@@OnAGoodDayProduction A threat! Anonymous Crytpo cyberbro has taken screenshot and is biding his time to take... revenge? For an opinion? Thank you for validating why this video needs to be out there in the first place.
@@scotttrench4169 as others have said, your beef is personal with us maxis. Not Bitcoin. Further promoting the credit based ponzi that is so obviously ravishing society. You're too smart to be this ignorant. The price to zero? Please be serious. Even if every major nation banned it, it would never go below 10k. Demand will always be there for immutable money. But you know this, you just don't care.
@@scotttrench4169when you have strong opinions that end up wrong you deserve to be held accountable for those opinions. Yeah he’s being edgy and lame but you should expect this stuff. This is an ecosystem with various forms of defense. If you don’t want the anon cyberbro bait, don’t take it.. 😅
You did a fairly decent job of steelmanning the Bitcoiner position, except for one fatal flaw. We do not need to believe that the US government or any government will collapse for Bitcoin to win. All we need to know is that the fiat monetary supply will ALWAYS need to expand, and as it does, some of that money will find its way into BTC as a store of value. That's it. If it becomes a currency in a hundred years, great. But it doesn't need to be an actively used medium of exchange to win as digital gold. Bitcoin, on the base layer, is not a transactional system for small transactions. This is because of the block size, not the mining process or lack of computing resources, as you said in the video. It's the small 1MB blocks that will cause fees to rise on layer 1. Bitcoin will scale in layers like every other financial system. Layer 1 is for settling large transactions.
I appreciate the thoughtful opinion on bitcoin, with great points. I’m no “maximalist”, but I do keep 5 percent of my portfolio in bitcoin as a store of value. Especially since the US dollar has lost 25% of its purchasing power in the last 4 years. BTC has been the best performing asset in the last 12 years. I will continue to DCA. Curious how this video will age.
Best to swap for ETH while it's cheap. Unless you think Blackrock is going to fail of course. Sure, BTC was good for profit but now, it's time for mass adoption of crypto and BTC just doesn't serve any real utility like proof of stake aka ETH. Now, if BTC forked like ETH did, that's interesting but they won't.
I often look for counter arguments to try shake some conviction in Bitcoin. I’m afraid these arguments were weak and poorly researched. This guys is missing a lot of nuance that takes many hours to understand. Like Satoshi said “If you don’t get it, I don’t have the time to convince you, sorry” In the mean time I will just keep stacking Sats thanks for the conviction boost.
Listening made me even MORE optimistic on BTC long term. This dude knows enough to be dangerous but is at best half informed. He uses British pound since 700 as an example in his favor. He overlooks the fact that British pound was global reserve currency for only 100 years of that period, eventually British pound was no longer global reserve currency and of course Britain still exists. Same logic - he should really spend 15 minutes listening to Dalio podcast - the US dollar will lose its status and be replaced as global reserve currency. USA will still exist. It has happened multiple times in history, and has nothing to do with total destruction of the country that had reserve currency. By Greshams Law - BTC is unlikely to ever be a widely successful currency. But it will become global reserve asset replacing US Treasury Bills . It would only take 15 minutes with Dalio and this dude could fill in some huge missing gaps in his understanding of financial history. Dude could learn that Portugal, Netherlands, Spain, and France, in addition to Britain and USA have had global reserve currency in the past. No one keeps global reserve currency for more than approx 100 years. And yet all the countries still exist. Do more homework Scott. And BTC is an asset, not a currency. The distinction matters.
It’s great seeing someone who’s actually educated themselves on it whether they like BTC or not. I’m personally invested in it so I found this video of a different perspective interesting. Thanks for taking the time to make it.
The different perspective is just factually wrong in too many ways to be taken seriously. Lot of errors are obvious and the truth is easy to find with a lot less than 100 hours of research
This is the best counter argument video I have found. You have done research which is great to hear. While I disagree with your points, at least the debate is getting more nuanced and technical. That is how we reach the best outcome whether that is Bitcoin or not.
The problem with bitcoin that it usually takes a person more than 100 hours to get it. Every flaw that was stated here, while sounds smart and deadly, already has an answer. If you spend some time trying to debunk the flaws, you'd debunk them. But if you lock yourself in the status quo thinking things would never change, you probably need to go back and research more, respectfully.
As a bigger pockets listener, and not a bitcoin maximalist, I am still trying to find people like you, that have points against Bitcoin after having done some research. I must say that I was a bit disappointed, as most of your arguments are either very simple/naïve (e.g. were answered profusely by multiple people), or just very weak. I'm not saying against it, they are valid concerns, but it tells me that you didn't do as much research as you claimed you did. I'm sorry for sounding like the people you warned about in the beginning of the video, but I unfortunately agree with them. Instead of saying "oh reaaaaallly, you did your research huh?" With a smirk, I'll just say (after watching uour arguments) that you're not there yet, and if you want to stay there, I'm fine with it, but just know that, for example, saying that "we can't be fully trustless, so why bother" is kind of like saying "we will always have crimes, so why bother having an imperfect form of police". Anyway, I won't go into more details because this comment probably will never be read.
Read it and heard. I distilled my research into a 40 minute video and 5,000 word essay. If I wrote a 100,000 word book, would that qualify as enough research? What level is "enough" research to satisfy a bitcoin expert? I think the answer is "do more homework until you agree" for many bitcoin people.
What are a few resources where I can learn about the case for Bitcoin? Is there one book that is really good, or a few RUclips videos? I am interested in learning, but I'm not trying to get a master's degree in Bitcoin.
I'm not saying that you're wrong, and I'm not saying that you should agree with maximalists. I'm saying that most of your arguments/concerns stopped there, at concerns. I would love to have new arguments against Bitcoin. But saying that the speed is too slow, and that we would need more power to increase it, well that's just wrong. The compute power doesn't change the speed of transactions, that's just not how it works. And there are solutions to that, like a layer 2 like lightning. So I'm just saying that your arguments stop where there are answers already. Maybe you think layer 2s can't work, then that's a great argument if you can say why. But it seems like you're suggesting that there will be something invented later, while it might just be a layer 2 on top of Bitcoin (I'm not sure, just extrapolating here). The internet has 7 layers, maybe the layer 3 of Bitcoin is what we need (or not, but again, it wasn't even mentioned in this video). Again, there's nothing wrong with what you said, it's just a bit... Shallow IMO, and didn't help me get more weapons against Bitcoin (I'm more of a devil's advocate). And like another comment said, Bitcoin maximalist is not the only option either! As you said so yourself, the British pound worked very well without being everywhere.
@@scotttrench4169 You know, this video is the most in-depth video that I've seen against bitcoin, so kudos on that. I am sorry for not answering more in-depth, I might have felt some frustration in your answer. I'm not a bitcoin expert, but I'm tempted to take all the issues and reply with everything that I know (which is not much), and ask for anyone to continue arguing on all the points. In any case, there are some points against bitcoin, and I don't think there's a high chance that the maximalists' view will ever come true, but I also don't think it goes to zero. I like the 1-5% allocation on a deflationary asset case, and I guess I'm skewed towards trying to find a reason to have a 0% allocation, which needs bigger arguments than if you're trying to find a reason why it goes to zero, which is completely different than if the asset will just survive? Sorry for these weird sentences, I guess Friday makes my English mushy (if we can even say that English can be mushy)
Yes. I came into this video expecting something new, something I never thought about, something to make me doubt bitcoin’s longevity. Instead all I heard were the same old weak arguments that have been around for a decade. In a contrary way, this presentation makes me more confident about bitcoin, not less.
Just three comments: 1) Way too many half truths and hyperbolic statements. 2) Your argument was really against “Bitcoin maximalists” rather than against Bitcoin. So Bitcoin could still succeed (be broadly accepted and utilized) even if not the way some Bitcoin maxis want (e.g., Bitcoin can succeed without U.S. failing). 3) Speaking about “Bitcoin Maximalists” as if they all agree is unhelpful. I agree there are arguments against Bitcoin, but I wouldn’t point someone to this video to convince them against Bitcoin.
I worry that vague criticism like this detracts from the discussion and continues to alienate people from the bitcoin community. Nonspecific accusations of "half truths" and "hyperbolic statements" is something I find unhelpful, and sadly all too common in the bitcoin community.
@@theMaSch21well, the podcaster explained it fairly clearly. BTC has no intrinsic value except to a potential investor. It also has other limitations like exchange and energy consumption, access, etc. So, in my choice of ponzi schemes, at the end of the day, most tulip bulbs are edible.
@@wadedavies3924I don’t think you understand what intrinsic value is. I also don’t think understand what money is either. If you think money has to have intrinsic value and you use the fiat currencies like the US dollar then you are hypercritical. Pure money for the purpose of exchange does not need to have another use case. Don’t confuse gold jewellery and gold as money, this is not why gold was chosen as money (it was jewellery first before it became money). Bitcoin is pure money and the best money we’ve come across. Money is a technology that has evolved throughout history (from seashells to cows, pigs, beads, salt, paper, cigarettes etc). Anything can be use as money, but what is the best form? Many believe it is Bitcoin. You also need to stop comparing Bitcoin to an overhyped event hundreds of years ago in one specific location (Netherlands) that lasted one whole season. Bitcoin has been around for 15 years. What bubble keeps popping and return to grow stronger and stronger? None! This is not a bubble by definition, it’s price discovery. Go back to doing more research.
Scott, I appreciate your work, but I feel it's been built on a completely wrong thesis that bitcoin can only thrive if US economy or country collapses. The assumption is neither accurate nor necessary. 1) The World is much bigger than the US; 2) They can and should thrive both along with gold (why not?) I'd look on that differently: The US is bringing to the World an unheard freedom - the freedom from the government money!
