You're extremely misinformed. This is going to age horribly. Halving event causing surge that will take place all next year. Just because you were a early adopter doesn't mean you understood it, which is clear once you said you sold your bitcoin position. Buy back in, still cheap. Your argument on bitcoins scarcity is LOL, bitcoin isn't scarce its FINITE, 21 million. Buy while you still can afford a full bitcoin, soon enough the average person won't be able to even imagine owning a full coin.
in Austrian school of economics one of the main concepts is that VALUE IS SUBJECTIVE, F what you think, its what other people think dawg, again, this will age horribly. Bull cycle all 2021.
For Bitcoin to challenge the status quo it needs to be recognized by governments and by people on Wall Street. If people in government and big business think that Bitcoin is just some fake money for computer nerds and Ron Paul Supporters, then its not going to change anything. Bitcoin will serve as a bridge between the offshore financial sector and Wall Street. It will serve as a portable tax free haven for your assets. It will continue to be the official currency of the Darknet. It will create a new global network of exchange for people and money that is outside of the control of Bankers and government. Is this not enough for you? Would you rather it be a video game currency that you trade with all your gamer friends on the internet? Bitcoin will only change the world if it is valued and coveted as an asset by those people who control global finance.
@@ganjaheals9001him selling doesn't mean he's clueless. His dilemma is a moral one & doesn't seem to have anything to do with wealth. The point is that he can no longer be a proponent of bitcoin & the direction it is going in and as such is pulling out.
This is very true, alot of the arguments he made has been out there for a long time. I quit Bitcoin like 3-4 years ago for the same arguments hes making. But after look around and around there is no other Virtual Coin who is more decentralized and clean than Bitcoin. All other tokens have financial incentives behind their owners. Satoshi is the only one who made Bitcoin and didn't give a shit about his own Bitcoin. He made it for the people. So i am back into Bitcoin :P
@@singaporeghostclub When you have internet, being ignorant is a choice. If companies add only 1-2% of Bitcoin to their portfolio the price jumps to above 100k, you may say tulip mania, I say it has much more to rise.
There was a story, that all the people who could not see the Emperor's clothes were fools. But it was the child, who shamelessly pointed at the Emperor and exclaimed, "The Emperor is not wearing any clothes!"
Dude, I saw you in an interview and i found you on YT and i can't get enough of your content... finally someone who can tell the truth... I was also a BTC purist, i was one of the first people to mine BTC in the US with ASICs... and as time went on shit got perverted (e.g. centralized) and then i lost faith...
That’s mad. Kudos to you for timing it. But all you hear now is just fantasy talk nobody can makes the gains of those like you who were in 5+ years ago so all the sites talking it up now are basically just pissing everywhere and proclaiming it’s raining. Surely youve noticed. It wouldn’t kill me town a few btc but I’m more doubtful about its dubious pursuits and find it to be virtually little more than a Digital Fiat Currency disguised in the form of a Ponzi scheme. Which it is.
It's not just the poor: I suspect the lower 90% don't give a shit about bitcoin. As a result of group think, the community see's it the other way around.
@@eduardo112200 I think I missed the call. Maybe they're having connectivity issues... Perhaps Mr. Bukele defaulted on the phone bill... they are unable to raise any cash to fund the day to day government operations. I think it has something to do with the BTC bond placement.... credit rating issues.
@@CarlosRodriguez-ww5rl The only truly private coin is XMR (Monero) Look it up. I still think Bitcoin Cash is going to be adopted worldwide, If you want privacy you can just swap between coins at leisure. Atomic Wallet lets you swap between coins without a third party.
"You're buying computing power" - this is sort of true because of Proof of Work. That doesn't mean inherent value though, only inherent costs from mining. Could rephrase this to "You buy something that requires computing power for its existence"
I have the same believe with what you said in the video, however, i think this bitcoin thing happening right now will only shine light to other cryptocurencies and blockchain networks that have an actual function for the society, so overall its still a good thing right?
It's always good to look on both sides of the spectrum. I also remember when bitcoin was underground back in 2012, and now with all the institutions it sort of feels so manipulated. I just can't trust these big hedge funds to do the right thing for the "little guy". Maybe it'll work, but maybe it's just the Myspace of crypto paving the way for a better product. Who knows?
I think Monero is the answer. Monero is designed to be libertarian privacy coin for the "little guy/" It will always be CPU mineable and has no supply limit/halving. So that allows grassroot cpu miners to join Monero anytime without feeling they missed out on the early adoption era and create a truly decentralized network. Unlike Bitcoin mining that is becoming more and more centralized to big business mining.
You just cannot accept that bitcoin became something different than it was meant to be. There is no demand for digital cash, but a digital store of value is quite another matter.
