Bitcoin: 4.7% believed to be in the hands of a single person, another 3.1% in the hands of four addresses. Deflatory so no incentive to use it to make transactions. Value depends on the network effect (i.e. a pyramid scheme). Small transactions now too expensive to be realistic. 24% of the supply was created in the first year, 35% over two years. Movement of funds takes too long to be useful. Those who got in early are guaranteed to be richer than those who got in late without having made any effort…
Crypto would be great as a replacement of the stockmarket but it’s fighting to be cash instead and it’s doing a bad job of it because it’s cash as envisioned by tech bros, not actual economists.
Since nobody else responded to the stock market argument: it’s how cash is envisioned to work by Austrian school economists, not the economists currently in charge. The average person needing to trust strangers with their money is not good.
It’s an entirely different perspective on how money should work (that was de facto illegal for decades), and only now can we put our money where our mouths are.
I love posts like this, it lets me know most people still don’t have the first clue what they’re talking about. It’s honestly a bit impressive how nearly every point you tried to make is either misleading or straight up wrong.
I love posts like this, it lets me know most crypto lovers don’t have the first clue what they’re investing in. It’s honestly a bit impressive how you didn’t even try to actually argue against what I said because it’s just a list of facts.
Lol, you want me to spell it out for you dumb-dumb? Ok
4.7% believed to be in the hands of a single person,
You’re talking about Satoshi Nakamoro here. Other than a few test cases, no Bitcoin has ever been moved out of these wallets and Satoshi disappeared in 2010. People have continued to donate to these wallets over the years as a kind of tribute and to burn coins. While it’s technically possible he’s still alive, the fact that there has been zero movement from those accounts and that any movement, no matter how small, would immediately be seen and reported on makes it unlikely that these will ever be touched.
3.1% in the hands of four addresses.
Those are exchange addresses. It’s like trying to say that 4 entities control a percentage of all US currency and then it turns out you’re just talking about banks.
Deflatory so no incentive to use it to make transactions
Except of course the security, the fact it can be used across borders by anyone with an Internet connection, in poorer countries it can be more stable than their own currency, and just general preference.
Value depends on the network effect (i.e. a pyramid scheme)
This is absolute nonsense with “pyramid scheme” attached to the end. As more people use it, the value goes up because it’s accepted more and more places and has a higher liquidity? That’s literally part of every currency ever.
Small transactions now too expensive to be realistic
You show your hand that you haven’t bothered to update your views on Bitcoin since 2019. Not only are fees back to being low on the main network, with the introduction and adoption of the Lightning Network, fees are down to pennies or less.
24% of the supply was created in the first year, 35% over two years.
Yes, that’s how halving works. You present that with an insinuation that any point they could just mint more btc. This is ignorance at best, but more likely intentionally misleading.
Movement of funds takes too long to be useful.
Again, guess you haven’t been paying attention for a few years. This issue has been solved with the Lightning Network with transactions usually going through faster than tap-to-pay transactions with a regular debit/credit card.
Those who got in early are guaranteed to be richer than those who got in late without having made any effort.
Welcome to every investment opportunity. Those who get in early take a higher risk for more reward.
So yea, every point either misleading, or straight up wrong.
What is the difference between speculating in bitcoin vs speculating on forex or gold? Is gold investing a pyramid scheme?