I believe that there is essentially no world where Bitcoin takes over as ANY world reserve currency due to it's flaws, as discussed in the video. But, as an American it's even worse - as I believe that the dollar is so much relatively stronger than anything else, and we have so many relative advantages to other countries, that the returns from investing in the US economy and real estate will dwarf returns from currency (again, not in holding dollars as currency), even if that bitcoin replaces Guatemalan Quetzal or similar.
@scotttrench4169 the dollar is so strong in fact that nations are actively working to get it off their balance sheet. The debt other countries hold amounts to very little because of how much money the US prints Your argument was a straw man that the US needs to collapse for btc to become successful. BTC becomes successful if 1. The dollar keeps printing and/or 2. People have less and less faith in their government. Hence why it’s been the number 1 returning asset the last 15 years
@@scotttrench4169 true… the money printer go brrr makes US real estate a great investment. If foreigners are stuck with dollars, which are rapidly losing purchasing power, they have US assets as refuge. The problem with that is obvious. Middle to working class Americans, the youth, are taking a serious decline in economic standard of living. This fiat money system is increasing the wealth gap. The rich get richer; the poor get inflation.
@@scotttrench4169 but thats not at all what we're saying, we're saying bitcoin has a substantial value proposition WITHOUT replacing centralized currencies and you barely refuted that at all
Why can't you envision a future where we still use dollars, euros etc but bitcoin becomes a widely adopted store of value/hedge against inflation plus the speculation element which will never go away? It doesn't have to become currency, just digital gold widely adopted, even at state level.
I have been an avid follower of BP for many years, learning quite a bit from the community. However, on this topic I think the analysis is quite flawed (and based mostly on what I hear on MSM). Almost each negative item brought up can be refuted or clarified as to how things really work (ex. bitcoin maximalists do not think the blockchain technology is only good for bitcoin as it can be used for many applications requiring a ledger - which is what a blockchain is). I understand you have done well in real estate (where you have expertise), and I look forward to hearing if you feel the same in 2030. Good luck.
People who say Bitcoin will go to zero can never explain when it will happen or why it hasn't happened yet. Not all Bitcoin investors are "bros" or maximalists. Some of us understand the risks but we also understand the shams that are our fiat money supply and fractional reserve banking. Bitcoin is at least a hedge like precious metals and possibly much more.
Your base adoption plan for Bitcoin is comically absurd, and looking at any other tech change shows that. The horse and buggy didn't fail because all of our horses suddenly broke their legs, and the Hun archers came back, overran the US government, and they went full Road Warrior in their new fangled cars, and we had to adopt their cars to survive in the post-Hunpocalypse, the horse failed because they were just more expensive to maintain and house, more temperamental, and they sh!t all over the place, and cars didn't do any of that, and as they developed, cars were faster and could carry more people, and tow more stuff, for way less cost per mile. Its the same for cryptocurrencies. If Bitcoin is adopted, it won't be because of the government collapse apocalypse, or the Joker burning it all down, but just because people get tired of prices going up and up from spending all this money on bailouts for evil bankers, Ukraine War 3, and paying billions for the continuing killing Palestinian children. The fact is, Bitcoin IS better money, and its possible that people will realize that, and just get tired of the US dollar needing to be stabled in a bank, having its value collapse every time a 'bad thing' TM happens, and having the US Federal Reserve sh!t away 2 % of the money's value on inflationary spending every year on unjust wars, covering us with the guilt of all those lives lost, and telling us its to 'soot from Bitcoin miners'. In other words, there is a quite rational reason we could peacefully transition to a better money, even with the US dollar only failing slowly, like a horse you ride to work slowly getting older and slower, as everyone else gets there an hour faster, in a better store of value.
You forgot one key element in your brief account: a so called 'deflationary' currency by you enables people to work less for income, free up TIME and ENERGY for a person to create, learn, live, think and thereby add value to the world. Thereby inflating human intellect rather than inflating the value of printed paper. Have you weigh that human energy spent on passionate pursuits vs the energy tht the BTC network spends? Also, the inflationary tons and tons of paper printing drives people to borrow more - the very damaging DEBT crises. Have you addressed this? People who lost their homes? Student debts? Unless and until someone proposed a sound alternative, am going with the limited BTC rather than printed papers.
I admire your bravery, Scott! My personal experience with passionate Bitcoiners is that they are defensive and quick to insult. Great video, and I appreciate you putting your thoughts out there! Keep it up!
No, no, no. Bitcoiners would never be defensive and quick to insult. They would never say "do more homework", use foul language, insult, threaten, arrogantly dismiss those who disagree, or engage in similar behaviors...
Why would a Bitcoiner take offense to this presentation? It’s all old, tired arguments that we’ve heard for about a decade. It’s a big snooze fest in the realm of bitcoin FUD.
Not all Bitcoiners insult. There are plenty who stay quiet. I didn't stay quiet but I also don't insult people. But when is Bitcoin going to zero again?
Maxi here. Don’t insult. Might come off defensive, but that’s because it’s frustrating that people have such staunch opinions using surface level arguments on this particular asset. Everyone would be much better served if they were honest and simply said “I’m not sure, I’ll need to do more investigation on the topic”. For example, I don’t feel compelled to take a stance on semiconductors as an investment. Why? Because I haven’t spent 30+ hours researching the industry. Or 50+ hours. Or 100 hours. Based on the arguments you present here, I know for a fact you haven’t invested the requisite time on bitcoin to have a credible opinion to share with others. Especially if they look to you for investment guidance. So why even have an opinion?
@@1301cbhe is entitled to his opinion. We don’t have to agree. Every Bitcoiner has to start somewhere and have probably asked the same questions this guy has. He’s just come out with a different conclusion and that’s ok. Michael Saylor was a skeptic, look at him now. Larry Fink was a skeptic. People get Bitcoin when they need it. He does not need it yet. When he starts to do the maths and measure his asset value against Bitcoin he might change his mind.
Bitcoin Maximalists are often toxic and eccentric. They don’t represent all of Bitcoin. I prefer to call myself a Bitcoiner. Ive done an incredible amount of research to debunk every single point you tried to make in this video. And honestly it would be a lot of typing. Good luck with your anti Bitcoin journey.
Came here for the same comment. I feel like Scott says he has “done the research” but he only scratches the top surface of is claimed “flaws”. I think when Scott discovers that the government “can’t “ do that then he will see why there is value.
First, some governments DO force their citizens to stop using bitcoin - see China, which is not totally, but is still largely, successful in enforcing. But, I didn't bring that up in the video. I don't think governments will force people to not use bitcoin. I just think that in the unlikely event it continues to accrete in value and gain more widespread adoption, they may just purchase it or collect it, if they do in fact accept it as a form of payment for taxes. After enough accumulation, they can issue a currency backed by Bitcoin, just like they did with Gold, and then... we get to 1971 again. That pattern is not something that can be easily stopped.
@@scotttrench4169 wrong! China banned BTC several times, which must tell you that they unbanned it many times as well. They are not able to stop anything and that is why so many Chinese people keep investing in BTC and using facebook and everything else they "banned "over there. Even in the States they never cease BTC like they say, they just make deals with criminals and basically they "sell" them a better deal to leave jail earlier, basically they blackmail people into giving away their BTC.
@@scotttrench4169The difference here is that it is way easier to audit a btc wallet than a gold vault. A gov cannot start to issue more currency than they have sats bc everyone will be able to see how much they have. We were not able to do that with gold, and when countries got suspicious, that’s when we severed the link
"never seen a civilization that has endured with a deflationary currency" Has a deflationary currency ever existed? Governments thrive on the ability to print money and take on debt so they don't seem incentivized to produce a deflationary currency. Perhaps a deflationary currency is seen in real estate investing. You said a deflationary currency would create huge problems (due to hoarding I presume?). Real estate is held and exchanged for value and is being hoarded to the detriment of those who cannot get a foothold. What if the barriers to entry were lifted for them by being able to easily hold and transact small pieces of real estate in a more seamless process than the current one? I'd argue we haven't fully seen a deflationary currency properly play out and we can't know for sure if it would "create huge problems" as you say. ;) Thanks for talking about this stuff!
Great counter! You are right, it is theoretically possible to build a civilization on deflationary currency. But, to me, not something I want to bet on or think is likely. The world moving in lockstep to a new order with one deflationary currency is too big of a bet for me to make. And again, if I'm wrong, I then own the real estate you mention.
I really appreciate this thoughtful approach to the conversation about Bitcoin, Scott. Your perspective could be right, but it could also be wrong. It's a great discussion to have. I personally think allocating 5% of your networth is more than enough for investment purposes. There are so many unknowns that are being assumed about digital currency and its mass adoption. I just don't agree with going all in on this investment vehicle.
Very good. Transaction speed and costs. Btc is price based only and its worth is soley what someone is willing to pay you simply can't transact with it. No one accepts it too volatile and extremely costly. Tears will flow when btc and its narrative fails
It’s also filled with nonproductive intermediaries that depend on government titles and licenses and other high barriers of entry to siphon value from the working class..
Exactly. Gold is an asset with no counter party risk. Same for bitcoin. USD is a fiat currency. Bitcoin will likely never be a currency, no one will want to use BTC as a currency when they can use fiat for everyday needs.
Why ur basing it on legal tender, it's an asset! Do not base it on a cash position, base it on an asset, a commodity. BTC is the best performing asset on the planet.
I heard all your arguments long ago, and it only shows your lack of understanding. Do more research. I spent over 100 hours studying BTC and went all in 6 years ago, and I'm a millionaire now. I'm still buying too.
This guy is 100% correct regarding the deflationary asoects of BTC. It's why it is not, by definition, money. Broad money base always has to grow. How can you take a loan or mortgage in BTC? Or buy bonds and clip a coupon in BTC? You cant do it. BTC is, for better or worse, a collectible limited edition vurtual token BUT not money.