I need to rewatch this video a lot to grasp everything and you sound like you articulate strong arguments. I understand bitcoin was original meant to bring power to people and take it away from the establishment but one thing I don't get is that eventually wouldn't bitcoin have to integrate with society and the way we consume from the market? Isnt it inevitable that it would integrate with the big businesses and investment bankers?
Those aren’t contradictory statements. He’s saying he was long term a believer in the vision of Bitcoin but that he wanted the price to go up. People have different definitions of HODL.
Great video! Could you make a video on your opinion on altcoins or other networks like ethereum, filecoin and the like? As you have only touched on Bitcoin in this video, I am curious to hear what you have to say about other elements of the crypto space and how much value you think they provide.
You spelled out exactly all the same arguments as me. Loved this video. What are your thoughts on Monero XMR? I think it could be the "Facebook", if not Digibyte, and Dogecoin also could have some potential. Other than that, I'm the biggest on Physical Silver.
Coding Jesus, what crypto projects out now seem to be on the track to fulfill the ideals of crypto? I lost interest with Bitcoin and Etherium a while back when it seemed like they weren't progressing... i'm sure a lot of smart people have been working on solving governance problems and scaling... any insight would be greatly appreciated.
For those who don't know Bitcoin well, the guy is joking. If you know Bitcoin well, you know that the truth is just the opposite of everything he said. He should have smiled a little at the end to let the naive know.
Point 7 - Sort of agree. This is exponentially more relevant to alts. However its currently changing though. the site 99 bitcoins list some of the companies some that will surprise you though. Please list them on a video so the audience can decided on this point
I don't agree with everything you said, but if BTC/crypto becomes just another instance of the traditional financial system, i.e. where fiat is today with all its rules and regs, then what did BTC really accomplish?
Agree on everything you said except the virus restrictions but that's really another debate entirely but it sounds like BCH and Monero are the crypto you want.
BCH and XMR are the only two cryptos you will ever need. Also BCH has cashfusion, which mixes your coins from directly inside the wallet on electroncash.
"Money" is an accounting system. Accounting systems are, above all else, valued for their TRUST. People must TRUST the numbers on the ledgers. The Bitcoin ledger is the most trustworthy accounting system ever created by humanity. That's why, "people like Bitcoin".
Whatever. Everything is broken. Dogecoin, GameStop, nba top shots; honestly I’m stepping away and I hope banks take all the dumb money. I hope these people get wiped out. They’re bored, locked inside, and fucking up markets. The interest was cute at first but it’s gotten retarded. There is no semblance of proper market function anywhere.
Yeah fuck privacy. Everything should be tracked and traced perfectly at all times. That is a negative for bitcoin imo. I am an accounting major; that is not a valid argument. Nobody should “trust” ledgers. Giving authorities full access to a perfect accounting system for your life but not for corps has to be the dumbest fucking idea I’ve heard in my life. People are slaves.
Nice to hear your opinion...and since it’s your opinion it is what it is....having said that must point out that many things in life have found new use cases that didn’t exist before and once attained that state- seem like the perfect fit- as if was designed for it. Eg. certain drugs- initially approved for certain indications , ultimately work far better in newer indications and see the most utilization in that space. 2. Choice of certain foods- which were earlier considered inappropriate now are used as staple, and so forth....similarly given the current macroeconomic climate - makes Bitcoin as a near perfect choice for store house of Value; there are other supporting details like network effects, legacy etc which can counter the traditional arguments of there being better ‘designed’ store houses of value.
Yes, these are principle-based contentions I have with Bitcoin. Nowhere here do I discuss price. But it seems like all my opposition has in retort is “LOL Price moon”. Which further solidified my position.
Point 5 - Please refer to the Bitcoin Standard by Saefidean Amous. Bitcoin and its protocol does not care how humans frame it. If you want to use it as money then go for it. If you want to store it then go for it. Its in an S curve being a nascent for of money hence its volitile but that cos most people dont denominate in Bitcoin as yet. Its managed to solve a really really hard problem. Let it grow. Analogy - People expect an SLS Mercedes when we've just managed to create the first self propelled vehicle. In time....
Gold was originally regarded as valuable cos of its persistence against entropy. Go to a museum and you'll see that the gold looks new but all other materials look aged. This was the the basis for using it as money and this was a dynamic which too very long to develop. In time..
1. Tangled interests with centralized institutions (WallStreet, banks) 2. All discussions of the Bitcoin protocol are censored and moderated. 3. The poor are not interested in Bitcoin. 4. Transparency (ironically) of your transactions, exposure to other parties unnecessarily ( I mean privacy vs. security I guess?) 5. Became a commodity, instead of a medium of exchange (which is, wait for it...currency!), diverging from original purpose. 6. High difficulty in mining. Majority of miners from China. 7. No incentive to prefer it over normal fiat currency.
