How is bitcoin fair if a small % own most ? Most people have only a small fraction of their wealth in crypto so they become suckers in a global based system. Bitcoin is already under full KYC control by governments, if you want to buy a house you have to cash your crypto bucks and it will get taxed as well. I guess all the crypto bro’s see the future as a lawless utopia ? At this point Crypto is another extension of the global system and it has only gotten worse since 2017 with all the legislation that they can pull out of thin air.
Exactly. I remember when it was supposed to be lawless and completely off the grid where there was zero government interaction.... However look where it is now. Every single bank and government is now involved in a fairytale coin that will never ever everrrrr be used as main currency...
See exactly why can't GME go out but bitcoin and play the same game as MSTR.....it seems earnings don't matter, as long as you hold bitcoin on your balance sheet you are literally going to see unlimited upside gains in your stock. GME is a perfect example. If they announced right now they were going to buy bitcoin the stock would jump 200 to 300% in a week and keep rallying no matter how pathetic their earnings would be....
You can apply this exact same reasoning to how government and the Fed manage everything. How is it fair that they keep pumping asset prices? Assets are heavily concentrated for the top 10%. With Bitcoin, anyone was able to buy some at any time, even today. If you believe that bitcoin can underpin the entire financial system, and you understand that there will only ever be 21 million, and most are gone, then its a steal of a deal to be able to buy some today for the price of $62k. You can still front run most people and most of wall street. As for KYC, that is no reason to not invest. Lots of people have bitcoin in retirement accounts for example. And lets not forget, you are only looking at the US market. Bitcoin is a global market. As for legislation, it always gets worse before it gets better. Just today, the Dutch I believe it was, announced they are in favor of an exit tax on the wealthy. Does this mean those citizens will abandon the currency in their country just because of these crazy policies? Every country will turn up the heat when its clear that fiat currencies are collapsing. Bitcoin is the only option that is outside of the system and cannot be controlled. Ignoring it is a huge financial risk. And for the lawless utopia, I'm more scared of a future where the government controls how much time I can spend on the toilet. Do you not see where things are going? My view is that if money is hard again, government will naturally have to get smaller. They can only grow in size because they print their way to it. In a currency that cannot be printed, people won't put up with bullshit agencies and policies. Only essential services will be run by the government, and this freedom will be the utopia.
Gold can fix those things as well and it is way more portable (for the majority of people, since its 80K$ per Kilo, and how much people would own > 10kg ?) and safe (if I hold a magnet against my USB with crypto it's gone), the government can't take it away from me as easily since many criminals got tracked down by spending their coins thinking they were anonymous.
One of the biggest problems with gold is that there is no way to verify who has what. Many question if the US has the gold that they say they do. So if you can't verify, you have to go back to trust, and do we really trust the government about anything these days? Your portability claim is kind of crazy. How do you settle amounts in the millions or billions of dollars? You can't move 100kg of gold around easily, and never mind the security nightmare. I have never heard of a magnet destroying a USB stick, but this also isn't the proper way to store a private key anyway. Bitcoin has come a long way since people had "paper wallets". Bitcoin actually builds on all the properties that gold has and makes them better, or adds to them. The idea that your wealth needs to be in a form that you can touch isn't compatible with the modern world. Another huge thing is that when you go to use your wealth, using gold is incredibly difficult. You actually need someone to buy it from you. Nobody will accept gold as payment, but maybe people these days will accept bitcoin, and many bills like credit cards can be paid with bitcoin. This will only increase over the coming years. I also had my doubts about bitcoin, for many years, and after lots of research, I finally saw the light back in 2021.
Bitcoin will never replace the dollar as means of currency. As much as people may want to believe it, it's not going to happen. As much as they want to push for bitcoin currency it's way too intricate and not easily understood by the millions of people and even if it was why is anyone going to take a dollar to buy bitcoin where one week bitcoin could be up 15% and down18% the next. I have seen maybe 3 places in the last decade that accepted bitcoin...ask 100 people you know when is the last time they used bitcoin to purchase a slice of pizza or buy a pair of sneakers or paid their mortgage with bitcoin, 100 people will respond saying they have never used bitcoin for any of these types of transactions!!
First comes store of value, then comes method of exchange, then comes unit of account. As I said, gold is difficult to use. A US treasury is impossible to use. You need permission to buy it and hold it. Stocks is exactly this as well. They are all walled gardens. Real estate is another asset that requires tons of regulations, low liquidity, excessive costs to maintain and dispose of. Bitcoin is superior to all of these. Bitcoin can today be used to purchase things. And even if the future still has USD as the main method of exchange, that will be no problem as you can easily convert into USD for whatever you need to spend that month, and hold the rest in bitcoin. The volatility is because we are still so early. Absolutely everyone will one day understand that an asset which nobody can control, that has a fixed supply, and a transparent issuance schedule is orders of magnitude better than as asset which is always being inflated way. Almost everybody loves the idea of bitcoin, but they have reasons for why they think it won't make it. The closer is gets, the higher the price goes.
Sure the magnet thing might not work on an USB stick but Bitcoin is a very vulnerable way of carrying money if you don't want to be associated with third parties that hoard it, including companies that are selling cold 'wallets', so if you have water damage on your flash drive from humidity your coins are gone. At some point you want a state with rules and taxes because things like roads, hospitals don't care for themselves. So if that state adopts bitcoin as it's underlying, it is also going to collect taxes on it, so one way or the other it will never be truly your money. In this case bitcoin becomes this traceable governmental control protocol that they can shut everybody out of at will. And take your coins too just like they did with all the criminals that got caught using them. In lawless utopia its great, but in modern society as it is it won't work the same. It seems that bitcoin is only something that can exist alongside an existing financial system.