Money has to be inflationary but only I can inflate it. Sounds like a central banker’s wet dream. You do understand that Bitcoin is infinitely divisible, right? The whole global wealth can be stored in 21 million Bitcoin or 1 Bitcoin or even 1 Satoshi. It is false that money supply has to be inflationary.
@@CamboHODL when did I say CBs had to inflate it? Are there not many Crypto currencies that inflate themselves? The fact that BTC is infinitely divisible doesn't mean there is any more of it. By your logic, in a BTC world, everything would have to be priced lower and lower and lower as time went on to make up for the growth in population and economic activity. U clearly have no idea what you're talking about as a growing money supply is ABSOLUTELY needed for something to be considered "money". Again.....if BTC is money, how do you borrow and pay back, have bonds, have mortgages in BTC? Please explain that one to me.
I am a crypto professional (layer 1 blockchain/crypto programmer) as well as a bitcoin maxi. Holder not trader. While I disagree with a few points, this is probably the best informed criticism that I have seen yet. Some good points, some not so good. Not cringy like most. :)
Just keep researching bud 👍🏼 I remember when I was where you are. Couple things to rethink. -how irrelevant it is for bitcoin to become a medium of exchange. -how it’s irrelevant it is if nation states to collapse. - what your view of deflation is - your confusion surrounding the available supply. Even if all bitcoin was lost but .01 BTC. It would function the same and hold how ever much economic energy the world would need. Side note: BTC has and will preform better then all 1T+ assets you could be in. Also. All prices trend towards the marginal cost of production when using BTc as my unit of account. That stays true whether other people use USD or not. It dosnt matter what the rest of the world does. It’s just an option to opt out of theft via inflation.
Funny. But it’s probably true. Trad Fi guys like him love the money printer because they’ve put themselves into the asset classes that benefit the most by the Cantillon Effect, namely stocks and real estate. He mentions how much he likes to invest in real estate. In the hypothetical bitcoin economy, housing would be affordable for people to live in instead of being a great income generator for people like himself. So of course. He hates bitcoin for what it stands for and would seek restart the Cantillon Effect economy, on some other fiat currency, if the US fiat collapsed.
Your argument is flawed. Bitcoin is not a currency and most Bitcoin advocates don’t see it as one. It is an asset- a store of value. Time to listen to Michael Saylor.
Don't even plan on watching this video with a bait title. If you haven't done 100 hours of research on Bitcoin don't bother making a video about it. Clear misunderstanding.
But I did... much more than that amount of research. Which is why the "do more homework" comments are so comical. It's the Bitcoin Bro's lazy defense that they think magically makes them right. No. There are people who understand, and reject. The answer is not always in "if they did more homework they'd get it."
Scott - have you spent 15 minutes watching Dalio podcast that explains the history of global reserve currency Until you do that, you haven’t done your homework. Your comments on British pound were uninformed and incorrect. British pound was not global reserve asset since 700s
@@scotttrench4169 then I guess it’s an issue with morality. I guess you standing with a centralized government system that’s historically caused political conflict and wars by stripping value at the expense of its own people is what you stand for. Bitcoin offers a solution to provide transparency on a global stage, cant be controlled by one group of bad individuals, the rules can be read and followed by any language, provides a value escape for people in third world countries who never had a fair chance bc of their governmenr, more energy efficient than banking, no discrimination of race, color, religion, age, etc but yet you want to say it will fail? I’m not understanding isn’t that what we all want? A system anyone can verify, that isn’t controlled by one government, that can be globally transacted 24/7 anywhere anyplace and isn’t printed into oblivion with hyperinflation? Not to mention it meeting all the standards of what makes a good currency. Portability, divisibility, durability, limited supply, acceptability, and uniformity? It beats gold and paper currency in every single aspect of what is to be considered “money”
@@scotttrench4169 not sure what you think you did but for sure it wasn't your homework. maybe you spend the time watching porn, or cartoons, or whatever, but anyone spending 100 hours on Bitcoin and not understanding the most basic stuff.... well, that person can't be anything smart.
Bro. you didn't think your contra arguments till the end. You just started to do your homework concerning BTC, whitch is good. Keep on study BTC, finally you will become bitcoin maxi too. We bitcoiners don't need to believe, we verify to know. Thanks for your video!
3:06 Bitcoin maxis don’t love gold as much as you claim they do. Gold was the best money we had but its flaws (namely velocity, divisibility and scarcity) made it impractical in modern society and therefore allowed it to be co-opted by governments and eventually decoupled from bank notes. Bitcoin fixes all of these problems. It’s superior to Gold and any other forms of money we’ve ever had. It does not need an issuer to verify it or give you permission to use it. It is an opt-in money, nobody will force you to use it. You are free to use less perfect money if you prefer. It is apolitical. It’s not back by a Petro agreement or warships and machine guns. There will always be people who will gravitate to this. If you think it can be stopped, please tell me how? If a totalitarian society like China can’t ban it how do think other countries will do it? There’s a higher probably that individual countries will accept Bitcoin than coordinate to ban Bitcoin. Better to coexist than to fight a losing battle.
As a coin investor, I greatly appreciate your view points. Everyone ia so passionate about their opinions, when (in my opinion) both sides have very valid points. Where they become ignorant is when they believe everything they say is confirmed fact, when it is not. Humans nees to learn how to look at all sides then make their own educated decisiin, not regurgitate talking points of only their favorite news outlet.
What a refreshing take on Bitcoin😊 & the network, block chain, Cryptocurrency, and the people who participate in that space😅 . I appreciate your objectivity and openness. I have owned bitcoin since 2017, I enjoy the rollercoaster ride of it while I understand that it's not going to carry me into retirement😂😂 I think you're right to advise people to slow down, take a breath read the fine print and for heaven's sake stop "screeching" and know that it's o k NOT to participate. They call it FOMO for a reason! Don't turn money or investing into a religion😢 You will not age well
Bitcoin doesnt care what you think about it. Just like Gold doesnt. It doesnt have feelings. What you are doing is arguing against the IDEA of bitcoin and against the PEOPLE who promote it. If I listrned to this whole video, which i didnt, 3 blocks are mined in the time it takes to listen to all of this.
The cool thing about today's economy is that we can all be right. It doesn't have to be bitcoin winning and everyone losing or bitcoin losing and everyone against it winning. There's so many ways to make money in this day and age. I believe new technology such as blockchain and AI will continue to make people wealthy right alongside traditional methods like real estate and stocks. We can all win and make money. The real luck is being born in a time and place that allows such things.
"Anybody who thinks they understand Bitcoin doesn't understand it." I hear that all the time. So the only people who understand Bitcoin don't think they understand it. But just because you don't think you understand it doesn't mean you do understand it. So some people who don't think they understand it actually do understand it, but nobody, including themselves, know who they are. I don't know how anybody knows this, including myself.
@@Scott_Trench Sounds like you think you understand it. You can't know for sure. It's really, really hard to understand. Maybe we both need to do a LOT more homework. It doesn't come easy, so don't pat yourself on the back yet.
@@timothylink4386 I think that to the bitcoiner, the endless loop of "do more homework" ends with becoming a true believer. There is no amount of research that leads to disagreement that a bitcoin maxi will consider enough. You only pass the "you've done your homework" test when you buy into the thesis.
@@crates12 This is true of economies in general. It's also true, I'm told of traffic patterns. I was told this by an engineer who worked on traffic routing. They try things that seem to make sense and hope for the best. Bitcoin looks like a prototype to me. It has a lot of serious faults that keep it from being the dream of day to day mundane transaction currency. But as a speculative instrument it's working well. Since there's no reasonable way to give it a fair market value I agree it's impossible to determine what it's future may be. The only thing I'd wager is that it'll probably never reach zero. Somebody will always want to buy it, and somebody somewhere will host transactions even when there's no coin left to mine. I've come to the conclusion that for a day to day currency inflation is a good thing. Don't hold cash for decades, for God's sake! It's not made for that. A cryptocurrency that will work well as a currency needs to have a controlled inflation rate built in to it so it doesn't get hoarded on speculation and turned into another Bitcoin.
I agree that energy will be a problem for not only crypto but also for the advancement of all future technology. We can't sustain and flourish as a technological society relying on windmills and solar panels. Pandora's box is open and there is no going back.
FUD! Been disproven. Bitcoin incentivises efficient energy usage. The more creative and cheaper the energy the more profit the miners make, so miners are incentivised to find cheaper energy and make their mining rigs more efficient. Much of Bitcoin mining uses stranded energy that would otherwise be wasted (like flared gas or excess energy). The Bitcoin network is secured by miners who are essentially mobile and pack up their rigs to go where there is cheaper or free energy. Bitcoin will be net positive for the environment, particularly if it replaces the current inefficient monetary and banking system. Think about the energy that is being used by private banking networks and their computers, office building etc. Do you really think this does not involve energy consumption? Most major banks occupy large buildings in major cities across the globe. Hardly mobile networks. Lights being left on in vacant buildings at night. Nobody complains about the energy wasted here.
When will bitcoin go to zero? You said long-term, 5yrs, 10yrs, 50yrs, or will you live to see it? How about a bet with one of the maxis on this BTC to zero? This kind of a bet is more exciting than a sport bet.
Dude, you arguments are valid for YOU, and only you, if you are sitting next to the money printer or barn or your own gold mine. Unfortunately, I and many others are much further down the chain.
If BTC is not a good store of wealth then what does he think the next or the best store of wealth is. Should we diversify in the same old school assets, property, stocks, bonds, gold, silver? Shouldn't society develop a digital currency that moves faster and is global? Everything has developed digitally; money needs to follow suit.
Even if the thesis of Bitcoin as the new global reserve currency does not succeed, even if the USA does not collapse, having Bitcoin as one of the assets you are invested in will not do you any harm. You don't know the lightning network?