@@CelonixCleaningServicesLLC BSV is a fucking blight on society, run by a con man pretending to be satoshi who goes around suing everyone, and a dipshit billionaire.If you're going to use BSV, might as well buy doge as well.
The ledger is public and transparent. Bitcoin transactions always have been, and remain anonymous as long as you own your own private key and don't stupidly attach your identity to it.
12:56 "when you're buying bitcoin, you're buying computer power" :))) that's another good one, together with "mining digital gold from the comfort of your home". :))) subbed dude, you're too funny.
Great points. I'm a recent subscriber and I've watched a handful of your vids-- keep up the good work. Disagree with the fact that btc can't be a storer of value. Btc could be used to barter if need be, regardless how slow it is. Gold is a storer of value even though it's not used to barter in today's world
I’m devastated by your statement about Bitcoin losing its core values! Could you point which crypto space efforts keep those values and are worrh supporting? Thx
Seems like most if not all crypto miss their initial mission statement. Unless you are looking at something that chose a niche application. Btc is a novelty. Test net
Any thoughts on N. Taleb's recent (well in the last month or two) argument that BTC is worth exactly zero (absorbing barriers, etc.)? Edit: having heard the last part of the video, I assume you probably agree with him (although I don't want to put words in your mouth - apologies)
I clicked on one video and now I’m watching them all You got the store of value part wrong It’s utility that’s the value not the ability to be a medium of exchange
Theres few youtubers that post on here criticizing btc it seems. Btc is utterly worthless because its tx fees. No one is using it for anything. Bch is at least more useful in that regard but bsv will take the cake.
I respect your points. I think Hal Finney thought if Bitcoin were to be successful it would have to be embraced by wallstreet players. The early adopters like yourself had a different idea.
I dont think saylor has any problem with this guy selling his bitcoin. The reasons this guy sold is not what saylors believes in so why would he even bother.
Cool. Always great to hear opposing or contrarian viewpoints. Makes you more grounded. What cryptos do you hold? I assume you'd be a fan of coins like DASH etc.
Point 8 the last one. Please watch it again and see your own narrative that you're projecting onto 'everyone'. Heres a quick and dirty rebuttal - Price and volume and number of Bitcoin addresses. And me and my lizzard brain saying NOOOOOOOOOOOOOOOOOOOOOO ahaha.
7:20 this, to me, has been one of Bitcoin's biggest drawbacks as a viable financial instrument. If I was designing a cryptocurrency (and I am!), I would not put it on a blockchain. The blockchain has some great uses but money ain't one of them. I don't think that people understand: Bitcoin was designed for a post-apocalyptic dystopia in which central banks don't exist (some would call that a utopia) and trust is the most valuable commodity. But I don't think, barring global nuclear war, that scenario will play out no matter how bad things get, and if GNW does happen, well, better hope that the internet still has power and your phone is operational...
5:35 As someone from Finland who decided to not take a risk spreading corona to my aging father or grandmother and pretty much kept following instructions and even when there was loose restrictions i didnt take a chance till i was vaccinated i find this angle a little odd. There was no people that became homeless here due to hard restrictions but that is because of the strong social safety net. Saying i dont care about the poor when i sacrifice 1.5years of my life not seeing anyone from my family or attending events does upset me little bit. Its not selfinterest to follow restrictions, its the most unselfish thing one could do. The increase of poor people in America due to restrictions is problem with its politics, maybe you need to solve the problem why the citizens can go poor on a time when they need the most help during a time when their actions affect more than just themselves.
Simply incredible. From the looks of it we have here a successful adult male who is a functioning and productive member for society, as well as being a college graduate that is STILL a self professed libertarian. I'm intrigued to say the least.
When they say "you're buying computing power"; I think they are referring to how gold used to be defended as a standard in an economy, because mining power is some kind of proxy for industrial capacity. I think they are trying to build the analogy, or used to, anyway, when BTC was mined on CPU's and GPU's.
Bro, loved everything you said, loved the passion, loved the sincerity, except for one thing. Bitcoin is *_not_* money. It is a type of crypto fiat currency with no intrinsic value and backed by nothing but a belief. The word money, the actually linguistic morphology of the word, comes from the root "M-N" (bilabial voiced nasal)-vowel-(alveolar dental voiced nasal), which means to dig in the earth. You can actual see the M-vowel-N pattern in words like "to mine" (which means to dig in the earth), "mineral" (which is a substance you get from digging in the earth, "to mint" (which means to forge into coins the metals you got from digging in the earth, and "moneta" (which means the coins you minted), etc. That is money, gold and silver. Thank you for being a true voice for freedom. Promote _real_ money gold and silver and let's take back our freedom!
