Is there any substance to alternative points of view like: "Catherine Austin Fitts - Blockchain & Cryptocurrencies, What About You?" . Many promote cryptos for their censorship proof status, but all it takes is the flick of a pen to criminalize it (remember executive order 6102 ?). Perhaps the best thing to do is to just shut up and trade it like many here say.
By the way you obviously didn't get the main point, the constant pressure is only selling, not buying. 1. So bitcoin is a product now? Because for currencies, generally there isn't. Sure there is a currency market, but there isn't a constant selling pressure on it. And if we use a stock analogy, unless you dilute stocks, they don't have a constant selling pressure unlike bitcoin. But OK, if you acknowledge BTC is a product now, what exactly are you selling? The ability of expensively transfer money? We don't need new bitcoins for that. 2. Do you really not see the stupidity of such question? The simple answer is, because of people like you. The same reason why I don't short TSLA. I can be right economically speaking but when people are in a buying frenzy, smart people either join or at least don't stand in the way, with a silly short. That is not to say one can't short profitably certain run ups...
I thought bitcoin was a currency not a product, and there is no currency with constant selling pressure.
Call it whatever you want... People are buying and selling it... That's all that matters. The importance and usefulness of cryptos I already mentioned. If it is expensive or cheap, fast or slow, secure or not, that it for the market to decide. Nobody is forced to use it. If it is no good, others will profit from it's flaws and take it's place. If it is good, they will keep using it. As I said: that's how a free market works. No, what I see is people throwing around opinions because they are probably bothered that they got left behind in a movement in price that some were lucky to get in. The constant and relentless attempt to convince others about it being a ponzi scheme or anything of the sort cannot be a "thoughtful and selfless will to alert others of the dangers bitcoin", these are complete strangers after all. So in reality, you probably do it in order to convince yourself of it( and by your insistance in using arguments with no logic such as the ones I pointed out in the previous post, you seem to be having a hard time doing it) So you're one of those people that say: "I'm right, the market is wrong."... That usually doesn't work out very well.. Good luck with that.
I would like to call it whatever it is supposed to be, a currency but currently it is a ponzi product. New coins are not necessary for the network to work, because miners could just charge TX fees. But new money is necessary to keep the price up. About 16-31 mill per day. But at least we established that you guys are just product peddlers. Bitcoin is like a factory with a constant need to sell a certain amount, otherwise the factory has to be closed down...
This is one one of the very few times I have seen fiat currencies correctly characterized. Although there is much more to it than included in the article. At least serious errors are avoided. The contrast with currencies issued by sovereign nations and bitcoin are instructive and real.