YES!!! Finally, someone does a thoughtful takedown. Bitcoin really is interesting, and blockchain tech is genius, but as a tool for building wealth, as some form of alt currency...no no no. Fantastic job with this, and thanks for being a rare bird talking about this (neither zealot nor ideologue). Very thoughtful take. Max Keiser isn't gonna like this.
Ok just finished the video. Scott is a) incredibly bright, and b) too humble. This was absolutely fantastic. He stated his counterthesis clearly without overstating, but also without academic-sounding hedges, making it accessible for people who might be new to this space. Wish I could give it two thumbs up.
As a Bitcoin maximalist... I felt he strawmanned the whole thing and only understands the brochure.. He's done his home work, but only a couple hours worth.
@@OnAGoodDayProduction thanks for the respectful pushback! Which critique did you find problematic? I suppose the good news here is that this is an empirical question. Eventually the chips will fall where they're supposed to, but as they say, 'markets can remain irrational longer than we can remain solvent.' Whoever's wrong on this can remain wrong and rich for a long, long time; the obverse is, of course, also true.
@@falsificationism energy fud: Bitcoin creates energy that would otherwise be ignored. USA doesn't need to fail.. so silly. 0% adoption? Lo fucking L even if my worst case, small nations will adopt... Volatility... Yes, it's an immature asset that will fall as price raises. Deflationary Economy = hording money is sooooo shallow of thinking that I almost threw my phone.... People would only spend money on thing that bring value, less waste, less consumerism, less climate change.. And the most important: if money is not a commodity (like Bitcoin) then you are unconsciously admitting that your grand children are to be born to serve you. Credit money = enslavement of future generations to pay for promises made today. Take care, keep studying, ignore this fool.
@@scotttrench4169go listen to: guy swan - why I'm still not buying Bitcoin Every fud you gave was superficial and I'm not gonna type up an essay when that podcast does a better job.
Not a maxi .. so many holes in your theories where to start.. I'll say this; for 5 usd i can convert btc to Solana. For .oo1 fees i can spend that value , with a transaction time of one second. Fact; last month visa transacted 2.2 trillion on sol. Backend. Which is saying we are living on block chain rails now, visa transactions. USDC, but doesnt have to be in USDC. 34 trillion US debt..400 trillion word debt..if U dont devalue U cant pay that off mathamatically. Monetization has been going on and will continue. Just math not opinion. But yes fiat no doubt will be around for a long while - longer then I'll live. BTC has network effect , that could change, but doesnt matter because U can swap it out cheap and fast for whatever comes next. The dollar is a captured asset, U assume those that control have your best interests at heart.
I'm a Bitcoiner, not a maximalist but a Bitcoiner nonetheless. I fully respect your thesis, I disagree, but I can see where you're coming from. The funny thing is... with enough mental gymnastics, we can all see that we're both potentially correct here...
Let me tell you something.. hope you read this. 1. I myself have bitcoin , but never bashed other people. 2. I don't bet against America. Whole purpose of Bitcoin is to tell government that we have one more option. That's it. 3. Rich people have majority of their assets in real estate, gold, stock, etc. If you invested large sum in NVdia, does it make that person NVidia maxi? If one has large assets in real estate, does it make that person real estate maxi? I think you are being too extreme by talking about extreme people. In reality, bitcoin investors just invest in bitcoin because they just believe in it. I don't believe in 'doomsday' unless nuclear war goes off.
I believe you might just be thinking about it wrong, as well as everyone else. No one knows what will come of bitcoin, and you should at the very least acknowledge that. You might want to put 1%-5% into the thesis....just in case it catches on.
It’s much easier to breakdown Bitcoin into manageable increments than gold and it’s much easier to store Bitcoin and it’s much easier to transfer Bitcoin and quicker! Right now, you’re batting 0%
GOLD: is there a finite supply of gold? So tell me, how much gold is there?? I can tell you that there will never be more than 21 million BTC. So, how much gold is there? When will all the gold be mined? I’m anxiously awaiting your answer
I didn't hear you address the fact that bitcoin already has an alternative derivatives market that allows infinite investment into bitcoin-based investments. For example, a mutual fund or company stock that owns bitcoin has bitcoin exposure that essentially infinitely increases the investment capabilities far beyond what directly purchasing coins allow.
super well articulated, thanks so much. I would add: there is a huge naive argument that bitcoin can or could escape government control, for better or worse. it turns out, if gov wants to mess with any exchange and fobid it, it's for sure doable. so unless everybody suddenly stops needing real money all at the same time, and bitcoin become somehow practical, there is no way in the world it becomes anything else than a beautiful tech demo. If you disagree: I'm sorry, you must own some BTC (it's not because you bought something that it becomes valuable)
Bitcoin is not a bet. Stocks, bonds, ETFs, real estate basically everything else incl. gold is a bet to keep your buying power better than your neighbor. All your assumptions (military, flow of young people, fluctuancy, ...) will fade away in a speed you can't imagine yet.
Point at 21:47 is actually incorrect, the section is called "The Blockchain's Big Problems". The truth is that there are more options beside proof of work, and there are even options that doesn't even required "fees" to incentive the usage and protection of the network so the section should be called "Bitcoin's consensus big problems". I agree that bitcoin is not the best solution, but unfortunately is what most people know because it's what makes more noise. And to be honest multiple of the facts you share are related to that instead to blockchain in general.
I seriously want to make a video rebuttle to this. You make a few decent points, but in the grand scheme of things, the height of intelligence and human output from the perspective the human species has a major problem within the framework of the us government. We preach peace, but spend more on war than peace. Most of our budget is invested into war power. We have a human-based ponzi scheme, defined by the value aggregate related to the output of our physical power. In the future, this will prove to be an antiquated model, as well as a major limitation to prosperity of our species. In the future, decentralization and community-lead governance, will allow DOAs to regulate on a government level to abolish war and destruction, such that the wasted bloat of our government can focus these values on prosperity rather than destruction. The average human doesn't know what the government does, but the government wants to enforce polices that enable them to watch all of our transactions, but we can view none of theirs. Decentralization will resolve this in the future. A lot of things will change..... The US will either adapt or collapse, hard to say what the future holds here, but either can be right. Its just a matter of what the people are willing to accept. Societies go from peace to war to peace, over and over again. None of this has to do with Bitcoin vs the dollar though, its more of a failure point of the us as a reserve currency.
The mining problem is easily solved by allotting a certain portion of transaction fees charged to users to miners that validate those transactions. This would in essence become the cost of "banking" with Bitcoin. Cheers.
Haven’t finished watching yet, but I have something to add that Max Kaiser had been completely convinced in 2011 that we should all buy silver and that would be the solution over our problem so he was perhaps right but not enough people bought it apparently. Evan would’ve had to take delivery and he wanted to crash JP Morgan, which would probably have caused another economic crisis and who knows the unintended consequences of that.
![BabyChiefDoit - Too Slow (feat. STAR BANDZ) [Official Music Video]](http://i.ytimg.com/vi/zayaxws7RPg/mqdefault.jpg)
This is not going to age well.
I take screenshots and have a 1tb hard drive... So excited for the day I get to make the montage.
@@OnAGoodDayProduction A threat! Anonymous Crytpo cyberbro has taken screenshot and is biding his time to take... revenge? For an opinion? Thank you for validating why this video needs to be out there in the first place.
@@scotttrench4169 as others have said, your beef is personal with us maxis. Not Bitcoin. Further promoting the credit based ponzi that is so obviously ravishing society. You're too smart to be this ignorant.
The price to zero? Please be serious. Even if every major nation banned it, it would never go below 10k. Demand will always be there for immutable money.
But you know this, you just don't care.
@@scotttrench4169when you have strong opinions that end up wrong you deserve to be held accountable for those opinions. Yeah he’s being edgy and lame but you should expect this stuff. This is an ecosystem with various forms of defense. If you don’t want the anon cyberbro bait, don’t take it.. 😅
It’s already a heaping pile of stale FUD… nothing new here.
2018 is calling; it wants its bitcoin FUD back.
You did a fairly decent job of steelmanning the Bitcoiner position, except for one fatal flaw. We do not need to believe that the US government or any government will collapse for Bitcoin to win. All we need to know is that the fiat monetary supply will ALWAYS need to expand, and as it does, some of that money will find its way into BTC as a store of value.
That's it. If it becomes a currency in a hundred years, great. But it doesn't need to be an actively used medium of exchange to win as digital gold.
Bitcoin, on the base layer, is not a transactional system for small transactions. This is because of the block size, not the mining process or lack of computing resources, as you said in the video. It's the small 1MB blocks that will cause fees to rise on layer 1. Bitcoin will scale in layers like every other financial system. Layer 1 is for settling large transactions.
Very well said
The biggest threat to bitcoin is governments. Transactional cost could become a problem.
Agreed.
He's missing the point.
Inflation and overspending will never change in the existing system.
Thanks for validating my belief & investment in Bitcoin
I appreciate the thoughtful opinion on bitcoin, with great points. I’m no “maximalist”, but I do keep 5 percent of my portfolio in bitcoin as a store of value. Especially since the US dollar has lost 25% of its purchasing power in the last 4 years. BTC has been the best performing asset in the last 12 years. I will continue to DCA. Curious how this video will age.
Best to swap for ETH while it's cheap. Unless you think Blackrock is going to fail of course. Sure, BTC was good for profit but now, it's time for mass adoption of crypto and BTC just doesn't serve any real utility like proof of stake aka ETH. Now, if BTC forked like ETH did, that's interesting but they won't.
I often look for counter arguments to try shake some conviction in Bitcoin. I’m afraid these arguments were weak and poorly researched. This guys is missing a lot of nuance that takes many hours to understand. Like Satoshi said “If you don’t get it, I don’t have the time to convince you, sorry” In the mean time I will just keep stacking Sats thanks for the conviction boost.