Yeahan the reality is everything human made is based on thoughts and ideas. We've come up with an idea that is now decentralized. This I itself has more value that a metallic shiny yellow. Crypto is the move.
Interesting. I'm not sure I follow the logic of some of your arguments and would be interested to hear you expand more on, for instance, scarcity. Your comment about China at 11.00 has not aged well. Thanks for putting your thoughts out there. I appreciate it.
Make more videos on better alternative cryptocurrencies from a developer & software engineer standpoint. List how they're superior and why you think they'll be the future. PLEASE.
Don't even get me started on fungibility!
You're extremely misinformed. This is going to age horribly. Halving event causing surge that will take place all next year. Just because you were a early adopter doesn't mean you understood it, which is clear once you said you sold your bitcoin position. Buy back in, still cheap. Your argument on bitcoins scarcity is LOL, bitcoin isn't scarce its FINITE, 21 million. Buy while you still can afford a full bitcoin, soon enough the average person won't be able to even imagine owning a full coin.
in Austrian school of economics one of the main concepts is that VALUE IS SUBJECTIVE, F what you think, its what other people think dawg, again, this will age horribly. Bull cycle all 2021.
For Bitcoin to challenge the status quo it needs to be recognized by governments and by people on Wall Street.
If people in government and big business think that Bitcoin is just some fake money for computer nerds and Ron Paul Supporters, then its not going to change anything.
Bitcoin will serve as a bridge between the offshore financial sector and Wall Street. It will serve as a portable tax free haven for your assets. It will continue to be the official currency of the Darknet. It will create a new global network of exchange for people and money that is outside of the control of Bankers and government.
Is this not enough for you? Would you rather it be a video game currency that you trade with all your gamer friends on the internet?
Bitcoin will only change the world if it is valued and coveted as an asset by those people who control global finance.
@@Fray2221 Is this sarcasm? You know that Bitcoin was dropped by every Darknet Market.. Right? What world are you living in?
@@ganjaheals9001him selling doesn't mean he's clueless. His dilemma is a moral one & doesn't seem to have anything to do with wealth. The point is that he can no longer be a proponent of bitcoin & the direction it is going in and as such is pulling out.
Interesting views. I liked that you included various original reasons. Hadn't even heard many of them. Thanks Coding Jesus! Honest content right here.
@Eric Martin not an argument
bitcoin is still bitcoin, no matter what you believe, accepted by wallstreet/gov or not its still the same bitcoin you bought 10 years ago
Exactly why it’s the MySpace of crypto :)
This is very true, alot of the arguments he made has been out there for a long time. I quit Bitcoin like 3-4 years ago for the same arguments hes making. But after look around and around there is no other Virtual Coin who is more decentralized and clean than Bitcoin. All other tokens have financial incentives behind their owners. Satoshi is the only one who made Bitcoin and didn't give a shit about his own Bitcoin. He made it for the people. So i am back into Bitcoin :P
It takes guts to go opposite of herd in this spineless world; Respect! : )
I think bitcoin is old and only hyped up, it will be only profitable for traders.
It’s meant to be a form of decentralised money but now it’s tulip mania.
@@singaporeghostclub in tulip mania you at least hold the tulips,here you hold...oh wait you can't hold it 😂
@@singaporeghostclub When you have internet, being ignorant is a choice. If companies add only 1-2% of Bitcoin to their portfolio the price jumps to above 100k, you may say tulip mania, I say it has much more to rise.
I've lost faith, I've sold all my positions. I did make a profit but this will be my last run.
There was a story, that all the people who could not see the Emperor's clothes were fools. But it was the child, who shamelessly pointed at the Emperor and exclaimed, "The Emperor is not wearing any clothes!"
Dude, I saw you in an interview and i found you on YT and i can't get enough of your content... finally someone who can tell the truth... I was also a BTC purist, i was one of the first people to mine BTC in the US with ASICs... and as time went on shit got perverted (e.g. centralized) and then i lost faith...
How many bitcoin fractions did you end up mining?
At one time swim had 3 processors with fans inside a cooling tent. Those were the days
@@LaGrandeBayou fractions? i was mining 3-4 BTC per DAY back in 2011-2012.
I mined over 60k Litecoin using GPUs back then at the same time.
That’s mad.
Kudos to you for timing it.
But all you hear now is just fantasy talk nobody can makes the gains of those like you who were in 5+ years ago so all the sites talking it up now are basically just pissing everywhere and proclaiming it’s raining.
Surely youve noticed.
It wouldn’t kill me town a few btc but I’m more doubtful about its dubious pursuits and find it to be virtually little more than a Digital Fiat Currency disguised in the form of a Ponzi scheme.
Which it is.
@@LaGrandeBayou you have a better idea???
It's not just the poor: I suspect the lower 90% don't give a shit about bitcoin. As a result of group think, the community see's it the other way around.
yeah you will and so will the 90& lower.
