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1/ It's intuitive for smart people to see Bitcoin as a ponzi/bubble at first.
Why?
Because MONETARY VALUE is DEPENDENT on OTHER HUMANS. If you are trapped on a island alone, monetary goods (dollars, gold, bitcoin) serve no use for you.
Why?
Because MONETARY VALUE is DEPENDENT on OTHER HUMANS. If you are trapped on a island alone, monetary goods (dollars, gold, bitcoin) serve no use for you.
2/ However, a fishing pole is valuable whether you're alone or not.
Like most goods, it isn't dependent on other humans to be useful.
It's a tool that will help you obtain food whether you're alone or with billions of other people.
Like most goods, it isn't dependent on other humans to be useful.
It's a tool that will help you obtain food whether you're alone or with billions of other people.
3/ But just because Bitcoin's value is DEPENDENT on OTHER HUMANS doesn't mean it's simply a ponzi based on a "collective hallucination".
4/ It's important to understand WHY so many people are so passionate about Bitcoin. It's because of Bitcoin's superior monetary properties.
It's the monetary Schelling point bc of it's scarcity, divisibility, portability, etc. https://twitter.com/Moon__Capital/status/1138110456244178945?s=20
It's the monetary Schelling point bc of it's scarcity, divisibility, portability, etc. https://twitter.com/Moon__Capital/status/1138110456244178945?s=20
5/ The underlying reason behind bitcoin's value accrual is its game theory among individuals acting in their self interest.
The "cult" that appears to have a "collective hallucination" formed AS A RESULT OF Bitcoin's monetary properties.
The "cult" that appears to have a "collective hallucination" formed AS A RESULT OF Bitcoin's monetary properties.
6/ TLDR- Bitcoin is only useful if you live in a world with other humans. Humans congregate on a monetary good with the best monetary properties.
Bitcoin will be drastically more valuable than you think it ever will be.
Bitcoin will be drastically more valuable than you think it ever will be.
If you like this thread, you should be using SatWorth ( @WorthSat) to denominate and track your assets in Bitcoin.
It's the ultimate wealth dashboard for bitcoiners.
#SatsTheStandard
It's the ultimate wealth dashboard for bitcoiners.
#SatsTheStandard