"a lot of nuance that takes many hours to understand": you overestimate yourself here...
Thanks for being critical. We miss this perspective!
Listening made me even MORE optimistic on BTC long term. This dude knows enough to be dangerous but is at best half informed. He uses British pound since 700 as an example in his favor. He overlooks the fact that British pound was global reserve currency for only 100 years of that period, eventually British pound was no longer global reserve currency and of course Britain still exists. Same logic - he should really spend 15 minutes listening to Dalio podcast - the US dollar will lose its status and be replaced as global reserve currency. USA will still exist. It has happened multiple times in history, and has nothing to do with total destruction of the country that had reserve currency. By Greshams Law - BTC is unlikely to ever be a widely successful currency. But it will become global reserve asset replacing US Treasury Bills . It would only take 15 minutes with Dalio and this dude could fill in some huge missing gaps in his understanding of financial history. Dude could learn that Portugal, Netherlands, Spain, and France, in addition to Britain and USA have had global reserve currency in the past. No one keeps global reserve currency for more than approx 100 years. And yet all the countries still exist. Do more homework Scott. And BTC is an asset, not a currency. The distinction matters.
He doesn’t understand bitcoin. He’s half informed.
You can do your homework and somehow still get it wrong
Lol so true
The flaw is you think BTC is a currency. Its a security network to transfer wealth
💣Boom! Many fail to see that. Keep stacking 🙌
It’s great seeing someone who’s actually educated themselves on it whether they like BTC or not. I’m personally invested in it so I found this video of a different perspective interesting. Thanks for taking the time to make it.
The different perspective is just factually wrong in too many ways to be taken seriously. Lot of errors are obvious and the truth is easy to find with a lot less than 100 hours of research
Everytime I want someone to prove my view on Bitcoin wrong they actually make me more confident that I'm right lmao
This is the best counter argument video I have found. You have done research which is great to hear. While I disagree with your points, at least the debate is getting more nuanced and technical. That is how we reach the best outcome whether that is Bitcoin or not.
All his arguments can be debunked in literally 2-3 sentences.
Bitcoin is going to absorb all this guys wealth
No, inflation will do that
The problem with bitcoin that it usually takes a person more than 100 hours to get it. Every flaw that was stated here, while sounds smart and deadly, already has an answer. If you spend some time trying to debunk the flaws, you'd debunk them. But if you lock yourself in the status quo thinking things would never change, you probably need to go back and research more, respectfully.
You are exactly correct! He clearly HAS NOT invested the 100 hours necessary to truly understand Bitcoin..
You’re not going to absorb the value of bitcoin holders, but the government is going to continue to absorb your value.
right on!
As a bigger pockets listener, and not a bitcoin maximalist, I am still trying to find people like you, that have points against Bitcoin after having done some research.
I must say that I was a bit disappointed, as most of your arguments are either very simple/naïve (e.g. were answered profusely by multiple people), or just very weak.
I'm not saying against it, they are valid concerns, but it tells me that you didn't do as much research as you claimed you did.
I'm sorry for sounding like the people you warned about in the beginning of the video, but I unfortunately agree with them.
Instead of saying "oh reaaaaallly, you did your research huh?" With a smirk, I'll just say (after watching uour arguments) that you're not there yet, and if you want to stay there, I'm fine with it, but just know that, for example, saying that "we can't be fully trustless, so why bother" is kind of like saying "we will always have crimes, so why bother having an imperfect form of police".
Anyway, I won't go into more details because this comment probably will never be read.
Read it and heard. I distilled my research into a 40 minute video and 5,000 word essay.
If I wrote a 100,000 word book, would that qualify as enough research? What level is "enough" research to satisfy a bitcoin expert?
I think the answer is "do more homework until you agree" for many bitcoin people.
What are a few resources where I can learn about the case for Bitcoin? Is there one book that is really good, or a few RUclips videos?
I am interested in learning, but I'm not trying to get a master's degree in Bitcoin.
I'm not saying that you're wrong, and I'm not saying that you should agree with maximalists.
I'm saying that most of your arguments/concerns stopped there, at concerns.
I would love to have new arguments against Bitcoin.
But saying that the speed is too slow, and that we would need more power to increase it, well that's just wrong.
The compute power doesn't change the speed of transactions, that's just not how it works.
And there are solutions to that, like a layer 2 like lightning.
So I'm just saying that your arguments stop where there are answers already.
Maybe you think layer 2s can't work, then that's a great argument if you can say why. But it seems like you're suggesting that there will be something invented later, while it might just be a layer 2 on top of Bitcoin (I'm not sure, just extrapolating here).
The internet has 7 layers, maybe the layer 3 of Bitcoin is what we need (or not, but again, it wasn't even mentioned in this video).
Again, there's nothing wrong with what you said, it's just a bit... Shallow IMO, and didn't help me get more weapons against Bitcoin (I'm more of a devil's advocate). And like another comment said, Bitcoin maximalist is not the only option either! As you said so yourself, the British pound worked very well without being everywhere.
@@scotttrench4169 You know, this video is the most in-depth video that I've seen against bitcoin, so kudos on that.
I am sorry for not answering more in-depth, I might have felt some frustration in your answer. I'm not a bitcoin expert, but I'm tempted to take all the issues and reply with everything that I know (which is not much), and ask for anyone to continue arguing on all the points.
In any case, there are some points against bitcoin, and I don't think there's a high chance that the maximalists' view will ever come true, but I also don't think it goes to zero.
I like the 1-5% allocation on a deflationary asset case, and I guess I'm skewed towards trying to find a reason to have a 0% allocation, which needs bigger arguments than if you're trying to find a reason why it goes to zero, which is completely different than if the asset will just survive?
Sorry for these weird sentences, I guess Friday makes my English mushy (if we can even say that English can be mushy)
Yes. I came into this video expecting something new, something I never thought about, something to make me doubt bitcoin’s longevity.
Instead all I heard were the same old weak arguments that have been around for a decade.
In a contrary way, this presentation makes me more confident about bitcoin, not less.
21:00 Central government is not going to guarantee your Amazon delivery or Pizza delivery 😂
I know 😂😂 what was the point he was trying to get at? The trust less part is referring to centralised institutions not pizza shops 😂
@@Enigma1892but Scott claimed he did his “research”. 😅
@@blexaarron it’s reassuring for us bitcoiners
Just three comments:
1) Way too many half truths and hyperbolic statements.
2) Your argument was really against “Bitcoin maximalists” rather than against Bitcoin. So Bitcoin could still succeed (be broadly accepted and utilized) even if not the way some Bitcoin maxis want (e.g., Bitcoin can succeed without U.S. failing).
3) Speaking about “Bitcoin Maximalists” as if they all agree is unhelpful.
I agree there are arguments against Bitcoin, but I wouldn’t point someone to this video to convince them against Bitcoin.
Agreed. What I heard were concerns, not arguments.
I worry that vague criticism like this detracts from the discussion and continues to alienate people from the bitcoin community. Nonspecific accusations of "half truths" and "hyperbolic statements" is something I find unhelpful, and sadly all too common in the bitcoin community.
Alchemy did not fail, they just never revealed the secrets
@@jbnichug8949😂
Spoken like a true bitcoin maximalist! 😉
The moment he said he understood Bitcoin, I was sure he hasn't understood just the Basics...😂
I understand the basics of Bitcoin and I would still prefer to invest in tulips...
😂😂😂 yeah, but no, you havn'! But hey, its hard to grasp for a lotnof people. Your are in a good company😊
@@theMaSch21well, the podcaster explained it fairly clearly. BTC has no intrinsic value except to a potential investor. It also has other limitations like exchange and energy consumption, access, etc. So, in my choice of ponzi schemes, at the end of the day, most tulip bulbs are edible.
@@wadedavies3924 I really appreciate that you support my statement that he doesn't get Bitcoin. But hey, at some point he will. Everyone will....
@@wadedavies3924I don’t think you understand what intrinsic value is. I also don’t think understand what money is either. If you think money has to have intrinsic value and you use the fiat currencies like the US dollar then you are hypercritical. Pure money for the purpose of exchange does not need to have another use case. Don’t confuse gold jewellery and gold as money, this is not why gold was chosen as money (it was jewellery first before it became money). Bitcoin is pure money and the best money we’ve come across. Money is a technology that has evolved throughout history (from seashells to cows, pigs, beads, salt, paper, cigarettes etc). Anything can be use as money, but what is the best form? Many believe it is Bitcoin. You also need to stop comparing Bitcoin to an overhyped event hundreds of years ago in one specific location (Netherlands) that lasted one whole season. Bitcoin has been around for 15 years. What bubble keeps popping and return to grow stronger and stronger? None! This is not a bubble by definition, it’s price discovery. Go back to doing more research.
Let's revisit this in 10 years, and see how it worked out...
Scott, I appreciate your work, but I feel it's been built on a completely wrong thesis that bitcoin can only thrive if US economy or country collapses. The assumption is neither accurate nor necessary. 1) The World is much bigger than the US; 2) They can and should thrive both along with gold (why not?) I'd look on that differently: The US is bringing to the World an unheard freedom - the freedom from the government money!
I believe that there is essentially no world where Bitcoin takes over as ANY world reserve currency due to it's flaws, as discussed in the video. But, as an American it's even worse - as I believe that the dollar is so much relatively stronger than anything else, and we have so many relative advantages to other countries, that the returns from investing in the US economy and real estate will dwarf returns from currency (again, not in holding dollars as currency), even if that bitcoin replaces Guatemalan Quetzal or similar.
Agree this whole vid was about how btc cannot take over the US or something like that.