El Salvador is calling…
@@eduardo112200 I think I missed the call. Maybe they're having connectivity issues... Perhaps Mr. Bukele defaulted on the phone bill... they are unable to raise any cash to fund the day to day government operations. I think it has something to do with the BTC bond placement.... credit rating issues.
I’m going to do whatever I can to get your channel to more people, dude your reasons are almost verbatim to mine.
Hahah, thanks! Most people watch this video and they counter with points I never brought up. It's strange.
We had a happy coral reef in the shallows of the sea. Now the sharks are here, and soon it will be a feeding frenzy.
Update, the frenzy is in full force.
Well said, Man. I'm interested to hear what crypto's do pass your criticisms. I've subscribed to your channel.
Same. Definitely curious
@@CarlosRodriguez-ww5rl The only truly private coin is XMR (Monero) Look it up. I still think Bitcoin Cash is going to be adopted worldwide, If you want privacy you can just swap between coins at leisure. Atomic Wallet lets you swap between coins without a third party.
@@Fanta.... check GRIN also, only issue is the supply increase
stay away from this guy lmao, he's a biased clown. and i'm not talking about his bitcoin opinions. he's a clown regardless
"You're buying computing power" - this is sort of true because of Proof of Work. That doesn't mean inherent value though, only inherent costs from mining. Could rephrase this to "You buy something that requires computing power for its existence"
+ 44..7..4..4..1..4..4..2..7. .7...8
I have the same believe with what you said in the video, however, i think this bitcoin thing happening right now will only shine light to other cryptocurencies and blockchain networks that have an actual function for the society, so overall its still a good thing right?
Great explanation, it's always nice listening to a different perspective without getting pissed.
It's always good to look on both sides of the spectrum. I also remember when bitcoin was underground back in 2012, and now with all the institutions it sort of feels so manipulated. I just can't trust these big hedge funds to do the right thing for the "little guy". Maybe it'll work, but maybe it's just the Myspace of crypto paving the way for a better product. Who knows?
Better? The next thing is the FED COIN. So no, not better at all
@@RolyTheHolyPaladin he means better for THEM.
I think Monero is the answer. Monero is designed to be libertarian privacy coin for the "little guy/" It will always be CPU mineable and has no supply limit/halving. So that allows grassroot cpu miners to join Monero anytime without feeling they missed out on the early adoption era and create a truly decentralized network. Unlike Bitcoin mining that is becoming more and more centralized to big business mining.
You just cannot accept that bitcoin became something different than it was meant to be. There is no demand for digital cash, but a digital store of value is quite another matter.
The China mining point aged well...
It's interesting how nearly a year later, this video speaks even greater fathoms of truth than when it was made.
I need to rewatch this video a lot to grasp everything and you sound like you articulate strong arguments. I understand bitcoin was original meant to bring power to people and take it away from the establishment but one thing I don't get is that eventually wouldn't bitcoin have to integrate with society and the way we consume from the market? Isnt it inevitable that it would integrate with the big businesses and investment bankers?
"This is coming from a long time HODLer" and 5 minutes later "I bought Bitcoin to use it as a medium of exchange". Ok dude, thanks for your coins.
LMFAO, this guy is obviously just butthurt Bitcoin didn't turn out how he wanted it to be.
And dont get me started on the Corona comment..
This dude butthurt he sold his 14 btc before the top
Ikr. It was cringe af. Weak hands must perish.
Those aren’t contradictory statements. He’s saying he was long term a believer in the vision of Bitcoin but that he wanted the price to go up. People have different definitions of HODL.
@@ThomasFoolery8 I can't believe them holding something that not generate goods or services. And they call this "investments"😂😂😂
My god almighty I found a RUclipsr who doesnt talk complete NONSENSE AND BULLSHIT. Youre just killing it bro.
Great video! Could you make a video on your opinion on altcoins or other networks like ethereum, filecoin and the like? As you have only touched on Bitcoin in this video, I am curious to hear what you have to say about other elements of the crypto space and how much value you think they provide.
You spelled out exactly all the same arguments as me. Loved this video. What are your thoughts on Monero XMR? I think it could be the "Facebook", if not Digibyte, and Dogecoin also could have some potential. Other than that, I'm the biggest on Physical Silver.
I don’t think he knows about XMR, that’s embarrassing
This is one of the dumbest things I have ever read in my life
this generation has no privacy, i feel sorry for you.
Coding Jesus, what crypto projects out now seem to be on the track to fulfill the ideals of crypto? I lost interest with Bitcoin and Etherium a while back when it seemed like they weren't progressing... i'm sure a lot of smart people have been working on solving governance problems and scaling... any insight would be greatly appreciated.
