8399 want to bet?
You will eat your words, 😂😂😂😂 the problem is that you have no idea what it is brosky. Sorry to say
Nfts are digital ownership. Art is only the first time its gone public. Nfts will be used for everything online.
🤣😂🤣🤣🤣
Try not to cringe challenge.
Level: Impossible
Great career advice but isn't in bitcoin so probably should just leave it to those interested personally by working caring less listening to your advice but investing in crypto using that spare time regardless if crypto is a scam or not. I already am living my best life and have travelled lots and that wasn't the money I got from my job but from when investments. You can also make the argument for the Nasdaq being a scam as they pay no dividends and have no ownership of a company. All that matters is our buying power increases over time. Again you don't have to overthink whether it's a scam or less care less and just increase your buying power where you can.
I hear you. There’s an argument to be made that bitcoin is worth what people value it at. Sure. However, if there is no fundamental value then it becomes risky game. At least the Nasdaq is tied to company value. The lack of essential value didn’t exactly work out for NFTs.
Thanks for the comment. 👍
@RichGilbert I believe there is and I think you are missing the point here. It takes resources to get the stuff that's finite. The next use case is that you can use this decentralisation to mine artificial intelligence safeguarding from Authorities like Google and Open Ai.
We need this to safeguard our future just like we need bitcoin as a hedge against devaluation of currency.
A good documentary is call Decentralized minds, The Bittensor Revolution so you can see the real fundamental value abd now how it could possibly evolve.
As to Nasdaq its only partly tied to valuations but more to do with liquidity cycles which is why bitcoin does well during the liquidity cycle.
btc is the world reserve currency (actually store of value!) by the people for the people
CIA created Bitcoin
A decentralized network has no value? Its owned by no gov or company or any one person (supposedly). You sure theres no real value to this? Honestly i thought u were smarter than that. Come on man...
Study BSV to answer your questions.
Bitcoin Satoshi Vision.
Holy crap! For a supposedly smart guy this is incredibly shallow and misleading about btc.
I know enough about crypto and btc to know immediately his remarks reveal little in depth knowledge about them.