@scotttrench4169 the dollar is so strong in fact that nations are actively working to get it off their balance sheet. The debt other countries hold amounts to very little because of how much money the US prints
Your argument was a straw man that the US needs to collapse for btc to become successful. BTC becomes successful if 1. The dollar keeps printing and/or 2. People have less and less faith in their government.
Hence why it’s been the number 1 returning asset the last 15 years
@@scotttrench4169 true… the money printer go brrr makes US real estate a great investment.
If foreigners are stuck with dollars, which are rapidly losing purchasing power, they have US assets as refuge.
The problem with that is obvious. Middle to working class Americans, the youth, are taking a serious decline in economic standard of living. This fiat money system is increasing the wealth gap. The rich get richer; the poor get inflation.
@@scotttrench4169 but thats not at all what we're saying, we're saying bitcoin has a substantial value proposition WITHOUT replacing centralized currencies and you barely refuted that at all
Why can't you envision a future where we still use dollars, euros etc but bitcoin becomes a widely adopted store of value/hedge against inflation plus the speculation element which will never go away? It doesn't have to become currency, just digital gold widely adopted, even at state level.
Exactly.
I’m a Bitcoin Maxi and I believe along with millions of other maxis that there is a role for fiat in a Bitcoin world.
Thank you to all of the BCD. Your comments really did show what the future will become.
I have been an avid follower of BP for many years, learning quite a bit from the community. However, on this topic I think the analysis is quite flawed (and based mostly on what I hear on MSM). Almost each negative item brought up can be refuted or clarified as to how things really work (ex. bitcoin maximalists do not think the blockchain technology is only good for bitcoin as it can be used for many applications requiring a ledger - which is what a blockchain is). I understand you have done well in real estate (where you have expertise), and I look forward to hearing if you feel the same in 2030. Good luck.
People who say Bitcoin will go to zero can never explain when it will happen or why it hasn't happened yet. Not all Bitcoin investors are "bros" or maximalists. Some of us understand the risks but we also understand the shams that are our fiat money supply and fractional reserve banking. Bitcoin is at least a hedge like precious metals and possibly much more.
Your base adoption plan for Bitcoin is comically absurd, and looking at any other tech change shows that. The horse and buggy didn't fail because all of our horses suddenly broke their legs, and the Hun archers came back, overran the US government, and they went full Road Warrior in their new fangled cars, and we had to adopt their cars to survive in the post-Hunpocalypse, the horse failed because they were just more expensive to maintain and house, more temperamental, and they sh!t all over the place, and cars didn't do any of that, and as they developed, cars were faster and could carry more people, and tow more stuff, for way less cost per mile.
Its the same for cryptocurrencies. If Bitcoin is adopted, it won't be because of the government collapse apocalypse, or the Joker burning it all down, but just because people get tired of prices going up and up from spending all this money on bailouts for evil bankers, Ukraine War 3, and paying billions for the continuing killing Palestinian children. The fact is, Bitcoin IS better money, and its possible that people will realize that, and just get tired of the US dollar needing to be stabled in a bank, having its value collapse every time a 'bad thing' TM happens, and having the US Federal Reserve sh!t away 2 % of the money's value on inflationary spending every year on unjust wars, covering us with the guilt of all those lives lost, and telling us its to 'soot from Bitcoin miners'. In other words, there is a quite rational reason we could peacefully transition to a better money, even with the US dollar only failing slowly, like a horse you ride to work slowly getting older and slower, as everyone else gets there an hour faster, in a better store of value.
You forgot one key element in your brief account:
a so called 'deflationary' currency by you enables people to work less for income, free up TIME and ENERGY for a person to create, learn, live, think and thereby add value to the world. Thereby inflating human intellect rather than inflating the value of printed paper.
Have you weigh that human energy spent on passionate pursuits vs the energy tht the BTC network spends?
Also, the inflationary tons and tons of paper printing drives people to borrow more - the very damaging DEBT crises. Have you addressed this? People who lost their homes? Student debts?
Unless and until someone proposed a sound alternative, am going with the limited BTC rather than printed papers.
Ducking exactly !!!
Bitcoin is an Asset first, this guy needs to do more studying
Gambling has NOTHING to do with assets.
I admire your bravery, Scott! My personal experience with passionate Bitcoiners is that they are defensive and quick to insult. Great video, and I appreciate you putting your thoughts out there! Keep it up!
No, no, no. Bitcoiners would never be defensive and quick to insult. They would never say "do more homework", use foul language, insult, threaten, arrogantly dismiss those who disagree, or engage in similar behaviors...
Why would a Bitcoiner take offense to this presentation?
It’s all old, tired arguments that we’ve heard for about a decade. It’s a big snooze fest in the realm of bitcoin FUD.
Not all Bitcoiners insult. There are plenty who stay quiet. I didn't stay quiet but I also don't insult people. But when is Bitcoin going to zero again?
Maxi here. Don’t insult. Might come off defensive, but that’s because it’s frustrating that people have such staunch opinions using surface level arguments on this particular asset. Everyone would be much better served if they were honest and simply said “I’m not sure, I’ll need to do more investigation on the topic”.
For example, I don’t feel compelled to take a stance on semiconductors as an investment. Why? Because I haven’t spent 30+ hours researching the industry. Or 50+ hours. Or 100 hours.
Based on the arguments you present here, I know for a fact you haven’t invested the requisite time on bitcoin to have a credible opinion to share with others. Especially if they look to you for investment guidance. So why even have an opinion?
@@1301cbhe is entitled to his opinion. We don’t have to agree. Every Bitcoiner has to start somewhere and have probably asked the same questions this guy has. He’s just come out with a different conclusion and that’s ok. Michael Saylor was a skeptic, look at him now. Larry Fink was a skeptic. People get Bitcoin when they need it. He does not need it yet. When he starts to do the maths and measure his asset value against Bitcoin he might change his mind.
Bitcoin Maximalists are often toxic and eccentric. They don’t represent all of Bitcoin. I prefer to call myself a Bitcoiner. Ive done an incredible amount of research to debunk every single point you tried to make in this video. And honestly it would be a lot of typing. Good luck with your anti Bitcoin journey.
“ force governments to purchase back the bitcoin from people “
How will the government FORCE citizens/people to sell ?
Came here for the same comment. I feel like Scott says he has “done the research” but he only scratches the top surface of is claimed “flaws”.
I think when Scott discovers that the government “can’t “ do that then he will see why there is value.
First, some governments DO force their citizens to stop using bitcoin - see China, which is not totally, but is still largely, successful in enforcing. But, I didn't bring that up in the video. I don't think governments will force people to not use bitcoin. I just think that in the unlikely event it continues to accrete in value and gain more widespread adoption, they may just purchase it or collect it, if they do in fact accept it as a form of payment for taxes.
After enough accumulation, they can issue a currency backed by Bitcoin, just like they did with Gold, and then... we get to 1971 again. That pattern is not something that can be easily stopped.
@@scotttrench4169 wrong! China banned BTC several times, which must tell you that they unbanned it many times as well. They are not able to stop anything and that is why so many Chinese people keep investing in BTC and using facebook and everything else they "banned "over there. Even in the States they never cease BTC like they say, they just make deals with criminals and basically they "sell" them a better deal to leave jail earlier, basically they blackmail people into giving away their BTC.
@@scotttrench4169The difference here is that it is way easier to audit a btc wallet than a gold vault. A gov cannot start to issue more currency than they have sats bc everyone will be able to see how much they have. We were not able to do that with gold, and when countries got suspicious, that’s when we severed the link
"never seen a civilization that has endured with a deflationary currency" Has a deflationary currency ever existed? Governments thrive on the ability to print money and take on debt so they don't seem incentivized to produce a deflationary currency. Perhaps a deflationary currency is seen in real estate investing. You said a deflationary currency would create huge problems (due to hoarding I presume?). Real estate is held and exchanged for value and is being hoarded to the detriment of those who cannot get a foothold. What if the barriers to entry were lifted for them by being able to easily hold and transact small pieces of real estate in a more seamless process than the current one? I'd argue we haven't fully seen a deflationary currency properly play out and we can't know for sure if it would "create huge problems" as you say. ;) Thanks for talking about this stuff!
Great counter! You are right, it is theoretically possible to build a civilization on deflationary currency. But, to me, not something I want to bet on or think is likely. The world moving in lockstep to a new order with one deflationary currency is too big of a bet for me to make. And again, if I'm wrong, I then own the real estate you mention.
I really appreciate this thoughtful approach to the conversation about Bitcoin, Scott. Your perspective could be right, but it could also be wrong. It's a great discussion to have. I personally think allocating 5% of your networth is more than enough for investment purposes. There are so many unknowns that are being assumed about digital currency and its mass adoption. I just don't agree with going all in on this investment vehicle.
Luv it! You make the best arguments for Bitcoin by “maximalizing” its role as digital gold..
you can be Peter Shiff Assistant!!
nah even peter doesn't think things will be rosy with the US gov in the future.
Very good. Transaction speed and costs. Btc is price based only and its worth is soley what someone is willing to pay you simply can't transact with it. No one accepts it too volatile and extremely costly. Tears will flow when btc and its narrative fails
This is what a future 700k bitcoin FOMO buyer who's been butthurt by a few maxis in his past sounds like.
Scott is going to be seriously humbled about BTC, like Mr Money Mustache was.
Fractional banking is inflationary we don't want this. Bitcoin gets us away from that.
It’s also filled with nonproductive intermediaries that depend on government titles and licenses and other high barriers of entry to siphon value from the working class..
What about the idea of it just staying as a digital gold and not a currency?
Exactly. Gold is an asset with no counter party risk. Same for bitcoin. USD is a fiat currency. Bitcoin will likely never be a currency, no one will want to use BTC as a currency when they can use fiat for everyday needs.