For those who don't know Bitcoin well, the guy is joking. If you know Bitcoin well, you know that the truth is just the opposite of everything he said. He should have smiled a little at the end to let the naive know.
Now "old bankers" are touching Bitcoin.. It's not a good news, but bad news
The risks you took in this video earned my subscription
Point 7 - Sort of agree. This is exponentially more relevant to alts. However its currently changing though. the site 99 bitcoins list some of the companies some that will surprise you though. Please list them on a video so the audience can decided on this point
Amazing points dude. Very credible points.
I agree with you totally but now as a Paypal and Tesla long term investor, I am being unwillingly dragged into this space!
Appreciate the quality of your videos. Keep up the good work nice to hear some rational opinion on crypto that doesn't come off as a hype man.
thank you for this video. it helps me a lot to understand the topic better.
I don't agree with everything you said, but if BTC/crypto becomes just another instance of the traditional financial system, i.e. where fiat is today with all its rules and regs, then what did BTC really accomplish?
Agree on everything you said except the virus restrictions but that's really another debate entirely but it sounds like BCH and Monero are the crypto you want.
BCH and XMR are the only two cryptos you will ever need. Also BCH has cashfusion, which mixes your coins from directly inside the wallet on electroncash.
I was done with BTC when the IRS started to tax it. F that.
People have NO CLUE what the IRS is going to do to them.
Would be interested to here what you think of NFT digital art - i don’t like crypto but this seems like a ligit use
he made a video on it
I never realised you're against covid restrictions. You got extra points from me! 💪🏻
Great insights thank you my lord
I’ve been trying to figure out why people like bitcoin for years now. This was rational. I cannot find rationality on the other side.
"Money" is an accounting system.
Accounting systems are, above all else, valued for their TRUST.
People must TRUST the numbers on the ledgers.
The Bitcoin ledger is the most trustworthy accounting system ever created by humanity.
That's why, "people like Bitcoin".
Whatever. Everything is broken. Dogecoin, GameStop, nba top shots; honestly I’m stepping away and I hope banks take all the dumb money. I hope these people get wiped out. They’re bored, locked inside, and fucking up markets. The interest was cute at first but it’s gotten retarded. There is no semblance of proper market function anywhere.
Yeah fuck privacy. Everything should be tracked and traced perfectly at all times. That is a negative for bitcoin imo. I am an accounting major; that is not a valid argument. Nobody should “trust” ledgers. Giving authorities full access to a perfect accounting system for your life but not for corps has to be the dumbest fucking idea I’ve heard in my life. People are slaves.
@@dialecticalmonist3405 thanks for proving my point
@@colematthews7535
"Nobody should trust ledgers"
???
What do you think people hire accountants for?
So what are your thoughts on the people who want to just make a short term swing on Bitcoin?
Don't care. Go for it
Keep up the good work bro!
It's not "fees"-ible
I see what you did there
Nice to hear your opinion...and since it’s your opinion it is what it is....having said that must point out that many things in life have found new use cases that didn’t exist before and once attained that state- seem like the perfect fit- as if was designed for it. Eg. certain drugs- initially approved for certain indications , ultimately work far better in newer indications and see the most utilization in that space. 2. Choice of certain foods- which were earlier considered inappropriate now are used as staple, and so forth....similarly given the current macroeconomic climate - makes Bitcoin as a near perfect choice for store house of Value; there are other supporting details like network effects, legacy etc which can counter the traditional arguments of there being better ‘designed’ store houses of value.
Bitcoin lost 80% of its value, this comment didn't age well
Bitcoin lost 80% of its value, this comment didn't age well
What do you think about ethereum? Is it really different from bitcoin?
that is a great example on how to have & present a solid fundamental inclination. Thank you very much.
Yes, these are principle-based contentions I have with Bitcoin. Nowhere here do I discuss price. But it seems like all my opposition has in retort is “LOL Price moon”. Which further solidified my position.
@@CodingJesus on another note, could you make a video about more discretionary (Global macro - L/S) strategies from a Quant's perspective?
Point 5 - Please refer to the Bitcoin Standard by Saefidean Amous. Bitcoin and its protocol does not care how humans frame it. If you want to use it as money then go for it. If you want to store it then go for it. Its in an S curve being a nascent for of money hence its volitile but that cos most people dont denominate in Bitcoin as yet. Its managed to solve a really really hard problem. Let it grow. Analogy - People expect an SLS Mercedes when we've just managed to create the first self propelled vehicle. In time....
Gold was originally regarded as valuable cos of its persistence against entropy. Go to a museum and you'll see that the gold looks new but all other materials look aged. This was the the basis for using it as money and this was a dynamic which too very long to develop. In time..