The mining issue is 140 years away they will have the fees take care of that by then
Why ur basing it on legal tender, it's an asset! Do not base it on a cash position, base it on an asset, a commodity. BTC is the best performing asset on the planet.
Exactly!! The entire premise of the podcast was flawed He misunderstands what BTC is. He was attacking a straw man
It's refreshing to get the negative view, I'm still investing in bitcoin
Would love to hear a discussion between yourself and James from invest answers.
James would never waste his time with this punk.
I heard all your arguments long ago, and it only shows your lack of understanding. Do more research. I spent over 100 hours studying BTC and went all in 6 years ago, and I'm a millionaire now. I'm still buying too.
This guy is 100% correct regarding the deflationary asoects of BTC. It's why it is not, by definition, money. Broad money base always has to grow. How can you take a loan or mortgage in BTC? Or buy bonds and clip a coupon in BTC? You cant do it. BTC is, for better or worse, a collectible limited edition vurtual token BUT not money.
Money has to be inflationary but only I can inflate it. Sounds like a central banker’s wet dream.
You do understand that Bitcoin is infinitely divisible, right? The whole global wealth can be stored in 21 million Bitcoin or 1 Bitcoin or even 1 Satoshi. It is false that money supply has to be inflationary.
@@CamboHODL when did I say CBs had to inflate it? Are there not many Crypto currencies that inflate themselves? The fact that BTC is infinitely divisible doesn't mean there is any more of it. By your logic, in a BTC world, everything would have to be priced lower and lower and lower as time went on to make up for the growth in population and economic activity. U clearly have no idea what you're talking about as a growing money supply is ABSOLUTELY needed for something to be considered "money". Again.....if BTC is money, how do you borrow and pay back, have bonds, have mortgages in BTC? Please explain that one to me.
I am a crypto professional (layer 1 blockchain/crypto programmer) as well as a bitcoin maxi. Holder not trader.
While I disagree with a few points, this is probably the best informed criticism that I have seen yet. Some good points, some not so good. Not cringy like most. :)
Just keep researching bud 👍🏼 I remember when I was where you are. Couple things to rethink.
-how irrelevant it is for bitcoin to become a medium of exchange.
-how it’s irrelevant it is if nation states to collapse.
- what your view of deflation is
- your confusion surrounding the available supply. Even if all bitcoin was lost but .01 BTC. It would function the same and hold how ever much economic energy the world would need.
Side note: BTC has and will preform better then all 1T+ assets you could be in. Also. All prices trend towards the marginal cost of production when using BTc as my unit of account. That stays true whether other people use USD or not. It dosnt matter what the rest of the world does. It’s just an option to opt out of theft via inflation.
Good attempt but what you’ve failed to consider deeply is the inherent problem with fiat money and how Bitcoin attempts to fix it.
Index funds do not keep up with debasement
He would “bet” on a different fiat currency if our fiat currency failed. 🤣
Funny. But it’s probably true.
Trad Fi guys like him love the money printer because they’ve put themselves into the asset classes that benefit the most by the Cantillon Effect, namely stocks and real estate. He mentions how much he likes to invest in real estate. In the hypothetical bitcoin economy, housing would be affordable for people to live in instead of being a great income generator for people like himself.
So of course. He hates bitcoin for what it stands for and would seek restart the Cantillon Effect economy, on some other fiat currency, if the US fiat collapsed.
He should short it.
@@cl5619precisely
Your argument is flawed. Bitcoin is not a currency and most Bitcoin advocates don’t see it as one. It is an asset- a store of value. Time to listen to Michael Saylor.
Don't even plan on watching this video with a bait title. If you haven't done 100 hours of research on Bitcoin don't bother making a video about it. Clear misunderstanding.
But I did... much more than that amount of research. Which is why the "do more homework" comments are so comical. It's the Bitcoin Bro's lazy defense that they think magically makes them right. No. There are people who understand, and reject. The answer is not always in "if they did more homework they'd get it."
Scott - have you spent 15 minutes watching Dalio podcast that explains the history of global reserve currency Until you do that, you haven’t done your homework. Your comments on British pound were uninformed and incorrect. British pound was not global reserve asset since 700s
@@scotttrench4169 then I guess it’s an issue with morality. I guess you standing with a centralized government system that’s historically caused political conflict and wars by stripping value at the expense of its own people is what you stand for. Bitcoin offers a solution to provide transparency on a global stage, cant be controlled by one group of bad individuals, the rules can be read and followed by any language, provides a value escape for people in third world countries who never had a fair chance bc of their governmenr, more energy efficient than banking, no discrimination of race, color, religion, age, etc but yet you want to say it will fail? I’m not understanding isn’t that what we all want? A system anyone can verify, that isn’t controlled by one government, that can be globally transacted 24/7 anywhere anyplace and isn’t printed into oblivion with hyperinflation? Not to mention it meeting all the standards of what makes a good currency. Portability, divisibility, durability, limited supply, acceptability, and uniformity? It beats gold and paper currency in every single aspect of what is to be considered “money”
A new asset class… that’s all… I bet you own some!
@@scotttrench4169 not sure what you think you did but for sure it wasn't your homework. maybe you spend the time watching porn, or cartoons, or whatever, but anyone spending 100 hours on Bitcoin and not understanding the most basic stuff.... well, that person can't be anything smart.
Bro. you didn't think your contra arguments till the end. You just started to do your homework concerning BTC, whitch is good. Keep on study BTC, finally you will become bitcoin maxi too. We bitcoiners don't need to believe, we verify to know. Thanks for your video!
3:06 Bitcoin maxis don’t love gold as much as you claim they do. Gold was the best money we had but its flaws (namely velocity, divisibility and scarcity) made it impractical in modern society and therefore allowed it to be co-opted by governments and eventually decoupled from bank notes. Bitcoin fixes all of these problems. It’s superior to Gold and any other forms of money we’ve ever had. It does not need an issuer to verify it or give you permission to use it. It is an opt-in money, nobody will force you to use it. You are free to use less perfect money if you prefer. It is apolitical. It’s not back by a Petro agreement or warships and machine guns. There will always be people who will gravitate to this. If you think it can be stopped, please tell me how? If a totalitarian society like China can’t ban it how do think other countries will do it? There’s a higher probably that individual countries will accept Bitcoin than coordinate to ban Bitcoin. Better to coexist than to fight a losing battle.
As a coin investor, I greatly appreciate your view points. Everyone ia so passionate about their opinions, when (in my opinion) both sides have very valid points. Where they become ignorant is when they believe everything they say is confirmed fact, when it is not. Humans nees to learn how to look at all sides then make their own educated decisiin, not regurgitate talking points of only their favorite news outlet.
Sorry you didn’t explain how inflation is good? And money printing?
What a refreshing take on Bitcoin😊 &
the network, block chain, Cryptocurrency, and the people who participate in that space😅 . I appreciate your objectivity and openness. I have owned bitcoin since 2017, I enjoy the rollercoaster ride of it while I understand that it's not going to carry me into retirement😂😂 I think you're right to advise people to slow down, take a breath read the fine print and for heaven's sake stop "screeching"
and know that it's o k NOT to participate. They call it FOMO for a reason! Don't turn money or investing into a religion😢
You will not age well
You are the adult version of a 5th grade boy- who goes to school claiming his dad can beat up the other kids' dad.
Bitcoin doesnt care what you think about it. Just like Gold doesnt. It doesnt have feelings. What you are doing is arguing against the IDEA of bitcoin and against the PEOPLE who promote it. If I listrned to this whole video, which i didnt, 3 blocks are mined in the time it takes to listen to all of this.
The cool thing about today's economy is that we can all be right. It doesn't have to be bitcoin winning and everyone losing or bitcoin losing and everyone against it winning. There's so many ways to make money in this day and age. I believe new technology such as blockchain and AI will continue to make people wealthy right alongside traditional methods like real estate and stocks. We can all win and make money. The real luck is being born in a time and place that allows such things.
9-1-24. I now understand what BitCoin is thanks to the knowledge shared by informed viewers in the comments below. 👍👍👍👍
"Anybody who thinks they understand Bitcoin doesn't understand it." I hear that all the time. So the only people who understand Bitcoin don't think they understand it. But just because you don't think you understand it doesn't mean you do understand it. So some people who don't think they understand it actually do understand it, but nobody, including themselves, know who they are. I don't know how anybody knows this, including myself.
You need to do more homework.😂
@@Scott_Trench Sounds like you think you understand it. You can't know for sure. It's really, really hard to understand. Maybe we both need to do a LOT more homework. It doesn't come easy, so don't pat yourself on the back yet.
@@timothylink4386 I think that to the bitcoiner, the endless loop of "do more homework" ends with becoming a true believer. There is no amount of research that leads to disagreement that a bitcoin maxi will consider enough. You only pass the "you've done your homework" test when you buy into the thesis.
funny but Bitcoin's future and impact is impossible to fully understand and model.
@@crates12 This is true of economies in general. It's also true, I'm told of traffic patterns. I was told this by an engineer who worked on traffic routing. They try things that seem to make sense and hope for the best. Bitcoin looks like a prototype to me. It has a lot of serious faults that keep it from being the dream of day to day mundane transaction currency. But as a speculative instrument it's working well. Since there's no reasonable way to give it a fair market value I agree it's impossible to determine what it's future may be. The only thing I'd wager is that it'll probably never reach zero. Somebody will always want to buy it, and somebody somewhere will host transactions even when there's no coin left to mine. I've come to the conclusion that for a day to day currency inflation is a good thing. Don't hold cash for decades, for God's sake! It's not made for that. A cryptocurrency that will work well as a currency needs to have a controlled inflation rate built in to it so it doesn't get hoarded on speculation and turned into another Bitcoin.
Thanks for a great video. Unfortunately you’ll never convince Bitcoin evangelists otherwise.