1. Tangled interests with centralized institutions (WallStreet, banks)
2. All discussions of the Bitcoin protocol are censored and moderated.
3. The poor are not interested in Bitcoin.
4. Transparency (ironically) of your transactions, exposure to other parties unnecessarily ( I mean privacy vs. security I guess?)
5. Became a commodity, instead of a medium of exchange (which is, wait for it...currency!), diverging from original purpose.
6. High difficulty in mining. Majority of miners from China.
7. No incentive to prefer it over normal fiat currency.
Nice video, is there any other crypto you see could replace btc on those original values? Cheers man
@@CelonixCleaningServicesLLC BSV is a fucking blight on society, run by a con man pretending to be satoshi who goes around suing everyone, and a dipshit billionaire.If you're going to use BSV, might as well buy doge as well.
Whats the problem with monero ?
he did not mention monero? monero is way better than bitcoin although mostly criminals use it and it's getting delisted.
soo good. I knew that somebody will notice this.
Confirmation bias
Interesting perspective. Please make that video on how you feel about other cryptos!
Sure
@@CodingJesus Do videos about BitcoinCash and Monero.
I think these networks are truly brilliant and functional (with limited issuance)
The ledger is public and transparent. Bitcoin transactions always have been, and remain anonymous as long as you own your own private key and don't stupidly attach your identity to it.
12:56 "when you're buying bitcoin, you're buying computer power" :))) that's another good one, together with "mining digital gold from the comfort of your home". :)))
subbed dude, you're too funny.
Sounds like something the KGB marketing department would come up with.
Oh boy, should we tell him about Tether?
Great video! 👍
Yeah im pretty scared at the effect that bitcoin could have on society... kinda reminds me of black mirror. Do you know about akash crypto project?
Great points. I'm a recent subscriber and I've watched a handful of your vids-- keep up the good work.
Disagree with the fact that btc can't be a storer of value. Btc could be used to barter if need be, regardless how slow it is. Gold is a storer of value even though it's not used to barter in today's world
“There’s a lot of things out there that are scarce that nobody gives a shit about.” Haha. Yeah like everyone’s precious individuality
I’m devastated by your statement about Bitcoin losing its core values! Could you point which crypto space efforts keep those values and are worrh supporting?
Thx
Seems like most if not all crypto miss their initial mission statement. Unless you are looking at something that chose a niche application. Btc is a novelty. Test net
I doubt there is any. Ppl use crypto go get to your wallet. No exception.
suscribed! love the honesty, and curious to learn about quant trading too!
Definitely would love to hear about your thoughts on other cryptos after you just defiled Bitcoin 😁
Hahaha maybe in another video.
You are a voice of reason. Many valid points. Subscribing.
Are you against second layer? Do you think LN will fail? Well, it was worth a shot. Gigabyte and terabyte blocks should be the last resort.
Any thoughts on N. Taleb's recent (well in the last month or two) argument that BTC is worth exactly zero (absorbing barriers, etc.)?
Edit: having heard the last part of the video, I assume you probably agree with him (although I don't want to put words in your mouth - apologies)
I clicked on one video and now I’m watching them all
You got the store of value part wrong
It’s utility that’s the value not the ability to be a medium of exchange
Theres few youtubers that post on here criticizing btc it seems. Btc is utterly worthless because its tx fees. No one is using it for anything. Bch is at least more useful in that regard but bsv will take the cake.
@@iskdude9922 no and no
@@Blueblackngold ugh ok whatever dude.
@@iskdude9922 all unbacked crypto is nonsense
@@Blueblackngold backed by what gold? Bsv is backed by inherent value. Go figure it out.
Thanks for sharing your honest opinion, gives something to think about.
What’s your opinion on Monero?
Buy silver:ev's, antibacterial, and monetary purposes. One thing you didn't say is like James Rickards says that it doesn't have a bond market.
I respect your points. I think Hal Finney thought if Bitcoin were to be successful it would have to be embraced by wallstreet players. The early adopters like yourself had a different idea.
I think you would be the only person to be able to debate Michael Saylor into the ground. Wow, your reasoning is astounding. Love this.
I dont think saylor has any problem with this guy selling his bitcoin. The reasons this guy sold is not what saylors believes in so why would he even bother.
this dude lost faith super early. called the drop
Cool. Always great to hear opposing or contrarian viewpoints. Makes you more grounded. What cryptos do you hold? I assume you'd be a fan of coins like DASH etc.
I hate DASH
@@CodingJesus gotcha. Anything in the crypto space you are actually currently holding then?
@@mnatnm7169 I think he’s avoiding commenting on specifics to not get in trouble with regulatory agencies (eg SEC)
@@stachowi could be to be fair. I'm not American so didn't even think of that. Don't know how harsh your government is towards crypto.
Point 8 the last one. Please watch it again and see your own narrative that you're projecting onto 'everyone'. Heres a quick and dirty rebuttal - Price and volume and number of Bitcoin addresses. And me and my lizzard brain saying NOOOOOOOOOOOOOOOOOOOOOO ahaha.
7:20 this, to me, has been one of Bitcoin's biggest drawbacks as a viable financial instrument. If I was designing a cryptocurrency (and I am!), I would not put it on a blockchain. The blockchain has some great uses but money ain't one of them. I don't think that people understand: Bitcoin was designed for a post-apocalyptic dystopia in which central banks don't exist (some would call that a utopia) and trust is the most valuable commodity. But I don't think, barring global nuclear war, that scenario will play out no matter how bad things get, and if GNW does happen, well, better hope that the internet still has power and your phone is operational...
Man i respect a lot for you for making this video!
Could you make a follow up video now that some time has passed?
5:35 As someone from Finland who decided to not take a risk spreading corona to my aging father or grandmother and pretty much kept following instructions and even when there was loose restrictions i didnt take a chance till i was vaccinated i find this angle a little odd. There was no people that became homeless here due to hard restrictions but that is because of the strong social safety net. Saying i dont care about the poor when i sacrifice 1.5years of my life not seeing anyone from my family or attending events does upset me little bit. Its not selfinterest to follow restrictions, its the most unselfish thing one could do.
The increase of poor people in America due to restrictions is problem with its politics, maybe you need to solve the problem why the citizens can go poor on a time when they need the most help during a time when their actions affect more than just themselves.
Simply incredible. From the looks of it we have here a successful adult male who is a functioning and productive member for society, as well as being a college graduate that is STILL a self professed libertarian. I'm intrigued to say the least.
Rare beauty.
Curious. Are you from Canada by any chance?
When they say "you're buying computing power"; I think they are referring to how gold used to be defended as a standard in an economy, because mining power is some kind of proxy for industrial capacity. I think they are trying to build the analogy, or used to, anyway, when BTC was mined on CPU's and GPU's.
Bro, loved everything you said, loved the passion, loved the sincerity, except for one thing. Bitcoin is *_not_* money. It is a type of crypto fiat currency with no intrinsic value and backed by nothing but a belief. The word money, the actually linguistic morphology of the word, comes from the root "M-N" (bilabial voiced nasal)-vowel-(alveolar dental voiced nasal), which means to dig in the earth. You can actual see the M-vowel-N pattern in words like "to mine" (which means to dig in the earth), "mineral" (which is a substance you get from digging in the earth, "to mint" (which means to forge into coins the metals you got from digging in the earth, and "moneta" (which means the coins you minted), etc. That is money, gold and silver. Thank you for being a true voice for freedom. Promote _real_ money gold and silver and let's take back our freedom!
Fiat currency isn’t back by anything either dude…
Yeahan the reality is everything human made is based on thoughts and ideas. We've come up with an idea that is now decentralized. This I itself has more value that a metallic shiny yellow. Crypto is the move.
Could not agree more, all you said is true.
What do you think about china banning crypto recently?
China ban btc every month bruh 😂😂😂
So now that China has banned btc mining and El Salvador made it legal tender have your opinions changed any?
I’m incredibly long. But still like the vid
You’re upset because your favorite underground band just broke into the top 40. Let it go man, the futures out of your control... Buy Monero.
worthless fiat
I wanted to buy some special powders years ago, but I thought 7 USD was too expensive per bit coin. 😢
Interesting. I'm not sure I follow the logic of some of your arguments and would be interested to hear you expand more on, for instance, scarcity. Your comment about China at 11.00 has not aged well. Thanks for putting your thoughts out there. I appreciate it.
This guy just mad he sold his 32 BTC. Nothing to see here. Fud
xD
I'd be too
You just taking advantage of the ponzi scheme brother... You not fooling anyone
People will hate you for speaking against what they believe... like jesus!
The smart ones will be grateful. It's how we learn.
👏👏👏👏 Great Talk Sir. !!
where did u buy the beanie
My favorite one is that it will make everyone financially free
Yes of course, nobody will have to work. The power of the gpu will bring us goods and services
do you enjoy debasement like every single Fiat system offers? Do you think this is financial freedom?
Take the Monero pill
Make more videos on better alternative cryptocurrencies from a developer & software engineer standpoint. List how they're superior and why you think they'll be the future. PLEASE.
XMR
All the imperfections with btc are solved by monero which is why governments have forced public exchange to stop listing them
Bro did you say you had 36 bitcoin? Had? Is that why you don't like it so much?
Sounds like you missed the hilarious ride!
I’m sure he’s already a millionaire and doesn’t give a fuck... what’s the point of having fuck you money if you never say fuck you?
i think i just became a disciple of coding jesus i am subscribing
Excellent content 👍🏼👍🏼👍🏼
Glad you enjoyed it