I agree that energy will be a problem for not only crypto but also for the advancement of all future technology. We can't sustain and flourish as a technological society relying on windmills and solar panels. Pandora's box is open and there is no going back.
FUD! Been disproven. Bitcoin incentivises efficient energy usage. The more creative and cheaper the energy the more profit the miners make, so miners are incentivised to find cheaper energy and make their mining rigs more efficient. Much of Bitcoin mining uses stranded energy that would otherwise be wasted (like flared gas or excess energy). The Bitcoin network is secured by miners who are essentially mobile and pack up their rigs to go where there is cheaper or free energy.
Bitcoin will be net positive for the environment, particularly if it replaces the current inefficient monetary and banking system. Think about the energy that is being used by private banking networks and their computers, office building etc. Do you really think this does not involve energy consumption? Most major banks occupy large buildings in major cities across the globe. Hardly mobile networks. Lights being left on in vacant buildings at night. Nobody complains about the energy wasted here.
Next video is birds cant fly 😂
What incredible video!!! Thank you so much for the thoughtfulness and information
Very nice 👏
Liked and subscribed as I like that you had well thought out ideas. Will be interesting to see how it all works out.
Very strange
Its mainly a store of value which gives it most of it’s value
Yeah I appreciate the attempt but this is going to age like milk.
When will bitcoin go to zero? You said long-term, 5yrs, 10yrs, 50yrs, or will you live to see it? How about a bet with one of the maxis on this BTC to zero? This kind of a bet is more exciting than a sport bet.
I’m 7 minutes into this video and very confused. At the end are you going to say surprise I’m a bitty maxi?
0:01 it seems silly not to buy just 0.1 BTC for 6k and hold. Just take a look at 15 years of data.
Dude, you arguments are valid for YOU, and only you, if you are sitting next to the money printer or barn or your own gold mine. Unfortunately, I and many others are much further down the chain.
Um,, can you introduce me to who said blockchain was made for bitcoin?
Actually Bitcoin is NOT a blockchain... that is crypto. Bitcoin is a TIME chain.
If BTC is not a good store of wealth then what does he think the next or the best store of wealth is. Should we diversify in the same old school assets, property, stocks, bonds, gold, silver? Shouldn't society develop a digital currency that moves faster and is global? Everything has developed digitally; money needs to follow suit.
Even if the thesis of Bitcoin as the new global reserve currency does not succeed, even if the USA does not collapse, having Bitcoin as one of the assets you are invested in will not do you any harm. You don't know the lightning network?
YES!!! Finally, someone does a thoughtful takedown. Bitcoin really is interesting, and blockchain tech is genius, but as a tool for building wealth, as some form of alt currency...no no no.
Fantastic job with this, and thanks for being a rare bird talking about this (neither zealot nor ideologue). Very thoughtful take. Max Keiser isn't gonna like this.
Ok just finished the video. Scott is a) incredibly bright, and b) too humble. This was absolutely fantastic. He stated his counterthesis clearly without overstating, but also without academic-sounding hedges, making it accessible for people who might be new to this space. Wish I could give it two thumbs up.
As a Bitcoin maximalist... I felt he strawmanned the whole thing and only understands the brochure..
He's done his home work, but only a couple hours worth.
@@OnAGoodDayProduction thanks for the respectful pushback! Which critique did you find problematic?
I suppose the good news here is that this is an empirical question. Eventually the chips will fall where they're supposed to, but as they say, 'markets can remain irrational longer than we can remain solvent.' Whoever's wrong on this can remain wrong and rich for a long, long time; the obverse is, of course, also true.
@@falsificationism energy fud: Bitcoin creates energy that would otherwise be ignored.
USA doesn't need to fail.. so silly.
0% adoption? Lo fucking L even if my worst case, small nations will adopt...
Volatility... Yes, it's an immature asset that will fall as price raises.
Deflationary Economy = hording money is sooooo shallow of thinking that I almost threw my phone.... People would only spend money on thing that bring value, less waste, less consumerism, less climate change..
And the most important: if money is not a commodity (like Bitcoin) then you are unconsciously admitting that your grand children are to be born to serve you.
Credit money = enslavement of future generations to pay for promises made today.
Take care, keep studying, ignore this fool.
@@scotttrench4169go listen to: guy swan - why I'm still not buying Bitcoin
Every fud you gave was superficial and I'm not gonna type up an essay when that podcast does a better job.
Not a maxi .. so many holes in your theories where to start..
I'll say this; for 5 usd i can convert btc to Solana. For .oo1 fees i can spend that value , with a transaction time of one second.
Fact; last month visa transacted 2.2 trillion on sol. Backend. Which is saying we are living on block chain rails now, visa transactions. USDC, but doesnt have to be in USDC.
34 trillion US debt..400 trillion word debt..if U dont devalue U cant pay that off mathamatically. Monetization has been going on and will continue. Just math not opinion.
But yes fiat no doubt will be around for a long while - longer then I'll live.
BTC has network effect , that could change, but doesnt matter because U can swap it out cheap and fast for whatever comes next.
The dollar is a captured asset, U assume those that control have your best interests at heart.
Looks like Bitcoin is about to go up lol
I'm a Bitcoiner, not a maximalist but a Bitcoiner nonetheless. I fully respect your thesis, I disagree, but I can see where you're coming from. The funny thing is... with enough mental gymnastics, we can all see that we're both potentially correct here...
Let me tell you something.. hope you read this.
1. I myself have bitcoin , but never bashed other people.
2. I don't bet against America. Whole purpose of Bitcoin is to tell government that we have one more option. That's it.
3. Rich people have majority of their assets in real estate, gold, stock, etc. If you invested large sum in NVdia, does it make that person NVidia maxi? If one has large assets in real estate, does it make that person real estate maxi?
I think you are being too extreme by talking about extreme people. In reality, bitcoin investors just invest in bitcoin because they just believe in it. I don't believe in 'doomsday' unless nuclear war goes off.
I believe you might just be thinking about it wrong, as well as everyone else. No one knows what will come of bitcoin, and you should at the very least acknowledge that. You might want to put 1%-5% into the thesis....just in case it catches on.
do you think? this guy is so short-minded that he will never get it!
It’s much easier to breakdown Bitcoin into manageable increments than gold and it’s much easier to store Bitcoin and it’s much easier to transfer Bitcoin and quicker! Right now, you’re batting 0%
You had Saifedean Ammous on your show and you’ve learnt nothing?! 😂
GOLD: is there a finite supply of gold? So tell me, how much gold is there?? I can tell you that there will never be more than 21 million BTC. So, how much gold is there? When will all the gold be mined? I’m anxiously awaiting your answer
I didn't hear you address the fact that bitcoin already has an alternative derivatives market that allows infinite investment into bitcoin-based investments. For example, a mutual fund or company stock that owns bitcoin has bitcoin exposure that essentially infinitely increases the investment capabilities far beyond what directly purchasing coins allow.
super well articulated, thanks so much. I would add: there is a huge naive argument that bitcoin can or could escape government control, for better or worse. it turns out, if gov wants to mess with any exchange and fobid it, it's for sure doable. so unless everybody suddenly stops needing real money all at the same time, and bitcoin become somehow practical, there is no way in the world it becomes anything else than a beautiful tech demo. If you disagree: I'm sorry, you must own some BTC (it's not because you bought something that it becomes valuable)
Bitcoin is not a bet. Stocks, bonds, ETFs, real estate basically everything else incl. gold is a bet to keep your buying power better than your neighbor. All your assumptions (military, flow of young people, fluctuancy, ...) will fade away in a speed you can't imagine yet.
Trump said btc will be our reserve. His clearance on information-highest on the planet
I agree you are very informed for sure
Point at 21:47 is actually incorrect, the section is called "The Blockchain's Big Problems". The truth is that there are more options beside proof of work, and there are even options that doesn't even required "fees" to incentive the usage and protection of the network so the section should be called "Bitcoin's consensus big problems". I agree that bitcoin is not the best solution, but unfortunately is what most people know because it's what makes more noise. And to be honest multiple of the facts you share are related to that instead to blockchain in general.
I seriously want to make a video rebuttle to this.
You make a few decent points, but in the grand scheme of things, the height of intelligence and human output from the perspective the human species has a major problem within the framework of the us government. We preach peace, but spend more on war than peace. Most of our budget is invested into war power. We have a human-based ponzi scheme, defined by the value aggregate related to the output of our physical power.
In the future, this will prove to be an antiquated model, as well as a major limitation to prosperity of our species.
In the future, decentralization and community-lead governance, will allow DOAs to regulate on a government level to abolish war and destruction, such that the wasted bloat of our government can focus these values on prosperity rather than destruction.
The average human doesn't know what the government does, but the government wants to enforce polices that enable them to watch all of our transactions, but we can view none of theirs. Decentralization will resolve this in the future.
A lot of things will change..... The US will either adapt or collapse, hard to say what the future holds here, but either can be right. Its just a matter of what the people are willing to accept.
Societies go from peace to war to peace, over and over again.
None of this has to do with Bitcoin vs the dollar though, its more of a failure point of the us as a reserve currency.
The mining problem is easily solved by allotting a certain portion of transaction fees charged to users to miners that validate those transactions. This would in essence become the cost of "banking" with Bitcoin. Cheers.
Excellent thank you so much!
Scott you have not done enough research 😂very valid points this discussion or lecture was insightful thanks for sharing
Haven’t finished watching yet, but I have something to add that Max Kaiser had been completely convinced in 2011 that we should all buy silver and that would be the solution over our problem so he was perhaps right but not enough people bought it apparently. Evan would’ve had to take delivery and he wanted to crash JP Morgan, which would probably have caused another economic crisis and who knows the unintended consequences of that.
Bro you should rename your podcast to NGMIsmallmoneypockets
no you still don't get it buddy... study harder